Voyageur Mutual Funds
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
Voyageur Mutual Funds
(Exact name of registrant as specified in charter)
610 Market Street
Philadelphia, PA 19106
Registrant's telephone number, including area code:
(800) 523-1918
Date of fiscal year end:
August 31
Date of reporting period:
February 28, 2025
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Macquarie Logo
Macquarie Minnesota High-Yield Municipal Bond Fund
(formerly, Delaware Minnesota High-Yield Municipal Bond Fund)
Class A : DVMHX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Minnesota High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $42 0.84%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $238,029,896
Total number of portfolio holdings 232
Total advisory fees paid $461,876
Portfolio turnover rate 3%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare Revenue Bonds 38.70%
Education Revenue Bonds 27.35%
Local General Obligation Bonds 10.33%
Transportation Revenue Bonds 6.78%
Special Tax Revenue Bonds 3.27%
Housing Revenue Bonds 3.07%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 3.04%
State General Obligation Bonds 2.71%
Electric Revenue Bonds 1.63%
Lease Revenue Bonds 1.33%
Pre-Refunded Bonds 0.53%
State and territory allocation 
Minnesota 94.33%
Puerto Rico 4.41%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363528)
Macquarie Logo
Macquarie Minnesota High-Yield Municipal Bond Fund
(formerly, Delaware Minnesota High-Yield Municipal Bond Fund)
Class C : DVMMX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Minnesota High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $79 1.59%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $238,029,896
Total number of portfolio holdings 232
Total advisory fees paid $461,876
Portfolio turnover rate 3%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare Revenue Bonds 38.70%
Education Revenue Bonds 27.35%
Local General Obligation Bonds 10.33%
Transportation Revenue Bonds 6.78%
Special Tax Revenue Bonds 3.27%
Housing Revenue Bonds 3.07%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 3.04%
State General Obligation Bonds 2.71%
Electric Revenue Bonds 1.63%
Lease Revenue Bonds 1.33%
Pre-Refunded Bonds 0.53%
State and territory allocation 
Minnesota 94.33%
Puerto Rico 4.41%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363528)
Macquarie Logo
Macquarie Minnesota High-Yield Municipal Bond Fund
(formerly, Delaware Minnesota High-Yield Municipal Bond Fund)
Institutional Class : DMHIX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Minnesota High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $30 0.59%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $238,029,896
Total number of portfolio holdings 232
Total advisory fees paid $461,876
Portfolio turnover rate 3%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare Revenue Bonds 38.70%
Education Revenue Bonds 27.35%
Local General Obligation Bonds 10.33%
Transportation Revenue Bonds 6.78%
Special Tax Revenue Bonds 3.27%
Housing Revenue Bonds 3.07%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 3.04%
State General Obligation Bonds 2.71%
Electric Revenue Bonds 1.63%
Lease Revenue Bonds 1.33%
Pre-Refunded Bonds 0.53%
State and territory allocation 
Minnesota 94.33%
Puerto Rico 4.41%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363528)
Macquarie Logo
Macquarie National High-Yield Municipal Bond Fund
(formerly, Delaware National High-Yield Municipal Bond Fund)
Class A : CXHYX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie National High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $42 0.85%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $3,725,317,687
Total number of portfolio holdings 832
Total advisory fees paid $8,047,394
Portfolio turnover rate 5%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrial Development Revenue/Pollution Control
Revenue Bonds		 22.36%
Education Revenue Bonds 20.44%
Special Tax Revenue Bonds 13.70%
Healthcare Revenue Bonds 13.67%
Transportation Revenue Bonds 9.47%
State General Obligation Bonds 4.75%
Housing Revenue Bonds 3.30%
Local General Obligation Bonds 3.10%
Water & Sewer Revenue Bonds 2.44%
Lease Revenue Bonds 2.40%
State and territory allocation 
Puerto Rico 13.09%
California 12.40%
New York 10.89%
Florida 6.83%
Texas 6.72%
Illinois 4.95%
Wisconsin 4.50%
Arizona 3.48%
Virginia 3.33%
Pennsylvania 2.77%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363496)
Macquarie Logo
Macquarie National High-Yield Municipal Bond Fund
(formerly, Delaware National High-Yield Municipal Bond Fund)
Class C : DVHCX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie National High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $80 1.60%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $3,725,317,687
Total number of portfolio holdings 832
Total advisory fees paid $8,047,394
Portfolio turnover rate 5%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrial Development Revenue/Pollution Control
Revenue Bonds		 22.36%
Education Revenue Bonds 20.44%
Special Tax Revenue Bonds 13.70%
Healthcare Revenue Bonds 13.67%
Transportation Revenue Bonds 9.47%
State General Obligation Bonds 4.75%
Housing Revenue Bonds 3.30%
Local General Obligation Bonds 3.10%
Water & Sewer Revenue Bonds 2.44%
Lease Revenue Bonds 2.40%
State and territory allocation 
Puerto Rico 13.09%
California 12.40%
New York 10.89%
Florida 6.83%
Texas 6.72%
Illinois 4.95%
Wisconsin 4.50%
Arizona 3.48%
Virginia 3.33%
Pennsylvania 2.77%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363496)
Macquarie Logo
Macquarie National High-Yield Municipal Bond Fund
(formerly, Delaware National High-Yield Municipal Bond Fund)
Institutional Class : DVHIX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie National High-Yield Municipal Bond Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $30 0.60%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $3,725,317,687
Total number of portfolio holdings 832
Total advisory fees paid $8,047,394
Portfolio turnover rate 5%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrial Development Revenue/Pollution Control
Revenue Bonds		 22.36%
Education Revenue Bonds 20.44%
Special Tax Revenue Bonds 13.70%
Healthcare Revenue Bonds 13.67%
Transportation Revenue Bonds 9.47%
State General Obligation Bonds 4.75%
Housing Revenue Bonds 3.30%
Local General Obligation Bonds 3.10%
Water & Sewer Revenue Bonds 2.44%
Lease Revenue Bonds 2.40%
State and territory allocation 
Puerto Rico 13.09%
California 12.40%
New York 10.89%
Florida 6.83%
Texas 6.72%
Illinois 4.95%
Wisconsin 4.50%
Arizona 3.48%
Virginia 3.33%
Pennsylvania 2.77%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4363496)
Macquarie Logo
Macquarie Tax-Free California Fund
(formerly, Delaware Tax-Free California Fund)
Class A : DVTAX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free California Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $40 0.81%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $321,540,345
Total number of portfolio holdings 245
Total advisory fees paid $595,467
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Education Revenue Bonds 18.44%
Healthcare Revenue Bonds 14.62%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 14.35%
Transportation Revenue Bonds 12.78%
Special Tax Revenue Bonds 10.76%
State General Obligation Bonds 8.08%
Lease Revenue Bonds 4.84%
Electric Revenue Bonds 4.67%
Local General Obligation Bonds 3.19%
Water & Sewer Revenue Bonds 3.01%
State and territory allocation 
California 85.44%
Puerto Rico 12.01%
Guam 1.06%
US Virgin Islands 0.16%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
Macquarie Logo
Macquarie Tax-Free California Fund
(formerly, Delaware Tax-Free California Fund)
Class C : DVFTX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free California Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $78 1.56%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $321,540,345
Total number of portfolio holdings 245
Total advisory fees paid $595,467
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Education Revenue Bonds 18.44%
Healthcare Revenue Bonds 14.62%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 14.35%
Transportation Revenue Bonds 12.78%
Special Tax Revenue Bonds 10.76%
State General Obligation Bonds 8.08%
Lease Revenue Bonds 4.84%
Electric Revenue Bonds 4.67%
Local General Obligation Bonds 3.19%
Water & Sewer Revenue Bonds 3.01%
State and territory allocation 
California 85.44%
Puerto Rico 12.01%
Guam 1.06%
US Virgin Islands 0.16%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
Macquarie Logo
Macquarie Tax-Free California Fund
(formerly, Delaware Tax-Free California Fund)
Institutional Class : DCTIX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free California Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $28 0.56%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $321,540,345
Total number of portfolio holdings 245
Total advisory fees paid $595,467
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Education Revenue Bonds 18.44%
Healthcare Revenue Bonds 14.62%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 14.35%
Transportation Revenue Bonds 12.78%
Special Tax Revenue Bonds 10.76%
State General Obligation Bonds 8.08%
Lease Revenue Bonds 4.84%
Electric Revenue Bonds 4.67%
Local General Obligation Bonds 3.19%
Water & Sewer Revenue Bonds 3.01%
State and territory allocation 
California 85.44%
Puerto Rico 12.01%
Guam 1.06%
US Virgin Islands 0.16%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
Macquarie Logo
Macquarie Tax-Free Idaho Fund
(formerly, Delaware Tax-Free Idaho Fund)
Class A : VIDAX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free Idaho Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $43 0.87%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $137,644,066
Total number of portfolio holdings 116
Total advisory fees paid $246,047
Portfolio turnover rate 8%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 21.83%
Education Revenue Bonds 21.74%
Healthcare Revenue Bonds 14.09%
Electric Revenue Bonds 7.21%
Housing Revenue Bonds 7.11%
Lease Revenue Bonds 6.27%
Local General Obligation Bonds 6.21%
Transportation Revenue Bonds 6.17%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 2.92%
Water & Sewer Revenue Bonds 2.03%
State and territory allocation 
Idaho 81.65%
Puerto Rico 15.26%
Guam 0.50%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(XXXXXXX)
Macquarie Logo
Macquarie Tax-Free Idaho Fund
(formerly, Delaware Tax-Free Idaho Fund)
Class C : DVICX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free Idaho Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $81 1.62%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $137,644,066
Total number of portfolio holdings 116
Total advisory fees paid $246,047
Portfolio turnover rate 8%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 21.83%
Education Revenue Bonds 21.74%
Healthcare Revenue Bonds 14.09%
Electric Revenue Bonds 7.21%
Housing Revenue Bonds 7.11%
Lease Revenue Bonds 6.27%
Local General Obligation Bonds 6.21%
Transportation Revenue Bonds 6.17%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 2.92%
Water & Sewer Revenue Bonds 2.03%
State and territory allocation 
Idaho 81.65%
Puerto Rico 15.26%
Guam 0.50%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(XXXXXXX)
Macquarie Logo
Macquarie Tax-Free Idaho Fund
(formerly, Delaware Tax-Free Idaho Fund)
Institutional Class : DTIDX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free Idaho Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $31 0.62%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $137,644,066
Total number of portfolio holdings 116
Total advisory fees paid $246,047
Portfolio turnover rate 8%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 21.83%
Education Revenue Bonds 21.74%
Healthcare Revenue Bonds 14.09%
Electric Revenue Bonds 7.21%
Housing Revenue Bonds 7.11%
Lease Revenue Bonds 6.27%
Local General Obligation Bonds 6.21%
Transportation Revenue Bonds 6.17%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 2.92%
Water & Sewer Revenue Bonds 2.03%
State and territory allocation 
Idaho 81.65%
Puerto Rico 15.26%
Guam 0.50%

Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(XXXXXXX)
Macquarie Logo
Macquarie Tax-Free New York Fund
(formerly, Delaware Tax-Free New York Fund)
Class A : FTNYX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free New York Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class A $40 0.81%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $298,262,690
Total number of portfolio holdings 197
Total advisory fees paid $565,254
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 24.74%
Education Revenue Bonds 14.89%
Transportation Revenue Bonds 14.30%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 8.27%
Healthcare Revenue Bonds 7.11%
Water & Sewer Revenue Bonds 7.03%
Electric Revenue Bonds 6.89%
Lease Revenue Bonds 5.32%
Housing Revenue Bonds 4.38%
Local General Obligation Bonds 3.10%
State and territory allocation 
New York 84.17%
Puerto Rico 12.82%
Guam 0.48%
US Virgin Islands 0.18%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
Macquarie Logo
Macquarie Tax-Free New York Fund
(formerly, Delaware Tax-Free New York Fund)
Class C : DVFNX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free New York Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Class C $78 1.56%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $298,262,690
Total number of portfolio holdings 197
Total advisory fees paid $565,254
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 24.74%
Education Revenue Bonds 14.89%
Transportation Revenue Bonds 14.30%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 8.27%
Healthcare Revenue Bonds 7.11%
Water & Sewer Revenue Bonds 7.03%
Electric Revenue Bonds 6.89%
Lease Revenue Bonds 5.32%
Housing Revenue Bonds 4.38%
Local General Obligation Bonds 3.10%
State and territory allocation 
New York 84.17%
Puerto Rico 12.82%
Guam 0.48%
US Virgin Islands 0.18%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
Macquarie Logo
Macquarie Tax-Free New York Fund
(formerly, Delaware Tax-Free New York Fund)
Institutional Class : DTNIX
Semiannual shareholder report | February 28, 2025
This semiannual shareholder report contains important information about Macquarie Tax-Free New York Fund (Fund) for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Fund's costs for the last six months ?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment^
Institutional Class $28 0.56%
^
Annualized.
Fund statistics (as of February 28, 2025)
Fund net assets $298,262,690
Total number of portfolio holdings 197
Total advisory fees paid $565,254
Portfolio turnover rate 6%
Fund holdings (as of February 28, 2025)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Special Tax Revenue Bonds 24.74%
Education Revenue Bonds 14.89%
Transportation Revenue Bonds 14.30%
Industrial Development Revenue/Pollution Control
Revenue Bonds		 8.27%
Healthcare Revenue Bonds 7.11%
Water & Sewer Revenue Bonds 7.03%
Electric Revenue Bonds 6.89%
Lease Revenue Bonds 5.32%
Housing Revenue Bonds 4.38%
Local General Obligation Bonds 3.10%
State and territory allocation 
New York 84.17%
Puerto Rico 12.82%
Guam 0.48%
US Virgin Islands 0.18%
Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.
(4362000)
TSSR-DVMHX-0425

  (b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

  (a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

 

  (b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

  (a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

 

  (b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Fixed income mutual funds
Macquarie Minnesota High-Yield Municipal Bond Fund
(formerly, Delaware Minnesota High-Yield Municipal Bond Fund)
Macquarie Tax-Free Minnesota Fund
(formerly, Delaware Tax-Free Minnesota Fund)
Financial statements and other information
For the six months ended February 28, 2025

 

Table of contents
 1
33
35
36
40
52
69
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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 Form 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 macquarie.com/mam/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 macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.74%
Education Revenue Bonds — 27.35%
City of Bethel, Minnesota Charter School Lease Revenue      
(Spectrum High School Project)      
Series A 4.00% 7/1/32        840,000 $    840,067
Series A 4.00% 7/1/37        850,000      822,230
Series A 4.25% 7/1/47        750,000      689,220
Series A 4.375% 7/1/52        250,000      227,043
City of Brooklyn Park, Minnesota Charter School Lease
Revenue 		     
(Prairie Seeds Academy Project)      
 5.125% 6/15/54      1,000,000      977,180
 5.25% 6/15/64      1,500,000    1,468,350
Series A 5.00% 3/1/39      2,770,000    2,770,000
City of Cologne, Minnesota Charter School Lease
Revenue 		     
(Cologne Academy Project)      
Series A 5.00% 7/1/29        270,000      270,095
Series A 5.00% 7/1/34        350,000      350,084
Series A 5.00% 7/1/45        360,000      357,109
City of Deephaven, Minnesota Charter School Revenue      
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/50   		   1,000,000    1,001,820
City of Eagan, Minnesota Charter School Lease Revenue      
(Great Oaks Academy)      
Series A 144A 6.25% 2/1/45  #      640,000      645,267
Series A 144A 6.375% 2/1/55  #      700,000      705,929
City of Forest Lake, Minnesota Charter School Lease
Revenue 		     
(Lakes International Language Academy Project)      
Series A 4.50% 8/1/26        245,000      245,029
Series A 5.375% 8/1/50        975,000      988,114
Series A 5.75% 8/1/44        585,000      585,357
City of Ham Lake, Minnesota Charter School Lease
Revenue 		     
(DaVinci Academy Project)      
Series A 5.00% 7/1/36        235,000      230,721
Series A 5.00% 7/1/47        710,000      646,135
(Parnassus Preparatory School Project)
Series A 5.00% 11/1/47   		     650,000      650,767
City of Hugo, Minnesota Charter School Lease Revenue      
(Noble Academy Project)      
Series A 5.00% 7/1/34      1,000,000    1,000,420
Series A 5.00% 7/1/44        495,000      494,985
    1

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
City of Minneapolis, Minnesota Charter School Lease
Revenue 		     
(Cyber Village Academy Project)
Series A 5.50% 6/1/57   		   1,400,000 $  1,327,382
(Hiawatha Academies Project)      
Series A 144A 5.375% 7/1/42  #      690,000      690,166
Series A 144A 5.50% 7/1/52  #    1,130,000    1,115,095
Series A 144A 5.50% 7/1/57  #      880,000      861,810
City of Minneapolis, Minnesota Student Housing Revenue      
(Riverton Community Housing Project)      
 4.75% 8/1/43        750,000      719,580
 5.00% 8/1/53        570,000      557,033
 5.25% 8/1/39        800,000      800,264
City of Otsego, Minnesota Charter School Lease
Revenue 		     
(Kaleidoscope Charter School Project)
Series A 5.00% 9/1/44   		   1,435,000    1,321,061
City of St. Cloud, Minnesota Charter School Lease
Revenue 		     
(Stride Academy Project)
Series A 5.00% 4/1/46   		     750,000      638,513
City of 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    1,588,808
(Great River School Project)
Series A 144A 5.50% 7/1/52  # 		     440,000      442,974
(Hmong College Preparatory Academy Project)      
Series A 5.00% 9/1/43      1,000,000    1,009,230
Series A 5.00% 9/1/55      1,100,000    1,084,897
Series A 5.75% 9/1/46        500,000      505,715
Series A 6.00% 9/1/51      3,500,000    3,544,275
(Nova Classical Academy Project)
Series A 4.125% 9/1/47   		   1,250,000    1,124,500
(Twin Cities Academy Project)
Series A 5.375% 7/1/50   		   1,500,000    1,501,200
City of St. Paul, Minnesota Housing & Redevelopment
Authority Health Care Facilities Revenue 		     
(Great River School Project)
Series A 144A 4.75% 7/1/29  # 		     300,000      302,190
(Nova Classical Academy Project)
Series A 4.00% 9/1/36   		   1,620,000    1,571,351
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
City of St. Paul, Minnesota Housing & Redevelopment
Authority Revenue 		     
(Hmong College Preparatory Academy Project)
Series A 5.00% 9/1/40   		     715,000 $    724,588
City of Woodbury, Minnesota Charter School Lease
Revenue 		     
(MSA Building Company)
Series A 4.00% 12/1/50   		     450,000      372,362
(Woodbury Leadership Academy Project)      
 4.00% 7/1/41        890,000      753,029
Series A 4.00% 7/1/51      1,140,000      870,105
Series A 4.00% 7/1/56        790,000      583,936
Duluth Housing & Redevelopment Authority Revenue      
(Duluth Public Schools Academy Project)      
Series A 5.00% 11/1/38        700,000      666,330
Series A 5.00% 11/1/48      1,700,000    1,494,470
Minnesota Higher Education Facilities Authority Revenue      
(Bethel University)      
 5.00% 5/1/37      1,250,000    1,233,100
 5.00% 5/1/47      3,000,000    2,775,990
(Carleton College)
 4.00% 3/1/47   		   1,500,000    1,456,305
(Green Bonds)
Series A 5.00% 10/1/32   		     500,000      547,320
(Gustavus Adolphus College)
 5.00% 10/1/47   		   2,350,000    2,369,246
(Macalester College)      
 3.00% 3/1/40        365,000      329,843
 3.00% 3/1/43        325,000      278,710
 4.00% 3/1/48        600,000      571,080
(Minneapolis College of Art & Design)      
 4.00% 5/1/25        200,000      200,022
 4.00% 5/1/26        100,000      100,003
(St. Catherine University)      
 5.00% 10/1/52        750,000      714,690
Series A 4.00% 10/1/38        920,000      863,751
Series A 5.00% 10/1/45      1,670,000    1,641,643
(St. Olaf College)
 4.00% 10/1/46   		     935,000      865,221
(Trustees of the Hamline University of Minnesota)      
Series B 5.00% 10/1/37        300,000      301,284
Series B 5.00% 10/1/39      1,000,000    1,002,950
    3

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue      
(Trustees of the Hamline University of Minnesota)
Series B 5.00% 10/1/47      1,055,000 $  1,023,909
(University of St. Thomas)      
 4.00% 10/1/37        300,000      304,713
 4.00% 10/1/44        100,000       95,588
 5.00% 10/1/34        450,000      484,164
 5.00% 10/1/40        915,000      967,988
Series A 4.125% 10/1/53      1,325,000    1,241,393
Series A 5.00% 10/1/49      1,250,000    1,325,988
Minnesota Office of Higher Education Revenue      
(Senior Supplemental Student Loan Program)
 4.00% 11/1/42 (AMT)  		     250,000      239,115
St. Paul, Minnesota Independent School District No.
625 Revenue 		     
Series A 5.00% 2/1/43      1,000,000    1,095,740
University of Minnesota Revenue      
Series A 5.00% 9/1/42        900,000     927,477
   65,094,019
Electric Revenue Bonds — 1.63%
Hutchinson Utilities Commission Revenue      
Series A 5.00% 12/1/26        360,000      360,515
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡      165,000       92,400
Series AAA 5.25% 7/1/25  ‡       95,000       53,200
Series CCC 5.25% 7/1/27  ‡      650,000      364,000
Series WW 5.00% 7/1/28  ‡      585,000      327,600
Series XX 4.75% 7/1/26  ‡      105,000       58,800
Series XX 5.25% 7/1/40  ‡      295,000      165,200
Series XX 5.75% 7/1/36  ‡      370,000      207,200
Series ZZ 4.75% 7/1/27  ‡       85,000       47,600
Series ZZ 5.25% 7/1/25  ‡      130,000       72,475
Southern Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/46        400,000      404,548
St. Paul, Minnesota Port Authority District Energy
Revenue 		     
Series 1 5.00% 10/1/46      1,100,000    1,152,382
4    

 

Table of Contents
    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 $    569,025
    3,874,945
Healthcare Revenue Bonds — 38.70%
City of Anoka, Minnesota Healthcare & Housing Facilities
Revenue 		     
(The Homestead at Anoka Project)
 5.125% 11/1/49   		     400,000      373,616
City of Apple Valley, Minnesota Senior Housing Revenue      
(PHS Senior Housing, Inc. Orchard Path Project)      
 4.50% 9/1/53        840,000      772,431
 5.00% 9/1/43      1,000,000    1,001,360
 5.00% 9/1/58      1,175,000    1,163,849
City of Apple Valley, Minnesota Senior Living Revenue      
(Senior Living LLC Project)      
Fourth Tier Series D 7.00% 1/1/37        490,000      278,271
Fourth Tier Series D 7.25% 1/1/52      1,495,000      739,487
Second Tier Series B 5.00% 1/1/47        535,000      321,620
City of Bethel, Minnesota Housing & Health Care
Facilities Revenue 		     
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48   		   1,280,000    1,283,354
(Ecumen Obligated Group)      
Series A 6.125% 3/1/44      1,100,000    1,142,977
Series A 6.125% 3/1/49        300,000      306,087
City of Bethel, Minnesota Senior Housing Revenue      
(The Lodge at the Lakes at Stillwater Project)
 5.25% 6/1/58   		   1,475,000    1,350,023
City of Brooklyn Center, Minnesota Multifamily Housing
Revenue 		     
(Sanctuary at Brooklyn Center Project)
Series A 5.50% 11/1/35  ‡ 		     632,730      379,638
City of Chatfield, Minnesota Healthcare & Housing
Facilities Revenue 		     
(Chosen Valley Care Center Project)      
 4.00% 9/1/39        250,000      219,318
 5.00% 9/1/52      1,500,000    1,330,995
    5

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Crookston, Minnesota Health Care Facilities
Revenue 		     
(Riverview Health Project)
 5.00% 5/1/51   		   1,025,000 $    565,687
City of Glencoe, Minnesota Health Care Facilities
Revenue 		     
(Glencoe Regional Health Services Project)
 4.00% 4/1/31   		     185,000      183,402
City of Hayward, Minnesota Health Care Facilities
Revenue 		     
(American Baptist Homes Midwest Obligated Group)
 5.375% 8/1/34  ‡ 		     750,000      630,128
(St. John's Lutheran Home of Albert Lea Project)
Series A 5.375% 10/1/44   		      90,000       49,500
City of Maple Grove, Minnesota Health Care Facilities
Revenue 		     
(Maple Grove Hospital Corporation)
 4.00% 5/1/37   		   1,625,000    1,583,871
(North Memorial Health Care)
 4.00% 9/1/35   		     300,000      293,007
City of Maple Plain, Minnesota Senior Housing & Health
Care Revenue 		     
(Haven Homes Incorporate Project)
 5.00% 7/1/49   		   1,000,000      960,250
City of Minneapolis, Minnesota Health Care System
Revenue 		     
(Allina Health System)      
 4.00% 11/15/39      1,900,000    1,899,829
 4.00% 11/15/40      1,000,000      997,700
(Fairview Health Services)      
Series A 4.00% 11/15/48      2,855,000    2,536,182
Series A 5.00% 11/15/32      1,250,000    1,259,738
Series A 5.00% 11/15/33      1,400,000    1,462,874
Series A 5.00% 11/15/44      1,000,000    1,000,970
Series A 5.00% 11/15/49      1,000,000    1,008,270
City of Minneapolis, Minnesota Senior Housing &
Healthcare Revenue 		     
(Ecumen-Abiitan Mill City Project)
 5.375% 11/1/50   		   1,700,000    1,622,616
City of Minneapolis, St. Paul Housing & Redevelopment
Authority Revenue 		     
(Children's Health Care)      
 5.00% 8/15/39      2,000,000    2,277,640
6    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Minneapolis, St. Paul Housing & Redevelopment
Authority Revenue 		     
(Children's Health Care)
 5.00% 8/15/41      1,000,000 $  1,122,620
 5.00% 8/15/42      1,000,000    1,110,670
City of Morris, Minnesota Health Care Facilities Revenue      
(Farmington Health Services)      
 4.10% 8/1/44        500,000      394,080
 4.20% 8/1/49      1,500,000    1,144,470
City of Rochester, Minnesota Health Care & Housing
Revenue 		     
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48   		   1,200,000    1,201,092
City of Rochester, Minnesota Health Care Facilities
Revenue 		     
(Mayo Clinic)      
 4.00% 11/15/39      3,500,000    3,544,415
 5.00% 11/15/57      6,175,000    6,476,340
Series B 5.00% 11/15/33        500,000      578,310
City of Sartell, Minnesota Health Care & Housing
Facilities Revenue 		     
(Country Manor Campus LLC Project)      
 5.30% 9/1/37        600,000      600,090
Series A 5.00% 9/1/32      1,000,000    1,005,690
Series A 5.00% 9/1/35        350,000      350,948
City of Sauk Rapids, Minnesota Health Care Housing
Facilities Revenue 		     
(Good Shepherd Lutheran Home)
 5.125% 1/1/39   		     790,000      714,018
City of Shakopee, Minnesota Health Care Facilities
Revenue 		     
(St. Francis Regional Medical Center)      
 4.00% 9/1/31        130,000      129,779
 5.00% 9/1/34        105,000      105,039
City of St. Cloud, Minnesota Health Care Revenue      
(Centracare Health System Project)      
 4.00% 5/1/49      2,250,000    2,122,830
 4.00% 5/1/50      2,500,000    2,358,950
 5.00% 5/1/54      1,250,000    1,314,175
Series A 5.00% 5/1/46        630,000      635,928
    7

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of St. Joseph, Minnesota Senior Housing &
Healthcare Revenue 		     
(Woodcrest Country Manor Project)
 5.00% 7/1/55   		   1,000,000 $    940,700
City of St. Paul, Minnesota Housing & Redevelopment
Authority Health Care Facilities Revenue 		     
(Episcopal Homes Obligated Group)
Series A 4.00% 11/1/42   		     700,000      610,050
(Fairview Health Services)      
Series A 4.00% 11/15/43      1,550,000    1,398,705
Series A 5.00% 11/15/47      2,360,000    2,376,732
(HealthPartners Obligated Group Project)      
Series A 5.00% 7/1/30      1,000,000    1,004,980
Series A 5.00% 7/1/33      1,000,000    1,004,530
(Marian Center Project)
Series A 5.375% 5/1/43   		   1,000,000      992,870
City of St. Paul, Minnesota Housing & Redevelopment
Authority Revenue 		     
(Amherst H. Wilder Foundation Project)
Series A 5.00% 12/1/36   		   1,000,000    1,053,950
City of St. Paul, Minnesota Housing & Redevelopment
Authority Senior Housing & Health Care Revenue 		     
(Episcopal Homes Project)
 5.125% 5/1/48   		   2,000,000    1,766,460
City of Victoria, Minnesota Health Care Facilities
Revenue 		     
(Augustana Emerald Care Project)
 5.00% 8/1/39   		   1,500,000    1,350,135
City of Wayzata, Minnesota Senior Housing Revenue      
(Folkestone Senior Living Community)      
 3.75% 8/1/37        500,000      480,185
 4.00% 8/1/38        500,000      490,570
 4.00% 8/1/39        400,000      390,220
 4.00% 8/1/44        700,000      651,119
 5.00% 8/1/35        150,000      151,893
 5.00% 8/1/54      1,250,000    1,252,462
City of West St. Paul, Minnesota Rochester Health Care
& Housing Revenue 		     
(Walker Westwood Ridge Campus Project)
 5.00% 11/1/49   		   1,500,000    1,449,960
8    

 

Table of Contents
    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 $  1,958,112
Deephaven, Minnesota Housing & Healthcare Facility
Revenue 		     
(St. Therese Senior Living Project)      
Series A 5.00% 4/1/38        335,000      325,329
Series A 5.00% 4/1/40        315,000      302,646
Series A 5.00% 4/1/48        185,000      167,458
Duluth Economic Development Authority Revenue      
(Benedictine Health System)      
Series A 4.00% 7/1/31      1,500,000    1,441,740
Series A 4.00% 7/1/41      1,155,000      996,430
(Essentia Health Obligated Group)      
Series A 4.25% 2/15/43        400,000      391,888
Series A 5.00% 2/15/53      1,590,000    1,605,328
Series A 5.00% 2/15/58      6,940,000    7,004,264
Series A 5.25% 2/15/58      2,000,000    2,036,560
(St. Luke’s Hospital of Duluth Obligated Group)      
Series A 4.00% 6/15/33        380,000      395,534
Series B 5.25% 6/15/52      1,000,000    1,065,000
Minnesota Agricultural & Economic Development Board
Healthcare Facilities Revenue 		     
(Health Partners Obligated Group)      
 4.00% 1/1/49      2,050,000    1,945,573
 5.25% 1/1/54      1,150,000   1,225,083
   92,130,600
Housing Revenue Bonds — 3.07%
City of Bethel, Minnesota Senior Housing Revenue      
(Birchwood Landing at the Lakes at Stillwater Project)
 5.00% 5/1/54   		   1,000,000      954,720
City of Stillwater, Minnesota Multifamily Housing Revenue      
(Orleans Homes Project)
 5.50% 2/1/42 (AMT)  		     750,000      737,040
Dakota County Community Development Agency
Multifamily Housing Revenue 		     
(Heart of the City Apartments Project)
 4.20% 5/1/43   		     750,000      737,115
    9

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Minnesota Housing Finance Agency Residential Housing
Finance Revenue 		     
(Social Bonds)
Series F 2.40% 7/1/46   		   1,250,000 $    882,250
Minnesota Housing Finance Agency Revenue      
Series A1 4.90% 8/1/66        350,000      352,814
Series D 5.50% 7/1/53        935,000      993,167
Series I 2.20% 1/1/51        635,000      391,554
Series O 4.45% 7/1/38        955,000      979,486
Northwest Multi-County Housing & Redevelopment
Authority Revenue 		     
(Pooled Housing Program)
 5.50% 7/1/45   		   1,275,000   1,274,885
    7,303,031
Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.04%
City of Cottonwood, Minnesota Revenue      
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) # 		   1,210,000    1,023,466
Minnesota Municipal Gas Agency Revenue      
(Minnesota Community Energy)
Sub-Series A 4.00% 12/1/52  • 		   1,000,000    1,014,570
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   5,200,200
    7,238,236
Lease Revenue Bonds — 1.33%
Chaska, Minnesota Economic Development Authority
Revenue 		     
(Minnesota Lease Obligation)
Series A 4.125% 2/1/54   		   1,250,000    1,244,125
City of New London, Economic Development Authority
Revenue 		     
(SWWC Service Cooperative Lease With Option to Purchase Project)      
 5.00% 2/1/38        880,000      894,608
Series A 4.50% 2/1/33        345,000      350,699
Hibbing Independent School District No. 701 Revenue      
Series A 3.00% 3/1/41        500,000      430,680
10    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Minnesota Housing Finance Agency Revenue      
(State Appropriation)
 5.00% 8/1/31   		     250,000 $    250,455
    3,170,567
Local General Obligation Bonds — 10.33%
Anoka-Hennepin Independent School District No. 11      
(Minnesota School District Credit Enhancement Program)      
Series A 3.00% 2/1/43        500,000      427,290
Series A 3.00% 2/1/45        750,000      629,850
Cass Lake-Bena Independent School District No. 115      
(Minnesota School District Credit Enhancement Program)      
Series A 4.00% 2/1/41        375,000      378,563
Series A 4.00% 2/1/42        925,000      932,714
Series A 4.00% 2/1/43        800,000      804,984
City of Blaine, Minnesota      
Series A 4.00% 2/1/39      1,165,000    1,209,829
City of Minneapolis, Minnesota      
(Green Bonds)      
 3.00% 12/1/37      1,300,000    1,218,542
 3.00% 12/1/38      1,970,000    1,816,931
 3.00% 12/1/42      1,000,000      854,820
City of Rosemount, Minnesota      
Series A 4.00% 2/1/53      2,930,000    2,790,210
City of Virginia, Minnesota      
Series A 4.00% 2/1/38 (AGM)     1,000,000    1,003,880
County of Hennepin      
Series A 5.00% 12/1/44      1,125,000    1,260,641
Dilworth Glyndon Felton Independent School
District No. 2164 		     
Series A 3.00% 2/1/41        225,000      197,696
Elk River Independent School District No. 728      
Series A 3.00% 2/1/40        530,000      483,376
Gibbon, Minnesota Independent School District No. 2365      
Series A 4.125% 2/1/52      1,250,000    1,247,325
Goodridge, Minnesota Independent School District No.
561 		     
Series A 4.00% 2/1/37      1,170,000    1,211,430
    11

 

Table of Contents
Schedules of investments
Macquarie 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% 3/1/41        600,000 $    612,024
Series C 4.00% 3/1/43        575,000      579,824
Ramsey County, Minnesota      
Series B 4.00% 2/1/42        500,000      510,340
Rice County, Minnesota      
(State Credit Enhancement Program)
Series A-1 4.00% 2/1/52   		   1,500,000    1,464,150
Rosemount-Apple Valley-Eagan Independent School
District No. 196 		     
Series A 4.00% 2/1/44      1,070,000    1,061,141
St. Peter Independent School District No. 508, Minnesota      
Series A 4.00% 2/1/44        150,000      146,640
Series A 4.00% 2/1/45        325,000      316,423
Stillwater Independent School District No. 834      
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/41   		     435,000      440,277
Washington County, Minnesota      
Series A 5.00% 2/1/43      1,000,000    1,097,330
Westonka Independent School District No. 277      
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/44   		   1,035,000    1,019,713
White Bear Lake Independent School District No. 624      
Series A 3.00% 2/1/42      1,000,000     864,600
   24,580,543
Pre-Refunded Bonds — 0.53%
City of St. Paul, Minnesota Housing & Redevelopment
Authority Hospital Facility Revenue 		     
(Healtheast Care System Project)      
Series A 5.00% 11/15/29-25  §      275,000      279,040
Series A 5.00% 11/15/30-25  §      205,000      208,011
Duluth Independent School District No. 709      
Series A 4.20% 3/1/34-27  §      750,000     769,583
    1,256,634
Special Tax Revenue Bonds — 3.27%
City of Minneapolis, Minnesota Tax Increment Revenue      
(Village of St. Anthony Falls Project)
 4.00% 3/1/27   		     650,000      650,078
12    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Commonwealth of Puerto Rico Revenue      
(Subordinate)
 2.653% 11/1/43  • 		   1,525,416 $    961,012
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53      1,505,000    1,497,580
Series A-1 5.398% 7/1/51  ^    6,809,000    1,696,871
Series A-2 4.536% 7/1/53      3,000,000   2,982,990
    7,788,531
State General Obligation Bonds — 2.71%
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/37      1,070,000    1,064,425
Series A-1 4.00% 7/1/46      1,000,000      912,590
Minnesota State      
Series A 4.00% 9/1/38        550,000      570,647
Series A 5.00% 8/1/41      1,000,000    1,109,490
Series A 5.00% 8/1/44      2,500,000   2,792,775
    6,449,927
Transportation Revenue Bonds — 6.78%
Minneapolis-St. Paul Metropolitan Airports Commission
Revenue 		     
(Private Activity)      
Series A 4.00% 1/1/54      3,500,000    3,381,875
Series B 5.00% 1/1/32 (AMT)       330,000      349,084
Series B 5.00% 1/1/39 (AMT)       500,000      520,830
Series B 5.00% 1/1/49 (AMT)       600,000      610,164
Series B 5.25% 1/1/42 (AMT)     2,910,000    3,150,541
Series B 5.25% 1/1/47 (AMT)       500,000      525,295
Series B 5.25% 1/1/49 (AMT)     1,000,000    1,059,870
(Senior)
Series C 5.00% 1/1/46   		     185,000      188,126
(Subordinate)      
Series A 5.00% 1/1/44      4,000,000    4,169,160
Series B 5.00% 1/1/44 (AMT)     2,150,000   2,197,945
   16,152,890
Total Municipal Bonds (cost $240,519,675) 235,039,923
    13

 

Table of Contents
Schedules of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Short-Term Investments — 0.53%
Variable Rate Demand Note — 0.53%¤
City of Rochester, Minnesota Health Care Facilities
Revenue 		     
(Mayo Clinic) Series A 1.70% 11/15/38
(SPA - Northern Trust) 		   1,250,000 $  1,250,000
Total Short-Term Investments (cost $1,250,000)   1,250,000
Total Value of Securities—99.27%
(cost $241,769,675) 		    $236,289,923
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $12,945,209, which represents 5.44% 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 February 28, 2025. 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.”
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2025.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
14    

 

Table of Contents
Summary of abbreviations: (continued)
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.
    15

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.85%
Education Revenue Bonds — 19.54%
City of Bethel, Minnesota Charter School Lease Revenue      
(Spectrum High School Project)      
Series A 4.00% 7/1/32        425,000 $    425,034
Series A 4.25% 7/1/47      1,550,000    1,424,388
Series A 4.375% 7/1/52      1,250,000    1,135,213
City of Brooklyn Park, Minnesota Charter School Lease
Revenue 		     
(Prairie Seeds Academy Project)      
 5.00% 6/15/44      2,000,000    1,973,160
 5.125% 6/15/54      1,500,000    1,465,770
 5.25% 6/15/64      1,500,000    1,468,350
Series A 5.00% 3/1/34      2,395,000    2,395,000
Series A 5.00% 3/1/39        885,000      885,000
City of Cologne, Minnesota Charter School Lease
Revenue 		     
(Cologne Academy Project)      
Series A 5.00% 7/1/29        305,000      305,107
Series A 5.00% 7/1/34        150,000      150,036
Series A 5.00% 7/1/45      1,705,000    1,691,309
City of Deephaven, Minnesota Charter School Revenue      
(Eagle Ridge Academy Project)      
Series A 5.25% 7/1/40        500,000      501,270
Series A 5.50% 7/1/50      2,000,000    2,003,640
City of Eagan, Minnesota Charter School Lease Revenue      
(Great Oaks Academy)
Series A 144A 6.50% 2/1/65  # 		   1,250,000    1,265,450
City of Forest Lake, Minnesota Charter School Lease
Revenue 		     
(Lakes International Language Academy Project)      
Series A 5.25% 8/1/43        400,000      407,032
Series A 5.375% 8/1/50      2,290,000    2,320,800
Series A 5.50% 8/1/36      1,000,000    1,000,830
Series A 5.75% 8/1/44      1,895,000    1,896,156
City of Ham Lake, Minnesota Charter School Lease
Revenue 		     
(DaVinci Academy Project)      
Series A 5.00% 7/1/36        765,000      751,069
Series A 5.00% 7/1/47      2,290,000    2,084,015
City of Hugo, Minnesota Charter School Lease Revenue      
(Noble Academy Project)
Series A 5.00% 7/1/44   		   2,545,000    2,544,924
16

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
City of Minneapolis, Minnesota Charter School Lease
Revenue 		     
(Cyber Village Academy Project)      
Series A 5.25% 6/1/42      1,000,000 $    968,640
Series A 5.50% 6/1/57        500,000      474,065
(Hiawatha Academies Project)      
Series A 144A 5.00% 7/1/32  #      800,000      820,960
Series A 144A 5.375% 7/1/42  #      880,000      880,211
Series A 144A 5.50% 7/1/52  #    1,440,000    1,421,006
Series A 144A 5.50% 7/1/57  #    1,120,000    1,096,850
City of Minneapolis, Minnesota Student Housing Revenue      
(Riverton Community Housing Project)      
 5.25% 8/1/39        250,000      250,083
 5.50% 8/1/49      3,250,000    3,250,487
City of Otsego, Minnesota Charter School Lease
Revenue 		     
(Kaleidoscope Charter School)      
Series A 5.00% 9/1/34        520,000      515,268
Series A 5.00% 9/1/44      1,565,000    1,440,739
City of St. Cloud, Minnesota Charter School Lease
Revenue 		     
(Stride Academy Project)
Series A 5.00% 4/1/46   		     875,000      744,931
City of St. Paul, Minnesota Housing & Redevelopment
Authority Charter School Lease Revenue 		     
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50   		   3,110,000    2,823,538
(Great River School Project)
Series A 144A 5.50% 7/1/52  # 		     735,000      739,968
(Hmong College Preparatory Academy Project)      
Series A 5.00% 9/1/55      1,000,000      986,270
Series A 5.75% 9/1/46      1,000,000    1,011,430
(Nova Classical Academy Project)
Series A 4.125% 9/1/47   		   1,750,000    1,574,300
(Twin Cities Academy Project)
Series A 5.30% 7/1/45   		   1,700,000    1,701,377
City of St. Paul, Minnesota Housing & Redevelopment
Authority Health Care Facilities Revenue 		     
(Great River School Project)      
Series A 144A 4.75% 7/1/29  #      100,000      100,730
Series A 144A 5.25% 7/1/33  #      140,000      142,796
    17

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
City of St. Paul, Minnesota Housing & Redevelopment
Authority Health Care Facilities Revenue 		     
(Nova Classical Academy Project)
Series A 4.00% 9/1/36   		     150,000 $    145,495
City of St. Paul, Minnesota Housing & Redevelopment
Authority Revenue 		     
(Hmong College Preparatory Academy Project)
Series A 5.00% 9/1/40   		     375,000      380,029
City of Woodbury, Minnesota Charter School Lease
Revenue 		     
(Woodbury Leadership Academy Project)
Series A 4.00% 7/1/51   		   1,500,000    1,144,875
Duluth Housing & Redevelopment Authority Revenue      
(Duluth Public Schools Academy Project)      
Series A 5.00% 11/1/38        400,000      380,760
Series A 5.00% 11/1/48      3,355,000    2,949,381
Minnesota Higher Education Facilities Authority Revenue      
(Bethel University)
 5.00% 5/1/37   		   1,500,000    1,479,720
(Carleton College)      
 4.00% 3/1/47      3,775,000    3,665,034
 5.00% 3/1/53      2,900,000    3,069,186
(College of St. Benedict)
Series 8-K 4.00% 3/1/43   		   1,000,000      872,860
(College of St. Scholastica)      
 4.00% 12/1/33        500,000      478,670
 4.00% 12/1/34        500,000      474,165
 4.00% 12/1/40      1,200,000    1,074,660
(Gustavus Adolphus College)
 5.00% 10/1/47   		   6,850,000    6,906,102
(Macalester College)
 4.00% 3/1/42   		     735,000      735,176
(St. Catherine University)      
 5.00% 10/1/52      2,250,000    2,144,070
Series A 4.00% 10/1/36        925,000      881,710
Series A 5.00% 10/1/32        715,000      735,120
Series A 5.00% 10/1/45      4,155,000    4,084,448
(St. John's University)      
Series 8-I 5.00% 10/1/32        500,000      505,585
Series 8-I 5.00% 10/1/33        250,000      252,730
(St. Olaf College)      
 3.00% 10/1/38      1,000,000      904,330
18    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue      
(St. Olaf College)
 3.00% 10/1/41      1,000,000 $    865,400
 4.00% 10/1/46        565,000      522,834
 4.00% 10/1/50        700,000      632,401
Series 8-G 5.00% 12/1/32        795,000      804,596
(Trustees of the Hamline University of Minnesota)      
Series B 5.00% 10/1/37        955,000      959,087
Series B 5.00% 10/1/38      1,000,000    1,003,860
Series B 5.00% 10/1/39        940,000      942,773
Series B 5.00% 10/1/40        625,000      626,444
Series B 5.00% 10/1/47      1,060,000    1,028,762
(University of St. Thomas)      
 4.00% 10/1/44        545,000      520,955
 5.00% 10/1/33        750,000      809,528
 5.00% 10/1/34        800,000      860,736
 5.00% 10/1/40      1,595,000    1,687,366
Series 7-U 4.00% 4/1/26      1,000,000    1,000,480
Series A 4.00% 10/1/34        400,000      405,028
Series A 4.125% 10/1/53      1,000,000      936,900
Series A 5.00% 10/1/49      2,475,000    2,625,455
(University of St. Thomas) (Green Bonds)
Series A 5.00% 10/1/35   		   1,720,000    1,867,610
Minnesota Office of Higher Education Revenue      
(Senior Supplemental Student Loan Program)      
 2.65% 11/1/38 (AMT)       645,000      586,357
 4.00% 11/1/42 (AMT)     1,500,000    1,434,690
St. Paul, Minnesota Independent School District No.
625 Revenue 		     
Series A 5.00% 2/1/43      2,100,000    2,301,054
University of Minnesota Revenue      
Series A 5.00% 9/1/42      1,100,000    1,133,583
Series A 5.00% 11/1/42      2,000,000    2,144,560
Series A 5.00% 1/1/43      1,250,000    1,382,062
Series A 5.00% 1/1/44      1,000,000   1,100,860
  110,484,689
Electric Revenue Bonds — 4.45%
Central Minnesota Municipal Power Agency Revenue      
(Brookings SouthEast Twin Cities Transmission Project)
 3.00% 1/1/38 (AGM)  		     300,000      279,012
    19

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
City of Rochester, Minnesota Electric Utility Revenue      
Series A 5.00% 12/1/47      3,660,000 $  3,734,993
City of St. Paul, Minnesota Housing & Redevelopment
Authority Revenue 		     
Series A 4.00% 10/1/30      1,250,000    1,279,462
Series A 4.00% 10/1/33        365,000      370,271
Minnesota Municipal Power Agency Electric Revenue      
 5.00% 10/1/30        500,000      501,715
 5.00% 10/1/33      1,205,000    1,209,133
 5.00% 10/1/47      2,000,000    2,032,440
Series A 5.00% 10/1/30      1,300,000    1,304,459
Series A 5.00% 10/1/34        750,000      752,573
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡      430,000      240,800
Series AAA 5.25% 7/1/25  ‡      250,000      140,000
Series CCC 5.25% 7/1/27  ‡    1,875,000    1,050,000
Series WW 5.25% 7/1/33  ‡    1,250,000      700,000
Series XX 4.75% 7/1/26  ‡      260,000      145,600
Series XX 5.75% 7/1/36  ‡      925,000      518,000
Series ZZ 4.75% 7/1/27  ‡      210,000      117,600
Series ZZ 5.25% 7/1/25  ‡      350,000      195,125
Sauk Centre Public Utilities Commission Electric
Revenue 		     
Series A 4.50% 12/1/53 (AGM)       875,000      875,525
Southern Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/42      2,815,000    2,926,784
Series A 5.00% 1/1/46      1,685,000    1,704,158
St. Paul, Minnesota Port Authority District Energy
Revenue 		     
Series 1 5.00% 10/1/44      1,190,000    1,254,010
Series 1 5.00% 10/1/45      1,315,000    1,379,435
Western Minnesota Municipal Power Agency Supply
Revenue 		     
Series A 5.00% 1/1/30      1,000,000    1,102,190
(Red Rock Hydroelectric Project)
Series A 5.00% 1/1/49   		   1,300,000   1,332,851
   25,146,136
20    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 33.44%
City of Anoka, Minnesota Healthcare & Housing Facilities
Revenue 		     
(The Homestead at Anoka Project)      
 5.125% 11/1/49      1,100,000 $  1,027,444
 5.375% 11/1/34        590,000      590,165
City of Apple Valley, Minnesota Senior Housing Revenue      
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)      
 4.00% 9/1/51        500,000      427,040
 4.00% 9/1/61        700,000      569,191
(PHS Senior Housing, Inc. Orchard Path Project)      
 4.50% 9/1/53      1,000,000      919,560
 5.00% 9/1/58      1,605,000    1,589,769
City of Apple Valley, Minnesota Senior Living Revenue      
(Senior Living LLC Project)      
Fourth Tier Series D 7.00% 1/1/37      1,585,000      900,122
Fourth Tier Series D 7.25% 1/1/52      2,580,000    1,276,171
Second Tier Series B 5.00% 1/1/47      1,640,000      985,902
Second Tier Series B 5.25% 1/1/37        480,000      291,514
Third Tier Series C 4.25% 1/1/27        190,000      146,961
Third Tier Series C 5.00% 1/1/32        400,000      227,484
City of Bethel, Minnesota Housing & Health Care
Facilities Revenue 		     
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48   		   2,600,000    2,606,812
(Ecumen Obligated Group)
Series A 6.125% 3/1/49   		   1,100,000    1,122,319
City of Bethel, Minnesota Senior Housing Revenue      
(The Lodge at the Lakes at Stillwater Project)      
 5.00% 6/1/38        700,000      699,832
 5.00% 6/1/48      1,000,000      923,310
 5.00% 6/1/53      2,450,000    2,204,094
City of Center, Minnesota Health Care Facilities Revenue      
(Hazelden Betty Ford Foundation Project)
 4.00% 11/1/41   		   2,000,000    1,952,420
City of Chatfield, Minnesota Healthcare & Housing
Facilities Revenue 		     
(Chosen Valley Care Center Project)      
 4.00% 9/1/34        100,000       93,216
 4.00% 9/1/39        100,000       87,727
 5.00% 9/1/44        500,000      467,565
    21

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Crookston, Minnesota Health Care Facilities
Revenue 		     
(Riverview Health Project)      
 5.00% 5/1/38        500,000 $    328,140
 5.00% 5/1/44      1,500,000      885,195
 5.00% 5/1/51      1,585,000      874,746
City of Glencoe, Minnesota Health Care Facilities
Revenue 		     
(Glencoe Regional Health Services Project)      
 4.00% 4/1/25        660,000      659,828
 4.00% 4/1/26        270,000      269,924
 4.00% 4/1/31         60,000       59,482
City of Hayward, Minnesota Health Care Facilities
Revenue 		     
(American Baptist Homes Midwest Obligated Group)      
 5.375% 8/1/34  ‡      660,000      554,512
 5.75% 2/1/44        500,000      380,460
(St. John's Lutheran Home of Albert Lea Project)
Series A 5.375% 10/1/44   		     400,000      220,000
City of Maple Grove, Minnesota Health Care Facilities
Revenue 		     
(Maple Grove Hospital Corporation)      
 4.00% 5/1/37      2,500,000    2,436,725
 5.00% 5/1/27      1,400,000    1,439,522
 5.00% 5/1/28      1,000,000    1,026,700
 5.00% 5/1/29      1,000,000    1,025,390
 5.00% 5/1/30        850,000      870,621
 5.00% 5/1/32        825,000      842,193
(North Memorial Health Care)      
 4.00% 9/1/35        350,000      341,842
 5.00% 9/1/31      1,320,000    1,325,874
 5.00% 9/1/32      1,000,000    1,004,200
City of Maple Plain, Minnesota Senior Housing & Health
Care Revenue 		     
(Haven Homes Project)
 5.00% 7/1/54   		   3,500,000    3,295,285
City of Minneapolis, Minnesota Health Care System
Revenue 		     
(Allina Health System)      
 4.00% 11/15/38      2,000,000    2,013,840
 4.00% 11/15/39      4,505,000    4,504,594
 4.00% 11/15/40      3,750,000    3,741,375
22    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Minneapolis, Minnesota Health Care System
Revenue 		     
(Fairview Health Services)      
Series A 4.00% 11/15/48      6,790,000 $  6,031,761
Series A 5.00% 11/15/32        750,000      755,842
Series A 5.00% 11/15/33        860,000      898,623
Series A 5.00% 11/15/35        500,000      520,700
Series A 5.00% 11/15/44      1,000,000    1,000,970
Series A 5.00% 11/15/49      6,115,000    6,165,571
City of Minneapolis, Minnesota Senior Housing &
Healthcare Revenue 		     
(Ecumen-Abiitan Mill City Project)      
 5.00% 11/1/35      1,030,000      994,990
 5.25% 11/1/45      1,950,000    1,851,876
 5.375% 11/1/50        655,000      625,185
City of Minneapolis, St Paul Housing & Redevelopment
Authority Revenue 		     
(Children's Health Care)      
 5.00% 8/15/41      1,000,000    1,122,620
 5.00% 8/15/42      1,000,000    1,110,670
 5.00% 8/15/44      1,150,000    1,250,855
City of Rochester, Minnesota Health Care & Housing
Revenue 		     
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48   		   3,520,000    3,523,203
City of Rochester, Minnesota Health Care Facilities
Revenue 		     
(Mayo Clinic)      
 4.00% 11/15/39     11,450,000   11,595,300
 5.00% 11/15/57      9,250,000    9,701,400
Series B 5.00% 11/15/33      1,900,000    2,197,578
City of Sartell, Minnesota Health Care & Housing
Facilities Revenue 		     
(Country Manor Campus LLC Project)
 5.30% 9/1/37   		   1,200,000    1,200,180
City of Sauk Rapids, Minnesota Health Care Housing
Facilities Revenue 		     
(Good Shepherd Lutheran Home)
 5.125% 1/1/39   		   1,870,000    1,690,143
    23

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Shakopee, Minnesota Health Care Facilities
Revenue 		     
(St. Francis Regional Medical Center)      
 4.00% 9/1/31        915,000 $    913,444
 5.00% 9/1/26        575,000      575,448
 5.00% 9/1/27        405,000      405,300
 5.00% 9/1/28        425,000      425,272
 5.00% 9/1/29        425,000      425,247
 5.00% 9/1/34        895,000      895,331
City of St. Cloud, Minnesota Health Care Revenue      
(Centracare Health System Project)      
 4.00% 5/1/49      7,315,000    6,901,556
 4.00% 5/1/50      7,500,000    7,076,850
 5.00% 5/1/54      2,500,000    2,628,350
Series A 5.00% 5/1/46      1,795,000    1,811,891
City of St. Paul, Minnesota Housing & Redevelopment
Authority Health Care Facilities Revenue 		     
(Episcopal Homes Project)
 5.00% 5/1/33   		     400,000      392,436
(Fairview Health Services)      
Series A 4.00% 11/15/43      2,450,000    2,210,856
Series A 5.00% 11/15/47      5,035,000    5,070,698
(HealthPartners Obligated Group Project)      
Series A 5.00% 7/1/30      2,200,000    2,210,956
Series A 5.00% 7/1/33      4,265,000    4,284,320
(Marian Center Project)
Series A 5.375% 5/1/43   		     500,000      496,435
City of St. Paul, Minnesota Housing & Redevelopment
Authority Multifamily Housing Revenue 		     
(Marian Center Project)
Series A 5.30% 11/1/30   		     395,000      395,051
City of St. Paul, Minnesota Housing & Redevelopment
Authority Revenue 		     
(Amherst H. Wilder Foundation Project)      
Series A 5.00% 12/1/30        300,000      320,937
Series A 5.00% 12/1/36        750,000      790,463
City of St. Paul, Minnesota Housing & Redevelopment
Authority Senior Housing & Health Care Revenue 		     
(Episcopal Homes Project)
 5.125% 5/1/48   		   4,000,000    3,532,920
24    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Wayzata, Minnesota Senior Housing Revenue      
(Folkestone Senior Living Community)
 5.00% 8/1/54   		     275,000 $    275,542
City of West St. Paul, Minnesota Housing & Health Care
Facilities Revenue 		     
(Walker Westwood Ridge Campus Project)      
 4.50% 11/1/40        250,000      240,225
 4.75% 11/1/52        750,000      689,438
Dakota County Community Development Agency Senior
Housing Revenue 		     
(Walker Highview Hills Project)      
Series A 144A 5.00% 8/1/36  #      630,000      630,220
Series A 144A 5.00% 8/1/46  #    1,500,000    1,497,300
Series A 144A 5.00% 8/1/51  #      880,000      863,729
Deephaven, Minnesota Housing & Healthcare Facility
Revenue 		     
(St. Therese Senior Living Project)      
Series A 5.00% 4/1/38        730,000      708,925
Series A 5.00% 4/1/40        705,000      677,350
Series A 5.00% 4/1/48        315,000      285,132
Duluth Economic Development Authority Revenue      
(Benedictine Health System)      
Series A 4.00% 7/1/31      1,625,000    1,561,885
Series A 4.00% 7/1/41        550,000      474,491
(Essentia Health Obligated Group)      
Series A 4.25% 2/15/43      1,600,000    1,567,552
Series A 5.00% 2/15/37        750,000      777,307
Series A 5.00% 2/15/53      8,710,000    8,793,964
Series A 5.00% 2/15/58     11,100,000   11,202,786
Series A 5.25% 2/15/58      8,000,000    8,146,240
(St. Luke’s Hospital of Duluth Obligated Group)
Series A 3.00% 6/15/44   		     650,000      544,856
Minnesota Agricultural & Economic Development Board
Healthcare Facilities Revenue 		     
(Health Partners Obligated Group)      
 4.00% 1/1/49      5,450,000    5,172,377
 5.25% 1/1/54      1,500,000    1,597,935
Woodbury, Minnesota Housing & Redevelopment
Authority Revenue 		     
(St. Therese of Woodbury)
 5.125% 12/1/44   		   2,105,000   2,104,853
  189,022,401
    25

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds — 2.14%
Dakota County Community Development Agency
Multifamily Housing Revenue 		     
(Heart of the City Apartments Project)
 4.20% 5/1/43   		   1,500,000 $  1,474,230
Minnesota Housing Finance Agency Revenue      
Series A1 4.90% 8/1/66        500,000      504,020
Series D 5.50% 7/1/53      1,835,000    1,949,155
Series F 4.20% 7/1/38        340,000      346,151
Series F 4.50% 1/1/43      1,360,000    1,372,716
Series I 2.00% 7/1/40        905,000      660,360
Series I 2.20% 1/1/51      1,195,000      736,861
Series O 4.45% 7/1/38      1,910,000    1,958,973
Series O 4.65% 7/1/41        620,000      633,528
(Social Bonds)
Series F 2.40% 7/1/46   		     390,000      275,262
Northwest Multi-County Housing & Redevelopment
Authority Revenue 		     
(Pooled Housing Program)
 5.50% 7/1/45   		   2,175,000   2,174,804
   12,086,060
Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.46%
City of Cottonwood, Minnesota Revenue      
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) # 		   1,000,000      845,840
Minnesota Municipal Gas Agency Revenue      
(Minnesota Community Energy)      
Sub-Series A 4.00% 12/1/27      1,300,000    1,326,052
Sub-Series A 4.00% 12/1/52  •    7,500,000    7,609,275
St. Paul, Minnesota Port Authority Solid Waste Disposal
Revenue 		     
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 (AMT) # 		  10,050,000   9,768,600
   19,549,767
Lease Revenue Bonds — 1.85%
Chaska, Minnesota Economic Development Authority
Revenue 		     
(Minnesota Lease Obligation)
Series A 4.125% 2/1/54   		   3,750,000    3,732,375
26    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
City of New London, Economic Development Authority
Revenue 		     
(SWWC Service Cooperative Lease With Option to Purchase Project)      
 5.125% 2/1/43      1,250,000 $  1,268,975
Series A 4.50% 2/1/33        250,000      254,130
Hibbing Independent School District No. 701 Revenue      
Series A 3.00% 3/1/41      1,500,000    1,292,040
Minnesota Housing Finance Agency Revenue      
(State Appropriation Housing Infrastructure)      
Series A 4.00% 8/1/33        655,000      676,229
Series C 5.00% 8/1/34      1,565,000    1,567,128
Series C 5.00% 8/1/35      1,645,000   1,647,056
   10,437,933
Local General Obligation Bonds — 18.43%
Anoka-Hennepin Independent School District No. 11      
(Minnesota School District Credit Enhancement Program)      
Series A 3.00% 2/1/43        750,000      640,935
Series A 3.00% 2/1/45      3,100,000    2,603,380
Brainerd, Minnesota Independent School District No. 181      
(School Building)
Series A 4.00% 2/1/42   		   3,500,000    3,510,045
Cass Lake-Bena Independent School District No. 115      
(Minnesota School District Credit Enhancement Program)      
Series A 4.00% 2/1/41      1,045,000    1,054,928
Series A 4.00% 2/1/42      2,580,000    2,601,517
Series A 4.00% 2/1/43      2,200,000    2,213,706
City of Blaine, Minnesota      
Series A 4.00% 2/1/35        980,000    1,040,976
Series A 4.00% 2/1/38      1,020,000    1,070,184
Series A 4.00% 2/1/40        600,000      617,166
Series A 5.00% 2/1/34        500,000      573,615
City of Brooklyn Center, Minnesota      
Series A 4.00% 2/1/34        500,000      536,725
Series A 4.00% 2/1/35      1,000,000    1,070,300
City of Chanhassen, Minnesota      
Series A 4.00% 2/1/54      2,000,000    2,008,460
City of Corcoran, Minnesota      
Series A 4.00% 2/1/53 (BAM)     2,000,000    1,920,300
    27

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
City of Cottage Grove, Minnesota      
Series A 3.00% 2/1/35        500,000 $    485,130
City of Duluth, Minnesota      
(DECC Improvement)
Series A 5.00% 2/1/34   		   1,000,000    1,017,930
City of Maple Grove, Minnesota      
Series A 4.00% 2/1/35      1,210,000    1,259,973
City of Minneapolis, Minnesota      
 4.00% 12/1/25      1,005,000    1,015,050
 4.00% 12/1/40      4,885,000    5,019,631
(Green Bonds)      
 3.00% 12/1/37      3,500,000    3,280,690
 3.00% 12/1/38      2,975,000    2,743,842
 3.00% 12/1/40      1,875,000    1,663,313
 3.00% 12/1/42      4,000,000    3,419,280
City of Rosemount, Minnesota      
Series A 4.00% 2/1/53      7,605,000    7,242,165
Clinton-Graceville-Beardsley Independent School District
No. 2888 		     
Series A 5.00% 2/1/35      1,135,000    1,269,100
Series A 5.00% 2/1/37      1,260,000    1,405,127
Dilworth Glyndon Felton Independent School
District No. 2164 		     
Series A 3.00% 2/1/37      1,000,000      946,460
Series A 3.00% 2/1/41      1,000,000      878,650
Elk River Independent School District No. 728      
Series A 3.00% 2/1/40      1,970,000    1,796,699
Gibbon, Minnesota Independent School District No. 2365      
Series A 4.125% 2/1/52      1,000,000      997,860
Series A 5.00% 2/1/48      1,850,000    1,964,459
Goodridge, Minnesota Independent School District No.
561 		     
Series A 4.00% 2/1/38      1,215,000    1,247,659
Hennepin County, Minnesota      
Series A 5.00% 12/1/36      2,855,000    3,162,997
Lakeville Independent School District No. 194      
(Lakeville area schools)      
Series A 4.00% 2/1/34        800,000      859,832
Series A 4.00% 2/1/35      1,060,000    1,128,084
28    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Martin County West Independent School District No. 2448      
(Minnesota School District Credit Enhancement Program)
Series A 5.00% 2/1/41   		   1,000,000 $  1,119,000
Metropolitan Council General Obligation Wastewater      
(Minneapolis-St. Paul Metropolitan Area)      
Series C 4.00% 3/1/41      1,400,000    1,428,056
Series C 4.00% 3/1/43      1,425,000    1,436,956
Minneapolis Special School District No. 1      
(School Building)
Series B 4.00% 2/1/39   		   1,960,000    1,993,183
Mounds View, Minnesota Independent School District
No. 621 		     
Series A 4.00% 2/1/39      1,850,000    1,913,399
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/43   		   3,000,000    3,012,450
North St. Paul-Maplewood-Oakdale Independent School
District No. 622 		     
Series A 3.00% 2/1/42      1,000,000      872,970
Ramsey County, Minnesota      
Series B 4.00% 2/1/42      1,000,000    1,020,680
Redwood Area Schools Independent School District No.
2897 		     
 4.00% 2/1/42      2,210,000    2,236,608
 4.00% 2/1/43      1,130,000    1,140,012
Rice County, Minnesota      
(State Credit Enhancement Program)      
Series A 5.00% 2/1/44        580,000      626,615
Series A-1 4.00% 2/1/52      3,500,000    3,416,350
Rosemount-Apple Valley-Eagan Independent School
District No. 196 		     
Series A 4.00% 2/1/44      2,930,000    2,905,740
St. Peter Independent School District No. 508, Minnesota      
Series A 4.00% 2/1/44        350,000      342,160
Series A 4.00% 2/1/45        850,000      827,569
Series A 5.00% 2/1/42      1,050,000    1,116,087
Stillwater Independent School District No. 834      
(Minnesota School District Credit Enhancement Program)      
Series A 4.00% 2/1/41      1,000,000    1,012,130
Series A 4.00% 2/1/44      1,745,000    1,710,222
    29

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Virginia Independent School District No. 706      
Series A 3.00% 2/1/40      2,295,000 $  2,064,972
Washington County, Minnesota      
Series A 5.00% 2/1/44      1,515,000    1,652,910
Washington County, Minnesota General Obligation
Capital Improvement Plan Bond 		     
Series A 5.00% 2/1/43      1,035,000    1,135,737
Westonka Independent School District No. 277      
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/44   		   2,675,000    2,635,490
White Bear Lake Independent School District No. 624      
Series A 3.00% 2/1/42      5,000,000   4,323,000
  104,208,464
Pre-Refunded Bond — 0.14%
City of St. Paul, Minnesota Housing & Redevelopment
Authority Hospital Facility Revenue 		     
(Healtheast Care System Project)
Series A 5.00% 11/15/30-25  § 		     790,000     801,605
      801,605
Special Tax Revenue Bonds — 2.95%
City of St. Paul Minnesota Sales & Use Tax Revenue      
(Neighborhood and Economic Development Projects)
Series C 5.00% 11/1/42   		   2,000,000    2,197,120
Commonwealth of Puerto Rico Revenue      
(Subordinate)
 2.639% 11/1/43  • 		   1,167,355      735,434
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.55% 7/1/40        830,000      832,208
Series A-1 4.75% 7/1/53      5,295,000    5,268,895
Series A-1 5.48% 7/1/46  ^    3,280,000    1,105,491
Series A-1 5.504% 7/1/51  ^   24,614,000    6,134,055
Series A-2 4.536% 7/1/53        378,000     375,857
   16,649,060
State General Obligation Bonds — 3.01%
Commonwealth of Puerto Rico      
(Restructured)
Series A-1 4.00% 7/1/46   		   2,000,000    1,825,180
Minnesota State      
Series A 4.00% 9/1/38        625,000      648,463
30    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota State      
Series A 5.00% 9/1/31      1,000,000 $  1,135,460
Series A 5.00% 8/1/37      2,925,000    3,110,854
Series A 5.00% 8/1/44      7,500,000    8,378,325
Series B 5.00% 8/1/25      1,925,000   1,943,653
   17,041,935
Transportation Revenue Bonds — 8.99%
Minneapolis-St. Paul Metropolitan Airports Commission
Revenue 		     
(Private Activity)      
Series A 4.00% 1/1/54      7,500,000    7,246,875
Series B 5.00% 1/1/32 (AMT)       880,000      930,890
Series B 5.00% 1/1/36 (AMT)     5,000,000    5,455,050
Series B 5.00% 1/1/38 (AMT)       350,000      365,243
Series B 5.00% 1/1/39 (AMT)     3,715,000    3,911,907
Series B 5.00% 1/1/49 (AMT)     6,600,000    6,711,804
Series B 5.25% 1/1/42 (AMT)     6,000,000    6,495,960
Series B 5.25% 1/1/47 (AMT)     2,000,000    2,101,180
Series B 5.25% 1/1/49 (AMT)     4,000,000    4,239,480
(Senior)
Series C 5.00% 1/1/46   		   1,595,000    1,621,956
(Subordinate)      
Series A 5.00% 1/1/44      1,200,000    1,250,748
Series B 5.00% 1/1/35 (AMT)     1,205,000    1,294,977
Series B 5.00% 1/1/44 (AMT)     9,000,000   9,200,700
   50,826,770
Water & Sewer Revenue Bond — 0.45%
Minnesota Public Facilities Authority State Revolving
Fund Revenue 		     
Series A 5.00% 3/1/33      2,480,000   2,527,815
    2,527,815
Total Municipal Bonds (cost $566,397,639) 558,782,635
Total Value of Securities—98.85%
(cost $566,397,639) 		    $558,782,635
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
    31

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Minnesota Fund      
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $20,073,660, which represents 3.55% 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 February 28, 2025. 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.”
^ 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
BAM – Insured by Build America Mutual Assurance
LLC – Limited Liability 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.
32    

 

Table of Contents
Statements of assets and liabilities
 February 28, 2025 (Unaudited) 
  Macquarie Minnesota
High-Yield Municipal
Bond Fund 		  Macquarie Tax-Free Minnesota Fund
Assets:      
Investments, at value* $236,289,923   $558,782,635
Cash —   1,202,444
Interest receivable 2,758,615   5,931,334
Receivable for fund shares sold 2,210,059   1,061,102
Prepaid expenses 42,959   35,099
Receivable for payment by affiliates 4,210   79,494
Other assets 1,586   4,704
Total Assets 241,307,352   567,096,812
Liabilities:      
Due to custodian 632,786   —
Payable for fund shares redeemed 2,448,546   1,140,433
Other accrued expenses 80,578   175,663
Investment management fees payable to affiliates 73,553   174,128
Distribution fees payable to affiliates 23,308   61,081
Distribution payable 18,685   250,489
Total Liabilities 3,277,456   1,801,794
Total Net Assets $238,029,896   $565,295,018
Net Assets Consist of:      
Paid-in capital $252,349,463   $604,698,828
Total distributable earnings (loss) (14,319,567)   (39,403,810)
Total Net Assets $238,029,896   $565,295,018
    33

 

Table of Contents
Statements of assets and liabilities
  
  Macquarie Minnesota
High-Yield Municipal
Bond Fund 		Macquarie Tax-Free Minnesota Fund
Net Asset Value    
Class A:    
Net assets $91,109,213 $297,876,609
Shares of beneficial interest outstanding, unlimited authorization, no par 8,990,710 26,426,291
Net asset value per share $10.13 $11.27
Sales charge 4.50% 4.50%
Offering price per share, equal to net asset value per 
share / (1 - sales charge) 		$10.61 $11.80
Class C:    
Net assets $7,617,056 $5,916,510
Shares of beneficial interest outstanding, unlimited authorization, no par 750,215 523,135
Net asset value per share $10.15 $11.31
Institutional Class:    
Net assets $139,303,627 $261,501,899
Shares of beneficial interest outstanding, unlimited authorization, no par 13,750,956 23,203,405
Net asset value per share $10.13 $11.27
*Investments, at cost 		$241,769,675 $566,397,639
See accompanying notes, which are an integral part of the financial statements.
34    

 

Table of Contents
Statements of operations
 Six months ended February 28, 2025 (Unaudited)
  Macquarie Minnesota
High-Yield Municipal
Bond Fund 		  Macquarie Tax-Free Minnesota Fund
Investment Income:      
Interest $5,131,407   $11,846,884
Expenses:      
Management fees 634,821   1,506,234
Distribution expenses — Class A 112,564   367,541
Distribution expenses — Class C 38,085   32,666
Dividend disbursing and transfer agent fees and expenses 86,829   196,172
Accounting and administration expenses 34,928   57,493
Registration fees 29,629   69,642
Audit and tax fees 22,436   22,436
Legal fees 16,428   41,813
Reports and statements to shareholders expenses 10,739   19,008
Trustees’ fees 5,241   12,664
Custodian fees 1,317   2,903
Other 18,293   43,054
  1,011,310   2,371,626
Less expenses waived (172,945)   (396,893)
Less expenses paid indirectly (1,342)   (3,070)
Total operating expenses 837,023   1,971,663
Net Investment Income (Loss) 4,294,384   9,875,221
Net Realized and Unrealized Gain (Loss):      
Net realized gain (loss) on:      
Investments (6,693)   (41,183)
Net increase from payment by affiliates1 4,210   79,494
Net realized gain (loss) (2,483)   38,311
Net change in unrealized appreciation (depreciation) on investments (572,837)   (2,814,263)
Net Realized and Unrealized Gain (Loss) (575,320)   (2,775,952)
Net Increase (Decrease) in Net Assets Resulting from Operations $3,719,064   $7,099,269
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    35

 

Table of Contents
Statements of changes in net assets
Macquarie Minnesota High-Yield Municipal Bond Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $4,294,384   $7,945,991
Net realized gain (loss) (6,693) 1   (1,363,722) 
Net increase from payment by affiliates 4,2102   —
Net change in unrealized appreciation (depreciation) (572,837)   11,467,299
Net increase (decrease) in net assets resulting from operations 3,719,064   18,049,568
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (1,587,844)   (3,194,673)
Class C (105,620)   (230,935)
Institutional Class (2,515,771)   (4,363,949)
  (4,209,235)   (7,789,557)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 7,713,362   15,122,276
Class C 914,570   1,940,025
Institutional Class 28,993,367   54,181,125
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 1,518,495   3,061,377
Class C 104,408   227,746
Institutional Class 2,465,024   4,266,884
  41,709,226   78,799,433
36

 

Table of Contents
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(7,588,894)   $(24,031,125)
Class C (1,169,863)   (2,943,296)
Institutional Class (18,136,733)   (42,527,198)
  (26,895,490)   (69,501,619)
Increase in net assets derived from capital share transactions 14,813,736   9,297,814
Net Increase in Net Assets 14,323,565   19,557,825
Net Assets:      
Beginning of period 223,706,331   204,148,506
End of period $238,029,896   $223,706,331
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    37

 

Table of Contents
Statements of changes in net assets
Macquarie Tax-Free Minnesota Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $9,875,221   $17,966,807
Net realized gain (loss) (41,183) 1   (6,427,395) 
Net increase from payment by affiliates 79,4942   —
Net change in unrealized appreciation (depreciation) (2,814,263)   23,417,616
Net increase (decrease) in net assets resulting from operations 7,099,269   34,957,028
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (5,004,465)   (9,134,176)
Class C (86,478)   (200,016)
Institutional Class (4,612,518)   (7,803,517)
  (9,703,461)   (17,137,709)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 24,115,974   47,026,880
Class C 502,849   704,505
Institutional Class 41,223,075   90,735,046
Net assets from reorganization:3      
Class A —   36,670,677
Class C —   1,357,835
Institutional Class —   16,874,887
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 4,586,605   8,454,365
Class C 85,190   198,529
Institutional Class 3,402,406   5,604,128
  73,916,099   207,626,852
38

 

Table of Contents
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(28,328,106)   $(79,562,609)
Class C (1,851,559)   (3,932,930)
Institutional Class (26,729,361)   (79,810,817)
  (56,909,026)   (163,306,356)
Increase in net assets derived from capital share transactions 17,007,073   44,320,496
Net Increase in Net Assets 14,402,881   62,139,815
Net Assets:      
Beginning of period 550,892,137   488,752,322
End of period $565,295,018   $550,892,137
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
3 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    39

 

Table of Contents
Financial highlights
Macquarie Minnesota High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
See accompanying notes, which are an integral part of the financial statements.
40    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.15   $9.65   $10.08   $11.34   $11.00   $11.21
 
                     
0.18   0.37   0.32   0.27   0.28   0.29
(0.02)   0.49   (0.43)   (1.26)   0.34   (0.21)
—3   —   —   —   —   —
0.16   0.86   (0.11)   (0.99)   0.62   0.08
 
                     
(0.18)   (0.36)   (0.32)   (0.27)   (0.28)   (0.29)
(0.18)   (0.36)   (0.32)   (0.27)   (0.28)   (0.29)
 
$10.13   $10.15   $9.65   $10.08   $11.34   $11.00
 
1.56%3   9.10%   (1.06%)   (8.79%)   5.71%   0.81%
 
                     
$91,109   $89,655   $91,116   $98,592   $112,606   $103,913
0.84%   0.85%   0.87%   0.88%   0.89%   0.89%
0.99%   1.00%   0.99%   0.98%   0.97%   0.97%
3.60%   3.74%   3.33%   2.58%   2.52%   2.69%
3.45%   3.59%   3.21%   2.48%   2.44%   2.61%
3%   19%   36%   23%   3%   18%
41    

 

Table of Contents
Financial highlights
Macquarie Minnesota High-Yield Municipal Bond Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $0.005 per share.
5 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
See accompanying notes, which are an integral part of the financial statements.
42    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.17   $9.67   $10.10   $11.36   $11.02   $11.23
 
                     
0.14   0.30   0.25   0.19   0.20   0.21
(0.02)   0.49   (0.43)   (1.26)   0.34   (0.21)
—3   —   —   —   —   —
0.12   0.79   (0.18)   (1.07)   0.54   —4
 
                     
(0.14)   (0.29)   (0.25)   (0.19)   (0.20)   (0.21)
(0.14)   (0.29)   (0.25)   (0.19)   (0.20)   (0.21)
 
$10.15   $10.17   $9.67   $10.10   $11.36   $11.02
 
1.18%3   8.28%   (1.79%)   (9.46%)   4.92%   0.05%
 
                     
$7,617   $7,785   $8,163   $11,476   $14,317   $19,376
1.59%   1.60%   1.62%   1.63%   1.64%   1.64%
1.74%   1.75%   1.74%   1.73%   1.72%   1.72%
2.85%   2.99%   2.58%   1.82%   1.77%   1.94%
2.70%   2.84%   2.46%   1.73%   1.69%   1.86%
3%   19%   36%   23%   3%   18%
43    

 

Table of Contents
Financial highlights
Macquarie Minnesota High-Yield Municipal Bond Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented 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.
44    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.15   $9.65   $10.07   $11.33   $11.00   $11.20
 
                     
0.19   0.39   0.35   0.30   0.31   0.32
(0.02)   0.49   (0.42)   (1.26)   0.33   (0.20)
—3   —   —   —   —   —
0.17   0.88   (0.07)   (0.96)   0.64   0.12
 
                     
(0.19)   (0.38)   (0.35)   (0.30)   (0.31)   (0.32)
(0.19)   (0.38)   (0.35)   (0.30)   (0.31)   (0.32)
 
$10.13   $10.15   $9.65   $10.07   $11.33   $11.00
 
1.68%3   9.38%   (0.71%)   (8.58%)   5.89%   1.15%
 
                     
$139,304   $126,266   $104,870   $107,300   $102,787   $75,325
0.59%   0.60%   0.62%   0.63%   0.64%   0.64%
0.74%   0.75%   0.74%   0.73%   0.72%   0.72%
3.85%   3.99%   3.58%   2.83%   2.77%   2.94%
3.70%   3.84%   3.46%   2.73%   2.69%   2.86%
3%   19%   36%   23%   3%   18%
45    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Minnesota Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
46    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.32   $10.93   $11.36   $12.70   $12.49   $12.68
 
                     
0.19   0.39   0.32   0.27   0.29   0.31
(0.05)   0.37   (0.42)   (1.34)   0.21   (0.16)
—3   —   —   —   —   —
0.14   0.76   (0.10)   (1.07)   0.50   0.15
 
                     
(0.19)   (0.37)   (0.33)   (0.27)   (0.29)   (0.31)
—   —   —   —   —   (0.03)
(0.19)   (0.37)   (0.33)   (0.27)   (0.29)   (0.34)
 
$11.27   $11.32   $10.93   $11.36   $12.70   $12.49
 
1.25%3   7.10%   (0.89%)   (8.51%)   4.05%   1.30%
 
                     
$297,877   $298,904   $276,596   $317,184   $375,799   $373,691
0.82%5   0.83%   0.84%   0.85%   0.85%   0.85%
0.96%5   0.97%   0.98%   0.93%   0.93%   0.93%
3.47%   3.52%   2.89%   2.25%   2.30%   2.53%
3.33%   3.38%   2.75%   2.17%   2.22%   2.45%
6%   27%   35%   24%   3%   15%
47    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Minnesota Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.36   $10.96   $11.40   $12.75   $12.53   $12.72
 
                     
0.15   0.31   0.24   0.18   0.20   0.22
(0.05)   0.38   (0.43)   (1.35)   0.22   (0.16)
—3   —   —   —   —   —
0.10   0.69   (0.19)   (1.17)   0.42   0.06
 
                     
(0.15)   (0.29)   (0.25)   (0.18)   (0.20)   (0.22)
—   —   —   —   —   (0.03)
(0.15)   (0.29)   (0.25)   (0.18)   (0.20)   (0.25)
 
$11.31   $11.36   $10.96   $11.40   $12.75   $12.53
 
0.88%3   6.39%   (1.71%)   (9.23%)   3.35%   0.54%
 
                     
$5,916   $7,212   $8,592   $12,837   $17,096   $25,219
1.57%5   1.58%   1.59%   1.60%   1.60%   1.60%
1.71%5   1.72%   1.73%   1.68%   1.68%   1.68%
2.71%   2.77%   2.14%   1.50%   1.55%   1.78%
2.57%   2.63%   2.00%   1.42%   1.47%   1.70%
6%   27%   35%   24%   3%   15%
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Financial highlights
Macquarie Tax-Free Minnesota Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.32   $10.93   $11.36   $12.70   $12.49   $12.68
 
                     
0.20   0.42   0.35   0.30   0.32   0.34
(0.05)   0.37   (0.42)   (1.34)   0.21   (0.16)
—3   —   —   —   —   —
0.15   0.79   (0.07)   (1.04)   0.53   0.18
 
                     
(0.20)   (0.40)   (0.36)   (0.30)   (0.32)   (0.34)
—   —   —   —   —   (0.03)
(0.20)   (0.40)   (0.36)   (0.30)   (0.32)   (0.37)
 
$11.27   $11.32   $10.93   $11.36   $12.70   $12.49
 
1.37%3   7.37%   (0.64%)   (8.28%)   4.31%   1.55%
 
                     
$261,502   $244,776   $203,564   $211,322   $218,886   $181,242
0.57%5   0.58%   0.59%   0.60%   0.60%   0.60%
0.71%5   0.72%   0.73%   0.68%   0.68%   0.68%
3.72%   3.77%   3.14%   2.50%   2.55%   2.78%
3.58%   3.63%   3.00%   2.42%   2.47%   2.70%
6%   27%   35%   24%   3%   15%
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       February 28, 2025 (Unaudited)
Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Macquarie Minnesota High-Yield Municipal Bond Fund (formerly, Delaware Minnesota High-Yield Municipal Bond Fund through December 30, 2024), Macquarie National High-Yield Municipal Bond Fund (formerly, Delaware National High-Yield Municipal Bond Fund through December 30, 2024), Macquarie Tax-Free California Fund (formerly, Delaware Tax-Free California Fund through December 30, 2024), Macquarie Tax-Free Idaho Fund (formerly, Delaware Tax-Free Idaho Fund through December 30, 2024), and Macquarie Tax-Free New York Fund (formerly, Delaware Tax-Free New York Fund through December 30, 2024). Voyageur Tax Free Funds is organized as a Delaware statutory trust and offers Macquarie Tax-Free Minnesota Fund. Voyageur Mutual Funds and Voyageur Tax Free Funds, are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Macquarie Minnesota High-Yield Municipal Bond Fund and Macquarie Tax-Free Minnesota 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 $250,000 or more of Class A shares, you will have to pay a limited contingent deferred sales charge (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 within Delaware Management Company (DMC)’s Pricing Policy (Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee (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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5
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under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2025, and for all open tax years (years ended August 31, 2021–August 31, 2024), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statements of operations.” During the six months ended February 28, 2025, 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.
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to a Fund are charged directly to such Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie®) 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.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Fund's investment adviser, acts as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Adoption of the new standard impacted each Fund's financial statements note disclosures only, and did not affect either Fund's financial position or the results of its operations.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Custody Credits
Macquarie Minnesota High-Yield Municipal Bond Fund   $1,314
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Fund   Custody Credits
Macquarie Tax-Free Minnesota Fund   $2,896
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Earnings Credits
Macquarie Minnesota High-Yield Municipal Bond Fund   $28
Macquarie Tax-Free Minnesota Fund   174
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 (MIMBT) 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:
  Macquarie Minnesota
High-Yield Municipal
Bond Fund 		  Macquarie Tax-Free
Minnesota Fund
On the first $500 million 0.5500%   0.5500%
On the next $500 million 0.5000%   0.5000%
On the next $1.5 billion 0.4500%   0.4500%
In excess of $2.5 billion 0.4250%   0.4250%
DMC has contractually agreed to waive all or a portion of its investment advisory fees 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, 2024 through December 29, 2025. These waivers and reimbursements may only be terminated by agreement
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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
Macquarie Minnesota High-Yield Municipal Bond Fund   0.59%
Macquarie Tax-Free Minnesota Fund   0.56%
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2024 through December 29, 2025, unless terminated by agreement of DMC and the Funds, is as follows:
    Operating expense limitation as a percentage of average daily net assets
Fund   Class A   Class C   Institutional Class
Macquarie Minnesota High-Yield Municipal Bond Fund   0.84%   1.59%   0.59%
Macquarie Tax-Free Minnesota Fund   0.81%   1.56%   0.56%
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 Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie Minnesota High-Yield Municipal Bond Fund   $7,236
Macquarie Tax-Free Minnesota Fund   14,564
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 Macquarie 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
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$75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Macquarie Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie Minnesota High-Yield Municipal Bond Fund   $7,505
Macquarie Tax-Free Minnesota Fund   17,974
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS 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 are calculated daily and paid as invoices 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%, and 1.00% of the average daily net assets of the Class A, and Class C shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 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 six months ended February 28, 2025, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund   Fees
Macquarie Minnesota High-Yield Municipal Bond Fund   $2,339
Macquarie Tax-Free Minnesota Fund   5,309
For the six months ended February 28, 2025, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund   Class A
Macquarie Minnesota High-Yield Municipal Bond Fund   $3,523
Macquarie Tax-Free Minnesota Fund   3,802
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
For the six months ended February 28, 2025, 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
Macquarie Minnesota High-Yield Municipal Bond Fund   $1,342   $38
Macquarie Tax-Free Minnesota Fund   656   153
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Funds.
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC’s findings. The Settlement Order does not impact MIMBT’s ability to continue to provide services to each Fund.
During the six months ended February 28, 2025, DMC reimbursed each Fund the following amounts in connection with a trade error. These amounts are included in “Net increase from payment by affiliates” in the "Statements of operations.” Payment by affiliates had no impact on total return for either of the Funds.
Fund   Payment by affiliates
Macquarie Minnesota High-Yield Municipal Bond Fund   $4,210
Macquarie Tax-Free Minnesota Fund   79,494
3. Investments
For the six months ended February 28, 2025, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund   Purchases   Sales
Macquarie Minnesota High-Yield Municipal Bond Fund   $23,145,436   $6,574,846
Macquarie Tax-Free Minnesota Fund   48,364,587   30,386,986
At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be
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determined until fiscal year end. At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund   Cost of
investments 		  Aggregate
unrealized
appreciation
of investments 		  Aggregate
unrealized
depreciation
of investments 		  Net unrealized
appreciation
(depreciation)
of investments
Macquarie Minnesota High-Yield Municipal Bond Fund   $241,416,386   $3,372,796   $(8,499,259)   $(5,126,463)
Macquarie Tax-Free Minnesota Fund   565,802,583   8,683,704   (15,703,652)   (7,019,948)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2024, each Fund had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
Macquarie Minnesota
High-Yield Municipal
Bond Fund 		$ 4,099,222   $5,010,075   $ 9,109,297
Macquarie Tax-Free
Minnesota Fund 		8,300,927   23,430,372   31,731,299
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
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
3. Investments (continued)
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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2025:
  Macquarie Minnesota High-Yield Municipal Bond Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $235,039,923
Short-Term Investments 1,250,000
Total Value of Securities $236,289,923
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  Macquarie Tax-Free Minnesota Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $558,782,635
During the six months ended February 28, 2025, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. As of February 28, 2025, there were no Level 3 investments in either of the Funds.
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
4. Capital Shares
Transactions in capital shares were as follows:
  Macquarie Minnesota
High-Yield Municipal
Bond Fund 		  Macquarie Tax-Free
Minnesota Fund
  Six months
ended 		  Year ended   Six months
ended 		  Year ended
  2/28/25   8/31/24   2/28/25   8/31/24
Shares sold:
Class A 760,325   1,542,323   2,142,611   4,345,639
Class C 89,972   197,442   44,443   65,090
Institutional Class 2,863,422   5,531,303   3,659,095   8,256,343
Shares from reorganization:1
Class A —   —   —   3,288,850
Class C —   —   —   121,344
Institutional Class —   —   —   1,513,443
Shares issued upon reinvestment of dividends and distributions:
Class A 149,848   312,191   406,588   764,922
Class C 10,284   23,190   7,522   17,935
Institutional Class 243,318   434,308   301,647   506,450
  4,117,169   8,040,757   6,561,906   18,880,016
Shares redeemed:
Class A (749,311)   (2,467,241)   (2,518,230)   (7,314,948)
Class C (115,295)   (299,722)   (163,553)   (353,286)
Institutional Class (1,795,218)   (4,397,921)   (2,376,910)   (7,288,776)
  (2,659,824)   (7,164,884)   (5,058,693)   (14,957,010)
Net increase 1,457,345   875,873   1,503,213   3,923,006
1 See Note 5.
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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 in shares sold and shares redeemed in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2025 and the year ended August 31, 2024, 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
Macquarie Minnesota High-Yield Municipal Bond Fund  
Six months ended  
2/28/25 —   4,650   —   4,663   —   $47,394
Year ended  
8/31/24 913   7,216   —   7,237   914   81,746
Macquarie Tax-Free Minnesota Fund  
Six months ended  
2/28/25 5,840   8,285   507   8,828   5,840   165,379
Year ended  
8/31/24 117,787   26,975   2,262   29,356   117,844   1,645,622
5. Reorganization
The following reorganization did not take place during the reporting period covered by this report. On January 16, 2024, the Board approved a proposal to reorganize Delaware Tax-Free Minnesota Intermediate Fund (the “Acquired Fund”), a series of Voyageur Intermediate Tax Free Funds, with and into Macquarie Tax-Free Minnesota Fund (the “Acquiring Fund”), a series of Voyageur Tax Free Funds (the “Trust”) (the “Reorganization”). Acquired Fund shareholders approved the Reorganization on April 30, 2024. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Fund were acquired by the Acquiring Fund and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Fund and the Acquired Fund share substantially similar investment objectives, principal investment strategies and principal risks, and identical fundamental investment restrictions and that the Acquiring Fund's overall total expense ratio is expected to be equal to the corresponding Acquired Fund's total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on June 7, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
5. Reorganization (continued)
from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transaction information associated with the Reorganization date were as follows:
  Acquired
Fund
Net Assets 		  Acquired
Fund Shares
Outstanding 		  Shares
Converted
to Acquiring
Fund 		  Acquiring
Fund
Net Assets 		  Conversion
Ratio
Class A $36,670,677   3,652,458   3,288,850   $263,737,066   0.9004
 Class C 1,357,835   134,974   121,344   6,657,955   0.8990
Institutional Class 16,874,887   1,680,766   1,513,443   216,560,383   0.9004
The net assets of the Acquired Fund before the Reorganization were $54,922,004. The Acquired Fund net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Reorganization. The net assets of the Acquiring Fund immediately following the Reorganization were $541,858,803.
Assuming the Reorganization had been completed on September 1, 2023, the Acquiring Fund's pro forma results of operations for the year ended August 31, 2024, would have been as follows:
Net investment income $19,427,043
Net realized loss on investments (7,107,416)
Net change in unrealized appreciation (depreciation) 24,932,554
Net increase in net assets resulting from operations $37,252,181
6. Line of Credit
Each Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 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 are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is 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 28, 2024. This Agreement was extended to October 27, 2025.
Each Fund had no amounts outstanding as of February 28, 2025, or at any time during the period then ended.
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7. Securities Lending
Each Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
7. Securities Lending (continued)
by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
During the six months ended February 28, 2025, each Fund had no securities out on loan.
8. Geographic, Credit and Market Risks
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. 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 in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
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.
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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 desirable to do so. While maintaining oversight, the 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.
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Notes to financial statements
Macquarie Funds Minnesota municipal bond funds       
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2025, that would require recognition or disclosure in the Funds' financial statements.
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Other Fund information (Unaudited)
Macquarie Funds Minnesota municipal bond funds
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Funds are advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and 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.
(4363528)
SA-MNALL-0425
This page is not part of the Financial statements and other information.

Fixed income mutual funds
Macquarie Tax-Free Arizona Fund
(formerly, Delaware Tax-Free Arizona Fund)
Macquarie Tax-Free California Fund
(formerly, Delaware Tax-Free California Fund)
Macquarie Tax-Free Colorado Fund
(formerly, Delaware Tax-Free Colorado Fund)
Macquarie Tax-Free Idaho Fund
(formerly, Delaware Tax-Free Idaho Fund)
Macquarie Tax-Free New York Fund
(formerly, Delaware Tax-Free New York Fund)
Macquarie Tax-Free Pennsylvania Fund
(formerly, Delaware Tax-Free Pennsylvania Fund)
Financial statements and other information
For the six months ended February 28, 2025

 

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144
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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 Form 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 macquarie.com/mam/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 macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Arizona Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 97.21%
Education Revenue Bonds — 28.01%
Arizona Industrial Development Authority Revenue      
(Academies of Math & Science Projects)
Series A 5.00% 7/1/51   		   1,000,000 $  1,000,870
(ACCEL Schools Project)
Series A 144A 5.25% 8/1/48  # 		     350,000      336,343
(American Charter Schools Foundation Project)      
144A 6.00% 7/1/37  #      250,000      257,652
144A 6.00% 7/1/47  #      400,000      408,408
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects)
Series A 5.00% 7/15/49   		     375,000      360,551
(Empower College Prep Project)
144A 6.00% 7/1/49  # 		     500,000      506,550
(Great Hearts Arizona Projects)      
Series A 2.25% 7/1/46      1,000,000      648,950
Series A 2.375% 7/1/52      1,205,000      731,616
(KIPP NYC Public Charter Schools - Macombs Facility Project)
Series A 4.00% 7/1/51   		   1,230,000    1,109,817
(Odyssey Preparatory Academy Project)
Series A 144A 5.50% 7/1/52  # 		     375,000      375,986
(Social Bonds - Equitable School)      
Series A 4.00% 11/1/50      1,600,000    1,473,184
Series A 5.00% 11/1/54        500,000      523,665
Arizona State University Revenue System      
Series A 5.00% 7/1/43      1,000,000    1,059,940
(Green Bonds)
Series A 5.00% 7/1/54   		   1,000,000    1,066,500
City of Phoenix, Arizona Industrial Development Authority
Revenue 		     
(Great Hearts Academic Project)
 5.00% 7/1/46   		   1,000,000    1,000,220
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Arizona Autism Charter Schools Project)
Series A 144A 5.00% 7/1/40  # 		     250,000      252,780
(Choice Academies, Inc. Project)
144A 5.75% 9/1/45  # 		   1,200,000    1,226,652
(Creighton University Project)
 4.00% 7/1/50   		   1,000,000      916,560
(Highland Prep Projects)
Series A 4.00% 7/1/56   		   2,000,000    1,695,060
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Table of Contents
Schedules of investments
Macquarie Tax-Free Arizona Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Reid Traditional Schools Projects)
 5.00% 7/1/47   		     785,000 $    782,488
Pima County, Arizona Industrial Development Authority
Education Revenue 		     
(Edkey Charter Schools Project)
144A 5.00% 7/1/55  #, ‡ 		     750,000     525,000
   16,258,792
Electric Revenue Bonds — 10.67%
Mesa, Arizona Utility System Revenue      
 4.00% 7/1/31        850,000      860,140
 4.00% 7/1/42        550,000      550,231
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡       55,000       30,800
Series AAA 5.25% 7/1/25  ‡       35,000       19,600
Series WW 5.00% 7/1/28  ‡      550,000      308,000
Series XX 4.75% 7/1/26  ‡       35,000       19,600
Series XX 5.75% 7/1/36  ‡      125,000       70,000
Series ZZ 4.75% 7/1/27  ‡       30,000       16,800
Series ZZ 5.25% 7/1/25  ‡       45,000       25,088
Salt River, Arizona Project Agricultural Improvement &
Power District Electric System Revenue 		     
Series A 5.00% 1/1/47      1,500,000    1,608,555
Series A 5.00% 1/1/50      1,500,000    1,597,095
Series B 5.25% 1/1/53      1,000,000   1,091,170
    6,197,079
Healthcare Revenue Bonds — 21.67%
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    2,095,718
(Great Lakes Senior Living Communities LLC Project First Tier)
Series A2 5.125% 1/1/59   		     145,000      137,744
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
Series D 0.00% 1/1/59  ~ 		     174,154       31,602
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.125% 1/1/59   		     125,391      101,177
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Arizona Industrial Development Authority Revenue      
(Great Lakes Senior Living Communities LLC Project Third Tier)
Series C 0.00% 1/1/59  ~ 		     517,536 $    290,865
(Phoenix Children's Hospital)
Series A 4.00% 2/1/50   		   1,000,000      921,070
Glendale, Arizona Industrial Development Authority
Revenue 		     
(Glencroft Retirement Community Project)      
 5.00% 11/15/36        150,000      142,493
 5.25% 11/15/46        415,000      371,724
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/56   		   1,000,000      953,050
(The Beatitudes Campus Project)
 5.00% 11/15/45   		     200,000      172,684
(The Terraces of Phoenix Project)
Series A 5.00% 7/1/48   		     275,000      257,504
Maricopa County, Arizona Industrial Development
Authority Health Facilities Revenue 		     
(Banner Health)      
Series A 4.00% 1/1/41      1,000,000    1,000,830
Series F 4.00% 1/1/45      1,750,000    1,656,567
Maricopa County, Arizona Industrial Development
Authority Hospital Revenue 		     
(HonorHealth)
Series A 3.00% 9/1/51   		     975,000      724,737
Maricopa County, Arizona Industrial Development
Authority Senior Living Facility Revenue 		     
(Christian Care Surprise Project)
144A 6.00% 1/1/48  # 		     405,000      336,474
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      304,954
 5.00% 7/1/30        105,000      112,679
Tempe, Arizona Industrial Development Authority
Revenue 		     
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52  # 		     800,000      518,624
    3

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Arizona Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Yavapai County, Arizona Industrial Development Authority
Hospital Revenue 		     
(Yavapai Regional Medical Center)      
 3.125% 8/1/43      1,250,000 $  1,021,600
 4.00% 8/1/43      1,500,000   1,428,825
   12,580,921
Housing Revenue Bond — 0.95%
Pima County, Arizona Industrial Development Authority
Revenue 		     
Series D-1 4.65% 7/1/54        550,000     552,222
      552,222
Industrial Development Revenue/Pollution ControlRevenue Bonds — 6.88%
Arizona Industrial Development Authority Revenue      
(Legacy Cares, Inc. Project)      
Series A 144A 6.00% 7/1/51  #, ‡      450,000       13,500
Series A 144A 7.75% 7/1/50  #, ‡      285,000        8,550
Chandler, Arizona Industrial Development Authority
Revenue 		     
(Intel Corporation Project)
Second Subseries 5.00% 9/1/52 (AMT) • 		     750,000      771,975
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  15,000,000    1,008,900
Salt Verde, Arizona Financial Senior Gas Revenue      
 5.00% 12/1/37      2,000,000   2,191,520
    3,994,445
Lease Revenue Bonds — 2.57%
Arizona Game & Fish Department & Community
Beneficial Interest Certificates Revenue 		     
(Administration Building Project)
 5.00% 7/1/32   		   1,000,000    1,001,590
Tucson and Pima County, Arizona Industrial Development
Authority Revenue 		     
Series A 4.70% 7/1/43        480,000     489,706
    1,491,296
Local General Obligation Bonds — 3.93%
City of Goodyear, Arizona      
 3.00% 7/1/39        750,000      683,828
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Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Maricopa County, Arizona Unified School District No.
95 Queen Creek 		     
(School Improvement Project)
 4.00% 7/1/35   		     500,000 $    511,295
Phoenix, Arizona Various Purpose General Obligation
Bond 		     
Series A 5.00% 7/1/45      1,000,000   1,088,190
    2,283,313
Special Tax Revenue Bonds — 15.78%
City of Bullhead, Arizona Excise Taxes Revenue      
 2.55% 7/1/46      1,000,000      705,120
 4.00% 7/1/52      1,035,000      974,059
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      101,120       64,717
 3.081% 11/1/43  •    1,196,556      753,830
GDB Debt Recovery Authority of Puerto Rico Revenue      
(Taxable)
 7.50% 8/20/40   		   1,724,313    1,687,654
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/32        300,000      318,339
Puerto Rico Sales Tax Financing Revenue      
(Capital Appreciation - Restructured)      
Series A-1 5.565% 7/1/51  ^    3,179,000      792,239
Series A-1 5.615% 7/1/46  ^    1,180,000      397,707
(Restructured)      
Series A-1 4.75% 7/1/53      2,485,000    2,472,749
Series A-2 4.329% 7/1/40      1,000,000     997,500
    9,163,914
Transportation Revenue Bonds — 5.91%
City of Phoenix, Arizona Civic Improvement Airport
Revenue 		     
(Junior Lien)      
Series B 4.00% 7/1/37 (AMT)     2,250,000    2,255,197
Series B 5.00% 7/1/49 (AMT)       400,000      407,092
(Senior Lien)
 4.00% 7/1/48 (AMT)  		     500,000      468,420
    5

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Arizona Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority Revenue 		     
(San Juan Cruise Terminal Project)
Subseries A-3 6.75% 1/1/46 (AMT)  		     250,000 $    298,280
    3,428,989
Water & Sewer Revenue Bond — 0.84%
Goodyear, Arizona Water & Sewer Revenue      
Second Series 4.00% 7/1/45 (AGM)       500,000     488,440
      488,440
Total Municipal Bonds (cost $58,946,728)  56,439,411
Short-Term Investments — 1.81%
Variable Rate Demand Note — 1.81%¤
City of Phoenix, Arizona Health Care Facilities Revenue      
(Mayo Clinic) Series B 1.20% 11/15/52
(SPA - Northern Trust) 		   1,050,000   1,050,000
Total Short-Term Investments (cost $1,050,000)   1,050,000
Total Value of Securities—99.02%
(cost $59,996,728) 		     $57,489,411
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $4,766,519, which represents 8.21% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡ Non-income producing security. Security is currently in default.
~ 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 February 28, 2025.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2025. 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.
6    

 

Table of Contents
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2025.
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
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.
    7

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.67%
Education Revenue Bonds — 18.44%
California Community College Financing Authority
Student Housing Revenue 		     
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60  # 		   1,500,000 $  1,428,435
California Educational Facilities Authority Revenue      
(Loma Linda University)
Series A 5.00% 4/1/47   		   1,700,000    1,718,513
(Stanford University)      
Series U-7 5.00% 6/1/46      2,985,000    3,548,419
Series V-1 5.00% 5/1/49      2,995,000    3,542,606
Series V-2 2.25% 4/1/51      1,130,000      785,779
Series V-2 5.00% 4/1/51        500,000      591,625
California Enterprise Development Authority Revenue      
(Curtis School Foundation Project)      
 4.00% 6/1/49      1,000,000      959,940
 4.00% 6/1/53      1,000,000      956,290
(Heights Christian Schools Project)
Series A 144A 6.375% 6/1/63  # 		   1,395,000    1,401,654
(Real Journey Academies – Obligated Group)
Series A 144A 5.00% 6/1/64  # 		   1,000,000      993,260
California Infrastructure & Economic Development Bank
Revenue 		     
144A 5.25% 7/1/64  #    1,000,000      980,500
California Municipal Finance Authority Revenue      
(Ascent 613 Project)
Series A 144A 5.50% 1/1/60  # 		   1,000,000    1,018,990
(Bella Mente Montessori Academy Project)
Series A 144A 5.00% 6/1/48  # 		     500,000      501,250
(Biola University)
 5.00% 10/1/39   		   1,000,000    1,022,970
(California Baptist University)      
Series A 144A 5.00% 11/1/46  #      500,000      499,795
Series A 144A 5.375% 11/1/40  #    1,000,000    1,005,570
(CHF - Davis I, LLC - West Village Student Housing Project)      
 4.00% 5/15/48 (BAM)       300,000      284,865
 5.00% 5/15/48      1,000,000    1,023,400
(Emerson College)
Series B 5.00% 1/1/32   		   1,000,000    1,035,530
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45  # 		     850,000      817,887
8

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Municipal Finance Authority Revenue      
(Palmdale Aerospace Academy Project)      
Series A 144A 5.00% 7/1/46  #      670,000 $    665,571
Series A 144A 5.00% 7/1/49  #      300,000      300,234
(Southwestern Law School)
 4.00% 11/1/41   		     575,000      537,815
(The Creative Center of Los Altos Project - Pinewood School and Oakwood School)
Series B 144A 4.50% 11/1/46  # 		     500,000      466,960
(Westside Neighborhood School Project)
144A 6.20% 6/15/54  # 		   1,650,000    1,781,687
California School Finance Authority Revenue      
144A 5.60% 7/1/64  #    1,000,000    1,005,330
Series A 144A 5.125% 6/1/59  #    1,500,000    1,479,825
Series A 144A 6.00% 6/1/63  #      500,000      509,070
(Aspire Public Schools-Obligated Group)      
144A 5.00% 8/1/41  #      225,000      225,081
Series A 144A 5.00% 8/1/45  #      715,000      715,036
(Camino Nuevo Charter Academy - Obligated Group)
Series A 144A 5.25% 6/1/53  # 		   1,000,000    1,015,420
(Classical Academies Project)
Series A 144A 5.00% 10/1/50  # 		     250,000      248,740
(Encore Education Obligated Group)
Series A 144A 5.00% 6/1/42  # 		     500,000      450,000
(Envision Education - Obligated Group)
Series A 144A 5.00% 6/1/64  # 		   1,000,000      996,660
(Escuela Popular Project)
144A 6.50% 7/1/50  # 		     345,000      351,437
(Granada Hills Charter Obligated Group)
144A 5.00% 7/1/49  # 		   1,250,000    1,254,325
(Green Dot Public Schools California Projects)      
Series A 144A 5.00% 8/1/35  #    1,000,000    1,003,820
Series A 144A 5.00% 8/1/48  #    1,050,000    1,064,490
(Grimmway Schools - Obligated Group)      
Series A 144A 5.00% 7/1/36  #      500,000      505,700
Series A 144A 5.25% 7/1/51  #      840,000      845,855
(Harbor Springs Obligated Group)
Series A 144A 5.625% 7/1/63  # 		     700,000      726,152
(Hawking Steam Charter School Project)
Series A 144A 5.50% 7/1/62  # 		     775,000      794,724
(HTH Learning Project)
Series A 144A 5.00% 7/1/49  # 		     300,000      301,143
    9

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority Revenue      
(ICEF - View Park Elementary & Middle Schools)
Series A 5.625% 10/1/34   		     575,000 $    575,167
(John Adams Academies - Obligated Group)
Series A 144A 5.00% 7/1/52  # 		   1,000,000      971,760
(Partnerships To Uplift Communities Project)      
144A 5.25% 8/1/38  #      500,000      527,970
144A 5.50% 8/1/47  #      525,000      551,985
(Stem Preparatory Schools - Obligated Group)      
Series A 144A 5.00% 6/1/43  #      280,000      286,809
Series A 144A 5.125% 6/1/53  #      500,000      508,690
Series A 144A 5.375% 5/1/63  #    1,000,000    1,022,820
(Sycamore Creek Community Charter School Project)
Series A 144A 6.75% 6/1/64  # 		     500,000      491,870
California State University Systemwide Revenue      
Series A 3.00% 11/1/52      6,650,000    5,132,537
Regents of the University of California General Revenue      
Series BE 4.00% 5/15/50        450,000      446,305
Series BK 5.00% 5/15/52      2,000,000    2,154,080
Series BS 5.00% 5/15/43      2,000,000    2,234,640
Series BS 5.00% 5/15/44      1,000,000    1,110,710
Series BV 5.00% 5/15/45      1,000,000    1,108,410
Regents of the University of California Limited Project
Revenue 		     
Series Q 3.00% 5/15/51      1,000,000     809,900
   59,296,006
Electric Revenue Bonds — 4.67%
Guam Power Authority Revenue      
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41   		     970,000    1,026,144
Los Angeles, California Department of Water & Power
Revenue 		     
(Power System)      
Series A 5.00% 7/1/42      1,000,000    1,014,360
Series C 5.00% 7/1/40      1,350,000    1,500,161
Series C 5.00% 7/1/42      2,665,000    2,909,993
Series C 5.00% 7/1/44      2,300,000    2,468,383
Series C 5.00% 7/1/45        200,000      213,754
Series D 5.00% 7/1/26      2,000,000    2,041,120
Puerto Rico Electric Power Authority Revenue      
Series A 5.00% 7/1/42  ‡      350,000      196,000
10    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡       70,000 $     39,200
Series A 6.75% 7/1/36  ‡      185,000      103,600
Series AAA 5.25% 7/1/25  ‡       40,000       22,400
Series CCC 5.25% 7/1/27  ‡      325,000      182,000
Series TT 5.00% 7/1/32  ‡      340,000      190,400
Series TT 5.00% 7/1/37  ‡    1,165,000      652,400
Series WW 5.00% 7/1/28  ‡      470,000      263,200
Series WW 5.25% 7/1/33  ‡      335,000      187,600
Series WW 5.50% 7/1/38  ‡      730,000      408,800
Series XX 4.75% 7/1/26  ‡       45,000       25,200
Series XX 5.25% 7/1/40  ‡      230,000      128,800
Series XX 5.75% 7/1/36  ‡      150,000       84,000
Series ZZ 4.75% 7/1/27  ‡       35,000       19,600
Series ZZ 5.25% 7/1/25  ‡       55,000       30,662
Southern California Public Power Authority Revenue      
(Southern Transmission System Renewal Project)
 5.00% 7/1/53   		   1,250,000   1,324,650
   15,032,427
Healthcare Revenue Bonds — 14.62%
California Health Facilities Financing Authority Revenue      
(Cedars-Sinai Health System)      
Series A 3.00% 8/15/51      1,900,000    1,527,676
Series A 3.00% 8/15/51 (BAM)     1,910,000    1,589,196
(Children's Hospital Los Angeles)
Series A 5.00% 8/15/47   		     500,000      503,710
(Children's Hospital of Orange County)
Series A 5.00% 11/1/49   		   1,610,000    1,755,286
(CommonSpirit Health)      
Series A 4.00% 4/1/45      1,280,000    1,233,267
Series A 4.00% 4/1/49      1,650,000    1,571,130
Series A 5.00% 12/1/44        550,000      598,208
Series A 5.00% 12/1/54      2,500,000    2,655,425
(Episcopal Communities & Services)
Series B 5.25% 11/15/58   		   2,500,000    2,598,150
(Kaiser Permanente)      
Subordinate Series A-2 4.00% 11/1/44      2,000,000    1,977,800
Subseries A-2 5.00% 11/1/47      3,400,000    3,940,362
(Lucile Salter Packard Children's Hospital At Stanford)
Series A 4.00% 5/15/51   		   2,000,000    1,958,340
    11

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Infrastructure & Economic Development Bank
Revenue 		     
(Adventist Health Energy Projects)      
Series A 5.25% 7/1/49      2,350,000 $  2,500,682
Series A 5.25% 7/1/54      1,500,000    1,572,555
California Municipal Finance Authority Revenue      
(Community Medical Centers)
Series A 5.00% 2/1/47   		   1,200,000    1,205,136
(Eisenhower Medical Center)      
Series B 5.00% 7/1/37        250,000      256,155
Series B 5.00% 7/1/42        250,000      253,957
(Goodwill Industry of Sacramento Valley & Northern Nevada Project)
 5.00% 1/1/35   		     635,000      555,676
(Northbay Healthcare Group)
Series A 5.25% 11/1/47   		     500,000      500,635
(Palomar Health Certificates)
Series A 5.25% 11/1/52 (AGM)  		     500,000      518,840
California Municipal Finance Authority Senior Living
Revenue 		     
(Mt. San Antonio Gardens Project)      
Series A 4.00% 11/15/52        750,000      626,295
Series A 4.00% 11/15/56      1,075,000      878,587
California Public Finance Authority Senior Living Revenue      
(Enso Village Project - Green Bonds)      
Series A 144A 5.00% 11/15/46  #    1,000,000      981,210
Series A 144A 5.00% 11/15/51  #      500,000      479,805
Series A 144A 5.00% 11/15/56  #      640,000      604,154
California Statewide Communities Development Authority
Revenue 		     
(Adventist Health System/West)
Series A 4.00% 3/1/48   		   1,000,000      913,660
(Emanate Health)
Series A 4.00% 4/1/45   		     500,000      477,200
(Enloe Medical Center)
Series A 5.25% 8/15/52 (AGM)  		   4,000,000    4,256,080
(Front Porch Communities and Services)
 4.00% 4/1/51   		   1,000,000      915,520
(Huntington Memorial Hospital)
 4.00% 7/1/48   		     500,000      492,325
(John Muir Health)      
Series A 5.00% 12/1/49      1,945,000    2,097,780
12    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Statewide Communities Development Authority
Revenue 		     
(John Muir Health)
Series A 5.00% 8/15/51      1,500,000 $  1,516,155
Series A 5.25% 12/1/54      1,250,000    1,360,100
(Marin General Hospital - Green Bonds)
Series A 4.00% 8/1/45   		     500,000      448,885
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      477,543
 5.00% 7/1/32        900,000      968,544
Washington Township, California Health Care District
Revenue 		     
Series A 3.75% 7/1/31        255,000     250,438
   47,016,467
Housing Revenue Bonds — 2.81%
California CSCDA Community Improvement Authority
Essential Housing Revenue 		     
(Jefferson - Anaheim)
Series A-2 144A 3.125% 8/1/56  # 		   1,500,000    1,170,915
(Parallel - Anaheim)
Series A 144A 4.00% 8/1/56  # 		     300,000      267,312
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56  # 		   3,510,000    2,510,738
Independent Cities, California Finance Authority Mobile
Home Park Revenue 		     
(Pillar Ridge)      
Series A 5.25% 5/15/44      1,000,000    1,000,730
Series A 5.25% 5/15/49      1,200,000    1,200,720
Los Angeles, California Housing Authority Revenue      
(Union Portfolio Project)
Series A 3.25% 6/1/35   		     250,000      239,887
National Finance Authority Revenue      
(Social Certificates)
Series A-4 3.925% 7/20/39  • 		   1,997,284    1,932,852
Santa Clara County, California Multifamily Housing
Authority Revenue 		     
(RiverTown Apartments Project)
Series A 5.85% 8/1/31 (AMT)  		     715,000     716,459
    9,039,613
    13

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds — 14.35%
California Community Choice Financing Authority
Revenue 		     
(Clean Energy Project)      
 5.00% 5/1/54  •    2,500,000 $  2,694,850
Series A-1 5.00% 12/1/53  •    1,500,000    1,579,980
Series C 5.25% 1/1/54  •    3,000,000    3,166,950
Series D 5.50% 5/1/54  •    2,000,000    2,124,280
Series G 5.00% 11/1/55  •    2,000,000    2,129,120
(Green Bonds)      
Series E 5.00% 2/1/55  •    2,500,000    2,714,975
Series F 5.00% 2/1/55  •    3,500,000    3,806,565
California County Tobacco Securitization Agency
Settlement Revenue 		     
(Capital Appreciation - Stanislaus County Tobacco Funding Corporation)
Series D 9.019% 6/1/55  ^ 		   1,000,000       81,820
California Infrastructure & Economic Development Bank
Revenue 		     
(Brightline West Passenger Rail Project)      
Series A 144A 9.50% 1/1/65 (AMT) #, •    3,500,000    3,552,395
Series A-4 144A 8.00% 1/1/50 (AMT) #, •    2,500,000    2,582,325
California M-S-R Energy Authority Revenue      
Series C 6.50% 11/1/39      1,905,000    2,407,482
Series C 7.00% 11/1/34        300,000      367,167
California Pollution Control Financing Authority Revenue      
(Calplant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡ 		     300,000        4,050
(Poseidon Resources (ChannelSide) LP Desalination Project)
144A 5.00% 11/21/45 (AMT) # 		     940,000      940,602
(Waste Management Project)
Series A1 3.375% 7/1/25 (AMT)  		   1,000,000      998,940
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  47,000,000    3,161,220
Golden State, California Tobacco Securitization
Settlement Revenue 		     
(Capital Appreciation)
Subordinate Series B-2 5.267% 6/1/66  ^ 		  14,175,000    1,672,083
(Tobacco Settlement Asset-Backed)
Series A-1 5.00% 6/1/51   		   3,500,000    3,631,810
14    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Inland, California Empire Tobacco Securitization Revenue      
(Capital Appreciation Turbo Asset-Backed)      
Series E 144A 8.596% 6/1/57  #, ^    8,500,000 $    667,080
Series F 144A 9.491% 6/1/57  #, ^   29,440,000    1,979,251
Long Beach, California Bond Finance Authority Natural
Gas Purchase Revenue 		     
Series A 5.50% 11/15/37        165,000      192,332
M-S-R Energy Authority, California Gas Revenue      
Series B 6.50% 11/1/39        750,000      947,828
Southern California Public Power Authority Revenue      
(Natural Gas Project)
Series A 5.00% 11/1/33   		     295,000      317,656
Tobacco Securitization Authority of Southern California
Revenue 		     
(Capital Appreciation - Second Subordinate Lien)
Series C 7.028% 6/1/46  ^ 		  16,770,000    3,466,359
(Capital Appreciation - Third Subordinate Lien)
Series D 7.487% 6/1/46  ^ 		   5,270,000     944,120
   46,131,240
Lease Revenue Bonds — 4.84%
California Enterprise Development Authority Revenue      
(Mead Valley Wellness Village Project)
Series A 5.50% 11/1/59   		   2,500,000    2,820,550
California State Public Works Board Revenue      
Series E 3.00% 10/1/36 (AGM)     1,525,000    1,440,164
(Green Bonds)
Series D 4.00% 5/1/47   		   2,520,000    2,531,819
(May Lee State Office Complex)
Series A 5.00% 4/1/49   		   1,000,000    1,088,770
(Various Capital Projects)      
Series B 4.00% 5/1/39      1,555,000    1,614,510
Series B 4.00% 5/1/46      1,000,000    1,004,950
Garden Grove, California Public Financing Authority
Revenue 		     
Series A 4.00% 4/1/54 (BAM)     1,500,000    1,489,050
Irvine, California Facilities Financing Authority Revenue      
(Gateway Preserve Land Acquisition Project)
 4.25% 5/1/53   		   2,500,000    2,502,450
    15

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
San Diego County, California Certificates of Participation
Revenue 		     
(County Public Health Laboratory and Capital Improvements)
 5.00% 10/1/53   		   1,000,000 $  1,078,890
   15,571,153
Local General Obligation Bonds — 3.19%
Alameda, California Oakland Unified School District      
Series A 5.25% 8/1/48 (AGM)     1,500,000    1,650,840
Anaheim City, California School District Capital
Appreciation
Election of 2002 		     
 4.58% 8/1/25 (NATL) ^    1,000,000      987,370
Bass Lake, California Joint Union Elementary School
District Election of 2006 		     
 4.40% 8/1/45 (AGM) ^    2,025,000      803,338
Long Beach, California Community College District      
Series D 3.00% 8/1/38      1,250,000    1,159,500
Los Angeles, California Unified School District      
Series QRR 5.25% 7/1/49      1,500,000    1,684,440
Palomar Health, California      
Series B 4.00% 8/1/37      1,000,000      927,800
San Bernardino and Los Angeles Counties, California
Victor Valley Community College District
Election of 2008 		     
Series E 5.00% 8/1/51      1,445,000    1,552,970
San Diego County, California Unified School District      
(Dedicated Unlimited Ad Valorem Property Tax Bonds)
Series G-3 4.00% 7/1/53   		   1,500,000   1,487,820
   10,254,078
Pre-Refunded Bonds — 1.12%
California Health Facilities Financing Authority Revenue      
(CommonSpirit Health)
Series A 4.00% 4/1/49-30  § 		      55,000       58,575
California School Finance Authority Revenue      
(Aspire Public Schools-Obligated Group)
144A 5.00% 8/1/41-25  #, § 		      25,000       25,191
(Escuela Popular Project)
144A 6.50% 7/1/50-27  #, § 		     160,000      171,816
16    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
Golden State, California Tobacco Securitization
Settlement Revenue 		     
(Enhanced Asset-Backed)
Series A 5.00% 6/1/45-25  § 		   1,000,000 $  1,005,910
New Haven, California Unified School DistrictElection of 2014      
Series A 5.00% 8/1/40-25  §    1,000,000    1,009,690
San Francisco Bay Area, California Subordinate Toll
Bridge Authority Revenue 		     
Series S-H 5.00% 4/1/44-29  §    1,000,000    1,100,360
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)      
Series A 4.00% 5/1/49-29 (AMT) §       20,000       20,242
Series E 4.00% 5/1/50-29 (AMT) §      215,000     217,599
    3,609,383
Special Tax Revenue Bonds — 10.76%
City of Irvine, California Community Facilities District
Revenue 		     
(Great Park)      
 4.00% 9/1/58 (BAM)       750,000      738,540
 5.25% 9/1/53 (BAM)     1,000,000    1,095,440
City of Ontario, California Community Facilities District
No. 28 Revenue 		     
(New Haven Facilities - Area A)
 5.00% 9/1/47   		     230,000      233,146
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      487,460      311,975
 3.108% 11/1/43  •    5,768,137    3,633,926
GDB Debt Recovery Authority of Puerto Rico Revenue      
 7.50% 8/20/40      5,687,763    5,564,005
Irvine, California Facilities Financing Authority Revenue      
(Irvine Great Park Infrastructure Project)      
Series A 4.00% 9/1/58 (BAM)     1,205,000    1,207,229
Series A 5.00% 9/1/48 (BAM)     1,000,000    1,097,300
Jurupa Valley, California Community Facilities
District No. 36 Revenue 		     
(Eastvale Area)      
Series A 4.125% 9/1/42        200,000      192,970
Series A 4.25% 9/1/47        300,000      284,793
    17

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/32        500,000 $    530,565
Orange County, California Community Facilities District
No. 2023-1 Revenue 		     
(Rienda Phase 2B)
Series A 5.50% 8/15/53   		     500,000      533,900
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53      4,855,000    4,831,065
Series A-1 5.00% 7/1/58      1,975,000    1,983,315
Series A-1 5.319% 7/1/51  ^   23,429,000    5,838,741
Series A-1 5.634% 7/1/46  ^   10,820,000    3,646,773
Series A-2 4.329% 7/1/40      1,595,000    1,591,012
Tejon Ranch Public Facilities Finance Authority Revenue      
(Tejon Industrial Complex Public Improvements - East)
Series A 5.00% 9/1/54   		   1,000,000    1,032,520
Tulare, California Redevelopment Agency Successor
Agency Revenue 		     
Series A 4.00% 8/1/40 (BAM)       250,000     250,343
   34,597,558
State General Obligation Bonds — 8.08%
California State      
 5.00% 9/1/44      1,500,000    1,670,310
 5.50% 8/1/54      2,250,000    2,557,283
(Various Purpose)      
 3.00% 3/1/46      3,250,000    2,733,510
 4.00% 8/1/36      1,000,000    1,006,590
 4.00% 9/1/42      1,750,000    1,787,240
 5.00% 4/1/32      1,000,000    1,143,970
 5.00% 9/1/36      2,000,000    2,321,940
 5.00% 9/1/44      2,000,000    2,227,080
 5.25% 10/1/45      3,295,000    3,687,698
 5.25% 10/1/50      2,500,000    2,752,775
Commonwealth of Puerto Rico      
(Restructured)      
Series A-1 4.00% 7/1/41      1,257,743    1,212,288
Series A-1 4.00% 7/1/46      3,154,636   2,878,889
   25,979,573
18    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds — 12.78%
Burbank-Glendale-Pasadena, California Airport Authority
Brick Campaign Revenue 		     
(Senior)
Series B 4.375% 7/1/49 (AGM) (AMT)  		   1,250,000 $  1,239,300
California Municipal Finance Authority Senior Lien
Revenue 		     
(LINXS APM Project)      
Series A 4.00% 12/31/47 (AMT)     1,750,000    1,613,307
Series A 5.00% 12/31/43 (AMT)     1,000,000    1,012,540
City of Long Beach, California Marina Revenue      
(Alamitos Bay Marina Project)
 5.00% 5/15/45   		     500,000      500,190
City of Los Angeles, California Department of Airports
Revenue 		     
Series A 5.00% 5/15/33 (AMT)     1,545,000    1,673,498
Series B 5.00% 5/15/46 (AMT)       300,000      301,545
Series B 5.00% 5/15/48      1,650,000    1,768,057
Series D 4.00% 5/15/41 (AMT)     3,000,000    2,972,400
Series F 4.00% 5/15/49 (AMT)     2,200,000    2,056,428
Series H 4.00% 5/15/47 (AMT)     1,500,000    1,420,845
County of Sacramento, California Airport System
Revenue 		     
 5.25% 7/1/54      2,000,000    2,215,460
Foothill-Eastern, California Transportation Corridor
Agency Toll Road Revenue 		     
Subseries B-1 3.95% 1/15/53      1,020,000      945,397
Subseries B-2 3.50% 1/15/53 (AGM)       500,000      433,320
(Junior Lien)
Series C 4.00% 1/15/43   		   2,275,000    2,267,151
(Senior Lien)      
Series A 4.00% 1/15/46      1,000,000      982,180
Series A 4.00% 1/15/46 (BAM)     1,000,000    1,003,700
Port Authority of Guam Revenue      
(Governmental)
Series A 5.00% 7/1/48   		     375,000      377,872
Riverside County, California Transportation Commission
Revenue 		     
(RCTC 91 Express Lanes)
Series B-1 3.00% 6/1/49   		   2,735,000    2,163,276
Sacramento County, California Airport System Revenue      
Subordinate Series B 5.00% 7/1/41        500,000      510,815
    19

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
San Diego County, California Redevelopment Agency
Revenue 		     
(Centre City Redevelopment Project)
Series A 6.40% 9/1/25   		     165,000 $    165,479
San Diego County, California Regional Airport Authority
Revenue 		     
Series B 4.00% 7/1/56 (BAM) (AMT)        690,000      639,513
Series B 5.00% 7/1/37 (AMT)     2,000,000    2,047,920
(Private Activity)
Series B 5.00% 7/1/46 (AMT)  		   1,500,000    1,557,705
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)      
Second Series A 5.00% 5/1/34 (AMT)     1,000,000    1,051,400
Second Series A 5.25% 5/1/49 (AMT)     3,440,000    3,676,638
Series A 4.00% 5/1/49 (AMT)     2,005,000    1,885,602
Series A 5.00% 5/1/42 (AMT)     2,430,000    2,463,461
Series E 4.00% 5/1/50 (AMT)     2,285,000   2,135,104
   41,080,103
Water & Sewer Revenue Bonds — 3.01%
Alameda and Contra Costa Counties, California
East Bay Municipal Utility District Water System Revenue 		     
Series A 5.00% 6/1/54      2,000,000    2,174,660
Arvin-Edison, California Water Storage District Revenue      
 4.00% 5/1/40        315,000      320,037
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      255,588
Guam Government Waterworks Authority Revenue      
Series A 5.00% 7/1/45      1,000,000    1,059,320
Series A 5.00% 1/1/46        885,000      932,002
San Francisco City & County, California Public Utilities
Commission Wastewater Revenue 		     
Series C 5.00% 10/1/49      1,500,000    1,648,080
Series C 5.00% 10/1/54      2,000,000    2,182,260
20    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
San Jose, California Financing Authority Revenue      
(Green Bonds)
 5.00% 11/1/47   		   1,000,000 $  1,097,150
    9,669,097
Total Municipal Bonds (cost $316,586,749) 317,276,698
Short-Term Investments — 1.09%
Variable Rate Demand Notes — 1.09%¤
San Francisco, California Bay Area Toll Authority
Revenue 		     
(Variable Rate Bonds)      
Series D 0.60% 4/1/59
(LOC - TD Bank, N.A.) 		   3,100,000    3,100,000
Series I 1.00% 4/1/59
(LOC - TD Bank, N.A.) 		     400,000     400,000
Total Short-Term Investments (cost $3,500,000)   3,500,000
Total Value of Securities—99.76%
(cost $320,086,749) 		    $320,776,698
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $45,908,937, which represents 14.28% 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 February 28, 2025. 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 8 in “Notes to financial statements.”
    21

 

Table of Contents
Schedules of investments
Macquarie Tax-Free California Fund   
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2025.
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
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
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.
22    

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 95.93%
Education Revenue Bonds — 12.16%
Board of Governors of the Colorado State University
System Enterprise Revenue 		     
Series A 5.00% 3/1/43      3,990,000 $  4,552,510
Series C 4.00% 3/1/47      1,065,000    1,022,155
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(Alexander Dawson School - Nevada Project)
 5.00% 5/15/29   		   1,230,000    1,249,668
(Ascent Classical Academy Charter Schools)
Series A 144A 5.80% 4/1/54  # 		   1,000,000    1,038,770
(Aspen View Academy Project)      
 4.00% 5/1/51        500,000      431,585
 4.00% 5/1/61      1,250,000    1,041,100
(Charter School - Aspen Ridge School Project)      
Series A 144A 5.00% 7/1/36  #      500,000      500,980
Series A 144A 5.25% 7/1/46  #    1,350,000    1,351,498
(Charter School Project)
 5.00% 7/15/37   		   1,150,000    1,151,357
(Community Leadership Academy, Inc. Second Campus Project)
 7.45% 8/1/48   		   1,000,000    1,002,940
(Global Village Academy - Northglenn Project)      
144A 5.00% 12/1/50  #      950,000      908,048
144A 5.00% 12/1/55  #    1,000,000      940,370
(Golden View Classical Academy Project)
 4.00% 1/1/52   		   1,115,000      942,855
(Littleton Preparatory Charter School Project)      
 5.00% 12/1/33        390,000      390,176
 5.00% 12/1/42        540,000      539,995
(Loveland Classical Schools Project)      
144A 5.00% 7/1/36  #    1,750,000    1,765,960
144A 5.00% 7/1/46  #      500,000      500,040
(Pinnacle Charter School Project)
 5.00% 6/1/26   		     475,000      478,857
(Science Technology Engineering and Math School Project)      
 5.00% 11/1/44        890,000      888,122
 5.00% 11/1/54      1,500,000    1,478,715
(University of Denver Project)      
Series A 4.00% 3/1/35        400,000      402,800
Series A 4.00% 3/1/36        550,000      552,673
    23

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(University of Lab Charter School)
144A 5.00% 12/15/45  # 		   1,500,000 $  1,500,285
(Vail Mountain School Project)
 5.00% 5/1/31   		   1,000,000    1,010,420
Colorado School of Mines Revenue      
Series A 4.00% 12/1/49      1,500,000    1,459,275
Series A 5.00% 12/1/54      1,000,000    1,056,560
University of Colorado Revenue      
(University Enterprise Refunding Revenue)
Series C-4 4.00% 6/1/51   		   2,000,000   1,911,180
   30,068,894
Electric Revenue Bonds — 5.99%
Colorado Springs, Colorado Utilities System Revenue      
Series A 4.00% 11/15/50      2,035,000    1,966,441
Series A 5.00% 11/15/49      1,200,000    1,298,388
Series A 5.25% 11/15/54      3,000,000    3,298,140
Series B 5.25% 11/15/52      2,000,000    2,168,200
Guam Power Authority Revenue      
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/35   		   1,640,000    1,794,668
Platte River, Colorado Power Authority Revenue      
Series JJ 5.00% 6/1/27      1,000,000    1,028,180
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡      170,000       95,200
Series AAA 5.25% 7/1/25  ‡       95,000       53,200
Series CCC 5.25% 7/1/27  ‡      705,000      394,800
Series WW 5.00% 7/1/28  ‡      660,000      369,600
Series WW 5.25% 7/1/33  ‡      210,000      117,600
Series WW 5.50% 7/1/17  ‡      460,000      256,450
Series WW 5.50% 7/1/19  ‡      360,000      200,700
Series XX 4.75% 7/1/26  ‡      105,000       58,800
Series XX 5.25% 7/1/40  ‡    1,840,000    1,030,400
Series XX 5.75% 7/1/36  ‡      365,000      204,400
Series ZZ 4.75% 7/1/27  ‡       85,000       47,600
Series ZZ 5.00% 7/1/19  ‡      620,000      345,650
Series ZZ 5.25% 7/1/25  ‡      140,000      78,050
   14,806,467
24    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 20.30%
Colorado Health Facilities Authority Revenue      
(Aberdeen Ridge)
Series A 5.00% 5/15/58   		   1,500,000 $  1,089,780
(AdventHealth Obligated Group)      
Series A 3.00% 11/15/51      6,325,000    4,922,052
Series A 4.00% 11/15/43      2,290,000    2,222,399
Series A 4.00% 11/15/50      6,015,000    5,632,807
(American Baptist)      
 7.625% 8/1/33        150,000      111,661
 8.00% 8/1/43      1,000,000      648,110
(Bethesda Project)
Series A-1 5.00% 9/15/48   		   2,250,000    2,202,975
(Cappella of Grand Junction Project)
144A 5.00% 12/1/54  # 		   2,220,000    1,565,100
(CommonSpirit Health)      
Series A 5.00% 12/1/39      1,500,000    1,669,635
Series A 5.25% 12/1/54      2,000,000    2,127,620
Series A-1 4.00% 8/1/37      1,130,000    1,130,079
Series A-1 4.00% 8/1/38        120,000      119,398
Series A-2 4.00% 8/1/49 (BAM)     3,670,000    3,425,578
Series A-2 5.00% 8/1/37      1,500,000    1,587,750
(Covenant Living Communities and Services)
Series A 4.00% 12/1/40   		   1,250,000    1,205,512
(Covenant Retirement Communities, Inc.)
Series A 5.00% 12/1/35   		   1,000,000    1,000,690
(Craig Hospital Project)
Series A 5.00% 12/1/47   		   1,830,000    1,913,631
(Frasier Project)
Series A 4.00% 5/15/48   		   1,000,000      887,280
(Intermountain Health)
Series A 5.00% 5/15/54   		   1,000,000    1,050,170
(Intermountain Healthcare)      
Series A 5.00% 5/15/47      1,380,000    1,465,105
Series A 5.00% 5/15/52      1,195,000    1,256,662
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44   		   2,000,000    2,001,520
(National Jewish Health Project)
 5.00% 1/1/27   		     300,000      300,081
(Sanford)
Series A 5.00% 11/1/44   		   3,410,000    3,546,741
(SCL Health System)
Series A 4.00% 1/1/37   		   3,470,000    3,534,125
    25

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue      
(Sunny Vista Living Center)
Series A 144A 6.25% 12/1/50  # 		     935,000 $    615,062
(Vail Valley Medical Center Project)
 5.00% 1/15/35   		   1,000,000    1,014,410
(Valley View Hospital Association Project)
Series A 4.00% 5/15/35   		     685,000      690,398
Denver, Colorado Health & Hospital Authority Revenue      
Series A 4.00% 12/1/39      1,000,000      956,880
Series A 4.00% 12/1/40        250,000      237,830
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      70,374
   50,201,415
Housing Revenue Bonds — 1.75%
Colorado Housing and Finance Authority Revenue      
Multi-Family      
Series A-1 4.80% 10/1/59      1,000,000    1,011,410
Series C-1 4.70% 10/1/59        750,000      760,028
Denver City & County, Colorado Housing Authority
Revenue 		     
(Flo Senior Apartments Project)
Series A 4.50% 7/1/41   		   2,500,000   2,547,250
    4,318,688
Industrial Development Revenue/Pollution ControlRevenue Bonds — 8.00%
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  52,100,000    3,504,246
City & County of Denver, Colorado Special Facilities
Airport Revenue 		     
(United Airlines, Inc. Project)
 5.00% 10/1/32 (AMT)  		     215,000      215,090
Colorado Regional Transportation District Revenue      
(Denver Transit Partners Eagle P3 Project)      
Series A 3.00% 7/15/37      1,025,000      925,524
Series A 4.00% 7/15/34      1,100,000    1,117,446
Series A 4.00% 7/15/38        700,000      702,849
26    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Colorado Regional Transportation District Revenue      
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39      1,500,000 $  1,501,710
Series A 4.00% 7/15/40      2,815,000    2,791,494
Series A 5.00% 7/15/32      1,045,000    1,127,252
Denver, Colorado Convention Center Hotel Authority
Revenue 		     
 5.00% 12/1/40      2,660,000    2,685,962
Public Authority for Colorado Energy Natural Gas
Revenue 		     
 6.50% 11/15/38      4,250,000   5,211,903
   19,783,476
Lease Revenue Bonds — 2.02%
Colorado Higher Education Lease Purchase Financing
Program Revenue 		     
 4.00% 9/1/41      1,000,000    1,000,710
Colorado State Department of Transportation Certificates
of Participation Revenue 		     
 5.00% 6/15/34        660,000      674,724
 5.00% 6/15/36      1,055,000    1,077,609
Denver, Colorado Health & Hospital Authority Revenue      
(550 Acoma, Inc.)
 4.00% 12/1/38   		     750,000      725,753
State of Colorado Revenue      
 4.00% 3/15/37      1,500,000   1,524,420
    5,003,216
Local General Obligation Bonds — 9.75%
Adams & Weld Counties, Colorado School District No.
27J Brighton 		     
 4.00% 12/1/46      1,370,000    1,350,327
Series A 5.00% 12/1/48      1,000,000    1,079,390
Arapahoe County, Colorado Cherry Creek School District
No. 5 		     
 5.25% 12/15/41      1,500,000    1,732,230
Beacon Point, Colorado Metropolitan District      
 5.00% 12/1/30 (AGM)     1,130,000    1,145,978
City & County of Broomfield, Colorado Baseline
Metropolitan District No. 1 		     
Series A 4.00% 12/1/46 (AGC)       500,000      483,180
    27

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
City of Castle Pines, Douglas County, Colorado Canyons
Metropolitan District No.5 		     
Series A 5.25% 12/1/59 (BAM)     2,000,000 $  2,184,940
Denver City & County, Colorado School District No. 1      
Series A 5.00% 12/1/45      5,000,000    5,377,000
Douglas County, Colorado School District No. Re-1
Douglas & Elbert Counties 		     
 5.00% 12/15/44      2,500,000    2,737,400
El Paso County, Colorado School District No. 2 Harrison      
 5.00% 12/1/38      1,000,000    1,059,470
Grand River, Colorado Hospital District      
 5.25% 12/1/35 (AGM)     1,000,000    1,048,830
Prairie Center Metropolitan, Colorado District No. 3
Revenue 		     
Series B 5.875% 12/15/46      1,000,000    1,076,430
Verve, Colorado Metropolitan District No. 1      
 5.00% 12/1/51      2,000,000    1,741,240
Weld County, Colorado School District No. Re-1      
 5.00% 12/15/31 (AGM)     1,000,000    1,038,850
Weld County, Colorado School District No. Re-3J      
 5.00% 12/15/34 (BAM)     2,000,000   2,070,260
   24,125,525
Pre-Refunded Bonds — 2.10%
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(Atlas Preparatory Charter School)
144A 5.25% 4/1/45-25  #, § 		   1,300,000    1,302,262
Colorado Health Facilities Authority Revenue      
(NCMC Project)
 4.00% 5/15/32-26  § 		   2,000,000    2,026,360
(Parkview Medical Center, Inc. Project)
Series A 4.00% 9/1/50-30  § 		   1,750,000   1,875,667
    5,204,289
Special Tax Revenue Bonds — 18.49%
Aerotropolis Regional Transportation Authority Revenue      
144A 5.50% 12/1/44  #    1,500,000    1,543,695
Arapahoe County, Colorado Riverpark Metropolitan
District Revenue 		     
 6.00% 12/1/42        745,000      763,536
 6.375% 12/1/54      1,250,000    1,286,650
28    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
City & County of Denver, Colorado Dedicated Excise Tax
Revenue 		     
Series A 4.00% 8/1/51      1,000,000 $    962,930
City of Grand Junction, Colorado General Fund Revenue      
 5.00% 3/1/49      2,570,000    2,738,052
Colorado Regional Transportation District Sales Tax
Revenue 		     
(FasTracks Project)      
Series A 5.00% 11/1/30        670,000      692,613
Series A 5.00% 11/1/31      1,495,000    1,544,230
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      377,276      241,457
 3.311% 11/1/43  •    4,464,320    2,812,521
(Subordinate)
 3.799% 11/1/51  • 		   1,245,743      677,373
Fountain, Colorado Urban Renewal Authority, Colorado
Revenue 		     
(South Academy Highlands Project)
Series A 5.50% 11/1/44   		   1,375,000    1,343,251
GDB Debt Recovery Authority of Puerto Rico Revenue      
(Taxable)
 7.50% 8/20/40   		   6,647,244    6,505,924
Lincoln Park Metropolitan District Douglas County,
Colorado Revenue 		     
 5.00% 12/1/46 (AGM)     1,000,000    1,027,340
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/32        450,000      477,509
Plaza Metropolitan District, Colorado No. 1 Revenue      
144A 5.00% 12/1/40  #    1,265,000    1,264,987
Prairie Center Metropolitan, Colorado District No. 3
Revenue 		     
Series A 144A 5.00% 12/15/41  #    1,000,000    1,005,520
Puerto Rico Sales Tax Financing Revenue      
(Capital Appreciation - Restructured)
Series A-1 5.696% 7/1/46  ^ 		  10,000,000    3,370,400
(Restructured)      
Series A-1 4.75% 7/1/53      3,986,000    3,966,349
Series A-1 5.00% 7/1/58      2,910,000    2,922,251
Series A-1 6.142% 7/1/51  ^   17,857,000    4,450,143
Series A-2 4.536% 7/1/53      3,000,000    2,982,990
    29

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Southlands Metropolitan, Colorado District No. 1,
Colorado Revenue 		     
Series A-1 5.00% 12/1/37        500,000 $    504,290
Series A-1 5.00% 12/1/47        300,000      300,405
Sterling Ranch, Colorado Community Authority Board
Revenue 		     
(Senior)
Series A 6.50% 12/1/54   		   1,000,000    1,042,890
Thornton, Colorado Development Authority Revenue      
(East 144th Avenue & I-25 Project)      
Series B 5.00% 12/1/35        485,000      485,621
Series B 5.00% 12/1/36        810,000     811,028
   45,723,955
State General Obligation Bonds — 0.89%
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/41      1,422,839    1,371,418
Series A-1 4.00% 7/1/46        900,000     821,331
    2,192,749
Transportation Revenue Bonds — 8.40%
City & County of Denver, Colorado Airport System
Revenue 		     
Series A 4.00% 11/15/41 (AMT)       710,000      695,736
Series A 4.00% 12/1/43 (AMT)     4,445,000    4,237,463
Series A 4.00% 12/1/48 (AMT)       400,000      372,808
Series A 5.00% 11/15/30 (AMT)     1,500,000    1,557,105
Series A 5.00% 11/15/47 (AMT)     1,000,000    1,037,210
Series A 5.25% 12/1/43 (AMT)     2,000,000    2,060,940
Colorado Bridge & Tunnel Enterprise Revenue      
Series B 5.00% 12/1/42      2,000,000    2,233,080
(Senior Infrastructure)
Series A 5.25% 12/1/49 (AGM)  		   2,000,000    2,208,220
Colorado High Performance Transportation Enterprise
Revenue 		     
(C-470 Express Lanes)      
 5.00% 12/31/51      2,990,000    2,990,060
 5.00% 12/31/56      1,250,000    1,250,000
(US 36 & I-25 Managed Lanes)
 5.75% 1/1/44 (AMT)  		   2,140,000   2,141,797
   20,784,419
30    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds — 6.08%
Arapahoe County of Colorado Water & Wastewater
Authority Revenue 		     
 4.00% 12/1/36      3,000,000 $  3,071,250
City & County of Denver, Colorado Board of Water
Commissioners Revenue 		     
Series A 5.00% 12/15/52      1,500,000    1,603,320
Series A 5.00% 9/15/54        900,000      970,533
City of Aurora, Colorado First Lien Water Revenue      
 5.00% 8/1/54      1,495,000    1,604,838
Douglas County, Colorado Centennial Water & Sanitation
District Revenue 		     
 4.00% 12/1/38        500,000      508,245
Guam Government Waterworks Authority Revenue      
Series A 5.00% 7/1/44        885,000      942,543
Johnstown, Colorado Wastewater Revenue      
 4.00% 12/1/51 (AGM)     2,875,000    2,713,741
Metro Wastewater Reclamation District, Colorado
Revenue 		     
Series A 3.00% 4/1/38      1,620,000    1,498,467
Town of Gypsum, Colorado Sewer Enterprise Revenue      
 5.00% 12/1/54 (AGC)     2,000,000   2,134,520
   15,047,457
Total Municipal Bonds (cost $240,491,654) 237,260,550
Short-Term Investments — 2.74%
Variable Rate Demand Notes — 2.74%¤
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(National Jewish Federation Bond Program) Series F-2 1.50% 7/1/41 (LOC - TD Bank, N.A.)    1,200,000    1,200,000
Colorado Health Facilities Authority Revenue      
(Intermountain Health) Series E 1.05% 5/15/64
(SPA - TD Bank, N.A.) 		   3,400,000    3,400,000
    31

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Colorado Fund   
    Principal
amount° 		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes¤ (continued)
University of Colorado Hospital Authority      
1.05% 11/15/39    2,175,000 $  2,175,000
Total Short-Term Investments (cost $6,775,000)   6,775,000
Total Value of Securities—98.67%
(cost $247,266,654) 		    $244,035,550
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $15,802,577, which represents 6.39% 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 February 28, 2025. 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 February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LOC – Letter of Credit
32    

 

Table of Contents
Summary of abbreviations: (continued)
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.
    33

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Idaho Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 97.41%
Education Revenue Bonds — 21.74%
Boise, Idaho State University Revenue      
(General Project)      
Series A 5.00% 4/1/47        180,000 $    182,444
Series A 5.00% 4/1/48        435,000      442,599
Series A 5.00% 4/1/54        825,000      876,464
Idaho Housing & Finance Association Revenue      
Series A 5.00% 6/1/50      1,275,000    1,245,420
(Alturas International Academy Project)
 4.00% 5/1/52   		   1,500,000    1,325,625
(Anser of Idaho Project)      
Series A 2.25% 5/1/51      1,165,000      672,356
Series A 3.00% 5/1/41      3,150,000    2,552,098
Series A 4.00% 5/1/56      1,585,000    1,343,874
(Compass Public Charter School Project)      
Series A 144A 5.00% 7/1/54  #    1,000,000      934,550
Series A 144A 6.00% 7/1/39  #      370,000      382,458
Series A 144A 6.00% 7/1/49  #      595,000      608,376
Series A 144A 6.00% 7/1/54  #      570,000      581,121
(Gem Prep: Meridian Project)
Series A 4.00% 5/1/57   		   1,000,000      858,720
(Idaho Arts Charter School Project)      
Series A 4.00% 5/1/50        520,000      446,326
Series A 4.00% 5/1/55        305,000      256,316
Series A 144A 5.00% 12/1/38  #    2,050,000    2,057,032
Series A 144A 5.00% 12/1/46  #    1,000,000      978,140
(Meridian South Charter School Project)
144A 4.00% 5/1/46  # 		   1,000,000      802,550
(North Star Charter School)      
Series A 6.75% 7/1/48        529,151      538,670
Series B 144A 4.88% 7/1/49  #, ^    2,888,155      551,638
(Sage International School of Boise Project)      
Series A 4.00% 5/1/50      3,000,000    2,586,510
Series A 4.00% 5/1/55      1,100,000      928,928
(Victory Charter School Project)
Series A 144A 5.00% 7/1/39  # 		   1,500,000    1,497,630
(White Pine Charter School Project)
Series A 5.75% 5/1/58   		   1,000,000    1,048,770
Idaho State University General Revenue      
 3.00% 4/1/49      1,700,000    1,335,826
 4.00% 4/1/29        275,000      277,866
Series A 4.00% 4/1/37        350,000      358,277
Series A 4.50% 4/1/52      1,750,000    1,765,960
34

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Idaho State University General Revenue      
Series A 5.25% 4/1/42        605,000 $    665,095
The Regents of The University of Idaho General Revenue      
Series A 4.00% 4/1/45 (BAM)       700,000      687,330
Series A 5.00% 4/1/35 (AGM)       705,000      776,713
University of Idaho Revenue      
Unrefunded Series A 5.00% 4/1/41        340,000     354,181
   29,919,863
Electric Revenue Bonds — 7.21%
Boise-Kuna, Idaho Irrigation District Revenue      
(Idaho Arrowrock Hydroelectric Project)
 5.00% 6/1/34   		   2,000,000    2,001,600
Idaho Energy Resources Authority Revenue      
(Idaho Falls Power Project)      
 5.00% 9/15/35      1,600,000    1,823,232
 5.00% 9/15/37        825,000      933,091
 5.00% 9/15/39      2,000,000    2,236,800
 5.00% 9/15/36      1,000,000    1,135,320
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡       75,000       42,000
Series AAA 5.25% 7/1/25  ‡       45,000       25,200
Series CCC 5.25% 7/1/27  ‡      345,000      193,200
Series WW 5.00% 7/1/28  ‡      320,000      179,200
Series WW 5.50% 7/1/38  ‡    1,500,000      840,000
Series XX 4.75% 7/1/26  ‡       50,000       28,000
Series XX 5.25% 7/1/40  ‡      595,000      333,200
Series XX 5.75% 7/1/36  ‡      175,000       98,000
Series ZZ 4.75% 7/1/27  ‡       40,000       22,400
Series ZZ 5.25% 7/1/25  ‡       60,000      33,450
    9,924,693
Healthcare Revenue Bonds — 14.09%
Idaho Health Facilities Authority Revenue      
(Madison Memorial Hospital Project)
 5.00% 9/1/37   		   2,000,000    2,004,440
(St. Luke's Health System Project)      
 3.00% 3/1/51 (BAM)     3,300,000    2,596,836
 4.00% 3/1/46 (BAM)       500,000      478,200
 4.00% 3/1/51 (BAM)     2,210,000    2,076,759
Series A 3.00% 3/1/51      3,000,000    2,253,570
Series A 4.00% 3/1/46      1,160,000    1,094,077
    35

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Idaho Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue      
(St. Luke's Health System Project)
Series A 5.25% 3/1/53      1,000,000 $  1,070,780
(Trinity Health Credit Group)      
Series ID 4.00% 12/1/43      3,900,000    3,778,554
Series ID 5.00% 12/1/46        750,000      762,308
(Valley Vista Care Corporation)      
Series A 4.00% 11/15/27        435,000      433,773
Series A 5.25% 11/15/37      1,005,000      896,852
Series A 5.25% 11/15/47      1,130,000      906,396
Idaho State Building Authority Revenue      
(Department of Health & Welfare Project)
Series B 5.00% 9/1/43   		   1,000,000   1,040,500
   19,393,045
Housing Revenue Bonds — 7.11%
Idaho Housing & Finance Association Multifamily Housing
Revenue 		     
(Sunset Landing Apartments Project)      
Series A 2.75% 7/1/40      1,300,000    1,053,754
Series A 3.125% 7/1/54      2,000,000    1,436,460
Idaho Housing & Finance Association Revenue      
Series A 4.50% 1/21/49        188,740      187,049
(Taxable)
Series C 5.945% 7/1/55   		   1,000,000    1,019,050
Idaho Housing & Finance Association Single Family
Mortgage Revenue 		     
Series A 4.65% 1/1/54      2,955,000    2,963,717
Series A 4.75% 1/1/48        990,000    1,004,306
Series C 3.00% 1/1/43 (FHA)       400,000      331,036
Series C 4.80% 7/1/53      1,765,000   1,786,921
    9,782,293
Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.92%
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  30,000,000    2,017,800
Power County, Idaho Industrial Development Revenue      
(FMC Project)
 6.45% 8/1/32 (AMT)  		   2,000,000   2,006,400
    4,024,200
36    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 6.27%
Boise, Idaho Urban Renewal Agency Revenue      
 5.00% 12/15/31        750,000 $    773,730
 5.00% 12/15/32        750,000      773,730
Idaho Falls, Idaho Annual Appropriation Certificates of
Participation Revenue 		     
144A 5.25% 5/15/51  #    2,000,000    2,010,080
Idaho Fish & Wildlife Foundation Revenue      
(Idaho Department of Fish & Game Headquarters Office Project)
 4.00% 12/1/39   		   1,040,000    1,049,246
Idaho Health Facilities Authority Revenue      
(Ada County Coroner Project)
 4.00% 9/1/33   		     305,000      312,204
Idaho Housing & Finance Association Economic
Development Facilities Revenue 		     
(TDF Project)      
Series A 6.50% 2/1/26        220,000      220,381
Series A 7.00% 2/1/36      1,500,000    1,502,820
Idaho State Building Authority Revenue      
(Department of Health & Welfare Project)
Series B 4.00% 9/1/48   		   1,290,000    1,245,650
Nez Perce County, Idaho Annual Appropriation
Certificates of Participation Revenue 		     
 5.00% 3/1/52        715,000     738,902
    8,626,743
Local General Obligation Bonds — 6.21%
Ada & Boise Counties, Idaho Independent School District
Boise City 		     
 5.00% 8/1/34      1,000,000    1,038,830
 5.00% 8/1/35        500,000      518,940
Canyon County, Idaho School District No. 139 Vallivue      
 5.00% 9/15/42      1,000,000    1,096,300
 5.00% 9/15/43      2,000,000    2,181,160
(Sales Tax and Credit Enhancement Guaranty)
Series B 5.00% 9/15/31   		     500,000      542,125
City of Ketchum, Idaho      
 2.125% 9/15/41        500,000      350,010
Idaho Bond Bank Authority      
Series A 4.00% 9/15/33        250,000      254,412
Series A 4.00% 9/15/37      1,000,000    1,008,890
Series C 5.00% 9/15/42        500,000      517,650
    37

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Idaho Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Nez Perce County, Idaho Independent School DistrictNo. 1      
(Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 9/15/36   		   1,000,000 $  1,038,250
    8,546,567
Pre-Refunded Bonds — 1.21%
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    1,152,085
Idaho State Building Authority Revenue      
(State Office Campus Project)
Series A 4.00% 9/1/48-27  § 		     500,000     516,135
    1,668,220
Resource Recovery Revenue Bond — 0.29%
Idawy, Idaho Solid Waste District Revenue      
Series A 3.00% 1/1/50        550,000     398,607
      398,607
Special Tax Revenue Bonds — 21.83%
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      247,608      158,469
 3.232% 11/1/43  •    2,929,946    1,845,866
(Subordinate)
 3.799% 11/1/51  • 		   3,175,191    1,726,511
GDB Debt Recovery Authority of Puerto Rico Revenue      
(Taxable)
 7.50% 8/20/40   		   4,104,971    4,017,699
Idaho Housing & Finance Association Sales Tax Revenue      
(Transportation Expansion And Congestion Mitigation)      
 5.00% 8/15/47      2,415,000    2,580,910
Series A 4.00% 8/15/48      2,370,000    2,328,762
Series A 5.00% 8/15/42      2,000,000    2,226,720
Series A 5.25% 8/15/48      1,620,000    1,774,775
Idaho State Building Authority Revenue      
(School Modernization Facilities Fund)
Series A 5.00% 6/1/34   		   2,000,000    2,334,820
Idaho Water Resource Board Loan Program Revenue      
(Ground Water Rights Mitigation)
Series A 5.00% 9/1/32   		   3,565,000    3,568,529
38    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue      
(Capital Appreciation - Restructured)      
Series A-1 5.466% 7/1/46  ^    3,320,000 $  1,118,973
Series A-1 5.974% 7/1/51  ^    7,109,000    1,771,634
(Restructured)      
Series A-1 4.55% 7/1/40        875,000      877,328
Series A-1 4.75% 7/1/53      3,045,000    3,029,988
Series A-1 5.00% 7/1/58        691,000     693,909
   30,054,893
State General Obligation Bond — 0.33%
Commonwealth of Puerto Rico      
(Restructured)
Series A-1 4.00% 7/1/46   		     500,000     456,295
      456,295
Transportation Revenue Bonds — 6.17%
City of Boise, Idaho Airport Revenue      
(Employee Parking Facilities Project)
Series B 4.00% 9/1/51 (AMT)  		   1,955,000    1,811,210
(Public Parking Facilities Project)      
Series A 5.00% 9/1/46      1,000,000    1,053,890
Series A 5.00% 9/1/51      1,000,000    1,045,820
Idaho Housing & Finance Association Revenue      
Series A 4.00% 7/15/39      3,060,000    3,084,541
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority Revenue 		     
(San Juan Cruise Terminal Project)
Subseries A-3 6.75% 1/1/46 (AMT)  		   1,250,000   1,491,400
    8,486,861
Water & Sewer Revenue Bonds — 2.03%
City of Boise, Idaho Water Renewal Revenue      
 5.00% 9/1/51      2,000,000    2,104,580
    39

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Idaho Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Guam Government Waterworks Authority Revenue      
Series A 5.00% 7/1/43        650,000 $    692,510
    2,797,090
Total Municipal Bonds (cost $137,866,196) 134,079,370
Total Value of Securities—97.41%
(cost $137,866,196) 		    $134,079,370
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $10,403,575, which represents 7.56% 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 February 28, 2025. 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
FMC – First Mile Connectivity
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TDF – Term Deposit Facility
40    

 

Table of Contents
Summary of abbreviations: (continued)
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
    41

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 97.65%
Education Revenue Bonds — 14.89%
Albany, New York Capital Resource Revenue      
(KIPP Capital Region Public Charter Schools Project)
 5.00% 6/1/64   		   1,000,000 $  1,005,170
Buffalo & Erie County, New York Industrial Land
Development Revenue 		     
(Tapestry Charter School Project)
Series A 5.00% 8/1/52   		     500,000      500,250
Build NYC, New York Resource Revenue      
(Bay Ridge Preparatory School Project)
144A 5.00% 9/1/49  # 		   1,255,000    1,239,802
(Classical Charter Schools Project)
Series A 4.75% 6/15/53   		   1,700,000    1,656,463
(East Harlem Scholars Academy Charter School Project)      
144A 5.75% 6/1/52  #      500,000      515,375
144A 5.75% 6/1/62  #    1,805,000    1,851,623
(Inwood Academy for Leadership Charter School Project)
Series A 144A 5.50% 5/1/48  # 		     500,000      507,485
(KIPP NYC Public School Facilities - Canal West Project)      
 5.00% 7/1/35        530,000      567,741
 5.00% 7/1/42      1,365,000    1,415,519
(Manhattan College Project)
 5.00% 8/1/47   		     500,000      495,025
(Metropolitan College of New York Project)
 5.50% 11/1/44   		     600,000      360,000
(Metropolitan Lighthouse Charter School Project)
Series A 144A 5.00% 6/1/52  # 		     250,000      248,407
(New Dawn Charter Schools Project)      
144A 5.00% 2/1/33  #      955,000      954,160
144A 5.75% 2/1/49  #      500,000      500,105
(New World Preparatory Charter School Project)      
Series A 144A 4.00% 6/15/51  #      315,000      264,077
Series A 144A 4.00% 6/15/56  #      450,000      367,020
(Success Academy Charter Schools Project)
 4.00% 9/1/43   		   1,000,000      961,140
Clinton County, Capital Resource Revenue      
(CVES BOCES Project)      
144A 4.75% 7/1/43  #    1,100,000    1,118,381
144A 5.00% 7/1/46  #    1,000,000    1,021,610
42

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Madison County, New York Capital Resource Revenue      
(Colgate University Refunding Project)
Series B 5.00% 7/1/39   		   1,000,000 $  1,004,110
Monroe County, New York Industrial Development
Revenue 		     
(Eugenio Maria de Hostos Charter School Project)      
Series A 144A 5.00% 7/1/54  #    1,000,000    1,007,420
Series A 144A 5.00% 7/1/59  #    1,350,000    1,354,981
(True North Rochester Preparatory Charter School Project)      
144A 5.00% 6/1/50  #      705,000      709,872
Series A 144A 5.00% 6/1/59  #    1,000,000    1,004,850
(University of Rochester Project)      
Series A 4.00% 7/1/50      2,125,000    2,039,320
Series A 5.00% 7/1/53      1,000,000    1,071,780
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    1,761,235
New York City, New York Trust for Cultural Resources
Revenue 		     
(Alvin Ailey Dance Foundation)
Series A 4.00% 7/1/46   		   1,000,000      937,150
New York State Dormitory Authority Revenue      
(Columbia University)
Series A 5.00% 10/1/50   		   2,325,000    2,701,278
(Cornell University)
Series A 5.50% 7/1/54   		   3,500,000    3,910,165
New York State Dormitory Authority Revenue Non-State
Supported Debt 		     
Series A 5.00% 7/1/33      2,000,000    2,056,980
Series A 5.50% 5/1/49      1,000,000    1,090,610
(Hudson City School District)
Unrefunded Series A 5.625% 10/1/29 (AGC)  		     375,000      375,866
(New York State University Dormitory Facilities)      
Series A 5.00% 7/1/37      1,000,000    1,046,340
Series A 5.00% 7/1/42      1,300,000    1,334,840
(Vaughn College of Aeronautics and Technology)
Series A 144A 5.50% 12/1/46  # 		     300,000      261,660
    43

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Saratoga County, New York Capital Resource Revenue      
(Skidmore College Project)
 5.00% 7/1/43   		   2,000,000 $  2,070,200
Tompkins County, New York Development Revenue      
(Ithaca College Project)
 5.00% 7/1/34   		     750,000      753,563
Yonkers, New York Economic Development Educational
Revenue 		     
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)      
Series A 5.00% 10/15/49        795,000      795,580
Series A 5.00% 10/15/50      1,575,000   1,582,261
   44,419,414
Electric Revenue Bonds — 6.89%
Build NYC, New York Resource Revenue      
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
144A 5.25% 12/31/33 (AMT) # 		   1,000,000    1,008,790
Guam Power Authority Revenue      
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/35   		   1,310,000    1,433,546
Long Island, New York Power Authority Electric System
Revenue 		     
 5.00% 9/1/37        450,000      479,304
 5.00% 9/1/38      2,000,000    2,126,160
 5.00% 9/1/42      1,500,000    1,550,130
Series A 5.00% 9/1/43 (AGC)     2,500,000    2,764,000
Series A 5.25% 9/1/54      2,500,000    2,720,425
Series B 5.00% 9/1/41      2,065,000    2,111,669
New York Power Authority Revenue      
 4.00% 11/15/40 (AGM)     1,000,000    1,028,150
Series A 5.125% 11/15/58 (AGM)     1,500,000    1,615,545
New York State Power Authority Revenue      
Series A 4.00% 11/15/50      1,000,000      966,970
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡       65,000       36,400
Series A 6.75% 7/1/36  ‡      625,000      350,000
Series AAA 5.25% 7/1/25  ‡       35,000       19,600
Series TT 5.00% 7/1/32  ‡    1,120,000      627,200
Series WW 5.25% 7/1/33  ‡      195,000      109,200
Series WW 5.50% 7/1/17  ‡      420,000      234,150
44    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series WW 5.50% 7/1/19  ‡      330,000 $    183,975
Series XX 4.75% 7/1/26  ‡       40,000       22,400
Series XX 5.25% 7/1/40  ‡    1,430,000      800,800
Series ZZ 4.75% 7/1/27  ‡       30,000       16,800
Series ZZ 5.00% 7/1/19  ‡      570,000      317,775
Series ZZ 5.25% 7/1/25  ‡       50,000      27,875
   20,550,864
Healthcare Revenue Bonds — 7.11%
Buffalo & Erie County, New York Industrial Land
Development Revenue 		     
(Catholic Health System Project)
Series N 5.25% 7/1/35   		     250,000      250,010
Build NYC, New York Resource Revenue      
(The Children's Aid Society Project)
 4.00% 7/1/49   		   1,000,000      924,220
Dutchess County, New York Local Development Revenue      
(Nuvance Health)
Series B 4.00% 7/1/49   		   3,000,000    2,757,960
Guilderland, New York Industrial Development Agency
Revenue 		     
(Albany Place Development LLC Project)
Series A 144A 5.875% 1/1/52  #, ‡ 		     500,000      250,000
Monroe County, New York Industrial Development
Revenue 		     
(Rochester General Hospital Project)      
 5.00% 12/1/36        405,000      412,128
 5.00% 12/1/46        540,000      543,829
(Rochester Regional Health Project)
Series A 4.00% 12/1/38   		   2,550,000    2,514,376
Nassau County, New York Local Economic Assistance
Revenue 		     
(Catholic Health Services of Long Island Obligated Group Project)
 5.00% 7/1/33   		     725,000      725,421
New York State Dormitory Authority Revenue      
(Montefiore Obligated Group)      
Series A 4.00% 8/1/38      1,000,000      983,580
Series A 4.00% 9/1/45      2,000,000    1,851,800
(Northwell Health Obligated Group)
Series A 5.00% 5/1/52   		   3,000,000    3,127,800
    45

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New York State Dormitory Authority Revenue Non-State
Supported Debt 		     
(Northwell Health Obligated Group)
Series A 4.00% 5/1/54   		   2,500,000 $  2,300,075
(Orange Regional Medical Center Obligated Group)      
144A 5.00% 12/1/34  #      700,000      695,688
144A 5.00% 12/1/45  #      700,000      636,783
Onondaga, New York Civic Development Tax-exempt
Revenue 		     
(Crouse Health Hospital, Inc. Project)
Series A 5.125% 8/1/44   		     500,000      471,715
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      382,016
Southold, New York Local Development Revenue      
(Peconic Landing at Southold Project)
 5.00% 12/1/45   		     750,000      750,112
Westchester County, New York Local Development
Revenue 		     
(Purchase Senior Learning Community, Inc. Project)      
Series A 144A 5.00% 7/1/46  #      615,000      623,598
Series A 144A 5.00% 7/1/56  #    1,000,000   1,000,510
   21,201,621
Housing Revenue Bonds — 4.38%
New York City, New York Housing Development Revenue      
 4.80% 2/1/53      1,750,000    1,770,703
(8 Spruce Street)      
Series E 4.375% 12/15/31      1,000,000    1,022,470
Series RE 5.25% 12/15/31      1,000,000    1,028,350
(Sustainable Development Bonds)      
Series A 5.00% 5/1/63      2,125,000    2,189,217
Series B-1 5.30% 11/1/53      2,000,000    2,093,320
Series F-1A 5.00% 11/1/59      2,000,000    2,085,240
New York State Dormitory Authority Revenue Non-State
Supported Debt 		     
(Northwell Health Obligated Group)
Series A 4.00% 5/1/54 (AGC)  		   2,000,000    1,867,780
46    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
New York State Mortgage Agency Homeowner Revenue      
Series 250 4.80% 10/1/48      1,000,000 $  1,004,400
   13,061,480
Industrial Development Revenue/Pollution ControlRevenue Bonds — 8.27%
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  48,900,000    3,289,014
Erie County, New York Tobacco Asset Securitization
Revenue 		     
(Capital Appreciation-Asset-Backed)
Series A 144A 9.23% 6/1/60  #, ^ 		  65,350,000    3,507,988
New York City, New York Industrial Development Agency
Revenue 		     
(Senior Trips)
Series A 5.00% 7/1/28 (AMT)  		   1,045,000    1,050,570
(Yankee Stadium Project)      
Series A 3.00% 3/1/40 (AGM)     1,000,000      873,730
Series A 3.00% 3/1/49 (AGM)     3,440,000    2,644,603
Series A 4.00% 3/1/45 (AGM)     1,000,000      970,470
New York City, New York Trust for Cultural Resources
Revenue 		     
(American Museum of Natural History)
Series A 5.00% 7/15/54   		   1,500,000    1,609,755
New York Counties, New York Tobacco Trust V
Pass-Through Revenue 		     
Series 4B 144A 0.971% 6/1/60  #, ♦, ^   39,000,000    1,804,920
New York Transportation Development Special Facilities
Revenue 		     
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)      
 4.00% 1/1/36 (AMT)     1,500,000    1,461,150
 5.00% 1/1/36 (AMT)     2,015,000    2,070,211
Suffolk County, New York Tobacco Asset Securitization
Revenue 		     
Senior Series A-2 4.00% 6/1/50      1,595,000    1,451,753
Suffolk, New York Regional Off-Track Betting Revenue      
 5.75% 12/1/44      1,250,000    1,292,112
TSASC, New York      
Fiscal 2017 Senior Series A 5.00% 6/1/41      1,900,000    1,925,593
    47

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Westchester County, New York Tobacco Asset
Securitization Revenue 		     
Subordinate Series C 5.00% 6/1/45        750,000 $    707,903
   24,659,772
Lease Revenue Bonds — 5.32%
MTA Hudson, New York Rail Yards Trust Obligations      
Series A 5.00% 11/15/56      1,210,000    1,210,000
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    1,056,830
New York Liberty Development Revenue      
(4 World Trade Center - Green Bond)
Series A 2.875% 11/15/46 (BAM)  		   1,620,000    1,216,879
(Class 1 - 3 World Trade Center Project)
144A 5.00% 11/15/44  # 		   3,800,000    3,802,432
(Class 2 - 3 World Trade Center Project)
144A 5.375% 11/15/40  # 		     500,000      500,445
(Class 3 - 3 World Trade Center Project)
144A 7.25% 11/15/44  # 		   1,500,000    1,501,785
New York State Dormitory Authority Revenue Non-State
Supported Debt 		     
(Court Facility)
Series A 5.50% 5/15/27 (AMBAC)  		   2,500,000    2,656,800
New York State Thruway Authority Revenue      
Series A-1 3.00% 3/15/49      3,055,000    2,381,831
New York State Thruway Authority State Personal Income
Tax Revenue 		     
Series A-1 3.00% 3/15/51      2,000,000   1,538,700
   15,865,702
Local General Obligation Bonds — 3.10%
New York City, New York      
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39      1,000,000    1,047,580
Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47      1,500,000    1,613,910
Fiscal 2024 Series C 5.25% 3/1/53      1,500,000    1,620,675
Fiscal 2025 Subordinate Series C-1 5.25% 9/1/46      1,500,000    1,644,675
Series D 4.00% 4/1/50      1,825,000    1,748,204
Series D 5.00% 4/1/44        500,000      541,435
Series F-1 3.00% 3/1/51 (BAM)     1,360,000   1,024,474
    9,240,953
48    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bond — 0.48%
Niagara Area, New York Development Revenue      
(Covanta Project)
Series A 144A 4.75% 11/1/42 (AMT) # 		   1,500,000 $  1,430,340
    1,430,340
Special Tax Revenue Bonds — 24.74%
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      521,088      333,496
(Subordinate)      
 3.123% 11/1/43  •    6,166,052    3,884,613
 3.799% 11/1/51  •      911,176      495,452
GDB Debt Recovery Authority of Puerto Rico Revenue      
(Taxable)
 7.50% 8/20/40   		   5,221,920    5,107,164
Glen Cove, New York Local Economic Assistance
Revenue 		     
(Garvies Point Public Improvement Project)
Series A 5.00% 1/1/56   		     250,000      211,085
Hudson Yards, New York Infrastructure Revenue      
(Tax-Exempt)
Series A 4.00% 2/15/44   		   2,875,000    2,850,390
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/32        500,000      530,565
New York City, New York Transitional Finance Authority
Future Tax Secured Revenue 		     
Series A-1 5.00% 8/1/42      5,220,000    5,451,664
(Subordinate Bonds)
Series A-3 3.00% 5/1/45   		   2,000,000    1,620,920
New York City, New York Transitional Finance Authority
Revenue 		     
Series 1 5.00% 2/1/48      1,245,000    1,328,552
Series D 5.50% 5/1/52      1,000,000    1,110,070
New York Convention Center Development Revenue      
(Hotel Unit Fee Secured)
 5.00% 11/15/35   		   1,000,000    1,011,290
New York State Dormitory Authority Personal Income Tax
Revenue 		     
(General Purpose)      
Series A 4.00% 3/15/49      1,000,000      962,270
Series E 3.00% 3/15/50      3,000,000    2,314,350
Series E 4.00% 3/15/48      1,000,000      965,730
    49

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New York State Dormitory Authority Sales Tax Revenue      
Series A 5.00% 3/15/49      2,000,000 $  2,135,540
Series A 5.00% 3/15/52      2,500,000    2,668,225
Series A 5.25% 3/15/52      1,500,000    1,628,115
New York State Housing Finance Agency Revenue      
(Sustainability Bonds)
Series A-1 5.00% 6/15/54   		   1,000,000    1,044,620
New York State Thruway Authority State Personal Income
Tax Revenue 		     
Series C 5.00% 3/15/55      1,000,000    1,056,530
(Climate Bond Certified - Green Bonds)
Series C 5.00% 3/15/53   		   1,550,000    1,640,039
New York State Urban Development Revenue      
Series A 5.00% 3/15/48      1,500,000    1,605,855
New York Triborough Bridge & Tunnel Authority Payroll
Mobility Tax Senior Lien Revenue 		     
(MTA Bridges and Tunnels)
Series C-3 3.00% 5/15/51   		   2,215,000    1,689,137
New York Triborough Bridge & Tunnel Authority Revenue      
Series B 5.00% 3/15/27      2,000,000    2,094,660
(Climate Bond Certified - Green Bonds)
Series B-1 5.25% 5/15/54   		   2,440,000    2,660,356
(MTA Bridges and Tunnels Climate Bond Certified - Green Bonds)
Series D-2 5.50% 5/15/52   		   1,000,000    1,099,740
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    1,934,880
Series A 4.00% 5/15/57      1,000,000      944,700
Subordinate Series A-1 5.25% 5/15/64      2,500,000    2,683,825
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 1.148% 7/1/46  ^   13,880,000    4,678,115
Series A-1 4.55% 7/1/40        444,000      445,181
Series A-1 4.75% 7/1/53      6,805,000    6,771,451
Series A-1 5.00% 7/1/58      3,665,000    3,680,430
Series A-1 5.582% 7/1/51  ^    6,855,000    1,708,335
Series A-2 4.536% 7/1/53      1,330,000    1,322,459
50    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Triborough Bridge & Tunnel Authority Revenue      
(MTA Bridges and Tunnels)
Series A 5.00% 12/1/50   		   2,000,000 $  2,127,860
   73,797,664
State General Obligation Bonds — 1.14%
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/37      1,605,640    1,597,275
Series A-1 4.00% 7/1/46      1,980,000   1,806,928
    3,404,203
Transportation Revenue Bonds — 14.30%
New York Metropolitan Transportation Authority Revenue      
Series A-2 4.00% 11/15/43      2,500,000    2,414,475
(Climate Bond Certified - Green Bonds)      
Series B 4.00% 11/15/43      1,000,000      965,790
Series B 4.00% 11/15/44      1,000,000      953,130
Series B 4.00% 11/15/50      1,000,000      910,780
Series E 4.00% 11/15/45      1,500,000    1,405,230
Subordinate Series C-1 5.25% 11/15/55      3,410,000    3,565,087
(Sustainable Bonds)
Series A 5.25% 11/15/49   		   1,500,000    1,615,215
New York State Thruway Authority General Revenue      
Series B 4.00% 1/1/50      1,000,000      949,810
Series O 3.00% 1/1/51 (BAM)     2,000,000    1,524,180
Series P 5.25% 1/1/54        985,000    1,062,795
(Junior Indebtedness Obligation)
Series B 4.00% 1/1/45   		   1,500,000    1,437,465
New York Transportation Development Special Facilities
Revenue 		     
(John F. Kennedy International Airport New Terminal One Project-Green Bonds)      
 5.125% 6/30/60 (AGM) (AMT)      1,350,000    1,395,981
 5.25% 6/30/60 (AGM) (AMT)      2,500,000    2,625,450
 5.375% 6/30/60 (AMT)     2,000,000    2,070,860
 5.50% 6/30/54 (AMT)     1,700,000    1,801,847
 5.50% 6/30/60 (AMT)     2,750,000    2,896,217
(John F. Kennedy International Airport Terminal Four Project)
 5.00% 12/1/38 (AMT)  		     340,000      360,023
    51

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation Development Special Facilities
Revenue 		     
(John F. Kennedy International Airport Terminal Six Redevelopment Project-Green Bonds)
Series A 4.50% 12/31/54 (AGC) (AMT)   		   1,500,000 $  1,498,995
(LaGuardia Airport Terminal B Redevelopment Project)      
Series A 5.00% 7/1/41 (AMT)     2,000,000    2,000,100
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    2,168,780
Niagara, New York Frontier Transportation Authority
Revenue 		     
(Buffalo Niagara International Airport)      
Series A 5.00% 4/1/35 (AMT)       775,000      800,575
Series A 5.00% 4/1/37 (AMT)       750,000      771,180
Series A 5.00% 4/1/39 (AMT)       350,000      358,551
Port Authority of New York & New Jersey Revenue      
Series 244 5.00% 7/15/42      1,800,000    2,015,118
Series 244 5.00% 7/15/54      1,500,000    1,606,125
Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT)     2,750,000   2,481,050
   42,654,789
Water & Sewer Revenue Bonds — 7.03%
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
Series AA 5.25% 6/15/53      2,500,000    2,723,700
Series BB 5.25% 6/15/54      2,500,000    2,699,500
(Second General Resolution)      
Fiscal 2017 Series DD 5.00% 6/15/47      1,000,000    1,020,960
Fiscal 2018 Series EE 5.00% 6/15/40      2,500,000    2,598,375
Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49      1,000,000      976,050
Fiscal 2020 Series GG-1 4.00% 6/15/50      1,000,000      970,260
Series AA 5.25% 6/15/53      3,825,000    4,138,306
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   		     470,000      489,477
(New York Municipal Water Finance Authority Projects - Second Resolution Bonds)
Series A 5.25% 6/15/53   		   2,500,000    2,752,775
52    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
New York State Environmental Facilities Revenue      
(Green Bonds)
Series B 5.25% 9/15/52   		   2,395,000 $  2,599,724
   20,969,127
Total Municipal Bonds (cost $291,626,423) 291,255,929
Short-Term Investments — 1.17%
Variable Rate Demand Notes — 1.17%¤
New York City, New York      
Fiscal 2018 Subordinate Series E-5 1.05% 3/1/48
(LOC - TD Bank, N.A.) 		   2,480,000    2,480,000
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
(Second General Resolution) Fiscal 2010 Series CC 1.05% 6/15/41
(SPA - State Street) 		   1,000,000   1,000,000
Total Short-Term Investments (cost $3,480,000)   3,480,000
Total Value of Securities—98.82%
(cost $295,106,423) 		    $294,735,929
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $29,690,107, which represents 9.95% 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.
♦ Pass 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.
    53

 

Table of Contents
Schedules of investments
Macquarie Tax-Free New York Fund   
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2025. 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 February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by American Municipal Bond Assurance 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
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.
54    

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.25%
Education Revenue Bonds — 13.59%
Allegheny County, Pennsylvania Higher Education
Building Authority Revenue 		     
(Robert Morris University)
 5.00% 10/15/47   		   1,500,000 $  1,332,705
Allentown, Pennsylvania Commercial and Industrial
Development Authority Revenue 		     
(Executive Education Academy Charter School Project)
144A 5.00% 7/1/59  # 		   3,000,000    2,930,460
Bethlehem, Pennsylvania Redevelopment Authority
University Revenue 		     
(Moravian University Project)
 5.50% 10/1/54   		   3,000,000    3,118,650
Bucks County, Pennsylvania Industrial Development
Authority Revenue 		     
(School Lane Charter School Project)
Series A 5.125% 3/15/46   		   2,500,000    2,476,775
Chester County, Pennsylvania Industrial Development
Authority Revenue 		     
(Avon Grove Charter School Project)      
Series A 5.00% 12/15/47      1,160,000    1,148,470
Series A 5.00% 12/15/51        770,000      749,249
(Renaissance Academy Charter School Project)      
144A 4.50% 10/1/54  #      645,000      595,187
144A 4.50% 10/1/64  #    1,485,000    1,333,099
(Westtown School)
Series A 4.00% 1/1/52   		   2,250,000    2,073,667
Lehigh County, Pennsylvania General Purpose Authority
Revenue 		     
(Muhlenberg College Project)
 5.25% 2/1/54   		   1,350,000    1,410,953
Montgomery County, Pennsylvania Higher Education and
Health Authority Revenue 		     
(AICUP Financing Program - Gwynedd Mercy University Project)
 5.00% 5/1/42   		   2,500,000    2,518,900
Montgomery County, Pennsylvania Industrial
Development Authority Revenue 		     
(AICUP Financing Program - Gwynedd Mercy University Project)
Series VV1 5.75% 5/1/48   		   1,500,000    1,553,475
(Germantown Academy Project)
Series A 4.00% 10/1/51   		   1,430,000    1,195,694
    55

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Montgomery County, Pennsylvania Industrial
Development Authority Revenue 		     
(Ursinus College Project)      
 5.00% 11/1/44      1,870,000 $  1,891,823
 5.25% 11/1/54      2,000,000    2,034,300
Pennsylvania Economic Development Financing Authority
Revenue 		     
(Villanova University Project)
 5.00% 8/1/49   		   1,500,000    1,605,390
Pennsylvania Higher Educational Facilities Authority
Revenue 		     
(The Trustees of the University of Pennsylvania)      
Series A 5.00% 2/15/35      1,250,000    1,472,412
Series A 5.00% 2/15/55      2,500,000    2,686,675
(Ursinus College Project)
Series A 5.00% 11/1/32   		   1,130,000    1,197,823
Pennsylvania State University Revenue      
 5.25% 9/1/53      3,000,000    3,272,430
 5.25% 9/1/54      3,000,000    3,285,690
Series A 5.25% 9/1/52      2,000,000    2,170,320
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue 		     
(International Apartments of Temple University)      
Series A 5.375% 6/15/30  ‡    1,145,000      973,250
Series A 5.625% 6/15/42  ‡    3,000,000    2,550,000
(Saint Joseph's University Project)
 5.50% 11/1/60   		   6,000,000    6,502,380
Swarthmore Borough, Pennsylvania Authority Revenue      
(Swarthmore College)      
 5.00% 9/15/48      2,395,000    2,576,733
 5.00% 9/15/53      2,000,000    2,141,060
Upper Dauphin, Pennsylvania Industrial Development
Authority Revenue 		     
(Pennsylvania Steam Academy Charter School Project)      
Series A 144A 6.25% 7/1/57  #    2,500,000    2,554,300
Series B 144A 6.00% 7/1/29  #      235,000     232,692
   59,584,562
Electric Revenue Bonds — 0.48%
Puerto Rico Electric Power Authority Revenue      
Series A 5.00% 7/1/42  ‡    1,110,000      621,600
Series A 5.05% 7/1/42  ‡      400,000      224,000
56    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series WW 5.25% 7/1/33  ‡    1,055,000 $    590,800
Series WW 5.50% 7/1/38  ‡    1,190,000     666,400
    2,102,800
Healthcare Revenue Bonds — 30.13%
Adams County, Pennsylvania General Authority Revenue      
(The Brethren Home Community Project)
Series A 5.00% 6/1/59   		   1,500,000    1,521,060
Allegheny County, Pennsylvania Hospital Development
Authority Revenue 		     
(Allegheny Health Network Obligated Group Issue)      
Series A 4.00% 4/1/44      2,640,000    2,488,332
Series A 5.00% 4/1/47     13,240,000   13,489,707
(University of Pittsburgh Medical Center)      
Series A 4.00% 7/15/38      1,125,000    1,130,141
Series A 4.00% 7/15/39      2,000,000    1,995,620
Berks County, Pennsylvania Industrial Development
Authority Revenue 		     
(The Highlands at Wyomissing)      
Series A 5.00% 5/15/37      1,365,000    1,386,662
Series A 5.00% 5/15/42        470,000      473,751
Series A 5.00% 5/15/47        600,000      601,776
Series C 5.00% 5/15/42      1,000,000    1,007,980
Series C 5.00% 5/15/47      1,000,000    1,002,960
Bucks County, Pennsylvania Industrial Development
Authority Revenue 		     
(St. Luke's University Health Network Project)      
 3.00% 8/15/53      3,000,000    2,196,990
 4.00% 8/15/50      1,400,000    1,278,396
 4.00% 8/15/50 (BAM)     1,600,000    1,504,560
Butler County, Pennsylvania Hospital Authority Revenue      
(Butler Health System Project)
Series A 5.00% 7/1/39   		   1,625,000    1,538,599
Centre County, Pennsylvania Hospital Authority Revenue      
(Mount Nittany Medical Center Project)
Series A 4.00% 11/15/47   		   1,400,000    1,297,716
Chester County, Pennsylvania Health and Education
Facilities Authority Revenue 		     
(Main Line Health System)
Series A 4.00% 9/1/50   		     310,000      290,594
    57

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Cumberland County, Pennsylvania Municipal Authority
Revenue 		     
(Asbury Pennsylvania Obligated Group)
 5.00% 1/1/45   		   3,000,000 $  2,888,970
(Diakon Lutheran Social Ministries Project)
 5.00% 1/1/38   		     675,000      675,297
(Penn State Health)
Series A 4.00% 11/1/44   		   5,000,000    4,707,550
Doylestown, Pennsylvania Hospital Authority Revenue      
144A 5.375% 7/1/39  #    1,000,000    1,090,040
DuBois, Pennsylvania Hospital Authority Revenue      
(Penn Highlands Healthcare)      
 4.00% 7/15/45      1,695,000    1,436,580
 4.00% 7/15/48      2,000,000    1,637,540
Lancaster County, Pennsylvania Hospital Authority
Revenue 		     
(Brethren Village Project)      
 5.00% 7/1/31        130,000      131,195
 5.25% 7/1/35        250,000      250,382
 5.50% 7/1/45      1,000,000    1,000,530
(Landis Homes Retirement Community Project)
Series A 5.00% 7/1/45   		   2,000,000    2,002,680
(Masonic Villages Project)      
 5.00% 11/1/35      1,000,000    1,029,300
 5.00% 11/1/36        510,000      524,183
 5.00% 11/1/37        250,000      256,765
 5.125% 11/1/38      3,500,000    3,765,510
Lehigh County, Pennsylvania General Purpose Hospital
Authority Revenue 		     
(Lehigh Valley Health Network)
Series A 4.00% 7/1/49   		  10,000,000    9,124,800
Maxatawny Township, Pennsylvania Municipal Authority
Revenue 		     
(Diakon Lutheran Social Ministries Project)
Series A 4.50% 1/1/45   		   2,000,000    1,942,800
Monroeville, Pennsylvania Finance Authority Revenue      
Series B 4.00% 2/15/41      2,100,000    2,067,324
Montgomery County, Pennsylvania Higher Education and
Health Authority Revenue 		     
(Thomas Jefferson University)      
Series A 4.00% 9/1/49      2,500,000    2,277,050
Series B 4.00% 5/1/47      4,000,000    3,704,800
58    

 

Table of Contents
    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% 5/1/52      5,950,000 $  5,409,562
Series B 4.00% 5/1/56 (BAM)     2,000,000    1,836,580
Series B 5.00% 5/1/57      3,285,000    3,368,373
Montgomery County, Pennsylvania Industrial
Development Authority Revenue 		     
(Foulkeways at Gwynedd Project)
 5.00% 12/1/46   		   1,500,000    1,501,920
(Waverly Heights Project)
 4.00% 12/1/37   		     300,000      294,948
(Whitemarsh Continuing Care Retirement Community Project)      
 5.375% 1/1/50      4,035,000    3,894,219
Series A 5.25% 1/1/48      1,000,000      959,240
Series A 5.375% 1/1/51      1,600,000    1,536,720
Moon, Pennsylvania Industrial Development Authority
Revenue 		     
(Baptist Homes Society)
 6.125% 7/1/50   		   4,090,000    3,274,045
Northampton County, Pennsylvania General Purpose
Authority Revenue 		     
(St. Luke's University Health Network Project)
Series A1 5.25% 8/15/53   		   1,500,000    1,595,880
Northampton County, Pennsylvania Industrial
Development Authority Revenue 		     
(Morningstar Senior Living, Inc. Project)
 5.00% 11/1/44   		   1,000,000      933,920
Pennsylvania Economic Development Financing Authority
First Mortgage Revenue 		     
(Tapestry Moon Senior Housing Project)      
Series A 144A 6.50% 12/1/38  #, ‡      715,000      214,500
Series A 144A 6.75% 12/1/53  #, ‡    5,400,000    1,620,000
Pennsylvania Economic Development Financing Authority
Revenue 		     
(Presbyterian Senior Living Project)      
Series B-1 5.25% 7/1/49      2,750,000    2,868,305
Series B-2 5.25% 7/1/46      2,500,000    2,623,650
(University of Pittsburgh Medical Center)      
Series A 4.00% 11/15/42      5,200,000    5,014,412
Series A 4.00% 2/15/52      1,710,000    1,555,177
    59

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Pennsylvania Economic Development Financing Authority
Revenue 		     
(University of Pittsburgh Medical Center)
Subordinate Series A-2 4.00% 5/15/48      2,250,000 $  2,103,952
Pennsylvania Higher Educational Facilities Authority
Revenue 		     
(Thomas Jefferson University)
Series B-1 5.25% 11/1/48 (AGC)  		   1,000,000    1,076,220
(University of Pennsylvania Health System)      
 4.00% 8/15/49      7,660,000    7,148,618
Series B 4.00% 8/15/40      1,345,000    1,354,967
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue 		     
(The Children's Hospital of Philadelphia Project)      
Series A 4.00% 7/1/49      2,500,000    2,406,375
Series A 5.50% 7/1/53      3,000,000    3,332,940
(Wesley Enhanced Living Obligated Group)
Series A 5.00% 7/1/49   		   2,500,000   2,410,550
  132,053,213
Housing Revenue Bonds — 3.85%
Pennsylvania Housing Finance Agency Single Family
Mortgage Revenue 		     
(Social Bonds)      
Series 142A 5.00% 10/1/50      5,000,000    5,128,750
Series 143A 5.30% 4/1/44      4,645,000    4,826,387
Series 143A 5.45% 4/1/51      3,750,000    3,870,225
Series 146A 4.75% 4/1/53      3,000,000   3,040,800
   16,866,162
Industrial Development Revenue/Pollution ControlRevenue Bonds — 8.06%
Allegheny County, Pennsylvania Industrial Development
Authority Revenue 		     
(United States Steel Corporation Project)      
 5.125% 5/1/30      3,250,000    3,427,742
 5.75% 8/1/42 (AMT)       725,000      725,747
Allentown, Pennsylvania Neighborhood Improvement
Zone Development Authority Revenue 		     
(City Center Project)
144A 5.00% 5/1/42  # 		   1,000,000    1,024,310
60    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Chester County, Pennsylvania Industrial Development
Authority Revenue 		     
(Longwood Gardens, Inc. Project)
 4.00% 12/1/51   		   2,635,000 $  2,479,271
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)
Series A 8.21% 5/15/57  ^ 		  95,000,000    6,389,700
Pennsylvania Commonwealth Financing Authority
Revenue 		     
(Tobacco Master Settlement Payment Revenue)
 4.00% 6/1/39 (AGM)  		   5,045,000    5,060,539
Pennsylvania Economic Development Financing Authority
Revenue 		     
(National Gypsum)
 5.50% 11/1/44 (AMT)  		   4,000,000    4,005,200
Pennsylvania Economic Development Financing Authority
Solid Waste Disposal Revenue 		     
(Proctor & Gamble Paper Project)
 5.375% 3/1/31 (AMT)  		  11,000,000  12,239,040
   35,351,549
Lease Revenue Bonds — 0.61%
Pennsylvania Economic Development Financing Authority
Tax-Exempt Private Activity Revenue 		     
(Pennsylvania Rapid Bridge Replacement Project)      
 5.00% 12/31/29 (AMT)       500,000      509,110
 5.00% 12/31/34 (AMT)     2,115,000   2,147,402
    2,656,512
Local General Obligation Bonds — 3.26%
City of Philadelphia, Pennsylvania      
 5.00% 8/1/41      1,260,000    1,297,170
Series A 4.00% 5/1/42        500,000      497,145
City of Pittsburgh, Pennsylvania      
 5.00% 9/1/41      1,000,000    1,068,690
 5.00% 9/1/42      1,000,000    1,064,250
 5.00% 9/1/43        500,000      528,875
Council Rock, Pennsylvania School District      
 4.00% 11/15/52      2,975,000    2,881,169
Marple Newtown, Pennsylvania School District      
 3.00% 6/1/40      3,740,000    3,406,242
    61

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Township of Lower Paxton, Pennsylvania      
Series A 4.00% 4/1/50      1,100,000 $  1,047,706
West Branch Area School District, Pennsylvania      
 4.00% 5/15/41 (AGM)       930,000      930,977
 4.00% 5/15/44 (AGM)     1,595,000   1,560,069
   14,282,293
Pre-Refunded/Escrowed to Maturity Bonds — 0.47%
Berks County, Pennsylvania Industrial Development
Authority Revenue 		     
(The Highlands at Wyomissing)      
 5.00% 5/15/43-25  §      500,000      511,905
 5.00% 5/15/48-25  §    1,000,000    1,023,810
Pennsylvania Higher Educational Facilities Authority
Revenue 		     
(University of the Arts)
 5.20% 3/15/25 (AGC)  		     515,000      515,397
Philadelphia, Pennsylvania School District      
Series F 5.00% 9/1/38-26  §        5,000       5,170
    2,056,282
Special Tax Revenue Bonds — 17.22%
Allentown, Pennsylvania Neighborhood Improvement
Zone Development Authority Revenue 		     
(City Center Project)
144A 5.25% 5/1/42  # 		   4,300,000    4,341,108
(Forward Delivery)
 5.00% 5/1/42   		   2,000,000    2,086,900
Chester County, Pennsylvania Industrial Development
Authority Revenue 		     
(Woodlands at Greystone Project)
144A 5.125% 3/1/48  # 		     802,000      775,879
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •      731,973      468,463
 2.876% 11/1/43  •    8,661,458    5,456,718
GDB Debt Recovery Authority of Puerto Rico Revenue      
(Taxable)
 7.50% 8/20/40   		  16,326,931   15,979,820
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/39      5,040,000    5,243,868
62    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53      7,858,000 $  7,819,260
Series A-1 5.00% 7/1/58      5,000,000    5,021,050
Series A-1 5.614% 7/1/46  ^   26,050,000    8,779,892
Series A-1 5.716% 7/1/51  ^   16,638,000    4,146,356
Series A-2 4.329% 7/1/40      2,650,000    2,643,375
Series A-2 4.536% 7/1/53      1,000,000      994,330
Southeastern Pennsylvania Transportation Authority
Revenue 		     
(Asset Improvement Program)
 5.25% 6/1/52   		  10,000,000   10,699,100
Washington County, Pennsylvania Redevelopment
Authority Revenue 		     
(Victory Centre Tax Increment Financing Project)
 5.00% 7/1/35   		   1,000,000   1,003,250
   75,459,369
State General Obligation Bonds — 2.93%
Commonwealth of Pennsylvania      
 4.00% 10/1/39      1,000,000    1,018,540
Series B 5.00% 8/15/37      1,500,000    1,726,515
Series B 5.00% 8/15/39      2,500,000    2,844,075
Series D 4.00% 8/15/34      1,370,000    1,373,795
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/37      2,172,745    2,161,425
Series A-1 4.00% 7/1/41      1,169,072    1,126,822
Series A-1 4.00% 7/1/46      2,830,000   2,582,629
   12,833,801
Transportation Revenue Bonds — 16.39%
Allegheny County, Pennsylvania Airport Authority
Revenue 		     
Series A 4.00% 1/1/38 (AMT)     1,400,000    1,397,802
Series A 5.00% 1/1/56 (AMT)     2,505,000    2,542,224
(Pittsburgh International Airport)
Series A 5.50% 1/1/53 (AGM) (AMT)  		   1,260,000    1,351,879
City of Philadelphia, Pennsylvania Airport Revenue      
 4.00% 7/1/46 (AGM) (AMT)     3,125,000    2,953,875
 5.00% 7/1/51 (AMT)     3,000,000    3,068,880
Series A 4.00% 7/1/33     10,000,000   10,372,500
Series C 4.00% 7/1/50 (AMT)     2,500,000    2,317,450
    63

 

Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Delaware River Joint Toll Bridge Commission Revenue      
(Pennsylvania - New Jersey)
 5.00% 7/1/42   		   5,000,000 $  5,139,350
Pennsylvania Economic Development Financing Authority
Revenue 		     
Series B-2 4.859% 1/1/45 (BAM) ^    3,345,000    1,345,995
Series B-2 5.52% 1/1/46 (BAM) ^    1,885,000      720,994
Series B-2 5.54% 1/1/47 (BAM) ^    2,050,000      741,505
Pennsylvania Turnpike Commission Oil Franchise Tax
Revenue 		     
Series A 5.00% 12/1/46      2,750,000    2,949,072
Subordinate Series B 4.00% 12/1/51      3,740,000    3,484,259
Pennsylvania Turnpike Commission Revenue      
Series A 4.00% 12/1/38      2,250,000    2,275,133
Series A 5.00% 12/1/44      2,000,000    2,118,780
Series A 5.25% 12/1/55      4,750,000    5,175,980
Series A-1 5.00% 12/1/45      1,000,000    1,001,860
Series C 3.00% 12/1/51      2,825,000    2,153,554
Series C 5.00% 12/1/44      1,000,000    1,095,500
Subordinate First Series 5.00% 12/1/43      3,250,000    3,607,728
Subordinate Series A 3.00% 12/1/42      2,000,000    1,712,540
Subordinate Series A 4.00% 12/1/43 (BAM)     1,785,000    1,789,980
Subordinate Series A 4.00% 12/1/49 (AGM)     2,375,000    2,275,036
Subordinate Series B 3.00% 12/1/51      7,550,000    5,743,511
Subordinate Series B 4.00% 12/1/51      1,200,000    1,114,392
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority Revenue 		     
(San Juan Cruise Terminal Project)
Subseries A-3 6.50% 1/1/41 (AMT)  		   2,000,000    2,391,720
Susquehanna Area, Pennsylvania Regional Airport
Authority Revenue 		     
 5.00% 1/1/38 (AMT)     1,000,000   1,012,030
   71,853,529
Water & Sewer Revenue Bonds — 1.26%
Allegheny County, Pennsylvania Sanitary Authority
Revenue 		     
 5.00% 6/1/53      2,125,000    2,242,683
City of Philadelphia, Pennsylvania Water & Wastewater
Revenue 		     
Series C 5.25% 9/1/49 (AGC)     2,000,000    2,186,460
64    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Pittsburgh Water & Sewer Authority System Revenue      
First Lien Senior Series A 5.00% 9/1/55 (AGC)     1,000,000 $  1,077,090
    5,506,233
Total Municipal Bonds (cost $429,705,394) 430,606,305
Short-Term Investments — 1.78%
Variable Rate Demand Notes — 1.78%¤
Northampton County, Pennsylvania General Purpose
Authority Revenue 		     
(St. Luke's University Health Network Project) Series B 1.50% 8/15/54
(LOC - TD Bank, N.A.) 		   7,000,000    7,000,000
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue 		     
(The Children's Hospital of Philadelphia Project) Series B-2 1.65% 7/1/54
(SPA – JPMorgan Chase Bank, N.A.) 		     800,000     800,000
Total Short-Term Investments (cost $7,800,000)   7,800,000
Total Value of Securities—100.03%
(cost $437,505,394) 		    $438,406,305
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $16,711,575, which represents 3.81% 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.”
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Table of Contents
Schedules of investments
Macquarie Tax-Free Pennsylvania Fund   
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2025. 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 February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AICUP – Association of Independent Colleges & Universities of Pennsylvania
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
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.
66    

 

Table of Contents
Statements of assets and liabilities
 February 28, 2025 (Unaudited) 
  Macquarie Tax-Free
Arizona Fund 		  Macquarie Tax-Free
California Fund 		  Macquarie Tax-Free
Colorado Fund
Assets:          
Investments, at value* $57,489,411   $320,776,698   $244,035,550
Cash 100,985   1,289,071   536,808
Dividend and interest receivable 496,380   3,329,152   2,565,669
Receivable for fund shares sold 50,159   70,132   680,539
Prepaid expenses 40,584   39,106   31,468
Receivable for payment by affiliates 18,576   31,481   9,849
Receivable for securities sold —   754,687   —
Other assets 617   958   1,741
Total Assets 58,196,712   326,291,285   247,861,624
Liabilities:          
Payable for fund shares redeemed 60,360   321,394   302,573
Accounting and administration
expenses payable 		13,088   20,727   19,778
Legal fees payable 12,988   20,656   21,376
Distribution payable 12,863   99,097   59,543
Audit and tax fees payable 12,226   12,226   12,226
Other accrued expenses 10,661   26,762   29,375
Distribution fees payable to affiliates 8,746   20,724   27,058
Investment management fees payable to affiliates 7,795   96,229   74,250
Payable for securities purchased —   4,133,125   —
Total Liabilities 138,727   4,750,940   546,179
Total Net Assets $58,057,985   $321,540,345   $247,315,445
Net Assets Consist of:          
Paid-in capital $64,225,262   $325,871,315   $259,895,250
Total distributable earnings (loss) (6,167,277)   (4,330,970)   (12,579,805)
Total Net Assets $58,057,985   $321,540,345   $247,315,445
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Table of Contents
Statements of assets and liabilities
  
  Macquarie Tax-Free
Arizona Fund 		Macquarie Tax-Free
California Fund 		Macquarie Tax-Free
Colorado Fund
Net Asset Value      
Class A:      
Net assets $42,192,531 $98,560,720 $133,034,398
Shares of beneficial interest outstanding, unlimited authorization, no par 4,086,331 8,769,411 12,703,638
Net asset value per share $10.33 $11.24 $10.47
Sales charge 4.50% 4.50% 4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge) $10.82 $11.77 $10.96
Class C:      
Net assets $982,179 $2,336,028 $2,230,321
Shares of beneficial interest outstanding, unlimited authorization, no par 94,884 207,423 212,448
Net asset value per share $10.35 $11.26 $10.50
Institutional Class:      
Net assets $14,883,275 $220,643,597 $112,050,726
Shares of beneficial interest outstanding, unlimited authorization, no par 1,441,582 19,628,361 10,699,985
Net asset value per share $10.32 $11.24 $10.47
*Investments, at cost 		$59,996,728 $320,086,749 $247,266,654
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
  Macquarie Tax-Free
Idaho Fund 		  Macquarie Tax-Free
New York Fund 		  Macquarie Tax-Free
Pennsylvania Fund
Assets:          
Investments, at value* $134,079,370   $294,735,929   $438,406,305
Cash 1,101,567   902,869   976,659
Dividend and interest receivable 1,633,573   3,330,930   4,713,311
Receivable for fund shares sold 1,250,449   175,096   230,607
Prepaid expenses 42,740   49,683   32,397
Receivable for payment by affiliates 14,983   17,190   109,852
Other assets 967   1,461   3,180
Total Assets 138,123,649   299,213,158   444,472,311
Liabilities:          
Payable for fund shares redeemed 352,083   647,850   578,498
Investment management fees payable to affiliates 39,447   89,645   145,024
Distribution payable 18,006   105,129   86,385
Distribution fees payable to affiliates 17,064   38,293   72,733
Accounting and administration
expenses payable 		16,114   20,037   28,298
Legal fees payable 13,344   21,841   30,658
Audit and tax fees payable 12,226   12,226   12,226
Other accrued expenses 11,299   15,447   64,596
Payable for securities purchased —   —   5,165,293
Total Liabilities 479,583   950,468   6,183,711
Total Net Assets $137,644,066   $298,262,690   $438,288,600
Net Assets Consist of:          
Paid-in capital $150,441,262   $302,833,752   $454,109,674
Total distributable earnings (loss) (12,797,196)   (4,571,062)   (15,821,074)
Total Net Assets $137,644,066   $298,262,690   $438,288,600
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Table of Contents
Statements of assets and liabilities
  
  Macquarie Tax-Free
Idaho Fund 		Macquarie Tax-Free
New York Fund 		Macquarie Tax-Free
Pennsylvania Fund
Net Asset Value      
Class A:      
Net assets $73,730,670 $181,528,132 $329,141,054
Shares of beneficial interest outstanding, unlimited authorization, no par 6,976,202 16,997,354 44,584,825
Net asset value per share $10.57 $10.68 $7.38
Sales charge 4.50% 4.50% 4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge) $11.07 $11.18 $7.73
Class C:      
Net assets $4,296,553 $4,877,259 $11,987,501
Shares of beneficial interest outstanding, unlimited authorization, no par 406,751 457,741 1,623,328
Net asset value per share $10.56 $10.66 $7.38
Institutional Class:      
Net assets $59,616,843 $111,857,299 $97,160,045
Shares of beneficial interest outstanding, unlimited authorization, no par 5,639,553 10,482,202 13,170,361
Net asset value per share $10.57 $10.67 $7.38
*Investments, at cost 		$137,866,196 $295,106,423 $437,505,394
See accompanying notes, which are an integral part of the financial statements.
70    

 

Table of Contents
Statements of operations
 Six months ended February 28, 2025 (Unaudited)
  Macquarie Tax-Free
Arizona Fund 		  Macquarie Tax-Free
California Fund 		  Macquarie Tax-Free
Colorado Fund
Investment Income:          
Interest $1,239,777   $6,647,292   $5,096,078
Expenses:          
Management fees 143,255   843,104   646,855
Distribution expenses — Class A 52,119   117,912   162,396
Distribution expenses — Class C 4,501   12,158   11,135
Registration fees 31,047   39,590   34,572
Accounting and administration expenses 23,428   37,995   35,041
Audit and tax fees 22,436   22,436   22,436
Dividend disbursing and transfer agent fees and expenses 19,968   95,152   76,408
Legal fees 7,458   22,667   19,688
Reports and statements to shareholders expenses 6,063   10,138   10,462
Trustees’ fees 1,321   6,902   5,314
Custodian fees 367   1,708   1,335
Other 8,840   24,269   28,244
  320,803   1,234,031   1,053,886
Less expenses waived (92,574)   (247,637)   (190,789)
Less expenses paid indirectly (387)   (1,767)   (1,390)
Total operating expenses 227,842   984,627   861,707
Net Investment Income (Loss) 1,011,935   5,662,665   4,234,371
    71

 

Table of Contents
Statements of operations
  
  Macquarie Tax-Free
Arizona Fund 		  Macquarie Tax-Free
California Fund 		  Macquarie Tax-Free
Colorado Fund
Net Realized and Unrealized Gain (Loss):          
Net realized gain (loss) on:          
Investments $(315,389)   $(760,854)   $70,528
Net increase from payment by affiliates1 18,576   31,481   9,849
Net realized gain (loss) (296,813)   (729,373)   80,377
Net change in unrealized appreciation (depreciation) on investments (261,876)   (2,010,021)   (1,036,470)
Net Realized and Unrealized Gain (Loss) (558,689)   (2,739,394)   (956,093)
Net Increase (Decrease) in Net Assets Resulting from Operations $453,246   $2,923,271   $3,278,278
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
  Macquarie Tax-Free
Idaho Fund 		  Macquarie Tax-Free
New York Fund 		  Macquarie Tax-Free
Pennsylvania Fund
Investment Income:          
Interest $2,787,597   $6,308,811   $9,591,584
Expenses:          
Management fees 366,573   783,424   1,157,205
Distribution expenses — Class A 85,876   219,108   397,738
Distribution expenses — Class C 21,736   25,240   57,354
Dividend disbursing and transfer agent fees and expenses 44,228   80,140   133,736
Registration fees 36,836   31,067   32,484
Accounting and administration expenses 28,559   36,685   48,825
Audit and tax fees 22,436   22,436   22,436
Legal fees 10,651   21,859   32,379
Reports and statements to shareholders expenses 6,795   10,726   18,857
Trustees’ fees 3,043   6,401   9,602
Custodian fees 707   1,619   2,286
Other 17,747   22,613   18,416
  645,187   1,261,318   1,931,318
Less expenses waived (120,526)   (218,170)   (247,518)
Less expenses paid indirectly (719)   (1,799)   (2,448)
Total operating expenses 523,942   1,041,349   1,681,352
Net Investment Income (Loss) 2,263,655   5,267,462   7,910,232
    73

 

Table of Contents
Statements of operations
  
  Macquarie Tax-Free
Idaho Fund 		  Macquarie Tax-Free
New York Fund 		  Macquarie Tax-Free
Pennsylvania Fund
Net Realized and Unrealized Gain (Loss):          
Net realized gain (loss) on:          
Investments $(66,110)   $(377,461)   $(158,493)
Net increase from payment by affiliates1 14,983   17,190   109,852
Net realized gain (loss) (51,127)   (360,271)   (48,641)
Net change in unrealized appreciation (depreciation) on investments (813,161)   (2,426,826)   (3,332,815)
Net Realized and Unrealized Gain (Loss) (864,288)   (2,787,097)   (3,381,456)
Net Increase (Decrease) in Net Assets Resulting from Operations $1,399,367   $2,480,365   $4,528,776
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Statements of changes in net assets
Macquarie Tax-Free Arizona Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $1,011,935   $2,110,981
Net realized gain (loss) (315,389) 1   (1,441,220) 
Net increase from payment by affiliates 18,5762   —
Net change in unrealized appreciation (depreciation) (261,876)   4,873,284
Net increase (decrease) in net assets resulting from operations 453,246   5,543,045
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (699,712)   (1,542,571)
Class C (11,735)   (24,486)
Institutional Class (265,352)   (487,159)
  (976,799)   (2,054,216)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 1,778,764   2,013,642
Class C 115,785   257,270
Institutional Class 2,538,318   4,530,733
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 627,129   1,365,808
Class C 11,735   24,486
Institutional Class 253,444   468,511
  5,325,175   8,660,450
    75

 

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Statements of changes in net assets
Macquarie Tax-Free Arizona Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(2,850,994)   $(8,679,770)
Class C (21,272)   (288,916)
Institutional Class (1,811,382)   (4,498,926)
  (4,683,648)   (13,467,612)
Increase (decrease) in net assets derived from capital share transactions 641,527   (4,807,162)
Net Increase (Decrease) in Net Assets 117,974   (1,318,333)
Net Assets:      
Beginning of period 57,940,011   59,258,344
End of period $58,057,985   $57,940,011
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
76    

 

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Statements of changes in net assets
Macquarie Tax-Free California Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $5,662,665   $9,333,401
Net realized gain (loss) (760,854) 1   (1,651,543) 
Net increase from payment by affiliates 31,4812   —
Net change in unrealized appreciation (depreciation) (2,010,021)   15,010,486
Net increase (decrease) in net assets resulting from operations 2,923,271   22,692,344
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (1,619,708)   (2,886,232)
Class C (32,548)   (69,595)
Institutional Class (3,868,889)   (6,126,580)
  (5,521,145)   (9,082,407)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 18,524,986   21,114,312
Class C 208,457   567,766
Institutional Class 51,090,755   85,705,446
Net assets from reorganization:3      
Class A —   7,161,531
Class C —   357,099
Institutional Class —   4,402,146
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 1,495,906   2,711,320
Class C 30,185   67,433
Institutional Class 3,460,778   5,591,014
  74,811,067   127,678,067
    77

 

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Statements of changes in net assets
Macquarie Tax-Free California Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(8,896,009)   $(16,582,877)
Class C (455,083)   (561,654)
Institutional Class (28,530,585)   (40,366,205)
  (37,881,677)   (57,510,736)
Increase in net assets derived from capital share transactions 36,929,390   70,167,331
Net Increase in Net Assets 34,331,516   83,777,268
Net Assets:      
Beginning of period 287,208,829   203,431,561
End of period $321,540,345   $287,208,829
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
3 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
78    

 

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Statements of changes in net assets
Macquarie Tax-Free Colorado Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $4,234,371   $7,817,128
Net realized gain (loss) 70,5281   (984,903) 
Net increase from payment by affiliates 9,8492   —
Net change in unrealized appreciation (depreciation) (1,036,470)   12,295,771
Net increase (decrease) in net assets resulting from operations 3,278,278   19,127,996
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (2,223,591)   (4,380,176)
Class C (29,749)   (75,489)
Institutional Class (1,894,712)   (3,213,842)
  (4,148,052)   (7,669,507)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 11,546,041   13,056,225
Class C 122,733   319,105
Institutional Class 27,029,617   39,440,328
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 1,998,762   3,996,159
Class C 29,667   73,942
Institutional Class 1,756,416   2,975,770
  42,483,236   59,861,529
    79

 

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Statements of changes in net assets
Macquarie Tax-Free Colorado Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(6,592,881)   $(24,544,156)
Class C (148,556)   (1,399,457)
Institutional Class (11,494,340)   (34,235,513)
  (18,235,777)   (60,179,126)
Increase (decrease) in net assets derived from capital share transactions 24,247,459   (317,597)
Net Increase in Net Assets 23,377,685   11,140,892
Net Assets:      
Beginning of period 223,937,760   212,796,868
End of period $247,315,445   $223,937,760
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
80    

 

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Statements of changes in net assets
Macquarie Tax-Free Idaho Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $2,263,655   $4,377,465
Net realized gain (loss) (66,110) 1   (393,049) 
Net increase from payment by affiliates 14,9832   —
Net change in unrealized appreciation (depreciation) (813,161)   6,872,458
Net increase (decrease) in net assets resulting from operations 1,399,367   10,856,874
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (1,105,307)   (2,209,529)
Class C (53,494)   (117,825)
Institutional Class (1,043,637)   (1,959,183)
  (2,202,438)   (4,286,537)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 16,242,086   11,510,477
Class C 175,425   1,034,787
Institutional Class 10,358,465   19,373,306
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 1,073,214   2,137,635
Class C 53,385   117,725
Institutional Class 961,876   1,820,272
  28,864,451   35,994,202
    81

 

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Statements of changes in net assets
Macquarie Tax-Free Idaho Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(9,038,193)   $(15,991,095)
Class C (465,571)   (1,348,873)
Institutional Class (11,571,425)   (14,994,347)
  (21,075,189)   (32,334,315)
Increase in net assets derived from capital share transactions 7,789,262   3,659,887
Net Increase in Net Assets 6,986,191   10,230,224
Net Assets:      
Beginning of period 130,657,875   120,427,651
End of period $137,644,066   $130,657,875
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
82    

 

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Statements of changes in net assets
Macquarie Tax-Free New York Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $5,267,462   $8,552,448
Net realized gain (loss) (377,461) 1   (1,539,340) 
Net increase from payment by affiliates 17,1902   —
Net change in unrealized appreciation (depreciation) (2,426,826)   12,312,676
Net increase (decrease) in net assets resulting from operations 2,480,365   19,325,784
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (3,069,094)   (5,194,525)
Class C (69,419)   (90,774)
Institutional Class (1,962,894)   (3,023,666)
  (5,101,407)   (8,308,965)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 32,756,006   46,696,952
Class C 1,072,674   3,377,365
Institutional Class 29,707,491   43,367,004
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 2,698,657   4,427,555
Class C 66,555   85,382
Institutional Class 1,630,600   2,480,719
  67,931,983   100,434,977
    83

 

Table of Contents
Statements of changes in net assets
Macquarie Tax-Free New York Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(15,436,876)   $(25,723,308)
Class C (823,735)   (1,729,368)
Institutional Class (15,264,248)   (20,768,673)
  (31,524,859)   (48,221,349)
Increase in net assets derived from capital share transactions 36,407,124   52,213,628
Net Increase in Net Assets 33,786,082   63,230,447
Net Assets:      
Beginning of period 264,476,608   201,246,161
End of period $298,262,690   $264,476,608
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
84    

 

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Statements of changes in net assets
Macquarie Tax-Free Pennsylvania Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $7,910,232   $15,373,069
Net realized gain (loss) (158,493) 1   (833,634) 
Net increase from payment by affiliates 109,8522   —
Net change in unrealized appreciation (depreciation) (3,332,815)   20,655,283
Net increase (decrease) in net assets resulting from operations 4,528,776   35,194,718
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (5,938,217)   (12,221,796)
Class C (168,992)   (302,591)
Institutional Class (1,742,086)   (2,909,620)
  (7,849,295)   (15,434,007)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 28,885,740   66,616,955
Class C 1,749,515   5,052,511
Institutional Class 22,909,552   39,556,013
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 5,439,414   11,017,413
Class C 165,632   295,898
Institutional Class 1,682,580   2,796,789
  60,832,433   125,335,579
    85

 

Table of Contents
Statements of changes in net assets
Macquarie Tax-Free Pennsylvania Fund 
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(25,606,282)   $(78,410,593)
Class C (888,502)   (3,662,600)
Institutional Class (10,804,533)   (25,064,042)
  (37,299,317)   (107,137,235)
Increase in net assets derived from capital share transactions 23,533,116   18,198,344
Net Increase in Net Assets 20,212,597   37,959,055
Net Assets:      
Beginning of period 418,076,003   380,116,948
End of period $438,288,600   $418,076,003
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
86    

 

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Table of Contents
Financial highlights
Macquarie Tax-Free Arizona Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
88    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.42   $9.78   $10.40   $12.09   $11.55   $11.70
 
                     
0.17   0.37   0.33   0.30   0.31   0.33
(0.09)   0.63   (0.63)   (1.61)   0.55   (0.13)
—3   —   —   —   —   —
0.08   1.00   (0.30)   (1.31)   0.86   0.20
                     
(0.17)   (0.36)   (0.32)   (0.30)   (0.31)   (0.35)
—   —   —4   (0.08)   (0.01)   —
(0.17)   (0.36)   (0.32)   (0.38)   (0.32)   (0.35)
$10.33   $10.42   $9.78   $10.40   $12.09   $11.55
0.80%3   10.39%   (2.84%)   (11.06%)   7.51%   1.79%
 
                     
$42,193   $43,007   $45,650   $56,882   $66,710   $62,186
0.85%6   0.84%   0.84%   0.84%   0.84%   0.84%
1.17%6   1.12%   1.10%   1.01%   1.00%   1.01%
3.48%   3.65%   3.31%   2.70%   2.60%   2.87%
3.16%   3.37%   3.05%   2.53%   2.44%   2.70%
4%   18%   22%   30%   19%   36%
89    

 

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Financial highlights
Macquarie Tax-Free Arizona Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
90    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.45   $9.80   $10.43   $12.12   $11.58   $11.73
 
                     
0.13   0.29   0.26   0.22   0.22   0.24
(0.10)   0.64   (0.64)   (1.61)   0.55   (0.12)
—3   —   —   —   —   —
0.03   0.93   (0.38)   (1.39)   0.77   0.12
                     
(0.13)   (0.28)   (0.25)   (0.22)   (0.22)   (0.27)
—   —   —4   (0.08)   (0.01)   —
(0.13)   (0.28)   (0.25)   (0.30)   (0.23)   (0.27)
$10.35   $10.45   $9.80   $10.43   $12.12   $11.58
0.33%3   9.66%   (3.65%)   (11.70%)   6.70%   1.03%
 
                     
$982   $883   $834   $1,119   $1,527   $2,561
1.60%6   1.59%   1.59%   1.59%   1.59%   1.59%
1.92%6   1.87%   1.85%   1.76%   1.75%   1.76%
2.73%   2.90%   2.56%   1.95%   1.85%   2.12%
2.41%   2.62%   2.30%   1.78%   1.69%   1.95%
4%   18%   22%   30%   19%   36%
91    

 

Table of Contents
Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
92    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.42   $9.78   $10.40   $12.09   $11.55   $11.70
 
                     
0.19   0.39   0.36   0.33   0.34   0.36
(0.10)   0.63   (0.63)   (1.61)   0.55   (0.13)
—3   —   —   —   —   —
0.09   1.02   (0.27)   (1.28)   0.89   0.23
                     
(0.19)   (0.38)   (0.35)   (0.33)   (0.34)   (0.38)
—   —   —4   (0.08)   (0.01)   —
(0.19)   (0.38)   (0.35)   (0.41)   (0.35)   (0.38)
$10.32   $10.42   $9.78   $10.40   $12.09   $11.55
0.82%3   10.66%   (2.60%)   (10.84%)   7.78%   2.05%
 
                     
$14,883   $14,050   $12,774   $18,875   $22,147   $15,072
0.60%6   0.59%   0.59%   0.59%   0.59%   0.59%
0.92%6   0.87%   0.85%   0.76%   0.75%   0.76%
3.73%   3.90%   3.56%   2.95%   2.85%   3.12%
3.41%   3.62%   3.30%   2.78%   2.69%   2.95%
4%   18%   22%   30%   19%   36%
93    

 

Table of Contents
Financial highlights
Macquarie Tax-Free California Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
94    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.33   $10.68   $10.97   $12.64   $12.18   $12.49
 
                     
0.19   0.41   0.39   0.35   0.37   0.38
(0.09)   0.64   (0.30)   (1.65)   0.46   (0.20)
—3   —   —   —   —   —
0.10   1.05   0.09   (1.30)   0.83   0.18
                     
(0.19)   (0.40)   (0.38)   (0.35)   (0.37)   (0.38)
—   —   —   (0.02)   —   (0.11)
(0.19)   (0.40)   (0.38)   (0.37)   (0.37)   (0.49)
$11.24   $11.33   $10.68   $10.97   $12.64   $12.18
0.91%3   9.98%   0.87%   (10.48%)   6.88%   1.59%
 
                     
$98,561   $88,231   $69,093   $71,308   $86,059   $44,059
0.81%5   0.80%   0.81%   0.82%   0.86%   0.82%
0.97%5   1.00%   1.00%   0.99%   1.06%   1.03%
3.53%   3.70%   3.62%   2.94%   2.95%   3.17%
3.37%   3.50%   3.43%   2.77%   2.75%   2.96%
6%   25%   22%   31%   14%   36%
95    

 

Table of Contents
Financial highlights
Macquarie Tax-Free California Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
96    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.35   $10.71   $11.00   $12.66   $12.21   $12.52
 
                     
0.15   0.32   0.31   0.26   0.27   0.29
(0.09)   0.63   (0.30)   (1.64)   0.45   (0.20)
—3   —   —   —   —   —
0.06   0.95   0.01   (1.38)   0.72   0.09
                     
(0.15)   (0.31)   (0.30)   (0.26)   (0.27)   (0.29)
—   —   —   (0.02)   —   (0.11)
(0.15)   (0.31)   (0.30)   (0.28)   (0.27)   (0.40)
$11.26   $11.35   $10.71   $11.00   $12.66   $12.21
0.53%3   9.05%   0.12%   (11.05%)   5.99%   0.83%
 
                     
$2,336   $2,573   $2,001   $2,479   $3,843   $6,829
1.56%5   1.55%   1.56%   1.57%   1.61%   1.57%
1.72%5   1.75%   1.75%   1.74%   1.81%   1.78%
2.77%   2.95%   2.87%   2.19%   2.20%   2.42%
2.61%   2.75%   2.68%   2.02%   2.00%   2.21%
6%   25%   22%   31%   14%   36%
97    

 

Table of Contents
Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
98    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.33   $10.69   $10.97   $12.64   $12.18   $12.49
 
                     
0.21   0.43   0.42   0.38   0.40   0.41
(0.09)   0.63   (0.29)   (1.65)   0.46   (0.20)
—3   —   —   —   —   —
0.12   1.06   0.13   (1.27)   0.86   0.21
                     
(0.21)   (0.42)   (0.41)   (0.38)   (0.40)   (0.41)
—   —   —   (0.02)   —   (0.11)
(0.21)   (0.42)   (0.41)   (0.40)   (0.40)   (0.52)
$11.24   $11.33   $10.69   $10.97   $12.64   $12.18
1.03%3   10.15%   1.22%   (10.26%)   7.14%   1.84%
 
                     
$220,643   $196,405   $132,338   $79,900   $45,996   $34,098
0.56%5   0.55%   0.56%   0.57%   0.61%   0.57%
0.72%5   0.75%   0.75%   0.74%   0.81%   0.78%
3.78%   3.95%   3.87%   3.19%   3.20%   3.42%
3.62%   3.75%   3.68%   3.02%   3.00%   3.21%
6%   25%   22%   31%   14%   36%
99    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Colorado Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
100    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.51   $9.92   $10.30   $11.70   $11.36   $11.48
 
                     
0.18   0.37   0.35   0.30   0.29   0.33
(0.04)   0.58   (0.39)   (1.40)   0.34   (0.12)
—3   —   —   —   —   —
0.14   0.95   (0.04)   (1.10)   0.63   0.21
                     
(0.18)   (0.36)   (0.34)   (0.30)   (0.29)   (0.33)
(0.18)   (0.36)   (0.34)   (0.30)   (0.29)   (0.33)
$10.47   $10.51   $9.92   $10.30   $11.70   $11.36
1.32%3   9.77%   (0.39%)   (9.49%)   5.64%   1.88%
 
                     
$133,034   $126,556   $127,477   $142,904   $164,258   $162,955
0.84%6   0.82%   0.82%   0.82%   0.83%   0.84%
1.00%6   0.98%   0.98%   0.96%   0.96%   0.96%
3.50%   3.62%   3.43%   2.76%   2.54%   2.91%
3.34%   3.46%   3.27%   2.62%   2.41%   2.79%
4%   16%   34%   24%   10%   18%
101    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Colorado Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
102    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.54   $9.94   $10.32   $11.73   $11.39   $11.51
 
                     
0.14   0.30   0.27   0.22   0.21   0.24
(0.04)   0.59   (0.39)   (1.41)   0.34   (0.12)
—3   —   —   —   —   —
0.10   0.89   (0.12)   (1.19)   0.55   0.12
                     
(0.14)   (0.29)   (0.26)   (0.22)   (0.21)   (0.24)
(0.14)   (0.29)   (0.26)   (0.22)   (0.21)   (0.24)
$10.50   $10.54   $9.94   $10.32   $11.73   $11.39
0.95%3   9.05%   (1.14%)   (10.22%)   4.85%   1.12%
 
                     
$2,230   $2,236   $3,111   $4,845   $6,758   $8,121
1.59%6   1.57%   1.57%   1.57%   1.58%   1.59%
1.75%6   1.73%   1.73%   1.71%   1.71%   1.71%
2.75%   2.87%   2.68%   2.01%   1.79%   2.16%
2.59%   2.71%   2.52%   1.87%   1.66%   2.04%
4%   16%   34%   24%   10%   18%
103    

 

Table of Contents
Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
104    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.51   $9.92   $10.30   $11.70   $11.36   $11.48
 
                     
0.19   0.40   0.37   0.33   0.32   0.36
(0.04)   0.58   (0.39)   (1.40)   0.34   (0.12)
—3   —   —   —   —   —
0.15   0.98   (0.02)   (1.07)   0.66   0.24
                     
(0.19)   (0.39)   (0.36)   (0.33)   (0.32)   (0.36)
(0.19)   (0.39)   (0.36)   (0.33)   (0.32)   (0.36)
$10.47   $10.51   $9.92   $10.30   $11.70   $11.36
1.45%3   10.05%   (0.14%)   (9.27%)   5.91%   2.14%
 
                     
$112,051   $95,146   $82,209   $82,431   $76,092   $51,941
0.59%6   0.57%   0.57%   0.57%   0.58%   0.59%
0.75%6   0.73%   0.73%   0.71%   0.71%   0.71%
3.75%   3.87%   3.68%   3.01%   2.79%   3.16%
3.59%   3.71%   3.52%   2.87%   2.66%   3.04%
4%   16%   34%   24%   10%   18%
105    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Idaho Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
106    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.62   $10.06   $10.44   $11.91   $11.52   $11.65
 
                     
0.17   0.36   0.34   0.30   0.30   0.33
(0.05)   0.55   (0.39)   (1.47)   0.39   (0.13)
—3   —   —   —   —   —
0.12   0.91   (0.05)   (1.17)   0.69   0.20
                     
(0.17)   (0.35)   (0.33)   (0.30)   (0.30)   (0.33)
(0.17)   (0.35)   (0.33)   (0.30)   (0.30)   (0.33)
$10.57   $10.62   $10.06   $10.44   $11.91   $11.52
1.12%3   9.19%   (0.51%)   (10.00%)   6.03%   1.77%
 
                     
$73,731   $65,895   $64,691   $67,247   $71,345   $60,667
0.87%6   0.86%   0.86%   0.86%   0.86%   0.86%
1.05%6   1.03%   1.03%   1.01%   1.01%   1.02%
3.31%   3.45%   3.27%   2.62%   2.53%   2.87%
3.13%   3.28%   3.10%   2.47%   2.38%   2.71%
8%   14%   25%   38%   17%   22%
107    

 

Table of Contents
Financial highlights
Macquarie Tax-Free Idaho Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
108    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.62   $10.06   $10.44   $11.90   $11.51   $11.64
 
                     
0.13   0.28   0.26   0.21   0.21   0.24
(0.06)   0.55   (0.39)   (1.46)   0.39   (0.13)
—3   —   —   —   —   —
0.07   0.83   (0.13)   (1.25)   0.60   0.11
                     
(0.13)   (0.27)   (0.25)   (0.21)   (0.21)   (0.24)
(0.13)   (0.27)   (0.25)   (0.21)   (0.21)   (0.24)
$10.56   $10.62   $10.06   $10.44   $11.90   $11.51
0.66%3   8.38%   (1.26%)   (10.59%)   5.24%   1.00%
 
                     
$4,296   $4,556   $4,532   $4,997   $6,453   $8,819
1.62%6   1.61%   1.61%   1.61%   1.61%   1.61%
1.80%6   1.78%   1.78%   1.76%   1.76%   1.77%
2.55%   2.70%   2.52%   1.87%   1.78%   2.12%
2.37%   2.53%   2.35%   1.72%   1.63%   1.96%
8%   14%   25%   38%   17%   22%
109    

 

Table of Contents
Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets5
Ratio of expenses to average net assets prior to fees waived5
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Expense ratios do not include expenses of any investment companies in which the Fund invests.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
110    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.62   $10.07   $10.44   $11.91   $11.52   $11.65
 
                     
0.18   0.38   0.36   0.32   0.33   0.36
(0.05)   0.54   (0.38)   (1.47)   0.39   (0.13)
—3   —   —   —   —   —
0.13   0.92   (0.02)   (1.15)   0.72   0.23
                     
(0.18)   (0.37)   (0.35)   (0.32)   (0.33)   (0.36)
(0.18)   (0.37)   (0.35)   (0.32)   (0.33)   (0.36)
$10.57   $10.62   $10.07   $10.44   $11.91   $11.52
1.25%3   9.35%   (0.17%)   (9.77%)   6.29%   2.02%
 
                     
$59,617   $60,207   $51,205   $49,393   $51,125   $36,057
0.62%6   0.61%   0.61%   0.61%   0.61%   0.61%
0.80%6   0.78%   0.78%   0.76%   0.76%   0.77%
3.56%   3.70%   3.52%   2.87%   2.78%   3.12%
3.38%   3.53%   3.35%   2.72%   2.63%   2.96%
8%   14%   25%   38%   17%   22%
111    

 

Table of Contents
Financial highlights
Macquarie Tax-Free New York Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
112    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.77   $10.23   $10.56   $12.06   $11.66   $11.86
 
                     
0.19   0.39   0.37   0.31   0.29   0.33
(0.09)   0.53   (0.34)   (1.50)   0.45   (0.14)
—3   —   —   —   —   —
0.10   0.92   0.03   (1.19)   0.74   0.19
                     
(0.19)   (0.38)   (0.36)   (0.31)   (0.29)   (0.33)
—   —   —   —4   (0.05)   (0.06)
(0.19)   (0.38)   (0.36)   (0.31)   (0.34)   (0.39)
$10.68   $10.77   $10.23   $10.56   $12.06   $11.66
0.90%3   9.14%   0.29%   (9.96%)   6.46%   1.68%
 
                     
$181,528   $163,180   $130,791   $130,721   $161,593   $42,514
0.81%6   0.80%   0.80%   0.80%   0.83%   0.80%
0.96%6   0.97%   0.98%   0.97%   1.01%   1.05%
3.62%   3.71%   3.56%   2.78%   2.47%   2.86%
3.47%   3.54%   3.38%   2.61%   2.29%   2.61%
6%   21%   24%   30%   13%   31%
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Financial highlights
Macquarie Tax-Free New York Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.75   $10.21   $10.53   $12.03   $11.63   $11.83
 
                     
0.15   0.31   0.29   0.23   0.21   0.24
(0.09)   0.53   (0.33)   (1.50)   0.45   (0.14)
—3   —   —   —   —   —
0.06   0.84   (0.04)   (1.27)   0.66   0.10
                     
(0.15)   (0.30)   (0.28)   (0.23)   (0.21)   (0.24)
—   —   —   —4   (0.05)   (0.06)
(0.15)   (0.30)   (0.28)   (0.23)   (0.26)   (0.30)
$10.66   $10.75   $10.21   $10.53   $12.03   $11.63
0.52%3   8.34%   (0.37%)   (10.66%)   5.68%   0.92%
 
                     
$4,877   $4,613   $2,757   $3,818   $4,720   $7,037
1.56%6   1.55%   1.55%   1.55%   1.58%   1.55%
1.71%6   1.72%   1.73%   1.72%   1.76%   1.80%
2.87%   2.96%   2.81%   2.02%   1.72%   2.11%
2.72%   2.79%   2.63%   1.85%   1.54%   1.86%
6%   21%   24%   30%   13%   31%
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Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
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 return5
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Amount is less than $(0.005) per share.
5 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.77   $10.22   $10.55   $12.06   $11.66   $11.85
 
                     
0.20   0.41   0.39   0.34   0.32   0.36
(0.10)   0.54   (0.34)   (1.51)   0.45   (0.13)
—3   —   —   —   —   —
0.10   0.95   0.05   (1.17)   0.77   0.23
                     
(0.20)   (0.40)   (0.38)   (0.34)   (0.32)   (0.36)
—   —   —   —4   (0.05)   (0.06)
(0.20)   (0.40)   (0.38)   (0.34)   (0.37)   (0.42)
$10.67   $10.77   $10.22   $10.55   $12.06   $11.66
0.93%3   9.52%   0.54%   (9.82%)   6.73%   2.03%
 
                     
$111,858   $96,684   $67,698   $64,447   $50,997   $38,394
0.56%6   0.55%   0.55%   0.55%   0.58%   0.55%
0.71%6   0.72%   0.73%   0.72%   0.76%   0.80%
3.87%   3.96%   3.81%   3.03%   2.72%   3.11%
3.72%   3.79%   3.63%   2.86%   2.54%   2.86%
6%   21%   24%   30%   13%   31%
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Financial highlights
Macquarie Tax-Free Pennsylvania Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$7.44   $7.06   $7.31   $8.34   $8.06   $8.25
 
                     
0.14   0.28   0.27   0.22   0.23   0.25
(0.06)   0.38   (0.25)   (1.00)   0.32   (0.11)
—3   —   —   —   —   —
0.08   0.66   0.02   (0.78)   0.55   0.14
                     
(0.14)   (0.28)   (0.27)   (0.22)   (0.23)   (0.25)
—   —   —   (0.03)   (0.04)   (0.08)
(0.14)   (0.28)   (0.27)   (0.25)   (0.27)   (0.33)
$7.38   $7.44   $7.06   $7.31   $8.34   $8.06
1.03%3   9.61%   0.29%   (9.59%)   7.04%   1.72%
 
                     
$329,141   $323,008   $307,781   $338,811   $384,915   $364,480
0.83%   0.83%   0.84%   0.84%   0.83%   0.83%
0.95%   0.93%   0.95%   0.94%   0.92%   0.92%
3.73%   3.91%   3.75%   2.75%   2.86%   3.09%
3.61%   3.81%   3.64%   2.65%   2.77%   3.00%
7%   16%   35%   47%   32%   40%
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Financial highlights
Macquarie Tax-Free Pennsylvania Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
See accompanying notes, which are an integral part of the financial statements.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$7.44   $7.07   $7.31   $8.34   $8.06   $8.25
 
                     
0.11   0.23   0.21   0.16   0.17   0.19
(0.06)   0.37   (0.24)   (1.00)   0.32   (0.11)
—3   —   —   —   —   —
0.05   0.60   (0.03)   (0.84)   0.49   0.08
                     
(0.11)   (0.23)   (0.21)   (0.16)   (0.17)   (0.19)
—   —   —   (0.03)   (0.04)   (0.08)
(0.11)   (0.23)   (0.21)   (0.19)   (0.21)   (0.27)
$7.38   $7.44   $7.07   $7.31   $8.34   $8.06
0.65%3   8.64%   (0.33%)   (10.27%)   6.24%   0.95%
 
                     
$11,988   $11,056   $8,854   $10,540   $14,040   $19,009
1.58%   1.58%   1.59%   1.59%   1.59%   1.59%
1.70%   1.68%   1.70%   1.69%   1.68%   1.68%
2.97%   3.16%   3.00%   1.99%   2.10%   2.33%
2.85%   3.06%   2.89%   1.89%   2.01%   2.24%
7%   16%   35%   47%   32%   40%
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Financial highlights
Macquarie 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 income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
Net asset value, end of period
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented 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.
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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$7.44   $7.06   $7.31   $8.33   $8.05   $8.25
 
                     
0.14   0.30   0.29   0.24   0.25   0.27
(0.06)   0.38   (0.25)   (0.99)   0.32   (0.12)
—3   —   —   —   —   —
0.08   0.68   0.04   (0.75)   0.57   0.15
                     
(0.14)   (0.30)   (0.29)   (0.24)   (0.25)   (0.27)
—   —   —   (0.03)   (0.04)   (0.08)
(0.14)   (0.30)   (0.29)   (0.27)   (0.29)   (0.35)
$7.38   $7.44   $7.06   $7.31   $8.33   $8.05
1.15%3   9.88%   0.53%   (9.26%)   7.31%   1.84%
 
                     
$97,160   $84,012   $63,482   $72,330   $72,333   $55,919
0.58%   0.58%   0.59%   0.59%   0.59%   0.59%
0.70%   0.68%   0.70%   0.69%   0.68%   0.68%
3.98%   4.16%   4.00%   2.99%   3.10%   3.33%
3.86%   4.06%   3.89%   2.89%   3.01%   3.24%
7%   16%   35%   47%   32%   40%
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Notes to financial statements
Macquarie Funds state tax-free funds       February 28, 2025 (Unaudited)
Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series:
Macquarie Tax-Free Arizona Fund (formerly, Delaware Tax-Free Arizona Fund through December 30, 2024). Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Macquarie Minnesota High-Yield Municipal Bond Fund (formerly, Delaware Minnesota High-Yield Municipal Bond Fund through December 30, 2024), Macquarie National High-Yield Municipal Bond Fund (formerly, Delaware National High-Yield Municipal Bond Fund through December 30, 2024), Macquarie Tax-Free California Fund (formerly, Delaware Tax-Free California Fund through December 30, 2024), Macquarie Tax-Free Idaho Fund (formerly, Delaware Tax-Free Idaho Fund through December 30, 2024), and Macquarie Tax-Free New York Fund (formerly, Delaware Tax-Free New York Fund through December 30, 2024). Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Macquarie Tax-Free Colorado Fund (formerly, Delaware Tax-Free Colorado Fund through December 30, 2024). Delaware Group® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Macquarie Tax-Free Pennsylvania Fund (formerly, Delaware Tax-Free Pennsylvania Fund through December 30, 2024). 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 Macquarie Tax-Free Arizona Fund, Macquarie Tax-Free California Fund, Macquarie Tax-Free Colorado Fund, Macquarie Tax-Free Idaho Fund, Macquarie Tax-Free New York Fund, and Macquarie 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 $250,000 or more of Class A shares, for shares of Macquarie Tax-Free Arizona Fund, Macquarie Tax-Free California Fund, Macquarie Tax-Free Colorado Fund, Macquarie Tax-Free Idaho Fund, Macquarie Tax-Free New York Fund or Macquarie Tax-Free Pennsylvania Fund you will have to pay a limited contingent deferred sales charge (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.
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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 (Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee (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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2025, and for all open tax years (years ended August 31, 2021–August 31, 2024), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statements of operations.” During the six months ended February 28, 2025, the Funds did not incur any interest or tax penalties.
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Notes to financial statements
Macquarie Funds state tax-free funds       
1. Significant Accounting Policies (continued)
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to such Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie®) 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.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Fund's investment adviser, acts as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with
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the information contained in each Fund's financial statements. Adoption of the new standard impacted each Fund's financial statements note disclosures only, and did not affect any Fund's financial position or the results of its operations.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Custody Credits
Macquarie Tax-Free Arizona Fund   $367
Macquarie Tax-Free California Fund   1,704
Macquarie Tax-Free Colorado Fund   1,332
Macquarie Tax-Free Idaho Fund   704
Macquarie Tax-Free New York Fund   1,615
Macquarie Tax-Free Pennsylvania Fund   2,244
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Earnings Credits
Macquarie Tax-Free Arizona Fund   $20
Macquarie Tax-Free California Fund   63
Macquarie Tax-Free Colorado Fund   58
Macquarie Tax-Free Idaho Fund   15
Macquarie Tax-Free New York Fund   184
Macquarie Tax-Free Pennsylvania Fund   204
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Notes to financial statements
Macquarie Funds state tax-free funds       
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 (MIMBT) 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:
  Macquarie Tax-Free
Arizona Fund 		  Macquarie Tax-Free
California Fund 		  Macquarie Tax-Free
Colorado Fund 		  Macquarie Tax-Free
Idaho Fund 		  Macquarie Tax-Free
New York Fund 		  Macquarie Tax-Free
Pennsylvania Fund
On the first $500 million 0.5000%   0.5500%   0.5500%   0.5500%   0.5500%   0.5500%
On the next $500 million 0.4750%   0.5000%   0.5000%   0.5000%   0.5000%   0.5000%
On the next $1.5 billion 0.4500%   0.4500%   0.4500%   0.4500%   0.4500%   0.4500%
In excess of $2.5 billion 0.4250%   0.4250%   0.4250%   0.4250%   0.4250%   0.4250%
DMC has contractually agreed to waive all or a portion of its investment advisory fees 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, 2024 through December 29, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Fund   Operating expense
limitation as
a percentage
of average
daily net assets
Macquarie Tax-Free Arizona Fund   0.59%
Macquarie Tax-Free California Fund   0.55%
Macquarie Tax-Free Colorado Fund   0.57%
Macquarie Tax-Free Idaho Fund   0.61%
Macquarie Tax-Free New York Fund   0.55%
Macquarie Tax-Free Pennsylvania Fund   0.58%
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After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2024 through December 29, 2025, unless terminated by agreement of DMC and the Funds, is as follows:
    Operating expense limitation as a percentage
of average daily net assets
Fund   Class A   Class C   Institutional Class
Macquarie Tax-Free Arizona Fund   0.84%   1.59%   0.59%
Macquarie Tax-Free California Fund   0.80%   1.55%   0.55%
Macquarie Tax-Free Colorado Fund   0.82%   1.57%   0.57%
Macquarie Tax-Free Idaho Fund   0.86%   1.61%   0.61%
Macquarie Tax-Free New York Fund   0.80%   1.55%   0.55%
Macquarie Tax-Free Pennsylvania Fund   0.83%   1.58%   0.58%
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 Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie Tax-Free Arizona Fund   $3,287
Macquarie Tax-Free California Fund   8,960
Macquarie Tax-Free Colorado Fund   7,336
Macquarie Tax-Free Idaho Fund   5,017
Macquarie Tax-Free New York Fund   8,466
Macquarie Tax-Free Pennsylvania Fund   11,559
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 Macquarie 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 Macquarie Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and
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Notes to financial statements
Macquarie Funds state tax-free funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
transfer agent fees and expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie Tax-Free Arizona Fund   $1,863
Macquarie Tax-Free California Fund   9,968
Macquarie Tax-Free Colorado Fund   7,648
Macquarie Tax-Free Idaho Fund   4,333
Macquarie Tax-Free New York Fund   9,262
Macquarie Tax-Free Pennsylvania Fund   13,681
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices 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 Macquarie Tax-Free Pennsylvania Fund). Macquarie Tax-Free Pennsylvania Fund’s Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. All Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of the 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 DDLP, an annual 12b-1 fee of 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.
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 six months ended February 28, 2025, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund   Fees
Macquarie Tax-Free Arizona Fund   $802
Macquarie Tax-Free California Fund   2,977
Macquarie Tax-Free Colorado Fund   2,353
Macquarie Tax-Free Idaho Fund   1,487
Macquarie Tax-Free New York Fund   2,804
Macquarie Tax-Free Pennsylvania Fund   5,466
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For the six months ended February 28, 2025, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund   Class A
Macquarie Tax-Free Arizona Fund   $64
Macquarie Tax-Free California Fund   738
Macquarie Tax-Free Colorado Fund   2,377
Macquarie Tax-Free Idaho Fund   4,433
Macquarie Tax-Free New York Fund   1,493
Macquarie Tax-Free Pennsylvania Fund   6,590
For the six months ended February 28, 2025, 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
Macquarie Tax-Free California Fund   $478   $—
Macquarie Tax-Free Colorado Fund   1,466   —
Macquarie Tax-Free Idaho Fund   41,481   205
Macquarie Tax-Free New York Fund   373   1,051
Macquarie Tax-Free Pennsylvania Fund   9   —
Macquarie Tax-Free Arizona did not receive gross CDSC commissions on redemptions of Class A and Class C shares for the six months ended February 28, 2025.
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Funds.
During the six months ended February 28, 2025, DMC reimbursed each Fund the following amounts in connection with a trade error. These amounts are included in “Net increase from payment by affiliates” in the "Statements of operations." Payment by affiliates had no impact on total return.
Fund   Payment by affiliates
Macquarie Tax-Free Arizona Fund   $18,576
Macquarie Tax-Free California Fund   31,481
Macquarie Tax-Free Colorado Fund   9,849
Macquarie Tax-Free Idaho Fund   14,983
Macquarie Tax-Free New York Fund   17,190
Macquarie Tax-Free Pennsylvania Fund   109,852
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities
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Notes to financial statements
Macquarie Funds state tax-free funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC’s findings. The Settlement Order does not impact MIMBT’s ability to continue to provide services to each Fund.
3. Investments
For the six months ended February 28, 2025, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund   Purchases   Sales
Macquarie Tax-Free Arizona Fund   $2,138,000   $2,276,281
Macquarie Tax-Free California Fund   54,909,781   16,717,214
Macquarie Tax-Free Colorado Fund   29,076,292   9,166,454
Macquarie Tax-Free Idaho Fund   16,242,447   10,970,934
Macquarie Tax-Free New York Fund   56,766,104   18,081,150
Macquarie Tax-Free Pennsylvania Fund   49,654,190   28,378,992
At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund   Cost of
investments 		  Aggregate
unrealized
appreciation
of investments 		  Aggregate
unrealized
depreciation
of investments 		  Net unrealized
appreciation
(depreciation)
of investments
Macquarie Tax-Free Arizona Fund   $59,836,396   $1,350,039   $(3,697,024)   $(2,346,985)
Macquarie Tax-Free California Fund   319,583,703   6,686,381   (5,493,386)   1,192,995
Macquarie Tax-Free Colorado Fund   246,906,023   5,205,960   (8,076,433)   (2,870,473)
Macquarie Tax-Free Idaho Fund   137,559,404   3,245,318   (6,725,352)   (3,480,034)
Macquarie Tax-Free New York Fund   294,455,498   6,589,377   (6,308,946)   280,431
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Fund   Cost of
investments 		  Aggregate
unrealized
appreciation
of investments 		  Aggregate
unrealized
depreciation
of investments 		  Net unrealized
appreciation
(depreciation)
of investments
Macquarie Tax-Free Pennsylvania Fund   $437,505,394   $13,430,325   $(12,529,414)   $900,911
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2024, each Fund had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
Macquarie Tax-Free
Arizona Fund 		$ 875,769   $2,638,909   $ 3,514,678
Macquarie Tax-Free
California Fund 		1,815,648   2,905,757   4,721,405
Macquarie Tax-Free
Colorado Fund 		4,966,735   4,404,055   9,370,790
Macquarie Tax-Free
Idaho Fund 		4,533,885   4,172,436   8,706,321
Macquarie Tax-Free
New York Fund 		1,425,474   2,949,378   4,374,852
Macquarie Tax-Free
Pennsylvania Fund 		7,567,126   9,027,096   16,594,222
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
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Notes to financial statements
Macquarie Funds state tax-free funds       
3. Investments (continued)
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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2025:
  Macquarie Tax-Free Arizona Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $56,439,411
Short-Term Investments 1,050,000
Total Value of Securities $57,489,411
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  Macquarie Tax-Free California Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $317,276,698
Short-Term Investments 3,500,000
Total Value of Securities $320,776,698
  Macquarie Tax-Free Colorado Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $237,260,550
Short-Term Investments 6,775,000
Total Value of Securities $244,035,550
  Macquarie Tax-Free Idaho Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $134,079,370
  Macquarie Tax-Free New York Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $291,255,929
Short-Term Investments 3,480,000
Total Value of Securities $294,735,929
  Macquarie Tax-Free Pennsylvania Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $430,606,305
Short-Term Investments 7,800,000
Total Value of Securities $438,406,305
During the six months ended February 28, 2025, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
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Notes to financial statements
Macquarie Funds state tax-free funds       
3. Investments (continued)
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. As of February 28, 2025, there were no Level 3 investments in any of the Funds.
4. Capital Shares
Transactions in capital shares were as follows:
  Macquarie Tax-Free
Arizona Fund 		  Macquarie Tax-Free
California Fund 		  Macquarie Tax-Free
Colorado Fund
  Six months
ended 		  Year ended   Six months
ended 		  Year ended   Six months
ended 		  Year ended
  2/28/25   8/31/24   2/28/25   8/31/24   2/28/25   8/31/24
Shares sold:
Class A 171,570   196,675   1,645,050   1,907,043   1,102,886   1,269,068
Class C 11,263   25,313   18,396   50,552   11,709   30,837
Institutional Class 244,219   455,135   4,538,492   7,774,166   2,583,595   3,870,454
Shares from reorganization:1
Class A —   —   —   676,254   —   —
Class C —   —   —   33,657   —   —
Institutional Class —   —   —   415,689   —   —
Shares issued upon reinvestment of dividends and distributions:
Class A 60,498   136,073   132,873   247,218   191,082   393,077
Class C 1,129   2,430   2,674   6,142   2,830   7,271
Institutional Class 24,463   46,605   307,242   508,651   167,948   292,458
  513,142   862,231   6,644,727   11,619,372   4,060,050   5,863,165
Shares redeemed:
Class A (273,219)   (874,305)   (795,951)   (1,510,183)   (631,411)   (2,472,772)
Class C (2,036)   (28,292)   (40,246)   (50,645)   (14,283)   (138,747)
Institutional Class (175,637)   (459,849)   (2,549,523)   (3,750,778)   (1,104,046)   (3,398,418)
  (450,892)   (1,362,446)   (3,385,720)   (5,311,606)   (1,749,740)   (6,009,937)
Net increase (decrease) 62,250   (500,215)   3,259,007   6,307,766   2,310,310   (146,772)
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  Macquarie Tax-Free
Idaho Fund 		  Macquarie Tax-Free
New York Fund 		  Macquarie Tax-Free
Pennsylvania Fund
  Six months
ended 		  Year ended   Six months
ended 		  Year ended   Six months
ended 		  Year ended
  2/28/25   8/31/24   2/28/25   8/31/24   2/28/25   8/31/24
Shares sold:
Class A 1,530,682   1,108,251   3,050,257   4,414,397   3,899,571   9,464,115
Class C 16,508   98,978   99,758   316,750   235,438   698,734
Institutional Class 978,159   1,875,245   2,775,693   4,149,088   3,109,919   5,461,598
Shares issued upon reinvestment of dividends and distributions:
Class A 101,489   207,877   252,194   422,168   735,298   1,523,820
Class C 5,050   11,457   6,233   8,145   22,389   40,889
Institutional Class 90,922   176,734   152,517   236,607   227,655   386,625
  2,722,810   3,478,542   6,336,652   9,547,155   8,230,270   17,575,781
Shares redeemed:
Class A (859,799)   (1,539,920)   (1,449,606)   (2,476,530)   (3,458,722)   (11,153,572)
Class C (43,927)   (131,826)   (77,354)   (165,957)   (119,937)   (507,357)
Institutional Class (1,096,459)   (1,471,466)   (1,426,291)   (2,028,169)   (1,465,439)   (3,544,272)
  (2,000,185)   (3,143,212)   (2,953,251)   (4,670,656)   (5,044,098)   (15,205,201)
Net increase 722,625   335,330   3,383,401   4,876,499   3,186,172   2,370,580
1 See Note 5.
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables above and on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2025 and the year ended August 31, 2024, 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  
Macquarie Tax-Free Arizona Fund*  
Year ended  
8/31/24   114,002   —   —   —   114,002 $1,065,336  
Macquarie Tax-Free California Fund*  
Year ended  
8/31/24   7,211   —   30,248   30,309   7,211 399,576  
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Notes to financial statements
Macquarie Funds state tax-free funds       
4. Capital Shares (continued)
    Exchange Redemptions   Exchange Subscriptions      
    Class A
Shares 		  Class C
Shares 		Institutional
Class
Shares 		  Class A
Shares 		  Institutional
Class
Shares 		  Value  
Macquarie Tax-Free Colorado Fund  
Six months ended  
2/28/25   33,999   — —   —   33,999   $355,348  
Year ended  
8/31/24   49,422   3,384 4,394   4,394   52,812   586,324  
Macquarie Tax-Free Idaho Fund  
Six months ended  
2/28/25   —   — 1,626   1,626   —   17,029  
Year ended  
8/31/24   27,009   — 17,503   17,520   27,009   468,270  
Macquarie Tax-Free New York Fund  
Six months ended  
2/28/25   518   37 —   36   518   5,931  
Year ended  
8/31/24   30,386   104 —   104   30,404   313,986  
Macquarie Tax-Free Pennsylvania Fund  
Six months ended  
2/28/25   9,996   3,384 —   3,389   10,003   99,143  
Year ended  
8/31/24   110,344   14,796 —   14,810   110,349   919,281  
*Macquarie Tax-Free Arizona Fund and Macquarie Tax-Free California Fund did not have any exchange transactions for the six months ended February 28, 2025.
5. Reorganization
The following reorganization did not take place during the reporting period covered by this report. On February 15-16, 2023, the Board approved a proposal to reorganize Delaware Ivy California Municipal High Income Fund (the “Acquired Fund”), a series of Ivy Funds, with and into Macquarie Tax-Free California Fund (the “Acquiring Fund”), a series of Voyageur Mutual Funds (the “Trust”) (the “Reorganization”). On June 27, 2023, the Acquired Fund shareholders approved the Reorganization. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Fund were acquired by the Acquiring Fund, and (ii) Voyageur Mutual Funds on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The Reorganization was accomplished by a tax-free exchange of shares on September 15, 2023. For financial reporting
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purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transactions associated with the Reorganization were as follows:
  Acquired
Fund
Net Assets 		  Acquired
Fund Shares
Outstanding 		  Shares
Converted
to Acquiring
Fund 		  Acquiring
Fund
Net Assets 		  Conversion
Ratio
Class A $7,115,020   821,596   676,254   $68,507,883   0.8178
Class C 357,099   41,235   33,657   1,983,584   0.8162
Class I/
Institutional Class* 		4,402,146   508,331   415,689   131,292,034   0.8178
Class Y** 46,511   5,371    —     —     — 
* Acquired Fund Class I shares are named Institutional Class for the Acquiring Fund.
** Class Y shares of the Acquired Fund were converted into Class A shares of the Acquiring Fund.
The net assets of the Acquired Fund before the Reorganization were $11,942,940. The Acquired Fund net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Reorganization. The net assets of the Acquiring Fund immediately following the Reorganization were $213,704,277.
Assuming the Reorganization had been completed on September 1, 2023, the Acquiring Fund’s pro forma results of operations for the year ended August 31, 2024, would have been as follows:
Net investment income $9,352,466
Net realized loss on investments (1,675,553)
Net change in unrealized appreciation (depreciation) 14,897,182
Net increase in net assets resulting from operations $22,574,095
6. Line of Credit
Each Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 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 are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its
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Notes to financial statements
Macquarie Funds state tax-free funds       
6. Line of Credit (continued)
particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 28, 2024. This Agreement was extended to October 27, 2025.
Each Fund had no amounts outstanding as of February 28, 2025, or at any time during the period then ended.
7. Securities Lending
Each Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned
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securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
During the six months ended February 28, 2025, each Fund had no securities out on loan.
8. Geographic, Credit and Market Risks
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. 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 US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P) and Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally
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Notes to financial statements
Macquarie Funds state tax-free funds       
8. Geographic, Credit and Market Risks (continued)
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 or pollution control revenue 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
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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, the 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
On February 11-13, 2025, the Board approved the reorganization of Macquarie Tax-Free Arizona Fund into and with a substantially similar fund and class of another Macquarie Fund (the “Reorganization II”) as shown in the table below:
Acquired Fund   Acquiring Fund
Macquarie Tax-Free Arizona Fund, a series of Voyageur Insured Funds   Macquarie Tax-Free USA Fund, a series of Delaware Group® Tax-Free Fund
If approved by Acquired Fund shareholders, the Reorganization II is anticipated to occur in June 2025.
Management has determined that no other material events or transactions occurred subsequent to February 28, 2025, that would require recognition or disclosure in the Funds’ financial statements.
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Other Fund information (Unaudited)
Macquarie Funds state tax-free funds
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Funds are advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and 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.
(4362000)
SA-WEST-0425
This page is not part of the Financial statements and other information.

Fixed income mutual funds
Macquarie National High-Yield Municipal Bond Fund
(formerly, Delaware National High-Yield Municipal Bond Fund)
Macquarie Tax-Free USA Fund
(formerly, Delaware Tax-Free USA Fund)
Macquarie Tax-Free USA Intermediate Fund
(formerly, Delaware Tax-Free USA Intermediate Fund) 
Financial statements and other information
For the six months ended February 28, 2025

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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 Form 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 macquarie.com/mam/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 macquarie.com/mam/proxy; and (ii) on the SEC’s website at sec.gov.

 

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Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.75%
Education Revenue Bonds — 20.44%
Albany, New York Capital Resource Revenue      
(KIPP Capital Region Public Charter Schools Project)      
 4.75% 6/1/54       1,275,000 $    1,264,392
 5.00% 6/1/64       1,600,000      1,608,272
Allentown Commercial and Industrial Development
Authority Revenue 		     
(Executive Education Academy Charter School Project)      
144A 5.00% 7/1/50  #     1,000,000        987,900
144A 5.00% 7/1/59  #     6,000,000      5,860,920
Arizona Industrial Development Authority Revenue      
(Academies of Math & Science Projects)      
144A 5.25% 7/1/43  #       255,000        260,250
144A 5.375% 7/1/53  #       965,000        977,477
144A 5.50% 7/1/58  #     1,115,000      1,135,806
(ACCEL Schools Project)
Series A 144A 5.25% 8/1/48  # 		    3,200,000      3,075,136
(American Charter Schools Foundation Project)      
144A 6.00% 7/1/37  #     1,105,000      1,138,824
144A 6.00% 7/1/47  #     8,995,000      9,184,075
(Basis Schools Projects)
Series A 144A 5.125% 7/1/37  # 		      750,000        757,523
(Benjamin Franklin Charter School Projects)      
Series A 144A 5.25% 7/1/53  #     1,000,000      1,001,990
Series A 144A 5.50% 7/1/58  #     1,385,000      1,395,374
(Empower College Prep Project)
144A 6.00% 7/1/49  # 		    1,000,000      1,013,100
(Kaizen Education Foundation Project)
144A 5.80% 7/1/52  # 		    4,000,000      4,043,640
(Leman Academy Of Excellence of Projects)
Series A 4.50% 7/1/54   		    6,115,000      5,591,739
(Odyssey Preparatory Academy Project)      
144A 5.00% 7/1/49  #     4,000,000      3,830,440
144A 5.00% 7/1/54  #     5,000,000      4,693,600
(Pinecrest Academy Nevada-Horizon, Inspirada)
Series A 144A 5.75% 7/15/48  # 		    2,500,000      2,534,600
(Social Bonds)
Series A 5.25% 11/1/53   		    2,250,000      2,382,368
Arlington, Texas Higher Education Finance Revenue      
(Basis Texas Charter Schools)      
144A 4.50% 6/15/44  #       830,000        802,950
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Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Arlington, Texas Higher Education Finance Revenue      
(Basis Texas Charter Schools)
144A 4.75% 6/15/49  #       915,000 $      900,598
144A 4.875% 6/15/54  #     1,050,000      1,041,285
144A 4.875% 6/15/59  #     1,000,000        982,890
144A 5.00% 6/15/64  #     1,200,000      1,193,952
(Cypress Christian School)      
144A 6.00% 6/1/53  #     5,000,000      5,138,100
144A 6.25% 6/1/63  #     5,250,000      5,419,050
(Great Hearts America - Texas)      
Series A 5.00% 8/15/49         900,000        892,134
Series A 5.00% 8/15/54       1,200,000      1,175,904
(KIPP Texas, Inc.)
 3.00% 8/15/49   		    4,000,000      2,994,640
(Newman International Academy)      
Series A 4.00% 8/15/31         200,000        179,624
Series A 5.00% 8/15/41         600,000        505,950
Board of Regents of the University of Texas System
Revenue 		     
Series A 5.00% 8/15/50       3,275,000      3,797,756
Build NYC, New York Resource Revenue      
(Bay Ridge Preparatory School Project)      
144A 5.00% 9/1/44  #       725,000        723,325
144A 5.00% 9/1/59  #     3,870,000      3,765,162
(East Harlem Scholars Academy Charter School Project)      
144A 5.75% 6/1/52  #     2,125,000      2,190,344
144A 5.75% 6/1/62  #     4,000,000      4,103,320
(Inwood Academy for Leadership Charter School Project)      
Series A 144A 5.125% 5/1/38  #       575,000        585,695
Series A 144A 5.50% 5/1/48  #     1,500,000      1,522,455
(KIPP NYC Public School Facilities - Canal West Project)      
 5.25% 7/1/52       1,265,000      1,306,239
 5.25% 7/1/62       6,355,000      6,535,736
(Metropolitan College Of New York Project)
 5.00% 11/1/39   		    1,000,000        600,000
(New Dawn Charter Schools Project)      
144A 5.625% 2/1/39  #     2,575,000      2,583,472
144A 5.75% 2/1/49  #     2,700,000      2,700,567
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    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Community College Financing Authority
Student Housing Revenue 		     
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60  # 		   14,090,000 $   13,417,766
California Educational Facilities Authority Revenue      
(Stanford University)      
Series V-1 5.00% 5/1/49      33,445,000     39,560,084
Series V-2 2.25% 4/1/51       4,975,000      3,459,515
Series V-2 5.00% 4/1/51       7,455,000      8,821,129
California Enterprise Development Authority Revenue      
(Heights Christian Schools Project)
Series A 144A 6.375% 6/1/63  # 		    9,600,000      9,645,792
California Infrastructure & Economic Development
Bank Revenue 		     
144A 5.00% 7/1/44  #     2,100,000      2,068,794
144A 5.125% 7/1/54  #     1,500,000      1,461,255
144A 5.25% 7/1/64  #     2,000,000      1,961,000
California Municipal Finance Authority Revenue      
(Ascent 613 Project)      
Series A 144A 5.375% 1/1/55  #     3,645,000      3,694,244
Series A 144A 5.50% 1/1/60  #       250,000        254,747
(California Baptist University)
Series A 144A 5.50% 11/1/45  # 		    4,000,000      4,018,600
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45  # 		    5,760,000      5,542,387
(Palmdale Aerospace Academy Project)      
Series A 144A 5.00% 7/1/41  #     1,000,000      1,002,310
Series A 144A 5.00% 7/1/46  #     2,145,000      2,130,822
(Westside Neighborhood School Project)      
144A 5.50% 6/15/39  #       600,000        646,212
144A 5.90% 6/15/44  #       775,000        838,387
144A 6.375% 6/15/64  #     3,300,000      3,584,724
California Public Finance Authority Educational
Revenue 		     
(Crossroads Christian School Project)
144A 5.00% 1/1/56  # 		    2,000,000      1,805,920
California School Finance Authority Revenue      
Series A 144A 5.75% 6/1/53  #     2,000,000      2,025,920
Series A 144A 6.00% 6/1/63  #     3,035,000      3,090,055
(Encore Education Obligated Group)
Series A 144A 5.00% 6/1/52  # 		    1,000,000        900,000
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Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority Revenue      
(Escuela Popular Project)
144A 6.50% 7/1/50  # 		      910,000 $      926,981
(Fortune School of Education Obligated Group)      
Series A 144A 5.00% 6/1/54  #     3,350,000      3,270,404
Series A 144A 5.125% 6/1/64  #     5,675,000      5,548,674
(Harbor Springs Obligated Group)
Series A 144A 5.625% 7/1/63  # 		    1,500,000      1,556,040
(Hawking Steam Charter School Project)      
144A 5.375% 7/1/56  #       995,000      1,017,855
Series A 144A 5.00% 7/1/42  #       860,000        878,731
Series A 144A 5.50% 7/1/62  #     1,000,000      1,025,450
(ICEF - View Park Elementary & Middle Schools)
Series A 5.625% 10/1/34   		      830,000        830,241
(Integrity Charter School Project)      
144A 5.25% 7/1/44  #       750,000        754,860
144A 5.50% 7/1/54  #     1,500,000      1,508,040
144A 5.60% 7/1/64  #     1,500,000      1,507,995
(John Adams Academies - Obligated Group)
Series A 144A 5.125% 7/1/62  # 		    1,680,000      1,654,010
(Lighthouse Community Public Schools - Obligated Group)      
Series A 144A 6.25% 6/1/42  #     1,000,000      1,061,940
Series A 144A 6.375% 6/1/52  #     1,240,000      1,304,703
Series A 144A 6.50% 6/1/62  #     2,300,000      2,421,348
(New Designs Charter School)      
Series A 144A 5.00% 6/1/54  #       650,000        650,370
Series A 144A 5.00% 6/1/64  #     1,600,000      1,575,760
(Rocketship Public Schools - Obligated Group)
Series G 144A 5.00% 6/1/47  # 		    1,425,000      1,401,502
(Sonoma County Junior College District Project)      
Series A 144A 4.00% 11/1/41  #     2,980,000      2,753,818
Series A 144A 4.00% 11/1/55  #     2,500,000      2,089,625
(Sycamore Creek Community Charter School Project)
Series A 144A 6.75% 6/1/64  # 		    6,000,000      5,902,440
(View Park Elementary & Middle Schools)      
Series A 5.875% 10/1/44       4,175,000      4,176,044
Series A 6.00% 10/1/49       1,720,000      1,720,430
(View Park High School)
Series A 144A 7.125% 10/1/48  # 		    3,230,000      3,233,295
4    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Statewide Communities Development
Authority Revenue 		     
(Lancer Educational Student Housing Project)
Series A 144A 5.00% 6/1/46  # 		    1,500,000 $    1,500,105
Camden County, New Jersey Improvement Authority
Revenue 		     
(KIPP Cooper Norcross Academy - 2022 Project)
 6.00% 6/15/62   		    3,750,000      3,973,800
Capital Projects Finance Authority Revenue      
(Unionwest Properties LLC Project)      
Series A-1 144A 5.00% 6/1/49  #       750,000        751,627
Series A-1 144A 5.00% 6/1/54  #     1,500,000      1,493,550
Series A-1 144A 5.00% 6/1/58  #     1,000,000        984,130
Series B 144A 2.851% 6/1/62  #, ~    29,500,000      4,361,870
Capital Trust Agency Educational Facilities Housing,
Florida Revenue 		     
(Lutz Preparatory School Project)
Series A 4.00% 6/1/41   		      330,000        308,299
(Pineapple Cove Classical Academy Inc. Project)
Series A 144A 5.375% 7/1/54  # 		    6,000,000      5,765,280
(The Pepin Academies Inc. Project)
Series A 5.75% 7/1/55   		    3,625,000      3,578,999
Capital Trust Authority, Florida Revenue      
(KIPP Miami North Campus Project)      
Series A 144A 5.625% 6/15/44  #       410,000        426,728
Series A 144A 6.00% 6/15/54  #       655,000        684,416
Series A 144A 6.125% 6/15/60  #       800,000        836,960
(Mason Classical Academy Project)      
Series A 144A 5.00% 6/1/54  #     2,900,000      2,869,985
Series A 144A 5.00% 6/1/64  #     4,250,000      4,129,385
(St. John Classical Academy Project)      
Series A 144A 5.125% 6/15/50  #       500,000        495,520
Series A 144A 5.25% 6/15/59  #     1,000,000      1,001,460
Capital Trust Student Housing, Florida Revenue      
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/58  # 		    8,000,000      8,004,880
Chester County, Pennsylvania Economic
Development Authority Lease Revenue 		     
(Chester Community Charter School Project)
Series A 144A 5.625% 8/15/48  # 		   12,000,000     11,700,840
    5

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Chester County, Pennsylvania Industrial Development
Authority Student Housing Revenue 		     
(West Chester University of Pennsylvania)
Series A 5.00% 8/1/30   		    1,925,000 $    1,925,520
Chicago, Illinois Board of Education Dedicated Capital
Improvement Tax Revenue 		     
 5.00% 4/1/41       2,000,000      2,116,580
 5.00% 4/1/45       1,665,000      1,731,816
 5.75% 4/1/48       5,150,000      5,554,069
City of Bethel Revenue      
(Spectrum High School Project)
 5.00% 7/1/59   		    1,750,000      1,738,765
City of Burbank, Illinois Revenue      
(Intercultural Montessori Language)
144A 6.25% 9/1/45  # 		    4,000,000      4,004,360
City of Homewood, Alabama Educational Building
Authority Revenue 		     
(CHF - Horizon II, L.L.C. Student Housing & Parking Project at Samford University)      
Series 2024C 5.00% 10/1/56       1,200,000      1,205,676
Series 2024C 5.50% 10/1/54       1,750,000      1,840,160
City of Sierra, Arizona Vista Education Facility
Revenue 		     
(Champion Schools Project)
144A 5.75% 6/15/64  # 		    3,600,000      3,601,008
City of 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      2,324,198
Cleveland-Cuyahoga County Port Authority Revenue      
(Constellation Schools Project)      
Series A 144A 5.25% 1/1/34  #       600,000        612,162
Series A 144A 5.375% 1/1/39  #       850,000        853,910
Series A 144A 5.875% 1/1/49  #     1,500,000      1,504,935
Clifton, Texas Higher Education Finance Revenue      
(Valor Education)      
Series A 144A 5.00% 6/15/34  #       325,000        324,276
Series A 144A 5.75% 6/15/44  #       600,000        603,090
Series A 144A 6.00% 6/15/54  #       830,000        831,693
Series A 144A 6.25% 6/15/53  #     3,710,000      3,769,026
6    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Cobb County, Georgia Development Authority Charter
School Revenue 		     
(Northwest Classical Academy Project)      
Series A 144A 6.375% 6/15/58  #     1,205,000 $    1,227,015
Series A 144A 6.40% 6/15/53  #     1,850,000      1,895,751
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(Ascent Classical Academy Charter Schools)      
Series A 144A 5.50% 4/1/44  #     2,000,000      2,077,760
Series A 144A 5.75% 4/1/59  #     2,250,000      2,321,820
Series A 144A 5.80% 4/1/54  #     2,800,000      2,908,556
(Community Leadership Academy, Inc. Second Campus Project)
 7.45% 8/1/48   		    2,500,000      2,507,350
(Global Village Academy - Northglenn Project)      
144A 5.00% 12/1/40  #       555,000        549,095
144A 5.00% 12/1/50  #     1,740,000      1,663,161
144A 5.00% 12/1/55  #     3,440,000      3,234,873
(Loveland Classical Schools Project)
144A 5.00% 7/1/46  # 		    3,000,000      3,000,240
County of Pima, Arizona Industrial Development
Authority Education Revenue 		     
(American Leadership Academy Project)
144A 4.00% 6/15/57  # 		      500,000        405,975
District of Columbia Revenue      
(Rocketship DC Obligated Group)      
Series A 144A 5.00% 6/1/51  #     1,500,000      1,437,435
Series A 5.75% 6/1/54       3,000,000      3,085,500
Series A 6.00% 6/1/58       1,600,000      1,668,288
Florida Development Finance Revenue      
(Cornerstone Charter Academy Project)      
144A 5.125% 10/1/52  #     4,110,000      4,077,819
144A 5.25% 10/1/56  #     3,800,000      3,803,002
(Mater Academy Projects)      
Series A 4.00% 6/15/52       1,145,000        983,463
Series A 5.00% 6/15/56       4,010,000      4,012,767
(Renaissance Charter School Projects)      
Series A 144A 6.00% 6/15/35  #     2,000,000      2,006,060
Series A 144A 6.125% 6/15/44  #     5,300,000      5,302,968
Series C 144A 5.00% 9/15/50  #     2,000,000      1,852,720
(SFP - Tampa I - The Henry Project)      
Series A-1 144A 5.00% 6/1/44  #     1,600,000      1,615,472
    7

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Florida Development Finance Revenue      
(SFP - Tampa I - The Henry Project)
Series A-1 144A 5.25% 6/1/54  #     3,000,000 $    3,026,490
Series A-1 144A 5.25% 6/1/59  #     2,500,000      2,512,675
Hawaii State Department of Budget & Finance
Revenue 		     
(Hawaii Pacific University Project)
144A 5.125% 7/1/43  # 		    1,500,000      1,463,055
Idaho Housing & Finance Association Revenue      
Series A 5.00% 6/1/50       1,000,000        976,800
(Compass Public Charter School Project)
Series A 144A 5.00% 7/1/54  # 		      860,000        803,713
(Idaho Arts Charter School)
144A 5.00% 12/1/36  # 		      480,000        481,176
(North Star Charter School)      
Series A 6.75% 7/1/48         529,150        538,669
Series B 144A 4.88% 7/1/49  #, ^     2,888,155        551,638
(Sage International School of Middleton Project)
Series A 5.00% 5/1/63   		    1,150,000      1,141,375
Illinois Finance Authority Charter School Revenue      
(Chicago International Charter School Project)
 5.00% 12/1/47   		    2,965,000      2,984,124
Illinois Finance Authority Educational Facility Revenue      
(Rogers Park Montessori)      
 6.00% 2/1/34         675,000        675,284
 6.125% 2/1/45       1,400,000      1,400,392
Illinois Finance Authority Revenue      
(Acero Charter Schools)
144A 4.00% 10/1/42  # 		    2,245,000      2,014,236
Illinois Finance Authority Student Housing &
Academic Facility Revenue 		     
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47   		    3,640,000      3,651,248
Indiana Finance Authority Revenue      
(Matchbook Learning Schools of Indiana Inc Project)      
144A 7.00% 6/15/53  #     4,000,000      4,288,200
144A 7.00% 6/15/58  #     6,405,000      6,842,590
(Tippecanoe, LLC - Student Housing Project)
Series A 5.375% 6/1/64   		    6,010,000      6,195,408
8    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Industrial Development Authority of the County of
Pima, Arizona Revenue 		     
(Noah Webster Schools-Pima Project)
Series A 7.00% 12/15/43   		    1,500,000 $    1,501,560
Kent County, Delaware Student Housing and Dining
Facilities Revenue 		     
(Delaware State University Project)
Series A 5.00% 7/1/58   		    1,250,000      1,234,100
Louisiana Public Facilities Authority Revenue      
(Athlos Academy Jefferson Paris)      
Series A 144A 7.375% 6/1/54  #     3,500,000      3,769,325
Series A 144A 7.50% 6/1/59  #     5,000,000      5,402,850
(Geo Academies EBR - Geo Prep Mid-City Project)      
144A 6.125% 6/1/52  #     1,030,000      1,065,020
144A 6.25% 6/1/62  #     1,420,000      1,469,501
(Jefferson Rise Charter School Project)      
Series A 144A 6.25% 6/1/52  #     1,000,000      1,008,980
Series A 144A 6.375% 6/1/62  #     1,330,000      1,343,167
(Lincoln Preparatory School Project)      
Series A 144A 5.25% 6/1/60  #     2,000,000      1,674,820
Series A 144A 6.375% 6/1/52  #     2,000,000      2,001,000
Series A 144A 6.50% 6/1/62  #     4,000,000      4,005,720
Macomb County, Michigan Public School Academy
Revenue 		     
(Academy Of Warren)
Series A 144A 5.50% 5/1/50  # 		    1,810,000      1,732,604
Macon-Bibb County, Georgia Urban Development
Authority Revenue 		     
(Academy for Classical Education)      
Series A 144A 5.875% 6/15/47  #     1,680,000      1,715,331
Series A 144A 6.00% 6/15/52  #     1,530,000      1,562,038
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Choice Academies, Inc. Project)
144A 5.75% 9/1/45  # 		    4,850,000      4,957,718
Massachusetts Development Finance Agency
Revenue 		     
Series B 4.00% 2/15/36       2,500,000      2,745,725
Series V 5.00% 7/1/55      14,470,000     16,541,670
(Massachusetts Institute Of Technology)
Series P 5.00% 7/1/50   		   18,030,000     21,154,419
    9

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Massachusetts Development Finance Agency
Revenue 		     
(Merrimack College Student Housing Project)      
Series A 144A 5.00% 7/1/54  #     1,200,000 $    1,213,380
Series A 144A 5.00% 7/1/60  #     1,100,000      1,107,337
Miami-Dade County, Florida Industrial Development
Authority Revenue 		     
(Youth Co-Op Charter School)      
Series A 144A 5.75% 9/15/35  #     1,000,000      1,003,370
Series A 144A 6.00% 9/15/45  #     1,000,000      1,002,920
Michigan Finance Authority Limited Obligation
Revenue 		     
(Hanley International Academy)
 5.00% 9/1/40   		    1,115,000      1,121,679
(Landmark Academy Project)
 5.00% 6/1/45   		    2,000,000      1,974,780
(Public School Academy Old Redford)      
Series A 5.90% 12/1/30       1,340,000      1,340,000
Series A 6.50% 12/1/40       3,900,000      3,899,883
Michigan Public Educational Facilities Authority
Revenue 		     
(Old Redford)
Series A 5.875% 12/1/30   		    1,360,000      1,359,973
Monroe County, New York Industrial Development
Revenue 		     
(Eugenio Maria de Hostos Charter School Project)      
Series A 144A 5.00% 7/1/54  #     1,000,000      1,007,420
Series A 144A 5.00% 7/1/59  #     1,350,000      1,354,982
Nevada State Department of Business & Industry
Revenue 		     
(Somerset Academy)      
Series A 144A 5.00% 12/15/35  #     1,595,000      1,602,784
Series A 144A 5.00% 12/15/38  #     1,000,000      1,003,240
Series A 144A 5.00% 12/15/48  #       500,000        494,220
Series A 144A 5.125% 12/15/45  #     5,030,000      5,035,885
New Hampshire Business Finance Authority Revenue      
(Abilene Christian University Energy Projects)
Series A 5.25% 11/1/54   		    2,135,000      2,224,499
New York State Dormitory Authority Revenue      
(Columbia University)
Series A 5.00% 10/1/50   		    1,965,000      2,283,016
10    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
New York State Dormitory Authority Revenue      
(Cornell University)
Series A 5.50% 7/1/54   		   16,975,000 $   18,964,300
(Pace University)
Series A 5.50% 5/1/56   		    1,750,000      1,901,427
Oklahoma County, Oklahoma Finance Authority
Revenue 		     
(Astec Project)      
144A 5.25% 6/15/34  #       600,000        617,844
144A 6.00% 6/15/44  #     1,000,000      1,033,510
144A 6.50% 6/15/64  #     3,000,000      3,140,430
Philadelphia Authority for Industrial Development
Revenue 		     
(First Philadelphia Preparatory Charter School Project)
144A 5.00% 6/15/43  # 		    1,465,000      1,486,184
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue 		     
(Mast Community Charter School II Project)
 5.00% 8/1/50   		      375,000        376,658
Phoenix, Arizona Industrial Development Authority
Education Revenue 		     
(Basic Schools Project)      
Series 2015A 144A 5.00% 7/1/46  #     4,000,000      4,001,240
Series 2016A 144A 5.00% 7/1/45  #     2,000,000      2,000,860
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      1,012,370
Pima County, Arizona Industrial Development
Authority Education Revenue 		     
(American Leadership Academy Project)
144A 4.00% 6/15/57  # 		    4,000,000      3,247,800
(Career Success Schools Project)      
144A 5.50% 5/1/40  #       500,000        501,650
144A 5.75% 5/1/50  #     2,530,000      2,539,665
(Edkey Charter Schools Project)      
144A 5.00% 7/1/49  #, ‡     7,000,000      4,900,000
144A 5.00% 7/1/55  #, ‡     7,370,000      5,159,000
Pottsboro, Texas Higher Education Finance Authority
Revenue 		     
Series A 5.00% 8/15/36         755,000        755,581
    11

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Pottsboro, Texas Higher Education Finance Authority
Revenue 		     
Series A 5.00% 8/15/46       1,000,000 $      957,480
Public Finance Authority Revenue      
(Triad Educational Services, Inc.)
 5.50% 6/15/62   		    3,025,000      3,105,374
Public Finance Authority Charter School Revenue      
(Foundation Academy Charter School)      
144A 5.00% 7/1/55  #     2,000,000      1,936,440
144A 5.00% 7/1/60  #     1,200,000      1,150,236
Shelby County, Health Educational and Housing
Facility Board Revenue 		     
(Madrone Memphis Student Housing I, LLC - University of Memphis Project)      
Series A-1 144A 5.00% 6/1/44  #     1,000,000      1,014,140
Series A-1 144A 5.25% 6/1/56  #     2,000,000      2,029,220
Sierra Vista Industrial Development Authority
Revenue 		     
(American Leadership Academy Project)      
144A 5.00% 6/15/54  #     2,500,000      2,473,875
144A 5.00% 6/15/59  #     2,000,000      1,961,540
144A 5.00% 6/15/64  #     2,500,000      2,429,025
South Carolina Jobs-Economic Development
Authority Revenue 		     
(Green Charter Schools Project)      
Series A 144A 4.00% 6/1/46  #     2,300,000      1,779,763
Series A 144A 4.00% 6/1/56  #     1,530,000      1,098,785
(Greer Preparatory Academy Project)      
144A 6.50% 6/15/54  #     1,750,000      1,779,645
144A 6.50% 6/15/59  #     2,500,000      2,535,750
(High Point Academy Project)
Series A 144A 5.75% 6/15/49  # 		    5,000,000      4,785,000
(Riverwalk Academy Project)      
Series A 144A 7.125% 6/15/53  #     2,550,000      2,668,626
Series A 144A 7.25% 6/15/58  #     2,915,000      3,049,294
(Virtus Academy Project)      
Series A 144A 6.75% 6/15/43  #       940,000        970,183
Series A 144A 7.00% 6/15/53  #     1,830,000      1,892,440
Series A 144A 7.125% 6/15/58  #     1,510,000      1,567,350
12    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Louis, Missouri Industrial Development Authority
Tax Increment Revenue Improvement 		     
(Confluence Academy Project)
Series A 144A 5.625% 6/15/53  # 		    4,805,000 $    4,616,932
University of Texas System Board of Regents
Revenue 		     
Series B 5.00% 8/15/49      30,400,000     35,152,736
University of Virginia Revenue      
Series A 2.18% 11/1/51      10,000,000      5,810,000
Series A-2 3.57% 4/1/45      10,000,000      9,064,800
Upper Dauphin, Pennsylvania Industrial Development
Authority Revenue 		     
(Pennsylvania Steam Academy Charter School Project)
Series A 144A 6.25% 7/1/57  # 		    2,400,000      2,452,128
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      3,044,179
Utah State Charter School Finance Authority Revenue      
(Leadership Learning Academy Project)      
Series A 144A 5.00% 6/15/39  #     1,000,000      1,000,910
Series A 144A 5.00% 6/15/50  #     2,200,000      2,091,540
Washington State Housing Finance Commission
Revenue 		     
(Radford Court And Nordheim Court Portfolio)      
 5.00% 7/1/54       2,500,000      2,580,925
 5.50% 7/1/59       6,000,000      6,410,520
(Seattle Academy Of Arts And Sciences Project)
144A 6.375% 7/1/63  # 		    2,500,000      2,744,450
Wisconsin Public Finance Authority Revenue      
 5.75% 7/1/62      12,372,573     12,924,885
(Cornerstone Charter Academy)
Series A 144A 5.125% 2/1/46  # 		    3,250,000      3,257,768
(Founders Academy of Las Vegas)      
Series A 144A 6.375% 7/1/43  #       300,000        313,407
Series A 144A 6.625% 7/1/53  #       600,000        626,436
Series A 144A 6.75% 7/1/58  #       550,000        576,422
(North East Carolina Preparatory School Project)      
Series A 5.00% 6/15/44       1,000,000      1,008,640
Series A 5.25% 6/15/54       1,200,000      1,216,368
    13

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Wisconsin Public Finance Authority Revenue      
(Pine Lake Preparatory)
144A 5.50% 3/1/45  # 		    3,460,000 $    3,460,692
(Revolution Academy)      
Series A 144A 6.25% 10/1/53  #     2,000,000      2,095,640
Series A 144A 6.25% 10/1/58  #     3,885,000      4,059,203
(Shining Rock Classical Academy)      
Series A 6.00% 6/15/52       2,780,000      2,783,002
Series A 6.125% 6/15/57       3,010,000      3,014,485
(Triad Educational Services, Inc.)
Series A 144A 5.50% 6/15/45  # 		    6,000,000      6,014,400
(Wilson Preparatory Academy)      
Series A 144A 4.125% 6/15/29  #       335,000        329,231
Series A 144A 5.00% 6/15/39  #       500,000        500,430
Series A 144A 5.00% 6/15/49  #     2,200,000      2,110,064
(Wittenberg University)
144A 5.25% 12/1/39  # 		    5,000,000      4,392,800
Yonkers, New York Economic Development
Educational Revenue 		     
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)      
Series A 5.00% 10/15/49       1,000,000      1,000,730
Series A 5.00% 10/15/54         465,000       460,471
    761,523,829
Electric Revenue Bonds — 1.50%
Build NYC, New York Resource Revenue      
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
144A 5.25% 12/31/33 (AMT) # 		    4,520,000      4,559,731
Guam Power Authority Revenue      
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/38   		      135,000        145,593
Puerto Rico Electric Power Authority Revenue      
Series A 5.00% 7/1/42  ‡     8,615,000      4,824,400
Series A 5.05% 7/1/42  ‡     4,590,000      2,570,400
Series A 6.75% 7/1/36  ‡     1,500,000        840,000
Series AAA 5.25% 7/1/25  ‡       925,000        518,000
Series AAA 5.25% 7/1/26  ‡     1,030,000        576,800
Series AAA 5.25% 7/1/27  ‡     5,330,000      2,984,800
Series AAA 5.25% 7/1/28  ‡     1,205,000        674,800
Series CCC 5.25% 7/1/27  ‡     5,525,000      3,094,000
14    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series TT 5.00% 7/1/23  ‡     2,785,000 $    1,552,637
Series TT 5.00% 7/1/37  ‡     5,230,000      2,928,800
Series WW 5.00% 7/1/28  ‡     6,040,000      3,382,400
Series WW 5.25% 7/1/25  ‡     1,530,000        856,800
Series WW 5.25% 7/1/33  ‡     1,260,000        705,600
Series WW 5.50% 7/1/38  ‡     9,035,000      5,059,600
Series XX 4.75% 7/1/26  ‡       920,000        515,200
Series XX 5.25% 7/1/40  ‡    19,300,000     10,808,000
Series XX 5.75% 7/1/36  ‡     7,470,000      4,183,200
Series ZZ 4.75% 7/1/27  ‡       760,000        425,600
Series ZZ 5.25% 7/1/25  ‡     1,275,000        710,813
Series ZZ 5.25% 7/1/26  ‡     7,005,000     3,922,800
     55,839,974
Healthcare Revenue Bonds — 13.67%
Arizona Industrial Development Authority Revenue      
(Great Lakes Senior Living Communities LLC Project First Tier)
Series A2 5.125% 1/1/59   		    4,595,000      4,365,066
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
Series D 8.171% 1/1/59  ~ 		    5,311,947        963,906
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.125% 1/1/59   		    2,199,552      1,774,796
(Great Lakes Senior Living Communities LLC Project Third Tier)
Series C 1.759% 1/1/59  ~ 		    5,189,384      2,916,538
Bexar County, Texas Health Facilities Development
Revenue 		     
(Army Retirement Residence Foundation Project)
 5.00% 7/15/41   		    5,395,000      5,397,751
Birmingham, Alabama Special Care Facilities
Financing Authority Revenue 		     
(Methodist Home for the Aging)      
 5.50% 6/1/30       1,850,000      1,852,516
 5.75% 6/1/35       1,500,000      1,502,370
 5.75% 6/1/45       2,500,000      2,384,825
 6.00% 6/1/50       3,130,000      3,012,938
    15

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Health Facilities Financing Authority
Revenue 		     
(Cedars-Sinai Health System)      
Series A 3.00% 8/15/51      15,170,000 $   12,197,287
Series A 3.00% 8/15/51 (AGM)      1,025,000        852,841
(Kaiser Permanente)
Subseries A-2 5.00% 11/1/47   		    9,870,000     11,438,639
California Municipal Finance Authority Revenue      
(Community Health System Project)
Series A 3.00% 2/1/46 (AGM)  		   10,000,000      8,372,500
(Goodwill Industry Sacramento Valley and Northern Nevada Project)      
Series A 5.25% 1/1/45       1,295,000      1,041,866
Series A 144A 6.625% 1/1/32  #       500,000        496,430
Series A 144A 6.875% 1/1/42  #     1,500,000      1,454,430
(Northbay Healthcare Group)
Series A 5.25% 11/1/47   		      500,000        500,635
California Public Finance Authority Revenue      
Series A 144A 6.375% 6/1/59  #     8,000,000      7,767,280
California Statewide Communities Development
Authority Revenue 		     
(Enloe Medical Center)
Series A 5.375% 8/15/57 (AGM)  		    2,000,000      2,139,820
Capital Trust Agency Senior Living Facilities, Florida
Revenue 		     
(Elim Senior Housing Inc. Project)
144A 5.875% 8/1/52  # 		    2,000,000      1,785,900
City of Apple Valley, Minnesota Senior Living
Revenue 		     
(Minnesota Senior Living LLC Project)
Second Tier Series B 5.25% 1/1/37   		      420,000        255,074
(Senior Living LLC Project)      
Fourth Tier Series D 7.25% 1/1/52       7,410,000      3,665,283
Second Tier Series B 5.00% 1/1/47       2,375,000      1,427,755
City of Chicago, Illinois Multi-Family Housing
Revenue 		     
(Goldblatts Supportive Living Project)
 6.125% 12/1/43  ‡ 		    8,200,000      5,179,858
City of Colby, Kanas Hospital Loan Anticipation
Revenue 		     
(Citizens Medical Center, Inc. Project)
 5.50% 7/1/26   		    9,000,000      9,036,360
16    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
City of Lenexa, Kansas Health Care Facility Revenue      
(Lakeview Village)      
Series A 4.00% 5/15/34       1,000,000 $      969,640
Series A 5.00% 5/15/39       1,500,000      1,516,470
City of Medford, Oregon Hospital Facility Authority
Revenue 		     
(Asante Projects)
Series A 3.00% 8/15/50 (AGM)  		    3,500,000      2,609,040
City of Rochester, Minnesota Health Care & Housing
Revenue 		     
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48   		    2,500,000      2,502,275
City of Terre Haute, Indiana Revenue      
(Westminster Village Project)
 6.00% 8/1/39   		    4,000,000      3,386,720
City of Topeka, Kansas Healthcare Facilities Revenue      
(Brewster Place)      
Series A 6.25% 12/1/42       1,500,000      1,572,045
Series A 6.50% 12/1/52       2,000,000      2,079,660
Clackamas County, Oregon Hospital Facility Authority
Revenue 		     
(Rose Villa Project)      
Series A 5.25% 11/15/50       1,000,000      1,002,770
Series A 5.375% 11/15/55       1,000,000      1,003,540
Colorado Health Facilities Authority Revenue      
(Aberdeen Ridge)
Series A 5.00% 5/15/58   		      500,000        363,260
(AdventHealth Obligated Group)
Series A 3.00% 11/15/51   		    7,000,000      5,447,330
(American Baptist)
 8.00% 8/1/43   		    2,500,000      1,620,275
(Cappella of Grand Junction Project)
144A 5.00% 12/1/54  # 		    1,255,000        884,775
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44   		      500,000        500,380
(Sunny Vista Living Center)      
Series A 144A 5.50% 12/1/30  #       750,000        590,130
Series A 144A 5.75% 12/1/35  #     1,150,000        822,193
Series A 144A 6.125% 12/1/45  #     1,200,000        784,020
Series A 144A 6.25% 12/1/50  #       560,000        368,379
    17

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Connecticut State Health & Educational Facilities
Authority Revenue 		     
(Church Home of Hartford Incorporated Project)      
Series A 144A 5.00% 9/1/46  #     1,000,000 $      990,050
Series A 144A 5.00% 9/1/53  #     1,600,000      1,535,584
Cuyahoga County, Ohio Hospital Revenue      
(The MetroHealth System)      
 5.25% 2/15/47       4,000,000      4,052,720
 5.50% 2/15/52       4,930,000      5,004,492
Doylestown, Pennsylvania Hospital Authority
Revenue 		     
144A 5.00% 7/1/31  #     1,500,000      1,584,225
144A 5.375% 7/1/39  #     1,575,000      1,716,813
Escambia County, Florida Health Facilities Authority
Revenue 		     
(Baptist Health Care Obligated Group)
Series A 4.00% 8/15/50   		    8,065,000      7,185,754
Gainesville & Hall County, Georgia Hospital Authority
Revenue 		     
(Northeast Georgia Health System Project)
 3.00% 2/15/47   		    3,775,000      3,002,182
Glendale, Arizona Industrial Development Authority
Revenue 		     
(Glencroft Retirement Community Project)      
 5.00% 11/15/36         950,000        902,453
 5.25% 11/15/51       1,350,000      1,173,528
Guilderland, New York Industrial Development Agency
Revenue 		     
(Albany Place Development LLC Project)
Series A 144A 5.875% 1/1/52  #, ‡ 		    6,000,000      3,000,000
Henrico County, Virginia Economic Development
Authority Residential Care Facility Revenue 		     
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/47   		    2,170,000      2,241,263
Hillsborough County, Florida Industrial Development
Authority Hospital Revenue 		     
(BayCare Health System Issue)
Series C 5.50% 11/15/54   		   13,125,000     14,557,331
Idaho Health Facilities Authority Revenue      
(St. Luke's Health System Project)      
Series A 3.00% 3/1/51       7,370,000      5,536,270
Series A 4.00% 3/1/51       2,000,000      1,841,580
18    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue      
(Valley Vista Care Corporation)
Series A 5.00% 11/15/32   		      455,000 $      421,690
Illinois Finance Authority Revenue      
(Plymouth Place, Inc.)
Series A 6.75% 5/15/58   		    3,000,000      3,228,180
(The Admiral at the Lake Project)      
 5.25% 5/15/42         900,000        786,060
 5.25% 5/15/54       5,910,000      4,711,452
 5.50% 5/15/54       3,375,000      2,796,289
Illinois Housing Development Authority Revenue      
(Stonebridge of Gurnee Project)      
Series A 144A 5.45% 1/1/46  #     2,500,000      2,502,950
Series A 144A 5.60% 1/1/56  #     2,630,000      2,632,946
Iowa Finance Authority Revenue      
(ChildServe Project)
Series B 5.00% 6/1/36   		    2,425,000      2,426,867
(PHS Council Bluffs Project)      
 5.125% 8/1/48       1,750,000      1,511,510
 5.25% 8/1/55       2,500,000      2,119,950
Jefferson County, Washington Public Hospital District
No. 2 Revenue 		     
(Jefferson Healthcare)
Series A 6.875% 12/1/53   		    8,880,000      9,275,604
Kalispell, Montana Revenue      
(Immanuel Lutheran Corporation Project)      
Series A 5.25% 5/15/32         435,000        435,091
Series A 5.25% 5/15/47       1,525,000      1,388,528
Series A 5.25% 5/15/52       5,420,000      4,797,188
Kentucky Economic Development Finance Authority
Healthcare Revenue 		     
(Rosedale Green Project)      
 5.50% 11/15/35       1,310,000      1,178,581
 5.75% 11/15/45       3,000,000      2,469,120
 5.75% 11/15/50       1,600,000      1,316,192
Kirkwood, Missouri Industrial Development Authority
Revenue 		     
(Aberdeen Heights Project)
Series A 5.25% 5/15/50   		    9,000,000      8,164,530
Lake County, Florida Retirement Facility Revenue      
(Lakeside At Waterman Village Project)      
Series A 5.75% 8/15/50       2,500,000      2,521,900
    19

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Lake County, Florida Retirement Facility Revenue      
(Lakeside At Waterman Village Project)
Series A 5.75% 8/15/55       1,500,000 $    1,506,960
Lancaster County, Pennsylvania Hospital Authority
Revenue 		     
(Penn State Health)
 5.00% 11/1/51   		    4,670,000      4,765,034
Louisiana Local Government Environmental Facilities
& Community Development Authority Revenue 		     
(The Glen Retirement System Project)      
Series A 5.00% 1/1/49       3,500,000      2,646,035
Series A 5.00% 1/1/55       2,635,000      1,913,063
Louisiana Public Facilities Authority Revenue      
(Ochsner Clinic Foundation Project)
Series A 3.00% 5/15/47   		   10,000,000      7,709,100
Maricopa County, Arizona Industrial Development
Authority Senior Living Facility Revenue 		     
(Christian Care Surprise Project)
144A 6.00% 1/1/48  # 		    5,645,000      4,689,866
Michigan Finance Authority Hospital Revenue      
Series A 3.00% 12/1/49      12,000,000      9,111,480
Michigan State Strategic Fund Limited Revenue      
(Evangelical Homes)
 5.50% 6/1/47   		    2,560,000      2,123,725
Missouri State, Health and Educational Facilities
Authority Revenue 		     
(Mercy Health)
 4.00% 6/1/53   		    4,810,000      4,386,191
Montgomery County, Pennsylvania Industrial
Development Authority Revenue 		     
(Whitemarsh Continuing Care Retirement Community Project)      
 5.25% 1/1/40       1,550,000      1,550,031
 5.375% 1/1/50       6,250,000      6,031,937
Series A 5.375% 1/1/51       2,000,000      1,920,900
Moon, Pennsylvania Industrial Development Authority
Revenue 		     
(Baptist Homes Society)
 6.125% 7/1/50   		    8,935,000      7,152,467
Muskingum County, Ohio Hospital Facilities Revenue      
(Genesis Healthcare System Obligated Group Project)
 5.00% 2/15/48   		    2,000,000      1,959,020
20    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Nassau County, New York Industrial Development
Agency Revenue 		     
(Amsterdam at Harborside Project)
Series B 5.00% 1/1/58  • 		   10,884,206 $      999,823
New Hampshire, National Finance Authority Revenue      
(The Vista Project)      
Series A 144A 5.25% 7/1/39  #     1,515,000      1,520,893
Series A 144A 5.625% 7/1/46  #     1,000,000      1,004,560
Series A 144A 5.75% 7/1/54  #     2,000,000      2,005,860
New Hope, Texas Cultural Education Facilities
Finance Revenue 		     
(Army Retirement Residence Foundation Project)
 6.00% 7/15/57   		    6,000,000      6,196,560
(Buckingham Senior Living Community, Inc. Project)      
Series A-1 7.50% 11/15/37         120,000         96,730
Series A-2 7.50% 11/15/36         745,000        618,201
Series B 2.00% 11/15/61  •     3,181,955      1,179,901
(Cardinal Bay - Village on the Park)      
Series A-1 5.00% 7/1/46         660,000        595,650
Series A-1 5.00% 7/1/51       1,575,000      1,421,437
Series B 4.00% 7/1/31         635,000        506,413
Series B 4.75% 7/1/51       1,915,000      1,527,212
Series C 5.00% 7/1/31  ‡       250,000        125,000
Series C 5.25% 7/1/36  ‡       350,000        175,000
Series C 5.75% 7/1/51  ‡     2,250,000      1,125,000
Series D 6.00% 7/1/26  ‡        90,000         12,600
Series D 7.00% 7/1/51  ‡     1,350,000        189,000
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54   		    5,000,000      3,787,350
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57   		   15,635,000     15,680,654
(Superior Living Foundation Project)
Series A 144A 6.50% 7/1/56  # 		   10,000,000     10,010,600
(The Outlook at Windhaven Project)      
Series A 6.75% 10/1/52       1,000,000      1,017,190
Series A 6.875% 10/1/57       6,500,000      6,624,475
New Jersey Economic Development Authority
Revenue 		     
(Black Horse EHT Urban Renewal LLC Project)
Series A 144A 5.00% 10/1/39  # 		    3,125,000      2,491,188
    21

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Jersey Economic Development Authority
Revenue 		     
(Lions Gate Project)
 5.25% 1/1/44   		    2,000,000 $    1,984,060
New York State Dormitory Authority Revenue      
 5.50% 10/1/54 (AGC)      5,250,000      5,721,292
(Garnet Health Medical Center)
144A 5.00% 12/1/40  # 		      800,000        761,208
North Carolina Medical Care Commission Health
Care Facilities Revenue 		     
(Novant Health Obligated Group)
Series A 3.125% 11/1/49   		    5,000,000      4,069,150
Northampton County, Pennsylvania Industrial
Development Authority Revenue 		     
(Morningstar Senior Living)
 5.00% 11/1/49   		    1,830,000      1,660,853
Oklahoma Development Finance Authority Revenue      
(OU Medicine Project)
Series B 5.50% 8/15/57   		    3,000,000      3,068,910
Onondaga, New York Civic Development Tax-exempt
Revenue 		     
(Crouse Health Hospital, Inc. Project)      
Series A 5.125% 8/1/44         500,000        471,715
Series A 5.375% 8/1/54       1,250,000      1,158,200
Palomar Health, California Revenue      
 4.00% 11/1/39       4,375,000      3,377,675
Payne County, Oklahoma Economic Development
Authority Revenue 		     
(Epworth Living at the Ranch)
Series A 7.00% 11/1/51  ‡ 		      961,600          3,318
Pennsylvania Economic Development Financing
Authority First Mortgage Revenue 		     
(Tapestry Moon Senior Housing Project)
Series A 144A 6.75% 12/1/53  #, ‡ 		   10,495,000      3,148,500
Prince George's County, Maryland Revenue      
(Collington Episcopal Life Care Community)
 5.25% 4/1/47   		    2,000,000      1,902,580
Public Finance Authority Charter School Revenue      
(Inperium Project)      
144A 5.50% 12/1/44  #     5,000,000      5,132,450
144A 5.75% 12/1/54  #     8,000,000      8,212,000
22    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Rhode Island Health and Educational Building
Revenue 		     
 5.25% 5/15/54       6,100,000 $    6,411,161
Salem, Oregon Hospital Facility Authority Revenue      
(Capital Manor Project)
 5.00% 5/15/53   		    1,895,000      1,869,702
Seminole County, Florida Industrial Development
Authority Revenue 		     
(Legacy Pointe at UCF Project)      
Series A 5.25% 11/15/39       2,000,000      2,011,360
Series A 5.50% 11/15/49       9,000,000      8,923,140
Shelby County, Tennessee Health Educational &
Housing Facilities Board Revenue 		     
(The Farms at Bailey Station Project)
 5.75% 10/1/59   		    3,830,000      2,667,404
South Carolina Jobs-Economic Development
Authority Revenue 		     
(Beaufort Memorial Hospital & South Broad Healthcare Project)      
 5.50% 11/15/44       1,000,000      1,057,160
 5.75% 11/15/54       2,250,000      2,395,395
(Novant Health Obligated Group)
Series A 5.50% 11/1/54   		    1,845,000      2,027,138
Southeastern Ohio Port Authority Revenue      
(Memorial Health Systems)      
 5.00% 12/1/43         805,000        727,994
 5.50% 12/1/43       1,250,000      1,201,025
St. Louis County, Missouri Industrial Development
Authority Revenue 		     
(Nazareth Living Center Project)      
Series A 5.00% 8/15/35         600,000        597,066
Series A 5.125% 8/15/45       1,800,000      1,684,602
Tarrant County, Texas Cultural Education Facilities
Finance Revenue 		     
(Air Force Villages Obligated Group Project)
 5.00% 5/15/45   		    8,650,000      8,436,258
(Buckner Senior Living - Ventana Project)      
Series A 6.75% 11/15/47       3,250,000      3,363,880
Series A 6.75% 11/15/52       5,800,000      5,988,790
    23

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Tempe, Arizona Industrial Development Authority
Revenue 		     
(Mirabella at ASU Project)      
Series A 144A 6.125% 10/1/47  #     2,150,000 $    1,431,534
Series A 144A 6.125% 10/1/52  #     2,570,000      1,666,080
University of North Carolina Board of Governors
Revenue 		     
 5.00% 2/1/49      19,355,000     21,419,791
Virginia Small Business Financing Authority Revenue      
(LifeSpire of Virginia)      
Series A 4.50% 12/1/44       2,750,000      2,739,247
Series A 5.50% 12/1/54       3,500,000      3,692,080
Westchester County, New York Local Development
Revenue 		     
(Purchase Senior Learning Community, Inc. Project)
Series A 144A 5.00% 7/1/56  # 		    4,250,000      4,252,168
Westminster, Maryland Project Revenue      
(Lutheran Village Millers Grant)      
Series A 6.00% 7/1/34       1,000,000      1,000,770
Series A 6.125% 7/1/39         750,000        750,368
Series A 6.25% 7/1/44       2,500,000      2,500,800
Wisconsin Health & Educational Facilities Authority
Revenue 		     
(Chiara Housing and Services Project)
 6.00% 7/1/60   		    6,000,000      6,225,360
(Children's Hospital of Wisconsin)
 3.00% 8/15/52   		    3,000,000      2,327,850
(Covenant Communities Project)      
Second Tier Series B 5.00% 7/1/48       1,000,000        908,280
Second Tier Series B 5.00% 7/1/53         945,000        836,618
Third Tier Series C 7.00% 7/1/43       1,000,000        921,000
Third Tier Series C 7.50% 7/1/53       1,000,000        927,180
(Dickson Hollow Phase II Project)      
 5.45% 10/1/39         500,000        518,995
 6.00% 10/1/44         300,000        317,856
 6.125% 10/1/59       2,750,000      2,872,512
(St. Camillus Health System)      
Series A 5.00% 11/1/39         635,000        615,963
Series A 5.00% 11/1/46       1,000,000        940,380
Series A 5.00% 11/1/54       8,425,000      7,602,720
24    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Wisconsin Public Finance Authority Revenue      
(Bancroft Neurohealth Project)      
Series A 144A 5.00% 6/1/36  #       960,000 $      967,075
Series A 144A 5.125% 6/1/48  #     1,375,000      1,376,224
(Goodwill Industries of Southern Nevada Project)      
Series A 5.50% 12/1/38       2,368,650      2,183,563
Series A 5.75% 12/1/48       2,576,272      2,298,241
Woodbury, Minnesota Housing & Redevelopment
Authority Revenue 		     
(St. Therese of Woodbury)
 5.125% 12/1/44   		    1,250,000      1,249,913
Yamhill County, Oregon Hospital Authority Revenue      
(Friendsview)
Series A 5.00% 11/15/56   		    1,600,000     1,415,392
    509,183,491
Housing Revenue Bonds — 3.30%
California CSCDA Community Improvement Authority
Essential Housing Revenue 		     
(Jefferson - Anaheim)
Series A-2 144A 3.125% 8/1/56  # 		    1,500,000      1,170,915
(Parallel - Anaheim)
Series A 144A 4.00% 8/1/56  # 		      650,000        579,176
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56  # 		    5,800,000      4,148,798
California Municipal Finance Authority Revenue      
Series I 144A 6.00% 1/1/39  #     6,530,000      6,863,487
City of Dallas, Texas Housing Finance Revenue      
Residential Development-Senior Lien
Series A 6.00% 12/1/62   		    2,000,000      1,947,640
Connecticut Housing Finance Authority Revenue      
(Housing Mortgage Finance Program)
Series D 5.35% 11/15/48   		    7,000,000      7,217,490
Georgia Housing & Finance Authority Revenue      
Series B 5.05% 12/1/43       2,500,000      2,641,750
Series B 5.20% 12/1/48       1,615,000      1,660,672
Series B 5.25% 6/1/51       2,000,000      2,074,440
Idaho Housing & Finance Association Single Family
Mortgage Revenue 		     
Series C 4.80% 7/1/53       5,865,000      5,937,843
Illinois Housing Development Authority Revenue      
Series K 5.35% 4/1/47       7,400,000      7,647,382
    25

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Independent Cities, California Finance Authority
Mobile Home Park Revenue 		     
(Pillar Ridge)
Series A 5.25% 5/15/44   		      750,000 $      750,548
Indiana Housing & Community Development Authority
Single Family Mortgage Revenue 		     
Series D-1 5.00% 7/1/43       1,500,000      1,557,030
Series D-1 5.125% 7/1/48       1,850,000      1,890,552
Series D-1 5.20% 7/1/53       5,000,000      5,140,150
Maine State Housing Authority Revenue      
Series A 3.00% 11/15/44       2,525,000      2,033,256
Michigan State Housing Development Authority
Revenue 		     
Series A 4.80% 10/1/64       7,000,000      7,039,200
Nebraska Investment Finance Authority Single Family
Housing Revenue 		     
Series G 5.40% 9/1/53       5,000,000      5,172,750
New York City, New York Housing Development
Revenue 		     
 4.80% 2/1/53       5,000,000      5,059,150
(8 Spruce Street)
Series RE 5.25% 12/15/31   		    6,000,000      6,170,100
Ohio Housing Finance Agency Revenue      
(Havens Edge Apartments Project)
Series A 144A 5.70% 8/1/43  # 		    3,500,000      3,674,931
Pennsylvania Housing Finance Agency Single Family
Mortgage Revenue 		     
(Social Bonds)      
Series 141A 4.60% 10/1/43       1,645,000      1,666,780
Series 142A 5.00% 10/1/50      10,340,000     10,606,255
Series 143A 5.45% 4/1/51       5,000,000      5,160,300
Series 146A 4.75% 4/1/53       5,000,000      5,068,000
Rhode Island Housing & Mortgage Finance Revenue      
Series 80-A 4.65% 10/1/53       3,000,000      3,011,700
South Carolina State Housing Finance &
Development Authority Revenue 		     
Series B 4.90% 7/1/53       1,445,000      1,454,494
Texas Department of Housing & Community Affairs
Revenue 		     
Series C 5.125% 9/1/53       2,500,000      2,576,850
Virginia Housing Development Authority Revenue      
Series A 5.30% 11/1/53       3,500,000      3,618,090
26    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Wisconsin Housing & Economic Development
Authority Housing Revenue 		     
Series C 3.00% 5/1/59       1,100,000 $      763,642
Wisconsin Public Finance Authority Revenue      
(The Promenade Apartments)
144A 6.25% 2/1/39  # 		    8,500,000     8,790,615
    123,093,986
Industrial Development Revenue/Pollution ControlRevenue Bonds — 22.36%
Allegheny County, Pennsylvania Industrial
Development Authority Revenue 		     
(United States Steel Corporation Project)
 5.75% 8/1/42 (AMT)  		    2,000,000      2,002,060
Arizona Industrial Development Authority Revenue      
(Legacy Cares, Inc. Project)      
Series A 144A 6.00% 7/1/51  #, ‡     6,540,000        196,200
Series A 144A 7.75% 7/1/50  #, ‡    21,330,000        639,900
Arkansas Development Finance Authority Revenue      
(Hybar Steel Project)      
Series A 144A 6.875% 7/1/48 (AMT) #    10,000,000     11,005,900
Series B 144A 7.375% 7/1/48 (AMT) #    10,000,000     11,124,500
(United States Steel Corporation Project)
 5.70% 5/1/53 (AMT)  		   18,750,000     19,773,938
Black Belt, Alabama Energy Gas District Revenue      
(Gas Project)
Series D-1 5.50% 6/1/49  • 		    2,330,000      2,482,079
Buckeye, Ohio Tobacco Settlement Financing
Authority Revenue 		     
(Senior)      
Series A-2 Class 1 3.00% 6/1/48      13,775,000     10,403,569
Series A-2 Class 1 4.00% 6/1/48         150,000        136,225
Series B-2 Class 2 5.00% 6/1/55      59,670,000     54,636,239
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      3,087,834
California Community Choice Financing Authority
Revenue 		     
(Clean Energy Project)      
Series B 5.00% 1/1/55  •     5,000,000      5,324,900
Series C 5.25% 1/1/54  •     3,000,000      3,166,950
    27

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
California County Tobacco Securitization Agency
Settlement Revenue 		     
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation)
Series D 8.613% 6/1/55  ^ 		  100,000,000 $    9,713,000
(Capital Appreciation Bond- Stanislaus County Tobacco Funding Corporation)
Series D 8.239% 6/1/55  ^ 		    6,250,000        511,375
California Infrastructure & Economic Development
Bank Revenue 		     
(Brightline West Passenger Rail Project)      
Series A 144A 9.50% 1/1/65 (AMT) #, •    33,000,000     33,494,010
Series A-4 144A 8.00% 1/1/50 (AMT) #, •    22,800,000     23,550,804
California Pollution Control Financing Authority
Revenue 		     
(Calplant I Project)      
144A 7.50% 7/1/32 (AMT) #, ‡     1,600,000         21,600
144A 8.00% 7/1/39 (AMT) #, ‡     5,250,000         70,875
Chicago, Illinois O'Hare International Airport Special
Facilities Revenue 		     
(Trips Obligated Group)
 5.00% 7/1/48 (AMT)  		      150,000        150,888
Children's Trust Fund, Commonwealth of Puerto Rico
Revenue 		     
(Tobacco Settlement Asset-Backed)      
Series A 7.707% 5/15/57  ^   225,000,000     15,133,500
Series B 9.403% 5/15/57  ^     3,420,000        212,314
City of Houston, Texas Airport System Revenue      
Series B-1 5.00% 7/15/35 (AMT)      3,000,000      3,003,630
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects)
Series 2011 6.625% 7/15/38 (AMT)  		    2,000,000      2,018,980
(United Airlines Inc.)
 5.00% 7/1/29 (AMT)  		    1,150,000      1,150,759
(United Airlines, Inc. Terminal Improvement Projects)      
Series B 5.50% 7/15/38 (AMT)      7,750,000      8,388,600
Series B 5.50% 7/15/39 (AMT)      7,000,000      7,574,280
City of Valparaiso, Indiana Exempt Facilities
Refunding Revenue 		     
(Pratt Paper (In), LLC Project)
144A 5.00% 1/1/54 (AMT) # 		    5,000,000      5,114,000
28    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
District of Columbia Tobacco Settlement Financing
Revenue 		     
(Capital Appreciation-Asset-Backed)      
Series C 3.88% 6/15/55  ^   121,000,000 $   13,090,990
Series D 7.392% 6/15/55  ^   262,500,000     25,270,875
Erie County, New York Tobacco Asset Securitization
Revenue 		     
(Capital Appreciation-Asset-Backed)      
Series A 144A 9.212% 6/1/60  #, ^   196,565,000     10,551,609
Series D 7.815% 6/1/55  ^     4,000,000        334,960
Fayette County, Georgia Development Authority
Revenue 		     
(United States Soccer Federation, Inc. Project)
 5.25% 10/1/54   		    2,000,000      2,119,940
Finance Authority of Maine Solid Waste Disposal
Revenue 		     
(Casella Waste System Project)
Series R-2 144A 4.375% 8/1/35 (AMT) #, • 		    1,000,000      1,002,520
Florida Development Finance Corporation Revenue      
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 8.25% 7/1/57 (AMT) #, • 		   24,400,000     25,289,380
George L Smith II World Congress Center, Georgia
Authority Revenue 		     
(Convention Center Hotel Second Tier)
Series B 144A 5.00% 1/1/54  # 		   10,000,000      9,730,100
(Convention Center Hotel)
First Tier Series A 4.00% 1/1/54   		   13,060,000     11,717,301
Georgia Main Street Natural Gas Project Revenue      
Series A 4.00% 5/15/39       5,500,000      5,347,485
Series C 5.00% 12/1/54  •     5,000,000      5,301,400
Golden State, California Tobacco Securitization
Corporate Settlement Revenue 		     
(Capital Appreciation)
Subordinate Series B-2 1.355% 6/1/66  ^ 		  355,550,000     41,940,678
Hoover, Alabama Industrial Development Board
Environmental Improvement Revenue 		     
(United States Steel Corporation Project)
 5.75% 10/1/49 (AMT)  		   10,250,000     10,796,120
Indiana Finance Authority Exempt Facility Revenue      
(Polyflow Indiana Project - Green Bonds)
144A 7.00% 3/1/39 (AMT) # 		    6,635,000      1,074,538
    29

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Industrial Development Board Of The City Of
Kingsport Tennessee Revenue 		     
(Domtar Project)
144A 5.25% 12/1/54 (AMT) #, • 		    7,500,000 $    7,594,200
Inland, California Empire Tobacco Securitization
Revenue 		     
(Capital Appreciation Turbo Asset-Backed)      
Series E 144A 8.455% 6/1/57  #, ^   383,610,000     30,105,713
Series F 144A 5.666% 6/1/57  #, ^   406,910,000     27,356,559
Kentucky Public Energy Authority Revenue      
Series B 5.00% 1/1/55  •     3,500,000      3,769,150
Louisiana Public Facilities Authority Revenue      
(Louisiana Pellets Project)      
144A 7.75% 7/1/39 (AMT) #, ‡     1,976,705             20
Series A 8.375% 7/1/39 (AMT) ‡    13,547,003            135
Series B 10.50% 7/1/39 (AMT) ‡    12,201,587            122
Maine Finance Authority Revenue      
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #, ‡ 		   10,950,000      3,577,803
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Commercial Metals Company Project)
144A 4.00% 10/15/47 (AMT) # 		    8,020,000      7,223,373
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      7,077,210
Michigan Finance Authority Limited Obligation
Revenue 		     
Series B-2 4.97% 6/1/65  ^    10,000,000      1,176,000
Mobile County, Alabama Industrial Development
Authority Revenue 		     
(AM/NS Calvert LLC Project)      
Series A 5.00% 6/1/54 (AMT)     10,090,000     10,256,081
Series B 4.75% 12/1/54 (AMT)     10,000,000      9,896,500
Monroe, New York Tobacco Asset Securitization
Revenue 		     
(Forth Subordinate - Capital Appreciation - Asset-Backed)
Series A 144A 7.939% 6/1/61  #, ^ 		  487,500,000     24,233,625
30    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Nassau County, New York Tobacco Settlement
Revenue 		     
(Asset-Backed)
Series A-3 5.125% 6/1/46   		   10,000,000 $    8,894,500
Nevada State Department of Business & Industry
Revenue 		     
(Brightline West Passenger Rail Project)
Series A 144A 9.50% 1/1/65 (AMT) #, • 		   10,000,000     10,059,900
(Fulcrum Sierra Biofuels, LLC Project - Green Bonds)
144A 6.25% 12/15/37 (AMT) #, ‡ 		    1,964,485            197
New Hampshire Business Finance Authority Revenue      
144A 5.375% 12/15/35  #     4,900,000      4,923,324
(Easton Park Project)
144A 5.625% 2/1/30  # 		    6,000,000      6,008,100
New Jersey Economic Development Authority Special
Facility Revenue 		     
(Continental Airlines Project)      
 5.25% 9/15/29 (AMT)      3,430,000      3,433,944
Series B 5.625% 11/15/30 (AMT)      1,270,000      1,271,753
New Jersey Tobacco Settlement Financing Revenue      
Subordinate Series B 5.00% 6/1/46       4,300,000      4,345,752
New York City, New York Industrial Development
Agency Revenue 		     
(Queens Baseball Stadium Project)
Series A 2.00% 1/1/38 (AGM)  		      500,000        380,405
(Yankee Stadium Project)
Series A 3.00% 3/1/49   		    1,000,000        764,290
New York Counties Tobacco Trust IV Revenue      
Series F 0.15% 6/1/60  ^    55,000,000      3,535,400
New York Counties Tobacco Trust V Pass-Through
Revenue 		     
(Subordinate Turbo Capital Appreciation Bond)
Series S4B 144A 0.269% 6/1/60  #, ♦, ^ 		  322,800,000     14,939,184
New York Counties Tobacco Trust VI Pass-Through
Revenue 		     
Series C 5.00% 6/1/51  ♦     1,000,000        909,080
New York Transportation Development Special
Facility Revenue 		     
(American Airlines Inc. John F. Kennedy International Airport Project)
 5.375% 8/1/36 (AMT)  		    1,000,000      1,046,290
    31

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
New York Transportation Development Special
Facility Revenue 		     
(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)      
 4.375% 10/1/45 (AMT)     16,840,000 $   16,449,649
 5.00% 10/1/40 (AMT)      3,400,000      3,514,444
Ohio, Port of Greater Cincinnati Development
Authority Revenue 		     
(RBM Phase 3 Garage Project)      
 5.00% 12/1/44       1,000,000        998,720
 5.125% 12/1/55       1,500,000      1,467,150
Pennsylvania Economic Development Financing
Authority Revenue 		     
(National Gypsum)
 5.50% 11/1/44 (AMT)  		    4,500,000      4,505,850
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      1,401,593
Series A 144A 5.125% 1/1/44 (AMT) #     2,000,000      2,056,780
Series A 144A 5.25% 1/1/54 (AMT) #     2,000,000      2,056,640
Port of Seattle, Washington Industrial Development
Special Facilities Revenue 		     
(Delta Airlines)
 5.00% 4/1/30 (AMT)  		    2,000,000      2,000,800
Public Authority for Colorado Energy Natural Gas
Revenue 		     
 6.50% 11/15/38      11,000,000     13,489,630
Public Finance Authority Revenue      
(Two Step Project)
144A 5.70% 12/15/34  #, ^ 		    9,000,000      5,036,760
Puerto Rico Industrial Development      
 7.00% 1/1/54  •     7,500,000      7,143,750
Salt Verde, Arizona Financial Senior Gas Revenue      
 5.00% 12/1/37       9,250,000     10,135,780
 5.25% 12/1/27       2,235,000      2,335,195
 5.25% 12/1/28       1,050,000      1,110,648
 5.50% 12/1/29         765,000        825,619
San Diego County, California Tobacco Settlement
Revenue Funding 		     
Series C 4.00% 6/1/32         375,000        378,656
32    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
SkyRidge Pegasus Infrastructure Financing District
Revenue 		     
144A 5.25% 12/1/44  #     6,500,000 $    6,507,735
Southeast Energy Authority A Cooperative District
Revenue 		     
Series B 5.25% 3/1/55  •     7,500,000      8,021,700
St. James Parish, Louisiana Revenue      
(NuStar Logistics, LP Project)      
144A 6.10% 6/1/38  #, •     1,000,000      1,104,770
Series B 144A 6.10% 12/1/40  #, •     1,630,000      1,799,422
Suffolk, New York Regional Off-Track Betting
Revenue 		     
 6.00% 12/1/53      15,000,000     15,566,250
Tennessee State Energy Acquisition Gas Revenue      
Series C 5.00% 2/1/27       2,940,000      3,000,740
Tobacco Securitization Authority of Southern
California Revenue 		     
(Capital Appreciation - Second Subordinate Lien)
Series C 1.574% 6/1/46  ^ 		    3,515,000        726,551
(Capital Appreciation - Third Subordinate Lien)
Series D 3.916% 6/1/46  ^ 		    8,770,000      1,571,145
(San Diego County Tobacco Asset Securitization Corporation)
Series B-1 Class 2 5.00% 6/1/48   		      725,000        735,730
Tulsa, Oklahoma Municipal Airports Improvement
Trust Revenue 		     
Series A 5.50% 6/1/35 (AMT)      2,000,000      2,003,720
Tuscaloosa County, Alabama Industrial Development
Authority Revenue 		     
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44  # 		    9,440,000      9,646,358
Vermont Economic Development Authority Revenue      
(Casella Waste System)
144A 4.625% 4/1/36 (AMT) #, • 		    1,000,000      1,026,150
Virginia Tobacco Settlement Financing Revenue      
Series A-1 6.706% 6/1/46      10,665,000      9,032,615
Series B-1 5.00% 6/1/47       2,000,000      1,974,340
(Capital Appreciation Bonds)      
First Subordinate Series C 2.949% 6/1/47  ^    95,170,000     27,438,463
Second Subordinate Series D 2.20% 6/1/47  ^   179,085,000     50,527,042
    33

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Washington Economic Development Finance
Authority Revenue 		     
(Columbia Pulp I, LLC Project)
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ 		    4,800,000 $          480
Wisconsin Public Finance Authority Revenue      
(Nolina & Sorella Projects)
144A 5.50% 12/15/32  # 		    3,437,313      3,429,133
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/62   		   13,255,000     13,471,852
(Waterstone Project)
144A 5.50% 12/15/38  # 		   10,000,000    10,045,000
    832,972,275
Lease Revenue Bonds — 2.40%
Atlanta, Georgia Development Authority Revenue      
(Gluch Enterprise Zone Project)
144A 6.09% 12/15/48  #, ~ 		    2,500,000      2,174,425
Baltimore, Maryland Special Obligation Subordinate
Revenue 		     
(Harbor Point Project)
 5.00% 6/1/51   		    1,000,000      1,006,560
California Statewide Communities Development
Authority Revenue 		     
(Lancer Plaza Project)      
 5.625% 11/1/33       1,300,000      1,301,547
 5.875% 11/1/43       3,765,000      3,768,464
Idaho Falls, Idaho Annual Appropriation Certificates of
Participation Revenue 		     
144A 5.25% 5/15/51  #     5,000,000      5,025,200
Los Angeles County, California Public Works
Financing Authority Revenue 		     
(LACMA Building for the Permanent Collection Project)
Series A 3.00% 12/1/50   		   11,000,000      8,422,150
Metropolitan Pier & Exposition Authority, Illinois
Revenue 		     
(McCormick Place Expansion Project)      
Series A 3.209% 12/15/56  ^    18,610,000      4,014,921
Series A 4.00% 6/15/52       5,305,000      4,799,487
Series A 5.00% 6/15/50       4,135,000      4,239,781
Series B 4.952% 12/15/54 (BAM) ^     3,535,000        880,250
34    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Metropolitan Pier & Exposition Authority, Illinois
Revenue 		     
(McCormick Place Expansion Project)
Series B 5.03% 12/15/54  ^     3,710,000 $      884,390
New Jersey Transportation Trust Fund Authority
Revenue 		     
(Transportation Program Bonds)
Series CC 5.25% 6/15/55   		    7,500,000      8,082,825
(Transportation System)
Series A 4.991% 12/15/39  ^ 		    5,290,000      2,927,592
New York Liberty Development Revenue      
(4 World Trade Center Project)
Series A 3.00% 11/15/51   		    5,750,000      4,276,678
(Class 1 - 3 World Trade Center Project)
144A 5.00% 11/15/44  # 		   14,500,000     14,509,280
(Class 3 - 3 World Trade Center Project)
144A 7.25% 11/15/44  # 		    7,250,000      7,258,627
New York State Thruway Authority Revenue      
Series A-1 3.00% 3/15/49       5,000,000      3,898,250
Series A-1 3.00% 3/15/50       3,640,000      2,818,525
Phoenix, Arizona Industrial Development Authority
Lease Revenue 		     
 5.125% 2/1/34       1,000,000        962,430
 5.375% 2/1/41       1,300,000      1,205,152
St. Louis, Missouri Municipal Finance Revenue      
(Convention Center Capital Improvement Project)      
Series A 6.43% 7/15/36 (AGM) ^     2,250,000      1,421,167
Series A 6.44% 7/15/37 (AGM) ^     4,000,000      2,403,280
University of Missouri Industrial Development
Authority Revenue 		     
(Markets At Olive Project)
Series A 5.50% 6/15/42   		    3,000,000     3,046,230
     89,327,211
Local General Obligation Bonds — 3.10%
Chicago, Illinois Board of Education      
Series A 5.00% 12/1/42       7,690,000      7,621,098
Series A 5.875% 12/1/47       8,000,000      8,609,600
Series A 6.00% 12/1/49      13,820,000     14,953,654
Series A 144A 7.00% 12/1/46  #     2,500,000      2,643,225
Series B 4.00% 12/1/40       4,500,000      4,186,080
Series B 4.00% 12/1/41       2,000,000      1,825,980
Series G 5.00% 12/1/44       4,295,000      4,259,996
    35

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chicago, Illinois Board of Education      
Series H 5.00% 12/1/36       4,850,000 $    4,904,223
Series H 5.00% 12/1/46       4,225,000      4,150,513
City of Chicago, Illinois      
Series A 5.50% 1/1/39       2,660,000      2,855,430
Series A 5.50% 1/1/40       2,160,000      2,304,634
Series A 5.50% 1/1/49         770,000        787,086
(Chicago Recovery Plan)
Series A 5.25% 1/1/45   		   12,100,000     12,536,205
City of Horace      
Series C 5.00% 5/1/50       1,500,000      1,525,500
Dallas Independent School District      
Series B 5.00% 2/15/44       3,300,000      3,596,307
Fairfield, Alabama General Obligation Warrants      
 6.00% 6/1/37       8,485,000      7,636,500
Forsyth County, Georgia Water & Sewerage Authority
Revenue 		     
 3.00% 4/1/44       3,945,000      3,310,013
Fort Bend, Texas Independent School District      
Series 2024A 5.00% 8/15/33       1,550,000      1,786,670
Grapevine Wash Local District      
(Grapevine Wash Assessment Area No.1)      
Series A-1 144A 6.00% 3/1/55  #     1,000,000      1,000,200
Series A-2 144A 5.25% 12/1/44  #     1,500,000      1,446,345
Lamar, Texas Consolidated Independent School
District 		     
 5.25% 2/15/59       5,000,000      5,398,200
Lodi, California Unified School District      
Series 2020 3.00% 8/1/43       2,750,000      2,315,335
MIDA Golf and Equestrian Center Public
Infrastructure District, Utah 		     
144A 4.50% 6/1/51  #     7,500,000      6,025,650
Prairie Center Metropolitan District No. 3, Colorado      
Series A 5.875% 12/15/46       2,125,000      2,287,414
Verve, Colorado Metropolitan District No. 1      
 5.00% 12/1/51       1,000,000        870,620
Village of Riverdale, Illinois      
 8.00% 10/1/36       6,690,000     6,705,052
    115,541,530
36    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds — 1.41%
Blythe Township, Pennsylvania Solid Waste Authority
Revenue 		     
 7.75% 12/1/37-27 (AMT) §     2,600,000 $    2,860,858
California School Finance Authority Revenue      
(Aspire Public Schools-Obligated Group)
144A 5.00% 8/1/41-25  #, § 		      125,000        125,954
(Escuela Popular Project)
144A 6.50% 7/1/50-27  #, § 		    1,590,000      1,707,421
Central Texas Regional Mobility Authority Senior Lien
Revenue 		     
Series A 5.00% 1/1/45-25  §     4,000,000      4,029,720
City of Chicago, Illinois      
Series C 5.00% 1/1/26         500,000        509,160
Decatur County, Texas Hospital Authority      
(Wise Regional Health System)      
Series C 4.00% 9/1/29         491,000        500,643
Series C 4.00% 9/1/34-31  §       987,000      1,022,571
Series C 4.00% 9/1/44-31  §     2,036,000      2,157,794
Golden State, California Tobacco Securitization
Corporate Settlement Revenue 		     
(Enhanced Asset-Backed)
Series A 5.00% 6/1/35-25  § 		    6,265,000      6,302,026
Iowa Finance Authority Midwestern Disaster Area
Revenue 		     
(Iowa Fertilizer Company Project)
 5.00% 12/1/50-32  § 		   10,625,000     12,262,525
New Jersey Economic Development Authority Special
Facility 		     
Series WW 5.25% 6/15/30-25  §     5,000,000      5,035,800
New Jersey Transportation Trust Fund Authority
Revenue 		     
(Transportation Program)
Series CC 5.50% 6/15/50-32  § 		    4,250,000      5,049,213
North Texas Tollway Authority Special Project System
Revenue 		     
Series C 7.00% 9/1/43-31  §, ~     5,000,000      6,060,500
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)
Series A 4.00% 5/1/49-29 (AMT) § 		       55,000         55,665
    37

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Washington State Housing Finance Commission
Revenue 		     
(Heron's Key Senior Living)
Series A 144A 7.00% 7/1/45-25  #, § 		    1,000,000 $    1,011,340
(Heron's Key)
Series A 144A 7.00% 7/1/50-25  #, § 		    3,625,000     3,666,108
     52,357,298
Resource Recovery Revenue Bonds — 0.21%
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      2,550,000
Union County, New Jersey Improvement Authority
Revenue 		     
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) # 		    7,990,000     5,238,164
      7,788,164
Special Tax Revenue Bonds — 13.70%
Aerotropolis Regional Transportation Authority
Revenue 		     
144A 5.50% 12/1/44  #     2,000,000      2,058,260
144A 5.75% 12/1/54  #     8,750,000      9,123,362
Allentown, Pennsylvania Neighborhood Improvement
Zone Development Authority Revenue 		     
(Waterfront - 30 E. Allen Street Project)
Series A 144A 5.25% 5/1/42  # 		    1,275,000      1,299,251
Arrowhead Springs Public Infrastructure District
Revenue 		     
(Arrowhead Springs Assessment Area)
144A 5.625% 12/1/54  # 		    3,200,000      3,257,568
Atlanta, Georgia Development Authority Revenue      
(Westside Gulch Area Project)
Series A-2 144A 5.50% 4/1/39  # 		    5,000,000      5,169,150
Black Desert Public Infrastructure District, Utah
Revenue 		     
(Black Desert Assessment Area)
144A 5.625% 12/1/53  # 		    2,000,000      2,028,980
Branson, Missouri Industrial Development Authority
Tax Increment Revenue 		     
(Branson Shoppes Redevelopment Project)
Series A 3.90% 11/1/29   		      325,000        312,276
38    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Build NYC, New York Resource Revenue      
(Quilici Ranch)
 5.19% 6/1/47   		    1,000,000 $      993,747
Celebration Pointe, Florida Community Development
District No. 1 Revenue 		     
 5.125% 5/1/45  ‡     2,460,000      2,460,123
Cherry Hill, Virginia Community Development
Authority Revenue 		     
(Potomac Shores Project)      
144A 5.15% 3/1/35  #     1,000,000      1,000,310
144A 5.40% 3/1/45  #     2,000,000      2,000,440
City of Kansas, Missouri Tax Increment Financing
Commission Revenue 		     
(Brywood Centre Project)
Series A 8.00% 4/1/33  ‡ 		    3,950,000        750,500
City of Newport Beach, California Revenue      
Series A 4.00% 9/2/33         200,000        204,486
Series A 4.125% 9/2/38         575,000        581,089
City of Rancho, Mirage Community Facilities District
No. 5 Revenue 		     
Series A 5.00% 9/1/54       1,400,000      1,445,528
City of Tampa, Florida Capital Improvement Cigarette
Tax Allocation Revenue 		     
(H. Lee Moffitt Cancer Center Project)
Series A 4.55% 9/1/53  ^ 		   12,095,000      3,012,502
Commonwealth of Puerto Rico Revenue      
 1.71% 11/1/51  •    18,028,942     11,538,523
 3.108% 11/1/43  •    73,986,903     46,611,749
(Subordinate)
 2.41% 11/1/51  • 		   17,208,390      9,357,062
Conley, Missouri Road Transportation Development
District Revenue 		     
 5.375% 5/1/47       6,655,000      6,658,194
Creekwalk Marketplace Business Improvement
District Revenue 		     
(In The City Of Colorado Springs)
Series A 6.00% 12/1/54   		    5,000,000      5,016,200
Fountain, Colorado Urban Renewal Authority,
Colorado Revenue 		     
(South Academy Highlands Project)
Series A 5.50% 11/1/44   		    3,750,000      3,663,413
    39

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
GDB Debt Recovery Authority of Puerto Rico
Revenue 		     
(Taxable)
 7.50% 8/20/40   		   71,361,104 $   69,843,967
Glen Cove, New York Local Economic Assistance
Revenue 		     
(Garvies Point Public Improvement Project)
Series A 5.00% 1/1/56   		    2,000,000      1,688,680
Grandview, Missouri Industrial Development Authority
Revenue 		     
(Grandview Crossing Project)
 5.75% 12/1/28  ‡ 		    1,000,000        400,000
Henderson, Nevada Local Improvement Districts
Revenue 		     
(Black Mountain Ranch)      
 3.00% 9/1/36         295,000        256,001
 3.50% 9/1/45         715,000        585,699
 4.00% 9/1/51         490,000        420,425
Indianapolis, Indiana Local Public Improvement Bond
Bank Revenue 		     
(Convention Center Hotel Project)      
Series E 6.00% 3/1/53       3,000,000      3,219,120
Series E 6.125% 3/1/57       3,250,000      3,490,922
Juban Crossing Economic Development District,
Louisiana Revenue 		     
(General Infrastructure Projects)
Series C 144A 7.00% 9/15/44  # 		    2,910,000      2,913,812
(Road Projects)
Series A 144A 7.00% 9/15/44  # 		    1,680,000      1,682,201
Kansas City Industrial Development Authority
Revenue 		     
(Historic Northeast Redevelopment Plan)      
Series A-1 144A 5.00% 6/1/46  #     1,875,000      1,879,331
Series A-1 144A 5.00% 6/1/54  #     1,250,000      1,231,438
Lakeside 370 Levee District, Missouri Subdistrict B
Revenue 		     
Series 2015-B 0.00% 4/1/55         625,611        563,050
Las Vegas, Nevada Revenue      
(Villages At Tule Springs Village 1)      
144A 5.50% 6/1/37  #       730,000        764,653
144A 5.75% 6/1/42  #     1,085,000      1,128,259
144A 5.75% 6/1/47  #     1,550,000      1,591,881
40    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Las Vegas, Nevada Revenue      
(Villages At Tule Springs Village 1)
144A 6.00% 6/1/52  #     1,765,000 $    1,830,535
Las Vegas, Nevada Special Improvement District No.
817 Local Improvement Revenue 		     
(Summerlin Village 29)      
 5.50% 6/1/38         375,000        396,285
 5.75% 6/1/43         500,000        522,580
 6.00% 6/1/53       1,000,000      1,039,400
Lees Summit, Missouri Industrial Development
Authority Revenue 		     
(Kensington Farms Improvement Project)
 5.75% 3/1/29  ‡ 		    2,185,000      1,201,750
Marquis Community Development Authority of York
County Virginia Revenue 		     
Series B 5.625% 9/1/41  ‡     2,779,000        917,070
(Capital Appreciation Bonds)
Series C 0.00% 9/1/41  ^ 		      821,000          2,053
(Convertible Capital Appreciation Bonds)
144A 7.50% 9/1/45  #, ‡, φ 		      859,000        283,470
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/39       8,945,000      9,306,825
Mida Mountain Village Public Infrastructure District
Revenue 		     
(Subordinate)      
Series 1 144A 5.125% 6/15/54  #     3,000,000      3,001,020
Series 2 144A 6.00% 6/15/54  #     4,410,000      4,618,284
Midtown Miami, Florida Community Development
District Revenue 		     
(Parking Garage Project)
Series A 5.00% 5/1/37   		      500,000        500,125
Mobile, Alabama Improvement District Revenue      
(McGowin Park Project)      
Series A 5.25% 8/1/30       1,100,000      1,116,236
Series A 5.50% 8/1/35       1,500,000      1,522,305
Monongalia County, West Virginia Revenue      
(Development District No. 4 – University Town Centre)      
Series A 144A 5.00% 6/1/33  #       820,000        859,171
Series A 144A 5.75% 6/1/43  #     1,315,000      1,409,141
Series A 144A 6.00% 6/1/53  #     1,315,000      1,407,418
    41

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New Hampshire Business Finance Authority Revenue      
(Silverado Project)
144A 5.00% 12/1/28  # 		    2,000,000 $    2,003,420
New Hampshire, National Finance Authority Revenue      
(Tamarron Project, Fort Bend County, Texas)
144A 5.25% 12/1/35  # 		    5,825,000      5,825,058
New York City, New York Transitional Finance
Authority Future Tax Secured Revenue 		     
(Subordinate Bonds)      
Series A-3 3.00% 5/1/45       5,000,000      4,052,300
Series B-1 3.00% 8/1/48       6,605,000      5,196,153
New York State Urban Development Revenue      
(General Purpose)      
Series A 3.00% 3/15/50       3,310,000      2,548,932
Series E 3.00% 3/15/50       2,500,000      1,928,700
New York Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Senior Lien Revenue 		     
(MTA Bridges and Tunnels)
Series C-3 3.00% 5/15/51   		    8,500,000      6,482,015
Ohio Infrastructure Improvement Revenue      
(Hickory Chase Project)
Senior Series A 144A 5.00% 12/1/40  # 		    1,270,000      1,261,923
Oklahoma County, Oklahoma Finance Authority
Revenue 		     
(Astec Project)
144A 6.25% 6/15/54  # 		    1,500,000      1,555,875
Orange County, California Community Facilities
District No. 2023-1 Revenue 		     
(Rienda Phase 2B)      
Series A 5.50% 8/15/48       1,500,000      1,610,625
Series A 5.50% 8/15/53       1,200,000      1,281,360
Prairie Center Metropolitan District No. 3, Colorado
Revenue 		     
Series A 144A 5.00% 12/15/41  #     2,000,000      2,011,040
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53      46,987,000     46,755,354
Series A-1 5.00% 7/1/58      37,354,000     37,511,260
Series A-1 5.831% 7/1/46  ^   104,102,000     35,086,538
Series A-1 5.915% 7/1/51  ^   143,746,000     35,822,941
Series A-2 4.536% 7/1/53       1,022,000      1,016,205
Series A-2 4.784% 7/1/58       9,355,000      9,254,247
42    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue      
(Restructured)
Series B-1 4.75% 7/1/53       5,619,000 $    5,591,298
Richmond Heights, Missouri Tax Increment &
Transaction Sales Tax Revenue 		     
(Francis Place Redevelopment Project)
 5.625% 11/1/25   		      325,000        324,214
San Buenaventura, California Redevelopment Agency
Revenue 		     
(Merged San Buenaventura Redevelopment Project)      
 7.75% 8/1/28         725,000        727,770
 8.00% 8/1/38       1,500,000      1,505,970
St. Louis County, Missouri Industrial Development
Authority Revenue 		     
(Manchester Ballas Community)      
Series A 144A 5.00% 9/1/38  #     1,000,000        999,940
Series A 144A 5.25% 9/1/45  #     3,540,000      3,535,823
Sterling Ranch, Colorado Community Authority Board
Revenue 		     
 5.625% 12/1/43       1,300,000      1,346,215
Stone Canyon, Missouri Community Improvement
District Revenue 		     
(Public Infrastructure Improvement Project)
 5.75% 4/1/27  ‡ 		    1,250,000        350,000
Town of Bridgeville, Delaware Revenue      
(Heritage Shores Special Development District)      
144A 5.25% 7/1/44  #       875,000        905,564
144A 5.625% 7/1/53  #     1,530,000      1,595,621
Verve, Colorado Metropolitan District No. 1 Revenue      
 6.50% 12/1/43       4,365,000      4,452,038
 6.75% 12/1/52       4,000,000      4,106,400
Village Community Development District No. 15,
Florida Revenue 		     
144A 5.00% 5/1/43  #     1,000,000      1,028,940
144A 5.25% 5/1/54  #     3,500,000      3,602,375
Virgin Islands Public Finance Authority Revenue      
(Frenchman's Reef Hotel Development Project)
Series A 144A 6.00% 4/1/53  # 		    3,000,000      3,134,910
Whiting Redevelopment District, Indiana Revenue      
 4.00% 1/15/32       2,600,000      2,518,568
    43

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Wisconsin Public Finance Authority Revenue      
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50  # 		    5,065,000 $    5,164,882
(McLemore Hotel & Conference Center)      
Series A 144A 4.50% 6/1/56  #    13,000,000     10,067,460
Series B 144A 6.50% 6/1/56  #     1,000,000        836,470
(Miami Worldcenter Project)
Series A 144A 5.00% 6/1/41  # 		    9,500,000      9,865,180
Wyandotte County, Kansas Unified Government
Special Obligation Revenue 		     
(Sales Tax Vacation Village Project)
Series A 6.00% 9/1/35   		    4,965,000      4,459,464
(Wyandotte Plaza Redevelopment Project)
 5.00% 12/1/34   		    2,920,000     2,839,145
    510,298,013
State General Obligation Bonds — 4.75%
California State      
 4.00% 9/1/29       3,950,000      4,172,820
Commonwealth of Massachusetts      
Series A 5.00% 1/1/54      12,000,000     12,743,400
Series C 2.75% 3/1/50       5,000,000      3,723,450
Series D 4.00% 11/1/35       5,000,000      5,174,150
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/37       4,913,928      4,888,326
Series A-1 4.00% 7/1/41      39,322,237     37,901,131
Series A-1 4.00% 7/1/46      64,764,861     59,103,765
Illinois State      
 5.00% 1/1/28       1,190,000      1,208,504
 5.50% 5/1/39       6,000,000      6,518,520
Series A 5.125% 12/1/29       1,310,000      1,379,116
Series A 5.50% 3/1/47       9,700,000     10,355,138
Series B 3.00% 12/1/41       2,605,000      2,189,919
Series C 4.00% 10/1/41         400,000        385,428
Series C 4.00% 10/1/42       2,900,000      2,754,681
Series C 5.00% 11/1/29       4,600,000      4,821,536
New Jersey State      
(COVID-19 General Obligation Emergency Bonds)
Series A 4.00% 6/1/32   		    2,080,000      2,233,171
Washington State      
Series A 5.00% 8/1/49       5,000,000      5,367,850
44    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Washington State      
Series C 5.00% 2/1/44       8,400,000 $    9,257,472
Series R 5.00% 7/1/34       2,525,000     2,945,615
    177,123,992
Transportation Revenue Bonds — 9.47%
Allegheny County, Pennsylvania Airport Authority
Revenue 		     
(Pittsburgh International Airport)      
Series A 5.50% 1/1/48 (AGM) (AMT)       5,000,000      5,395,900
Series A 5.50% 1/1/53 (AGM) (AMT)       6,770,000      7,263,668
Burbank-Glendale-Pasadena, California Airport
Authority Brick Campaign Revenue 		     
(Senior)
Series B 5.25% 7/1/54 (AMT)  		    6,000,000      6,352,080
California Municipal Finance Authority Senior Lien
Revenue 		     
(LINXS APM Project)      
Series A 4.00% 12/31/47 (AMT)      7,500,000      6,914,175
Series A 5.00% 12/31/43 (AMT)      1,500,000      1,518,810
Central Texas Regional Mobility Authority Senior Lien
Revenue 		     
(Capital Appreciation bonds)      
 7.81% 1/1/36  ^     2,500,000      1,630,350
 7.85% 1/1/40  ^     2,000,000      1,043,900
Chicago O'Hare International Airport Revenue      
(Senior Lien)
Series A 5.50% 1/1/59 (AMT)  		    3,760,000      4,028,614
City & County of Denver, Colorado Airport System
Revenue 		     
Series A 4.00% 12/1/48 (AMT)      5,000,000      4,660,100
City of Los Angeles, California Department of Airports
Revenue 		     
(Los Angeles International Airport)
Series F 3.00% 5/15/49 (AMT)  		    3,030,000      2,225,050
Colorado High Performance Transportation Enterprise
Revenue 		     
(U.S. 36 & I-25 Managed Lanes)
 5.75% 1/1/44 (AMT)  		    3,250,000      3,252,730
County of Lee, Florida Airport Revenue      
 5.25% 10/1/54 (AMT)      5,000,000      5,267,600
    45

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Florida Development Finance Revenue      
(Brightline Florida Passenger Rail Project)      
 5.25% 7/1/53 (AGM) (AMT)      15,000,000 $   15,651,600
 5.50% 7/1/53 (AMT)     30,000,000     30,861,900
144A 12.00% 7/15/32 (AMT) #, •    35,285,000     37,764,124
Grand Parkway, Texas Transportation Revenue      
(First Tier)
 3.00% 10/1/50   		    3,500,000      2,622,445
Hawaii State Airports System Revenue      
Series A 5.50% 7/1/54 (AMT)      2,000,000      2,175,200
Hillsborough County Aviation Authority Revenue      
(Tampa International Airport)
Series A 5.00% 10/1/48 (AMT)  		    1,900,000      1,928,671
Louisiana Public Facilities Authority Revenue      
(I-10 Calcasieu River Bridge Public-Private Partnership Project)
 5.75% 9/1/64 (AMT)  		    8,750,000      9,524,638
Metropolitan Nashville Airport Authority Revenue      
Series B 5.50% 7/1/52 (AMT)      1,500,000      1,597,710
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue 		     
(Convertible Capital Appreciation Bonds)
Series B 6.50% 10/1/44  ~ 		    1,000,000      1,082,650
New York Metropolitan Transportation Authority
Revenue 		     
(Climate Bond Certified - Green Bonds)
Subordinate Series C-1 5.25% 11/15/55   		    5,000,000      5,227,400
New York State Thruway Authority Revenue      
Series B 3.00% 1/1/53 (BAM)      3,410,000      2,558,080
New York Transportation Development Revenue      
(JFK Airport Terminal 6 Redevelopment Project)
Series A 5.50% 12/31/60 (AMT)  		   12,500,000     13,279,875
New York Transportation Development Special
Facility Revenue 		     
(John F. Kennedy International Airport New Terminal One Project-Green Bonds)      
 5.125% 6/30/60 (AGM) (AMT)       3,650,000      3,774,319
 5.375% 6/30/60 (AMT)     24,500,000     25,368,035
 5.50% 6/30/54 (AMT)      6,600,000      6,995,406
 5.50% 6/30/60 (AMT)     43,975,000     46,313,151
 6.00% 6/30/54 (AMT)     10,000,000     10,780,600
46    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation Development Special
Facility Revenue 		     
(Terminal 4 John F. Kennedy International Airport Project)      
 5.00% 12/1/38 (AMT)      2,455,000 $    2,599,575
 5.00% 12/1/41 (AMT)      4,920,000      5,129,395
North Carolina Turnpike Authority Revenue      
(Triangle Expressway System)
Series C 4.97% 7/1/41  ^ 		    4,160,000      1,871,376
Oklahoma County, Oklahoma Turnpike Authority
Revenue 		     
Series A 5.50% 1/1/54      16,240,000     18,099,480
Pennsylvania Turnpike Commission Revenue      
Series C 3.00% 12/1/51       1,700,000      1,295,944
Subordinate Series B 3.00% 12/1/51       2,500,000      1,901,825
Phoenix, Arizona Civic Improvement Revenue      
(Junior Lien)      
Series A 5.00% 7/1/40          30,000         30,133
Series B 3.25% 7/1/49 (AMT)      1,555,000      1,228,792
Plaquemines, Louisiana Port Harbor & Terminal
District Dock & Warf Facilities Revenue 		     
(Nola Terminal LLC Project)
Series A 144A 9.00% 12/1/44  # 		    5,000,000      5,043,950
Puerto Rico Industrial Tourist Educational Medical &
Environmental Control Facilities Financing Authority Revenue 		     
(San Juan Cruise Terminal Project)
Series A-1 6.75% 1/1/45 (AMT)  		    3,000,000      3,577,920
San Diego County, California Regional Airport
Authority Revenue 		     
Series B 4.00% 7/1/56 (AMT)      3,000,000      2,761,440
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)
Series A 4.00% 5/1/49 (AMT)  		    4,945,000      4,650,525
South Jersey Port, New Jersey Revenue      
(Subordinated Marine Terminal Revenue)
Series B 5.00% 1/1/48 (AMT)  		    2,000,000      2,021,720
Texas Private Activity Bond Surface Transportation
Revenue 		     
(NTE Mobility Partners LLC North Tarrant Express Project)
 5.50% 12/31/58 (AMT)  		    9,765,000     10,495,715
    47

 

Table of Contents
Schedules of investments
Macquarie 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)  		   20,780,000 $   21,012,528
Virginia Small Business Financing Authority Revenue      
(Transform 66-33 Project)
 5.00% 12/31/52 (AMT)  		    3,840,000     3,868,339
    352,647,438
Water & Sewer Revenue Bonds — 2.44%
City & County of Honolulu, Hawaii Wastewater
System Revenue 		     
(Green Bonds) 
Series A 5.25% 7/1/54   		    5,000,000      5,481,200
City of Chicago, Illinois Waterworks Revenue      
(Second Lien)      
 5.00% 11/1/26         180,000        186,154
 5.00% 11/1/28          30,000         31,000
JEA Water & Sewer System Revenue      
Series A 5.00% 10/1/43       5,000,000      5,512,850
Series A 5.25% 10/1/49       8,125,000      8,944,406
Jefferson County, Alabama Sewer Revenue      
 5.50% 10/1/53      17,200,000     18,646,176
New Mexico Finance Authority Revenue      
(Enchantment Water, LLC Project)
144A 8.25% 12/1/45 (AMT) # 		    4,125,000      4,196,156
New York City Municipal Water Finance Authority
Revenue 		     
Subseries AA-1 3.00% 6/15/51       5,800,000      4,436,594
Subseries AA-1 3.50% 6/15/48       5,000,000      4,447,050
Subseries BB-1 3.00% 6/15/44       8,750,000      7,285,950
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
Series AA 5.25% 6/15/53      10,200,000     11,112,696
(Second General Resolution)
Series BB 5.25% 6/15/55   		   10,150,000     11,049,797
Texas Water Development Board Revenue      
Series A 4.375% 10/15/59       9,500,000     9,537,335
     90,867,364
Total Municipal Bonds (cost $3,766,123,608) 3,678,564,565
48    

 

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    Principal
amount° 		Value (US $)
Short-Term Investments — 2.38%
Variable Rate Demand Notes — 2.38%¤
Colorado Health Facilities Authority Revenue      
(Intermountain Health) Series E 1.05% 5/15/64
(SPA - TD Bank, N.A.) 		   10,000,000 $   10,000,000
Maryland Health & Higher Educational Facilities
Authority 		     
(The Johns Hopkins Health System Issue) Series A 1.00% 6/1/48
(LOC - TD Bank, N.A.) 		   10,000,000     10,000,000
(The Johns Hopkins Health System) Series B 1.00% 6/1/46
(LOC - TD Bank, N.A.) 		   10,200,000     10,200,000
Massachusetts Development Finance Agency
Revenue 		     
(Boston University Issue) Series U-6E 1.00% 10/1/42
(LOC - TD Bank, N.A.) 		    4,800,000      4,800,000
(Children Hospital Issue)      
Series U-1 1.45% 3/1/48
(LOC - TD Bank, N.A.) 		    4,005,000      4,005,000
Series U-2 1.45% 3/1/48
(LOC - TD Bank, N.A.) 		    8,900,000      8,900,000
Massachusetts Health & Educational Facilities
Authority 		     
(Baystate Medical Center Issue) Series K-1 1.00% 7/1/39
(LOC - TD Bank, N.A.) 		    1,450,000      1,450,000
New York City, New York      
Fiscal 2023 Series A-3 1.05% 9/1/49
(SPA - Bank of Montreal) 		    3,840,000      3,840,000
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
(Second General Resolution) Subordinate Series BB-2 1.00% 6/15/44
(SPA - Mizuho Corporate Bank) 		    5,840,000      5,840,000
Ohio Higher Educational Facility Commission      
(Cleveland Clinic Health System Obligated Group) Series B-2 1.50% 1/1/39
(SPA - TD Bank) 		   15,000,000     15,000,000
Ohio Water Development Authority      
Series C 1.05% 12/1/54
(SPA - TD Bank) 		    7,560,000      7,560,000
    49

 

Table of Contents
Schedules of investments
Macquarie National High-Yield Municipal Bond Fund   
    Principal
amount° 		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes¤ (continued)
Oregon Facilities Authority Refunding Revenue      
(PeaceHealth) Series B 1.05% 8/1/34
(LOC - TD Bank, N.A.) 		    7,200,000 $    7,200,000
Total Short-Term Investments (cost $88,795,000)    88,795,000
Total Value of Securities—101.13%
(cost $3,854,918,608) 		    $3,767,359,565
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $1,087,977,374, which represents 29.20% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
~ 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 February 28, 2025.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡ Non-income producing security. Security is currently in default.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2025. 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.
♦ Pass 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.”
φ Step coupon bond. Stated rate in effect at February 28, 2025 through maturity date.
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Table of Contents
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
CHF – Collegiate Housing Foundation
ICEF – Inner City Education Foundation
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.
    51

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 99.24%
Education Revenue Bonds — 11.78%
Arizona Industrial Development Authority Revenue      
Series A 5.00% 11/1/49       2,500,000 $    2,634,500
Series A 5.25% 11/1/48       2,195,000      2,341,999
(Great Hearts Arizona Projects)      
Series A 2.25% 7/1/46       1,295,000        840,390
Series A 2.375% 7/1/52       1,295,000        786,259
(Leman Academy Of Excellence of Projects)
Series A 4.50% 7/1/54   		    3,560,000      3,255,371
(Social Bonds - Equitable School)      
Series A 5.00% 11/1/54       2,500,000      2,618,325
Series A 5.25% 11/1/53       2,750,000      2,911,783
Board of Governors of the Colorado State University
System Enterprise Revenue 		     
Series A 5.00% 3/1/43       4,000,000      4,563,920
Build NYC, New York Resource Revenue      
(East Harlem Scholars Academy Charter School Project)
144A 5.75% 6/1/62  # 		    1,250,000      1,282,288
(KIPP NYC Public School Facilities - Canal West Project)      
 5.25% 7/1/52       1,000,000      1,032,600
 5.25% 7/1/57       4,000,000      4,126,240
California Community College Financing Authority
Student Housing Revenue 		     
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60  # 		    5,000,000      4,761,450
California Educational Facilities Authority Revenue      
(Stanford University)      
Series U-7 5.00% 6/1/46       6,500,000      7,726,875
Series V-1 5.00% 5/1/49      14,555,000     17,216,236
Series V-2 2.25% 4/1/51         500,000        347,690
California Enterprise Development Authority Revenue      
(Heights Christian Schools Project)
Series A 144A 6.375% 6/1/63  # 		    4,110,000      4,129,605
California Infrastructure & Economic Development
Bank Revenue 		     
Series B 5.00% 11/1/49       1,500,000      1,596,555
Series B 5.00% 11/1/54       1,250,000      1,322,275
Series B 5.00% 11/1/59       1,000,000      1,055,280
California School Finance Authority Revenue      
(Fortune School Of Education Obligated Group)
Series A 144A 5.00% 6/1/44  # 		    1,175,000      1,176,481
52

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Camden County, New Jersey Improvement Authority
Revenue 		     
(KIPP Cooper Norcross Academy - 2022 Project)
 6.00% 6/15/62   		    1,325,000 $    1,404,076
Chicago, Illinois Board of Education Dedicated Capital
Improvement Tax Revenue 		     
 5.75% 4/1/48       1,850,000      1,995,151
 5.75% 4/1/48 (BAM)      2,000,000      2,179,460
DeKalb County, Georgia Development Authority
Revenue 		     
(The Globe Academy, INC. Project)
Series A 5.00% 6/1/63   		    1,315,000      1,268,436
Florida Development Finance Revenue      
(Mater Academy Projects)
Series A 4.00% 6/15/52   		    1,535,000      1,318,442
Florida, Capital Projects Finance Authority Revenue      
(Navigator Academy Of Leadership Obligated Group Project)      
144A 5.00% 6/15/54  #     1,200,000      1,185,648
144A 5.00% 6/15/64  #     1,635,000      1,585,917
Indiana Finance Authority Revenue      
(CHF - Tippecanoe, LLC - Student Housing Project)      
Series A 5.00% 6/1/53       2,500,000      2,537,225
Series A 5.125% 6/1/58       5,350,000      5,461,654
Jacksonville, Alabama Public Educational Building
Authority Revenue 		     
(JSU Foundation Project)
Series A 5.25% 8/1/53 (AGM)  		    1,500,000      1,580,370
Knox County, Tennessee Health, Educational &
Housing Facility Board Revenue 		     
(University of Tennessee Project)      
Series A-1 5.00% 7/1/64 (BAM)      3,000,000      3,093,750
Series B-1 5.25% 7/1/64 (BAM)      2,300,000      2,411,366
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Choice Academies, Inc. Project)
144A 5.75% 9/1/45  # 		    2,435,000      2,489,081
Massachusetts Development Finance Agency
Revenue 		     
Series B 4.00% 2/15/36       2,500,000      2,745,725
(Harvard University)
Series A 5.00% 7/15/40   		    5,000,000      6,062,950
    53

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Metropolitan Government Nashville & Davidson
County, Tennessee Health & Educational Facilities Board Revenue 		     
(Belmont University)
 5.25% 5/1/48   		    1,500,000 $    1,611,030
New Hampshire, Business Finance Authority
Revenue 		     
(Abilene Christian University Energy Projects)
Series A 5.25% 11/1/54   		    5,000,000      5,209,600
New York State Dormitory Authority Revenue      
(Cornell University)
Series A 5.50% 7/1/54   		    3,000,000      3,351,570
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue 		     
(Saint Joseph's University Project)
 5.50% 11/1/60   		    4,745,000      5,142,299
University of Texas System Board of Regents
Revenue 		     
Series B 5.00% 8/15/49       8,670,000     10,025,468
Washington Higher Education Facilities Authority
Revenue 		     
(Gonzaga University)
 4.00% 4/1/47   		    6,475,000      6,130,595
Washington State Housing Finance Commission
Revenue 		     
(Radford Court and Nordheim Court Portfolio)
 5.50% 7/1/49   		    2,000,000      2,155,280
Wisconsin Public Finance Authority Revenue      
Series 1 5.75% 7/1/62       5,710,419      5,965,331
(CFP3 – Eastern Michigan University Student Housing Project)      
Series A-1 5.375% 7/1/47 (BAM)      2,775,000      2,979,823
Series A-1 5.50% 7/1/52 (BAM)      4,000,000     4,299,400
    149,915,769
Electric Revenue Bonds — 2.53%
Guam Power Authority Revenue      
Series A 5.00% 10/1/43       2,000,000      2,085,480
Municipal Electric Authority of Georgia Revenue      
(Plant Vogtle Units 3 & 4 Project M)
 4.00% 1/1/59   		    9,000,000      8,303,490
54    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
New York Utility Debt Securitization Authority
Revenue 		     
Series 1 5.00% 12/15/41       2,500,000 $    2,829,250
Puerto Rico Electric Power Authority Revenue      
Series A 5.00% 7/1/42  ‡     3,665,000      2,052,400
Series A 5.05% 7/1/42  ‡       100,000         56,000
Series A 6.75% 7/1/36  ‡     1,725,000        966,000
Series AAA 5.25% 7/1/25  ‡       285,000        159,600
Series CCC 5.25% 7/1/27  ‡     2,005,000      1,122,800
Series TT 5.00% 7/1/32  ‡     2,705,000      1,514,800
Series WW 5.00% 7/1/28  ‡       510,000        285,600
Series WW 5.25% 7/1/33  ‡     2,485,000      1,391,600
Series XX 4.75% 7/1/26  ‡       390,000        218,400
Series ZZ 4.75% 7/1/27  ‡       305,000        170,800
Series ZZ 5.25% 7/1/25  ‡       395,000        220,212
Salt River, Arizona Project Agricultural Improvement &
Power District Electric System Revenue 		     
Series A 5.00% 1/1/50       5,000,000      5,323,650
South Carolina Public Service Authority Revenue      
(Santee Cooper)
Series A 5.50% 12/1/54   		    5,000,000     5,534,950
     32,235,032
Healthcare Revenue Bonds — 11.75%
Alachua County, Florida Health Facilities Authority
Revenue 		     
(Oak Hammock at the University of Florida, Inc. Project)
 4.00% 10/1/46   		    1,750,000      1,535,328
Apple Valley, Minnesota Senior Living Revenue      
(Senior Living LLC Project)      
Series B 5.00% 1/1/47       1,815,000      1,091,106
Series D 7.25% 1/1/52       1,980,000        979,387
Arizona Industrial Development Authority Revenue      
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
Series D 8.171% 1/1/59  ~ 		      261,231         47,403
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.125% 1/1/59   		      313,297        252,796
    55

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Health Facilities Financing Authority
Revenue 		     
(Cedars-Sinai Health System)
Series A 3.00% 8/15/51 (BAM)  		    4,000,000 $    3,328,160
(Kaiser Permanente)
Subseries A-2 5.00% 11/1/47   		   14,370,000     16,653,824
California Municipal Finance Authority Revenue      
(Community Medical Centers)
Series A 5.00% 2/1/47   		    2,025,000      2,033,667
City of St. Cloud, Minnesota Health Care Revenue      
(Centracare Health System)
 5.00% 5/1/54   		    3,125,000      3,285,438
Colorado Health Facilities Authority Revenue      
(AdventHealth Obligated Group)
Series A 3.00% 11/15/51   		    1,500,000      1,167,285
(CommonSpirit Health)      
Series A-2 4.00% 8/1/49 (BAM)      5,000,000      4,667,000
Series A-2 5.00% 8/1/44       2,290,000      2,352,975
Dutchess County, New York Local Development
Revenue 		     
(Nuvance Health)
Series B 4.00% 7/1/49   		    1,745,000      1,604,213
Glendale, Arizona Industrial Development Authority
Revenue 		     
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/56   		    1,905,000      1,815,560
Hamilton County, Ohio Hospital Facilities Revenue      
(Cincinnati Children's Hospital Medical Center)
Series CC 5.00% 11/15/49   		    6,460,000      7,140,949
Hillsborough County, Florida Industrial Development
Authority Hospital Revenue 		     
(BayCare Health System Issue)
Series C 5.50% 11/15/54   		    7,880,000      8,739,945
(Tampa General Hospital Project)
Series A 3.50% 8/1/55   		   13,915,000     11,057,137
Illinois Finance Authority Revenue      
(NorthShore - Edward-Elmhurst Health Credit Group)
Series A 5.00% 8/15/51   		    3,775,000      3,949,367
(Shedd Aquarium Society Project)
 5.00% 6/1/44   		    1,500,000      1,561,125
56    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Jefferson County, Washington Public Hospital District
No. 2 Revenue 		     
(Jefferson Healthcare)
Series A 6.875% 12/1/53   		    3,000,000 $    3,133,650
Lake County, Ohio Port & Economic Development
Authority Revenue 		     
(Tapestry Wickliffe, LLC Project)
Series A 144A 6.75% 12/1/52  #, ‡ 		    1,300,000             13
Louisiana Local Government Environmental Facilities
& Community Development Authority Revenue 		     
(The Glen Retirement System Project)
Series A 5.00% 1/1/49   		    1,905,000      1,440,199
Michigan Finance Authority Revenue      
(Henry Ford Health System)
Series A 4.00% 11/15/50   		    1,500,000      1,371,135
(The Henry Ford Health Detroit South Campus Central Utility Plant Project)
 5.50% 2/28/57   		    2,500,000      2,697,650
Missouri State, Health and Educational Facilities
Authority Revenue 		     
(Mercy Health)
 4.00% 6/1/53   		    5,000,000      4,559,450
Montgomery County, Pennsylvania Higher Education
and Health Authority Revenue 		     
(Thomas Jefferson University)
Series B 4.00% 5/1/56   		    7,500,000      6,736,500
Moon, Pennsylvania Industrial Development Authority
Revenue 		     
(Baptist Homes Society)
 6.125% 7/1/50   		    1,895,000      1,516,948
New Hope, Texas Cultural Education Facilities
Finance Revenue 		     
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54   		    1,725,000      1,306,636
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57   		    4,000,000      4,011,680
New York State Dormitory Authority Revenue      
(Montefiore Obligated Group)
Series A 3.00% 9/1/50 (AGM)  		   12,640,000      9,525,630
(Northwell Health Obligated Group)
Series A 5.00% 5/1/52   		    3,000,000      3,127,800
    57

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Ohio State Hospital Revenue      
(Cleveland Clinic Health System Obligated Group)
Series A 5.00% 1/1/35   		    3,000,000 $    3,480,120
Pennsylvania Economic Development Financing
Authority First Mortgage Revenue 		     
(Tapestry Moon Senior Housing Project)      
Series A 144A 6.50% 12/1/38  #, ‡     3,285,000        985,500
Series A 144A 6.75% 12/1/53  #, ‡     3,765,000      1,129,500
Pennsylvania Economic Development Financing
Authority Revenue 		     
Series A 4.00% 11/15/42       3,300,000      3,182,223
Series A 4.00% 5/15/53       5,000,000      4,530,550
Rhode Island Health and Educational Building
Revenue 		     
 5.25% 5/15/54       2,300,000      2,417,323
Seminole County, Florida Industrial Development
Authority Revenue 		     
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49   		    3,055,000      3,028,910
Tempe, Arizona Industrial Development Authority
Revenue 		     
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52  # 		    1,395,000        904,351
University of North Carolina Board of Governors
Revenue 		     
 5.00% 2/1/49       3,700,000      4,094,716
Virginia Small Business Financing Authority Revenue      
(LifeSpire of Virginia)
 4.00% 12/1/41   		    2,500,000      2,391,900
Westchester County, New York Local Development
Revenue 		     
(Westchester Medical Center Obligated Group Project)      
 5.00% 11/1/51 (AGM)      1,250,000      1,305,212
 5.75% 11/1/53 (AGM)      2,500,000      2,766,300
Wisconsin Public Finance Authority Revenue      
(Kahala Nui Project)      
 5.25% 11/15/55       1,750,000      1,859,322
 5.25% 11/15/61       3,500,000      3,684,800
58    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Yuma, Arizona Industrial Development Authority
Hospital Revenue 		     
(Yuma Regional Medical Center)
Series A 5.25% 8/1/54   		    1,000,000 $    1,064,280
    149,514,963
Housing Revenue Bonds — 5.42%
Alaska Housing Finance Revenue      
(Veterans Mortgage Program)      
 4.60% 12/1/50       5,585,000      5,635,768
 4.65% 12/1/52       4,965,000      5,008,493
California CSCDA Community Improvement Authority
Essential Housing Revenue 		     
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56  # 		    1,300,000        929,903
Connecticut Housing Finance Authority Revenue      
(Housing Mortgage Finance Program)
Series D 5.35% 11/15/48   		    3,000,000      3,093,210
Illinois Housing Development Authority Revenue      
Series K 5.25% 10/1/43       4,000,000      4,258,880
Industrial Development Authority of the County of
Pima, Arizona Revenue 		     
Series B 4.90% 7/1/54       1,200,000      1,216,680
Massachusetts Housing Finance Agency Revenue      
(Sustainability Bonds)
Series A-1 5.00% 12/1/67   		    1,800,000      1,840,212
Michigan State Housing Development Authority
Revenue 		     
Series A 4.80% 10/1/64       3,000,000      3,016,800
Nebraska Investment Finance Authority Single Family
Housing Revenue 		     
Series G 5.40% 9/1/53       5,000,000      5,172,750
New Jersey Housing & Mortgage Finance Agency
Revenue 		     
Series A-1 5.00% 1/20/66       1,850,000      1,914,158
New Mexico Mortgage Finance Authority Revenue      
(Single Family Mortgage Program)
 4.70% 9/1/53   		    1,485,000      1,506,577
North Dakota Housing Finance Agency Revenue      
(Home Mortgage Financial Program)
 4.55% 7/1/48   		    2,960,000      2,981,371
    59

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Ohio Housing Finance Agency Revenue      
(Mortgage - Backed Securities Program)      
Series B 4.70% 9/1/54       1,995,000 $    2,017,783
Series C 4.70% 9/1/54       1,500,000      1,517,955
Pennsylvania Housing Finance Agency Single Family
Mortgage Revenue 		     
(Social Bonds)      
Series 142A 5.00% 10/1/50       3,660,000      3,754,245
Series 143A 5.45% 4/1/51       3,000,000      3,096,180
Series 146A 4.75% 4/1/53       5,000,000      5,068,000
Rhode Island Housing & Mortgage Finance Revenue      
Series 80A 4.65% 10/1/53       8,000,000      8,031,200
Tucson, Arizona Industrial Development Authority
Revenue 		     
Series A 4.85% 7/1/48         710,000        721,069
Virginia Housing Development Authority Revenue      
Series H 4.75% 12/1/59       4,225,000      4,270,123
Washington State Housing Finance Commission
Revenue 		     
Series 1N 4.70% 12/1/49       2,385,000      2,427,811
Wyoming Community Development Authority
Revenue 		     
Series 1 4.70% 12/1/49       1,500,000     1,517,610
     68,996,778
Industrial Development Revenue/Pollution ControlRevenue Bonds — 15.11%
Arizona Industrial Development Authority Revenue      
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50  #, ‡ 		    6,400,000        192,000
Arkansas Development Finance Authority Revenue      
(Hybar Steel Project)      
Series A 144A 6.875% 7/1/48 (AMT) #     6,500,000      7,153,835
Series B 144A 7.375% 7/1/48 (AMT) #     5,000,000      5,562,250
Buckeye, Ohio Tobacco Settlement Financing
Authority Revenue 		     
(Senior)      
Series A-2 Class 1 3.00% 6/1/48      15,360,000     11,600,640
Series A-2 Class 1 4.00% 6/1/48       9,975,000      9,058,996
California Community Choice Financing Authority
Revenue 		     
(Clean Energy Project)
Series B 5.00% 1/1/55  • 		    2,500,000      2,662,450
60    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
California Infrastructure & Economic Development
Bank Revenue 		     
(Brightline West Passenger Rail Project)      
Series A 144A 9.50% 1/1/65 (AMT) #, •    10,750,000 $   10,910,928
Series A-4 144A 8.00% 1/1/50 (AMT) #, •     6,500,000      6,714,045
Central Plains, Nebraska Energy Project Revenue      
(Project No. 3)      
Series A 5.00% 9/1/34       2,000,000      2,184,360
Series A 5.00% 9/1/42       3,180,000      3,491,926
Chandler, Arizona Industrial Development Authority
Revenue 		     
(Intel Corporation Project)
Second Subseries 5.00% 9/1/52 (AMT) • 		    3,000,000      3,087,900
Colorado Regional Transportation District Revenue      
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39   		    1,995,000      1,997,274
Erie County, New York Tobacco Asset Securitization
Revenue 		     
(Capital Appreciation-Asset-Backed)
Series A 144A 9.242% 6/1/60  #, ^ 		   65,340,000      3,507,451
Finance Authority of Maine Revenue      
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #, ‡ 		    5,660,000      1,849,349
George L Smith II World Congress Center, Georgia
Authority Revenue 		     
(Convention Center Hotel)
First Tier Series A 4.00% 1/1/54   		   20,715,000     18,585,291
Illinois Finance Authority Revenue      
(Shedd Aquarium Society Project)
 5.00% 6/1/47   		    1,125,000      1,159,358
Indiana Finance Authority Exempt Facility Revenue      
(Polyflow Indiana Project - Green Bonds)
144A 7.00% 3/1/39 (AMT) # 		    2,480,000        401,636
Inland, California Empire Tobacco Securitization
Revenue 		     
(Capital Appreciation Turbo Asset-Backed)      
Series E 144A 8.656% 6/1/57  #, ^   122,985,000      9,651,863
Series F 144A 7.519% 6/1/57  #, ^    80,485,000      5,411,006
Lower Alabama Gas District Revenue      
Series A 5.00% 9/1/34       6,845,000      7,447,565
    61

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Main Street Natural Gas Project, Georgia Revenue      
Series C 5.00% 12/1/54  •     2,000,000 $    2,120,560
Mobile County, Alabama Industrial Development
Authority Solid Waste Disposal Revenue 		     
(AM/NS Calvert LLC Project)      
Series A 5.00% 6/1/54 (AMT)      2,000,000      2,032,920
Series B 4.75% 12/1/54 (AMT)      2,500,000      2,474,125
M-S-R Energy Authority, California Gas Revenue      
Series A 6.125% 11/1/29       1,070,000      1,142,353
New York City, New York Industrial Development
Agency Revenue 		     
(Yankee Stadium)
 7.07% 3/1/25 (AGC) ^ 		    3,175,000      3,175,000
New York Counties, New York Tobacco Trust V
Pass-Through Revenue 		     
(Capital Appreciation Turbo Asset-Backed)
Series S4B 144A 8.105% 6/1/60  #, ♦, ^ 		  393,200,000     18,197,296
Public Authority for Colorado Energy Natural Gas
Revenue 		     
 6.50% 11/15/38       4,745,000      5,818,936
Puerto Rico Industrial Development      
 7.00% 1/1/54  •     2,500,000      2,381,250
Salt Verde, Arizona Financial Senior Gas Revenue      
 5.00% 12/1/37       6,725,000      7,368,986
Southeast Energy Authority A Cooperative District,
Alabama Revenue 		     
Series A 5.00% 1/1/56  •     3,000,000      3,189,030
(Project No.2)
Series B 4.00% 12/1/51  • 		    5,000,000      5,006,550
Suffolk Regional Off-Track Betting, New York
Revenue 		     
 5.75% 12/1/44       1,000,000      1,033,690
 6.00% 12/1/53       4,000,000      4,151,000
Texas Municipal Gas Acquisition & Supply Revenue      
 5.00% 1/1/55  •     2,500,000      2,702,275
Tobacco Securitization Authority of Southern
California Revenue 		     
(Capital Appreciation - Second Subordinate Lien)
Series C 7.084% 6/1/46  ^ 		   13,510,000      2,792,517
(Capital Appreciation - Third Subordinate Lien)
Series D 7.576% 6/1/46  ^ 		    2,255,000        403,983
62    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Tuscaloosa County, Alabama Industrial Development
Authority Revenue 		     
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44  # 		    7,775,000 $    7,944,962
Wisconsin Public Finance Authority Revenue      
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/62   		    5,145,000      5,229,172
(Waterstone Project)
144A 5.50% 12/15/38  # 		    2,500,000     2,511,250
    192,305,978
Lease Revenue Bonds — 8.10%
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      1,071,200
Series A 5.25% 10/1/57       1,500,000      1,602,480
Kansas City, Missouri Industrial Development
Authority Revenue 		     
(Kansas City International Airport Terminal Modernization Project)
Series A 5.00% 3/1/57 (AGM) (AMT)   		    2,450,000      2,493,929
Metropolitan Pier & Exposition Authority, Illinois
Revenue 		     
(McCormick Place Expansion Project)      
 5.75% 12/15/56 (AGM) ^    36,795,000      8,316,406
 5.92% 12/15/56  ^     5,000,000      1,078,700
Series A 4.00% 6/15/50 (BAM)      2,000,000      1,865,940
Series A 4.00% 6/15/52      12,885,000     11,657,188
Series B 4.822% 12/15/54 (BAM) ^    29,170,000      7,263,621
Series B 4.854% 12/15/51 (BAM) ^    31,975,000      9,173,308
Series B 5.26% 12/15/54  ^     5,000,000      1,191,900
Series B-1 4.57% 6/15/47 (AGM) ^     7,740,000      2,776,880
Michigan State Building Authority Revenue      
Series I 5.00% 4/15/30       5,000,000      5,060,800
New Jersey State Transportation Trust Fund Authority
Revenue 		     
Series A 5.396% 12/15/39 (BAM) ^    10,700,000      6,008,050
(Transportation Program - Forward Delivery)
Series AA 5.00% 6/15/29   		    5,415,000      5,897,368
    63

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
New Jersey State Transportation Trust Fund Authority
Revenue 		     
(Transportation Program)      
Series AA 5.00% 6/15/42       4,500,000 $    4,963,005
Series BB 5.00% 6/15/30       1,000,000      1,074,150
Series BB 5.00% 6/15/37       2,000,000      2,254,140
Series CC 5.25% 6/15/55       5,000,000      5,388,550
New York Liberty Development Revenue      
(4 World Trade Center - Green Bond)
Series A 2.875% 11/15/46 (BAM)  		   16,960,000     12,739,674
New York State Thruway Authority State Personal
Income Tax Revenue 		     
Series A-1 3.00% 3/15/49       2,500,000      1,949,125
Series A-1 3.00% 3/15/51       3,000,000      2,308,050
Tucson, Arizona Industrial Development Authority
Revenue 		     
Series A 4.90% 7/1/54       1,320,000      1,330,784
Virginia College Building Authority Revenue      
(21st Century College And Equipment Programs)
 5.25% 2/1/42   		    5,000,000     5,604,000
    103,069,248
Local General Obligation Bonds — 3.96%
Arapahoe County, Colorado Cherry Creek School
District No 5 		     
 5.25% 12/15/44       4,000,000      4,495,560
City of Chicago, Illinois      
Series A 5.25% 1/1/45       6,000,000      6,216,300
County of Harris, Texas Permanent Improvement
Refunding Bonds 		     
Series A 5.00% 9/15/43       2,000,000      2,206,060
Fairfax County, Virginia Public Improvement Bonds      
Series A 5.00% 10/1/36       5,000,000      5,800,700
Fort Bend, Texas Independent School District      
 5.00% 8/15/44 (PSF)      2,570,000      2,791,688
Lamar, Texas Consolidated Independent School
District 		     
 5.25% 2/15/59 (PSF)      5,000,000      5,398,200
Los Angeles, California Community College District      
Series C 5.00% 8/1/25       1,905,000      1,924,946
Mecklenburg County, North Carolina      
Series A 5.00% 9/1/25       3,000,000      3,034,770
64    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Midland, Texas Independent School District      
 5.00% 2/15/50 (PSF)      2,250,000 $    2,312,550
Multnomah County, Oregon School District No. 40      
Series A 5.157% 6/15/51  ^     3,000,000        792,630
Palomar Health, California      
Series A 6.746% 8/1/32 (AGC) ^     5,000,000      3,821,200
Series A 7.00% 8/1/31 (AGC) ^     3,315,000      2,637,911
Series A 7.07% 8/1/33 (AGC) ^     5,000,000      3,664,900
Wake County, North Carolina General Obligation
Public Improvement Bonds 		     
Series A 4.00% 2/1/34       5,000,000     5,286,200
     50,383,615
Pre-Refunded/Escrowed to Maturity Bonds — 1.70%
California Health Facilities Financing Authority
Revenue 		     
(CommonSpirit Health)
Series A 4.00% 4/1/49-30  § 		       70,000         74,551
Central Texas Turnpike System Revenue      
Series A 3.278% 8/15/26 (AMBAC) ^     1,340,000      1,283,492
Iowa Finance Authority Midwestern Disaster Area
Revenue 		     
(Iowa Fertilizer Company Project)
 5.00% 12/1/50-32  § 		    7,725,000      8,915,577
Metropolitan Washington, D.C. Airports Authority
Dulles Toll Road Revenue 		     
(Convertible Capital Appreciation Bonds)
Series C 6.50% 10/1/41-26 (AGC) §, ~ 		    7,000,000      7,412,720
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)
Series A 4.00% 5/1/49-29 (AMT) § 		       45,000         45,544
Washington State Housing Finance Commission
Revenue 		     
(Heron's Key Senior Living)
Series A 144A 7.00% 7/1/45-25  #, § 		    3,890,000     3,934,113
     21,665,997
    65

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bond — 0.08%
Union County, New Jersey Improvement Authority
Revenue 		     
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) # 		    1,550,000 $    1,016,164
      1,016,164
Special Tax Revenue Bonds — 15.95%
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      6,226,750
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •     3,041,665      1,946,666
 3.153% 11/1/43  •    35,992,114     22,675,032
County of Iron, Utah Sales Tax Revenue      
 5.00% 10/1/64       2,500,000      2,653,425
GDB Debt Recovery Authority of Puerto Rico
Revenue 		     
(Taxable)
 7.50% 8/20/40   		   32,820,274     32,122,515
Indianapolis, Indiana Local Public Improvement Bond
Bank Revenue 		     
Series F-1 5.25% 3/1/67 (BAM)      4,000,000      4,256,400
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/39       2,205,000      2,294,192
Metropolitan Government Nashville & Davidson
County, Tennessee Sports Authority Revenue 		     
(Stadium Project Senior Lien)      
Series A 5.25% 7/1/53 (AGM)      4,000,000      4,304,400
Series A 5.25% 7/1/56 (AGM)      4,500,000      4,823,235
New York City, New York Industrial Development
Agency Revenue 		     
(Yankee Stadium)      
 7.18% 3/1/26 (AGC) ^     3,185,000      3,081,870
 7.29% 3/1/27 (AGC) ^     3,000,000      2,804,700
New York City, New York Transitional Finance
Authority Future Tax Secured Revenue 		     
Series B-1 3.00% 11/1/47       4,000,000      3,167,720
New York City, New York Transitional Finance
Authority Revenue 		     
Series F 5.00% 11/1/37       2,500,000      2,878,950
66    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New York City, New York Transitional Finance
Authority Revenue 		     
(Subordinate Bonds)
Series F 5.00% 11/1/36   		    2,500,000 $    2,890,425
New York Convention Center Development Corporate
Senior Lien Revenue 		     
(Hotel Unit Fee Secured)
Series B 2.873% 11/15/55 (BAM) ^ 		    2,585,000        573,689
New York State Dormitory Authority Revenue      
Series A 5.00% 3/15/34       1,350,000      1,577,448
Series A 5.00% 3/15/42       3,000,000      3,311,040
Series A 5.25% 3/15/52       1,000,000      1,085,410
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53      17,300,000     17,214,711
Series A-1 5.00% 7/1/58       6,562,000      6,589,626
Series A-1 5.556% 7/1/46  ^   153,255,000     51,653,065
Series A-1 6.00% 7/1/51  ^    55,886,000     13,927,350
Southeastern Pennsylvania Transportation Authority
Revenue 		     
(Asset Improvement Program)
 5.25% 6/1/52   		    5,000,000      5,349,550
Village Community Development District No.
15 Revenue 		     
(City Of Wildwood, Florida)
144A 4.80% 5/1/55  # 		    1,500,000      1,503,585
Wisconsin Public Finance Authority Revenue      
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50  # 		    1,645,000      1,677,439
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     2,395,126
    202,984,319
State General Obligation Bonds — 8.35%
California State      
 5.50% 8/1/49       6,195,000      7,083,487
(Various Purpose)      
 5.00% 11/1/42       3,000,000      3,329,220
 5.00% 9/1/44       3,000,000      3,340,620
 5.25% 8/1/44      10,490,000     11,935,942
    67

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
California State      
(Various Purpose)
 5.25% 10/1/50       4,750,000 $    5,230,272
Commonwealth of Massachusetts      
Series A 5.00% 1/1/54       2,250,000      2,389,388
Series D 5.00% 8/1/41       2,200,000      2,476,166
Commonwealth of Puerto Rico      
(Restructured)
Series A-1 4.00% 7/1/46   		   14,700,000     13,415,073
Illinois State      
 5.25% 10/1/47       6,580,000      6,941,176
 5.50% 5/1/39       3,725,000      4,046,915
Series A 4.00% 3/1/41       1,110,000      1,079,253
Series A 5.50% 3/1/47       9,500,000     10,141,630
Series B 5.50% 5/1/47       2,000,000      2,136,920
Series C 4.00% 10/1/48       1,605,000      1,478,301
(Rebuild Illinois Program)
Series B 4.00% 11/1/39   		   10,775,000     10,610,681
Maryland State      
Series A 5.00% 3/15/26       2,000,000      2,049,520
Series A 5.00% 3/15/28       2,290,000      2,451,582
Washington State      
Series A 5.00% 8/1/49       3,655,000      3,923,898
Series B 5.00% 6/1/46       2,270,000      2,454,869
Series D 5.00% 6/1/33       2,500,000      2,886,975
Series R 5.00% 7/1/34       3,000,000      3,499,740
Wisconsin State      
 5.00% 5/1/32       3,000,000     3,437,760
    106,339,388
Transportation Revenue Bonds — 12.47%
Burbank-Glendale-Pasadena, California Airport
Authority Brick Campaign Revenue 		     
(Senior)      
Series B 5.25% 7/1/44 (AMT)      4,250,000      4,565,265
Series B 5.25% 7/1/49 (AMT)      2,275,000      2,417,461
Central Texas Turnpike System Revenue      
Series C 5.00% 8/15/39       1,500,000      1,686,390
Series C 5.00% 8/15/40       1,500,000      1,672,875
City & County of Denver, Colorado Airport System
Revenue 		     
Series A 4.00% 12/1/43 (AMT)      5,000,000      4,766,550
68    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
City & County of Denver, Colorado Airport System
Revenue 		     
Series B 5.50% 11/15/42 (AMT)      1,000,000 $    1,103,630
Series B 5.50% 11/15/43 (AMT)      1,000,000      1,097,140
City of Chicago, Illinois International Airport Revenue      
Series B 5.50% 1/1/59       6,000,000      6,544,980
City of Dallas and Fort Worth, Texas International
Airport Revenue 		     
 5.25% 11/1/48       5,000,000      5,460,000
City of Phoenix, Arizona Civic Improvement Airport
Revenue 		     
(Junior Lien)
Series B 5.00% 7/1/49 (AMT)  		    1,370,000      1,394,290
City of Salt Lake, Utah Airport Revenue      
Series A 5.00% 7/1/42 (AMT)      3,055,000      3,110,326
Colorado Bridge & Tunnel Enterprise Revenue      
Series A 5.50% 12/1/54 (AGM)      3,000,000      3,349,020
Florida Development Finance Revenue      
(Brightline Florida Passenger Rail Project)      
 5.25% 7/1/53 (AGM) (AMT)      10,000,000     10,434,400
 5.50% 7/1/53 (AMT)      5,000,000      5,143,650
144A 12.00% 7/15/32 (AMT) #, •    13,000,000     13,913,380
Harris County, Texas Toll Road Senior Lien Revenue
and Refunding 		     
Series A 5.00% 8/15/27       1,000,000      1,055,530
Hawaii State Airports System Revenue      
Series A 5.50% 7/1/54 (AMT)      5,000,000      5,438,000
Illinois Finance Authority Revenue      
(Provident Group–UIC Gren Parking Properties LLC – University Of Illinois Chicago Parking Structure Project)
Series A 5.25% 10/1/49   		    1,500,000      1,626,615
Lee County, Florida Airport Revenue      
 5.25% 10/1/54 (AMT)      5,000,000      5,267,600
Series B 4.00% 10/1/51 (AMT)      4,430,000      4,039,274
Los Angeles, California Department of Airports
Revenue 		     
Series C 4.00% 5/15/50 (AMT)      2,500,000      2,339,450
Louisiana Public Facilities Authority Revenue      
(I-10 Calcasieu River Bridge Public-Private Partnership Project)
 5.75% 9/1/64 (AMT)  		    4,000,000      4,354,120
    69

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Massachusetts Port Authority Revenue      
Series A 5.00% 7/1/40 (AMT)      2,000,000 $    2,079,260
Miami-Dade County, Florida Aviation Revenue      
Series A 4.00% 10/1/44 (AMT)      1,500,000      1,414,890
Monroe Country, Florida Airport Revenue      
(Key West International Airport)      
Series 2022 5.00% 10/1/42 (AMT)      1,505,000      1,556,170
Series 2022 5.00% 10/1/52 (AMT)      2,445,000      2,471,259
Series 2022 5.25% 10/1/47 (AMT)      1,100,000      1,145,661
New York Transportation Development Special
Facilities Revenue 		     
(John F. Kennedy International Airport New Terminal One Project-Green Bonds)      
 5.125% 6/30/60 (AGM) (AMT)       5,000,000      5,170,300
 5.25% 6/30/60 (AGM) (AMT)     12,500,000     13,127,250
 5.50% 6/30/60 (AMT)      5,000,000      5,265,850
(John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds)      
Series A 4.50% 12/31/54 (AGC) (AMT)      2,650,000      2,648,224
Series B 4.26% 12/31/54 (AGC) (AMT)  ~     2,500,000      1,628,625
Oklahoma County, Oklahoma Turnpike Authority
Revenue 		     
Series A 5.50% 1/1/54       5,000,000      5,572,500
Pennsylvania Turnpike Commission Revenue      
Series C 6.25% 6/1/33 (AGM) ~     4,000,000      4,152,440
San Diego County, California Regional Airport
Authority Revenue 		     
Series B 4.00% 7/1/56 (BAM) (AMT)       5,000,000      4,634,150
San Francisco City & County, California Airport
Commission Revenue 		     
(San Francisco International Airport)      
Second Series E 5.00% 5/1/50 (AMT)      3,825,000      3,879,927
Series A 4.00% 5/1/49 (AMT)      3,955,000      3,719,480
Series A 5.00% 5/1/52 (AMT)      4,000,000      4,126,600
Texas Private Activity Bond Surface Transportation
Revenue 		     
(NTE Mobility Partners LLC North Tarrant Express Project)
 5.50% 12/31/58 (AMT)  		    5,000,000     5,374,150
    158,746,682
70    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds — 2.04%
City & County of Honolulu, Hawaii Wastewater
System Revenue 		     
(Green Bonds) 
Series A 5.25% 7/1/54   		    5,000,000 $    5,481,200
City of Tampa, Florida Water & Wastewater System
Revenue 		     
(Green Bonds)
Series A 5.25% 10/1/57   		   10,000,000     10,803,600
Jefferson County, Alabama Sewer Revenue      
 5.50% 10/1/53       4,500,000      4,878,360
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
Series AA 5.25% 6/15/53       2,500,000      2,723,700
Town of Gypsum, Colorado Sewer Enterprise
Revenue 		     
 5.00% 12/1/54 (AGC)      2,000,000     2,134,520
     26,021,380
Total Municipal Bonds (cost $1,240,487,459) 1,263,195,313
Short-Term Investments — 0.52%
Variable Rate Demand Notes — 0.52%¤
Colorado Health Facilities Authority Revenue      
(Intermountain Health) Series E 1.05% 5/15/64 (SPA - TD Bank, N.A.)     4,500,000      4,500,000
Oregon State Facilities Authority Revenue      
(PeaceHealth) Series B 1.05% 8/1/34
(LOC - TD Bank, N.A.) 		      500,000        500,000
Virginia Commonwealth University Health System
Authority Revenue 		     
Series B 1.05% 7/1/37
(LOC - TD Bank, N.A.) 		    1,550,000     1,550,000
Total Short-Term Investments (cost $6,550,000)     6,550,000
Total Value of Securities—99.76%
(cost $1,247,037,459) 		    $1,269,745,313
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
    71

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Fund   
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $122,612,289, which represents 9.63% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡ Non-income producing security. Security is currently in default.
~ 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 February 28, 2025.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2025. 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.
♦ Pass 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.”
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by American Municipal Bond Assurance 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
72    

 

Table of Contents
Summary of abbreviations: (continued)
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.
    73

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   February 28, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.86%
Education Revenue Bonds — 6.89%
Arizona Industrial Development Authority Revenue      
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37  # 		    1,270,000 $    1,308,875
(Empower College Prep Project)
144A 6.00% 7/1/49  # 		      875,000        886,462
(KIPP NYC Public Charter Schools - Macombs Facility Project)
Series A 4.00% 7/1/51   		    2,000,000      1,804,580
(Odyssey Preparatory Academy Project)
Series A 144A 5.50% 7/1/52  # 		      875,000        877,301
(Social Bonds)
Series A 5.00% 11/1/42   		    1,000,000      1,083,390
Board of Governors of the Colorado State University
System Enterprise Revenue 		     
Series A 5.00% 3/1/43       2,000,000      2,281,960
Bucks County, Pennsylvania Industrial Development
Authority Revenue 		     
(School Lane Charter School Project)
 5.125% 3/15/36   		    2,000,000      2,024,880
Build NYC, New York Resource Revenue      
(East Harlem Scholars Academy Charter School Project)      
144A 5.00% 6/1/32  #       375,000        390,244
144A 5.75% 6/1/42  #       750,000        782,842
(KIPP NYC Public School Facilities - Canal West Project)      
 5.00% 7/1/30         510,000        546,791
 5.00% 7/1/32         560,000        607,785
 5.00% 7/1/33         585,000        631,818
 5.00% 7/1/34         415,000        445,905
 5.00% 7/1/36         415,000        443,249
 5.00% 7/1/37         550,000        586,036
 5.00% 7/1/42       1,000,000      1,037,010
California Community College Financing Authority
Revenue 		     
(Napa Valley College Project)
Series A 144A 4.25% 7/1/32  # 		    1,480,000      1,412,142
California Educational Facilities Authority Revenue      
(Stanford University)      
Series T-1 5.00% 3/15/39       5,000,000      6,213,550
Series U-6 5.00% 5/1/45       1,000,000      1,201,950
Series U-7 5.00% 6/1/46       1,000,000      1,188,750
74

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Infrastructure & Economic Development
Bank Revenue 		     
Series B 5.00% 11/1/40         765,000 $      852,807
California Municipal Finance Authority Revenue      
Series A 144A 5.50% 6/1/53  #     1,000,000      1,000,620
California School Finance Authority Revenue      
(Hawking Steam Charter School Project)
Series A 144A 5.00% 7/1/42  # 		    1,000,000      1,021,780
(Partnerships to Uplift Communities Project)
144A 5.00% 8/1/33  # 		      620,000        651,874
California Statewide Communities Development
Authority Revenue 		     
(California Baptist University)
Series A 144A 6.125% 11/1/33  # 		    2,115,000      2,119,230
Capital Projects Finance Authority, Florida Student
Housing Revenue 		     
(PRG - Unionwest Properties LLC Project)
Series A 144A 5.25% 6/1/44  # 		    1,000,000      1,031,110
Capital Trust Agency, Florida Revenue      
(Liza Jackson Preparatory School Project)      
Series A 5.00% 8/1/40         300,000        305,631
Series A 5.00% 8/1/55         800,000        787,168
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/43  # 		    2,000,000      2,017,260
Chicago, Illinois Board of Education Dedicated Capital
Improvement Tax Revenue 		     
 5.75% 4/1/48       2,500,000      2,696,150
City of 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        362,961
Series A 5.00% 7/1/32         235,000        242,677
Colorado Educational & Cultural Facilities Authority
Revenue 		     
(Ascent Classical Academy Charter Schools)
Series A 144A 5.25% 4/1/39  # 		    1,520,000      1,586,941
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/40  # 		    2,215,000      2,191,432
District of Columbia Revenue      
(KIPP DC Issue)      
 4.00% 7/1/39       1,275,000      1,259,203
    75

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
District of Columbia Revenue      
(KIPP DC Issue)
 4.00% 7/1/44       1,120,000 $    1,052,777
Florida Development Finance Revenue      
(Mater Academy Projects)      
Series A 5.00% 6/15/28         410,000        423,387
Series A 5.00% 6/15/29         400,000        412,472
Idaho Housing & Finance Association Revenue      
(Alturas International Academy Project)
 4.00% 5/1/52   		    1,400,000      1,237,250
(Meridian South Charter School Project)
144A 4.00% 5/1/46  # 		      710,000        569,811
(Sage International School of Boise Project)      
Series A 4.00% 5/1/40       1,330,000      1,272,477
Series A 4.00% 5/1/55       1,540,000      1,300,499
Illinois Finance Authority Revenue      
(CHF - Chicago, LLC - University of Illinois at Chicago Project)      
Series A 5.00% 2/15/26         400,000        403,212
Series A 5.00% 2/15/28         260,000        266,300
Series A 5.00% 2/15/30         390,000        399,114
Series A 5.00% 2/15/32         265,000        270,006
Indiana Finance Authority Revenue      
(Tippecanoe LLC Student Housing Project)
Series A 5.00% 6/1/38   		      600,000        635,898
Jacksonville, Alabama Public Educational Building
Authority Revenue 		     
(JSU Foundation Project)
Series A 5.25% 8/1/53 (AGM)  		    1,530,000      1,611,977
Knox County, Tennessee Health Educational &
Housing Facility Board Revenue 		     
(University of Tennessee Project)      
Series A-1 5.00% 7/1/43 (BAM)        550,000        582,324
Series A-1 5.00% 7/1/44 (BAM)        625,000        659,056
Louisiana Public Facilities Authority Revenue      
(Lincoln Preparatory School Project)
Series A 144A 6.125% 6/1/37  # 		      400,000        409,892
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Arizona Autism Charter Schools Project)      
Series A 144A 5.00% 7/1/40  #       250,000        252,780
Series A 144A 5.00% 7/1/50  #       925,000        914,668
76    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Highland Prep Project)      
Series A 4.00% 7/1/38         460,000 $      452,548
Series A 4.00% 7/1/40         500,000        478,745
Miami-Dade County, Florida Educational Facilities
Authority Revenue 		     
(University of Miami)      
Series A 5.00% 4/1/30         520,000        520,822
Series A 5.25% 4/1/47       1,500,000      1,648,050
Nevada State Department of Business & Industry
Revenue 		     
(Somerset Academy)
Series A 144A 5.00% 12/15/38  # 		    1,295,000      1,299,196
New York State Dormitory Authority Revenue      
(New York University)
Series A 5.75% 7/1/27 (NATL)  		    4,770,000      4,945,822
(Pace University)
Series A 5.25% 5/1/43   		    1,390,000      1,517,977
Newark, Texas Higher Education Finance Revenue      
(Village Tech Schools)
Series A 5.125% 8/15/47   		    1,250,000      1,211,488
Oregon State Facilities Authority Revenue      
(Metro East Web Academy Project)
Series A 144A 5.00% 6/15/49  # 		    1,000,000        943,490
Regents of the University of California General
Revenue 		     
Series BK 5.00% 5/15/52       1,740,000      1,874,050
South Carolina Jobs - Economic Development
Authority Educational Facilities Revenue 		     
(High Point Academy Project)
Series A 144A 5.75% 6/15/39  # 		    1,345,000      1,330,165
University of Minnesota Revenue      
Series A 5.00% 4/1/34       1,855,000      1,891,543
Washington State Housing Finance Commission
Revenue 		     
(Radford Court and Nordheim Court Portfolio)      
 5.00% 7/1/37       1,825,000      1,993,374
 5.00% 7/1/38       1,000,000      1,086,220
    77

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Wisconsin Public Finance Authority Charter School
Revenue 		     
(Foundation Academy Charter School Project)
144A 4.75% 7/1/45  # 		    1,300,000 $    1,251,809
Wisconsin Public Finance Authority Revenue      
(CFP3 – Eastern Michigan University Student Housing Project)
Series A-1 5.25% 7/1/42 (BAM)  		    3,000,000     3,241,410
     82,242,973
Electric Revenue Bonds — 4.87%
American Municipal Power, Ohio Revenue      
(AMP Fremont Energy Center Project)
Series A 4.00% 2/15/37   		    1,330,000      1,358,741
City of San Antonio, Texas Electric & Gas Systems
Revenue 		     
Series B 5.00% 2/1/43       3,000,000      3,270,870
Guam Power Authority Revenue      
(Tax-Exempt Forward Delivery)      
Series A 5.00% 10/1/32       4,000,000      4,387,640
Series A 5.00% 10/1/33       2,915,000      3,214,108
Series A 5.00% 10/1/41         915,000        967,960
Intermountain Power Agency Power Supply, Utah
Revenue 		     
Series A 5.00% 7/1/37       3,500,000      3,853,885
Missouri Joint Municipal Electric Utility Commission
Revenue 		     
(Green Bonds - Climate Bond Certified)      
 5.25% 12/1/39         500,000        562,365
 5.25% 12/1/40         500,000        558,775
 5.25% 12/1/41         650,000        718,887
 5.25% 12/1/42       1,000,000      1,095,440
Municipal Electric Authority of Georgia Revenue      
(Plant Vogtle Units 3&4 Project)
Series A 5.00% 1/1/39   		    6,250,000      6,543,375
New York Utility Debt Securitization Authority
Restructuring Bonds Revenue 		     
 5.00% 12/15/35       5,090,000      5,166,503
 5.00% 12/15/36       5,000,000      5,073,200
Puerto Rico Electric Power Authority Revenue      
Series CCC 5.25% 7/1/27  ‡     1,520,000        851,200
Series TT 5.00% 7/1/32  ‡     1,555,000        870,800
Series WW 5.25% 7/1/33  ‡     1,015,000        568,400
78    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series WW 5.50% 7/1/17  ‡     2,200,000 $    1,226,500
Series WW 5.50% 7/1/19  ‡     1,710,000        953,325
Series WW 5.50% 7/1/38  ‡     1,925,000      1,078,000
Series XX 5.25% 7/1/40  ‡     4,630,000      2,592,800
Series ZZ 5.00% 7/1/19  ‡     2,990,000      1,666,925
Salt River, Arizona Project Agricultural Improvement &
Power District Electric Systems Revenue 		     
Series A 5.00% 1/1/38       5,000,000      5,154,800
Series A 5.00% 1/1/43       1,135,000      1,243,949
South Carolina Public Service Authority Revenue      
(Santee Cooper)      
Series E 5.25% 12/1/37 (AGM)      3,000,000      3,387,390
Series E 5.25% 12/1/38 (AGM)      1,615,000     1,818,216
     58,184,054
Healthcare Revenue Bonds — 7.25%
California Health Facilities Financing Authority
Revenue 		     
(Kaiser Permanente)
Subseries A-2 5.00% 11/1/47   		    4,600,000      5,331,078
(Sutter Health)
Series A 5.00% 11/15/38   		      760,000        793,858
City of Apple Valley, Minnesota Senior Living
Revenue 		     
(Minnesota Senior Living LLC Project)
Second Tier Series B 5.25% 1/1/37   		      915,000        555,698
Colorado Health Facilities Authority Revenue      
(AdventHealth Obligated Group)
Series A 4.00% 11/15/46   		    7,000,000      6,658,330
(CommonSpirit Health)      
Series A-1 4.00% 8/1/37       1,000,000      1,000,070
Series A-2 5.00% 8/1/37       1,105,000      1,169,642
County of Franklin, Ohio Revenue      
(Nationwide Children's Hospital Project)
Series 2019A 5.00% 11/1/48   		    1,500,000      1,658,520
Cuyahoga County, Ohio Hospital Revenue      
(The MetroHealth System)
 5.00% 2/15/37   		    1,000,000      1,019,050
Escambia County, Florida Health Facilities Authority
Revenue 		     
(Baptist Health Care Obligated Group)      
Series A 4.00% 8/15/45         655,000        607,342
    79

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Escambia County, Florida Health Facilities Authority
Revenue 		     
(Baptist Health Care Obligated Group)
Series A 4.00% 8/15/50       1,950,000 $    1,737,411
Gainesville & Hall County, Georgia Hospital Authority
Revenue 		     
(Northeast Georgia Health System Project)
Series A 3.00% 2/15/51   		      515,000        392,131
Glendale, Arizona Industrial Development Authority
Revenue 		     
(Glencroft Retirement Community Project)
 5.25% 11/15/46   		      875,000        783,755
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/41   		      500,000        502,535
Hamilton County, Ohio Hospital Facilities Revenue      
(Cincinnati Children's Hospital Medical Center)
Series CC 5.00% 11/15/49   		    2,000,000      2,210,820
Henrico County, Virginia Economic Development
Authority Residential Care Facility Revenue 		     
(Westminster Canterbury Richmond)      
Series A 5.00% 10/1/42         650,000        686,342
Series A 5.00% 10/1/47         525,000        542,241
Series A 5.00% 10/1/52       1,750,000      1,796,830
Illinois Finance Authority Revenue      
Series C 4.00% 2/15/41       3,635,000      3,524,532
(The Admiral at the Lake Project)
 5.50% 5/15/54   		      875,000        724,964
Iowa Finance Authority Senior Housing Revenue      
(PHS Council Bluffs, Inc. Project)
 5.00% 8/1/33   		      500,000        492,215
Kalispell, Montana Housing and Healthcare Facilities
Revenue 		     
(Immanuel Lutheran Corporation Project)      
Series A 5.25% 5/15/29         630,000        631,443
Series A 5.25% 5/15/37       1,400,000      1,373,498
Lancaster County, Pennsylvania Hospital Authority
Revenue 		     
(University of Pennsylvania Health System Obligation)
Series A 5.00% 8/15/33   		    2,430,000      2,494,711
80    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development
Authority Revenue 		     
(Banner Health Obligation Group)
Series A 5.00% 1/1/32   		    3,000,000 $    3,098,160
(Christian Care Surprise, Inc. Project)
144A 5.75% 1/1/36  # 		    1,540,000      1,400,476
Maryland Health & Higher Educational Facilities
Authority Revenue 		     
(Adventist Healthcare Obligated)
Series A 5.50% 1/1/36   		    2,000,000      2,047,100
Michigan Finance Authority Revenue      
(Trinity Health Credit Group)
 4.00% 12/1/40   		    2,185,000      2,158,146
Monroe County, New York Industrial Development
Revenue 		     
(Rochester Regional Health Project)      
Series A 3.00% 12/1/40       1,000,000        800,760
Series A 4.00% 12/1/38       1,000,000        986,030
Moon, Pennsylvania Industrial Development Authority
Revenue 		     
(Baptist Homes Society Obligation)
 5.625% 7/1/30   		    2,440,000      2,162,840
New Hampshire, National Finance Authority Revenue      
(Springpoint Senior Living Project)
 4.00% 1/1/51   		    1,330,000      1,128,332
(The Vista Project)
Series A 144A 5.25% 7/1/39  # 		    1,000,000      1,003,890
New Hope, Texas Cultural Education Facilities
Finance Revenue 		     
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57   		    1,615,000      1,619,716
New York State Dormitory Authority Revenue      
(Orange Regional Medical Center)      
144A 5.00% 12/1/32  #       700,000        699,755
144A 5.00% 12/1/33  #     1,000,000        996,380
Oklahoma Development Finance Authority Health
System Revenue 		     
(OU Medicine Project)      
Series B 5.25% 8/15/43       1,000,000      1,025,430
Series B 5.25% 8/15/48       2,000,000      2,036,960
    81

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Palm Beach County, Florida Health Facilities Authority
Hospital Revenue 		     
(Baptist Health South Florida Obligated Group)
 3.00% 8/15/44   		    5,000,000 $    4,047,300
Pennsylvania Economic Development Financing
Authority First Mortgage Revenue 		     
(Tapestry Moon Senior Housing Project)      
Series A 144A 6.50% 12/1/38  #, ‡     1,000,000        300,000
Series A 144A 6.75% 12/1/53  #, ‡       875,000        262,500
Pennsylvania Economic Development Financing
Authority Revenue 		     
(Presbyterian Senior Living Project)      
Series B-2 5.00% 7/1/38       3,000,000      3,203,940
Series B-2 5.00% 7/1/42       1,500,000      1,572,075
Prince George's County, Maryland Revenue      
(Collington Episcopal Life Care Community)
 5.00% 4/1/30   		    2,880,000      2,906,640
Rhode Island Health and Educational Building
Revenue 		     
(Lifespan Obligated Group)      
 5.00% 5/15/40         575,000        618,757
 5.00% 5/15/41         700,000        747,516
 5.00% 5/15/42         700,000        743,666
 5.00% 5/15/43         700,000        739,809
 5.25% 5/15/49       2,000,000      2,116,240
Salem, Oregon Hospital Facility Authority Revenue      
(Capital Manor Project)
 4.00% 5/15/40   		    1,450,000      1,345,513
Seminole County, Florida Industrial Development
Authority Revenue 		     
(Legacy Pointe at UCF Project)
Series A 5.25% 11/15/39   		    5,340,000      5,370,331
Tempe, Arizona Industrial Development Authority
Revenue 		     
(Mirabella at ASU Project)
Series A 144A 6.00% 10/1/37  # 		    1,200,000        900,252
Virginia Small Business Financing Authority Revenue      
(LifeSpire of Virginia)
Series A 4.50% 12/1/44   		    1,250,000      1,245,113
82    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Westchester County, New York Local Development
Revenue 		     
(Westchester Medical Center Obligated Group Project)      
 5.00% 11/1/47 (AGM)        500,000 $      528,225
 5.75% 11/1/48 (AGM)      1,875,000     2,087,963
     86,586,831
Housing Revenue Bonds — 4.70%
Denver City & County, Colorado Housing Authority
Revenue 		     
(Flo Senior Apartments Project)
Series A 4.50% 7/1/41   		    1,500,000      1,528,350
Illinois Housing Development Authority Revenue      
Series K 4.95% 10/1/38       2,500,000      2,615,950
Series K 5.25% 10/1/43       2,800,000      2,981,216
Maryland Community Development Administration
Multifamily Development Revenue 		     
(Sustainability Bonds)
Series D 4.35% 2/1/44   		    4,000,000      3,991,160
Maryland Community Development Administration
Revenue 		     
Series C 4.375% 9/1/43       1,640,000      1,651,136
Nebraska Investment Finance Authority Single Family
Housing Revenue 		     
Series G 4.95% 9/1/38       1,250,000      1,327,750
Series G 5.15% 9/1/43       2,610,000      2,759,970
New York City, New York Housing Development
Revenue 		     
 4.60% 8/1/48       2,495,000      2,510,743
(8 Spruce Street)      
Series D 4.00% 12/15/31       1,125,000      1,152,068
Series E 4.375% 12/15/31       1,125,000      1,150,279
New York State Mortgage Agency Homeowner
Revenue 		     
Series 250 4.80% 10/1/48       4,000,000      4,017,600
North Carolina Housing Finance Agency Revenue      
(1998 Trust Agreement)
Series 49 4.875% 7/1/42   		    4,745,000      4,924,693
North Dakota Housing Finance Agency Revenue      
Series D 4.50% 7/1/43       1,740,000      1,755,782
    83

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Pennsylvania Housing Finance Agency Single Family
Mortgage Revenue 		     
Series 142A 4.85% 10/1/43      10,730,000 $   10,961,661
Series 143A 5.125% 10/1/41       3,350,000      3,514,451
Rhode Island Housing & Mortgage Finance Revenue      
Series 81-A 5.25% 10/1/43       4,500,000      4,794,840
San Antonio, Texas Housing Trust Public Facility
Revenue 		     
(Cedar Ridge Terrace Apartments)
Series A 4.45% 4/1/43   		    4,500,000     4,525,290
     56,162,939
Industrial Development Revenue/Pollution ControlRevenue Bonds — 19.60%
Arizona Industrial Development Authority Revenue      
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50  #, ‡ 		    5,520,000        165,600
Arkansas Development Finance Authority Revenue      
(United States Steel Corporation Project)
 5.70% 5/1/53 (AMT)  		    7,750,000      8,173,227
Black Belt, Alabama Energy Gas District Revenue      
Series A  4.00% 6/1/51  •     5,000,000      5,077,550
(Gas Project)
Series A 5.25% 5/1/55  • 		    5,000,000      5,415,750
Buckeye, Ohio Tobacco Settlement Financing
Authority Revenue 		     
(Senior)      
Series A-2 Class 1 3.00% 6/1/48       7,060,000      5,332,065
Series A-2 Class 1 4.00% 6/1/48       1,700,000      1,543,889
Series B-2 Class 2 5.00% 6/1/55       4,000,000      3,662,560
California Community Choice Financing Authority
Revenue 		     
(Clean Energy Project)      
Series A-1 5.00% 12/1/53  •     3,500,000      3,686,620
Series B 5.00% 1/1/55  •     5,500,000      5,857,390
Series B-1 4.00% 2/1/52  •     4,910,000      4,960,426
Series C 5.25% 1/1/54  •     4,280,000      4,518,182
Series D 5.50% 5/1/54  •     7,000,000      7,434,980
Series H 5.00% 1/1/56  •     2,000,000      2,205,340
California Infrastructure & Economic Development
Bank Revenue 		     
(Brightline Florida Passenger Rail Project)
Series A 144A 9.50% 1/1/65 (AMT) #, • 		    8,500,000      8,627,245
84    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
California Infrastructure & Economic Development
Bank Revenue 		     
(Brightline West Passenger Rail Project)
Series A-4 144A 8.00% 1/1/50 (AMT) #, • 		    5,000,000 $    5,164,650
California Pollution Control Financing Authority
Revenue 		     
(Calplant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡ 		    1,250,000         16,875
(Poseidon Resources (Channelside) LP Desalination Project)
144A 5.00% 7/1/37 (AMT) # 		    3,700,000      3,707,363
Central Plains, Nebraska Energy Project Revenue      
(Project No. 3)      
Series A 5.00% 9/1/35       1,250,000      1,369,587
Series A 5.00% 9/1/36       2,480,000      2,723,685
Series A 5.00% 9/1/42         250,000        274,523
Chandler, Arizona Industrial Development Authority
Revenue 		     
(Intel Corporation Project)
Second Subseries 5.00% 9/1/52 (AMT) • 		    4,750,000      4,889,175
City of Houston, Texas Airport System Revenue      
(United Airlines, Inc. Terminal E Project)
Series A 4.00% 7/1/41 (AMT)  		    1,220,000      1,165,124
Commonwealth of Pennsylvania Financing Authority
Revenue 		     
(Tobacco Master Settlement Payment)
 5.00% 6/1/27   		    2,000,000      2,093,240
Denver, Colorado Convention Center Hotel Authority
Revenue 		     
(Senior)      
 5.00% 12/1/26       2,500,000      2,568,350
 5.00% 12/1/29         600,000        613,500
 5.00% 12/1/31         900,000        918,639
 5.00% 12/1/32       1,800,000      1,835,046
 5.00% 12/1/34       1,500,000      1,526,775
 5.00% 12/1/35       1,200,000      1,219,584
 5.00% 12/1/36         900,000        913,446
Erie County, New York Tobacco Asset Securitization
Revenue 		     
(Capital Appreciation-Asset-Backed)
Series A 144A 8.054% 6/1/60  #, ^ 		   38,675,000      2,076,074
    85

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Florida Development Finance Revenue      
(Brightline Florida Passenger Rail Project)
Series A 144A 8.25% 7/1/57 (AMT) #, • 		    7,400,000 $    7,669,730
George L Smith II World Congress Center, Georgia
Authority Revenue 		     
(Convention Center Hotel)      
First Tier Series A 4.00% 1/1/54       2,210,000      1,982,790
Second Tier Series B 144A 5.00% 1/1/36  #     1,000,000      1,016,440
Georgia Main Street Natural Gas Supply Revenue      
Series A 5.00% 6/1/55  •     1,000,000      1,078,560
Series D 5.00% 4/1/54  •     1,500,000      1,608,360
Inland, California Empire Tobacco Securitization
Revenue 		     
(Capital Appreciation Turbo Asset-Backed)      
Series E 144A 0.935% 6/1/57  #, ^    62,600,000      4,912,848
Series F 144A 4.454% 6/1/57  #, ^    74,090,000      4,981,071
Iowa Tobacco Settlement Authority Revenue      
Series A-2 Class 1 4.00% 6/1/38         300,000        300,687
Series A-2 Class 1 4.00% 6/1/39         600,000        597,984
Series A-2 Class 1 4.00% 6/1/40         300,000        296,928
Jefferson County, Texas Industrial Development
Revenue 		     
(TRP Crude Marketing, LLC Project)
144A 7.75% 4/1/39  #, ‡ 		    1,175,000        998,750
Kentucky Public Energy Authority Revenue      
Series A-1 5.25% 4/1/54  •     2,750,000      2,992,495
Series B 5.00% 1/1/55  •     3,750,000      4,038,375
Lower Alabama Gas District Revenue      
Series A 5.00% 9/1/34       4,850,000      5,276,946
Maine Finance Authority Revenue      
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #, ‡ 		    3,490,000      1,140,323
Michigan Finance Authority Revenue      
Series A Class 1 4.00% 6/1/49       2,000,000      1,795,900
M-S-R Energy Authority, California Gas Revenue      
Series B 6.50% 11/1/39         580,000        732,987
Series B 7.00% 11/1/34       2,905,000      3,555,400
New Hampshire Business Finance Authority      
(Bridgeland Water & Utility Districts)
144A 5.375% 12/15/35  # 		    2,400,000      2,411,424
86    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
New Jersey Economic Development Authority Special
Facility Revenue 		     
(Continental Airlines Project)
Series B 5.625% 11/15/30 (AMT)  		    1,890,000 $    1,892,608
New Jersey Tobacco Settlement Financing Revenue      
Subordinate Series B 5.00% 6/1/46       1,705,000      1,723,141
New York Counties, New York Tobacco Trust V
Pass-Through Revenue 		     
(Subordinate Turbo Capital Appreciation Bond)
Series S4B 144A 8.459% 6/1/60  #, ♦, ^ 		   20,000,000        925,600
New York Transportation Development Special
Facility Revenue 		     
(American Airlines, Inc. - John F. Kennedy International Airport Project)
 3.00% 8/1/31 (AMT)  		    1,000,000        947,930
(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)      
 4.00% 10/1/30 (AMT)      1,950,000      1,958,599
 4.375% 10/1/45 (AMT)      2,500,000      2,442,050
 5.00% 1/1/33 (AMT)        790,000        814,996
 5.00% 1/1/34 (AMT)      4,210,000      4,337,521
 5.00% 1/1/36 (AMT)      3,000,000      3,082,200
 5.00% 10/1/40 (AMT)      1,125,000      1,162,867
 6.00% 4/1/35 (AMT)      2,000,000      2,247,100
Port of Beaumont, Texas Navigation District Revenue      
(Jefferson Gulf Coast Energy Project)
Series A 144A 5.00% 1/1/39 (AMT) # 		    2,000,000      2,065,020
Regional Transportation District, Colorado Revenue      
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/33   		    1,000,000      1,024,860
Salt Verde, Arizona Financial Senior Gas Revenue      
 5.00% 12/1/37       7,200,000      7,889,472
San Joaquin Valley Clean Energy, California Authority
Revenue 		     
(Green Bonds)
Series A 5.50% 1/1/56  • 		    3,500,000      3,996,580
South Carolina Jobs - Economic Development
Authority Revenue 		     
(AAC East LLC Project - Green Bonds)
Series A 144A 7.00% 5/1/39 (AMT) # 		    1,500,000      1,340,235
(Jasper Pellets, LLC Project - Green Bonds)
Series A 144A 7.00% 11/1/38 (AMT) #, ‡ 		    1,250,000        295,000
    87

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued)
Southeast Energy Authority, A Cooperative District
Revenue, Alabama 		     
(Project No. 3)
Series A-1 5.50% 1/1/53  • 		    5,500,000 $    5,902,875
St. Paul, Minnesota Port Authority Solid Waste
Disposal Revenue 		     
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 (AMT) # 		    2,000,000      1,944,000
Suffolk, New York Regional Off-Track Betting
Revenue 		     
 5.75% 12/1/44       5,000,000      5,168,450
Tennergy Gas Supply, Tennessee Revenue      
Series A 4.00% 12/1/51  •     4,400,000      4,453,416
Texas Municipal Gas Acquisition & Supply Revenue      
 5.00% 1/1/55  •     1,500,000      1,621,365
Tobacco Securitization Authority of Southern
California Revenue 		     
(Capital Appreciation - Second Subordinate Lien)
Series C 7.242% 6/1/46  ^ 		    9,655,000      1,995,688
(Capital Appreciation - Third Subordinate Lien)
Series D 2.609% 6/1/46  ^ 		    1,630,000        292,015
TSASC, New York Revenue      
Fiscal 2017 Senior Series A 5.00% 6/1/30         475,000        489,602
Fiscal 2017 Senior Series A 5.00% 6/1/31         475,000        489,188
Tuscaloosa County, Alabama Industrial Development
Authority Revenue 		     
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44  # 		    2,945,000      3,009,378
Virginia Tobacco Settlement Financing Revenue      
(Capital Appreciation Bonds)      
First Subordinate Series C 1.96% 6/1/47  ^    58,500,000     16,866,135
Second Subordinate Series D 2.466% 6/1/47  ^     8,185,000      2,309,316
(Convertible Bond)
Senior Series B-2 5.20% 6/1/46  ~ 		    1,250,000      1,249,975
Wisconsin Public Finance Authority Revenue      
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project)      
Series A 5.00% 2/1/52         200,000        203,886
Series A 5.00% 2/1/62       2,720,000     2,764,499
    234,030,025
88    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 7.49%
California State Public Works Board Revenue      
(Various Capital Project)
Series D 5.00% 11/1/46   		    5,000,000 $    5,486,250
Kansas City, Missouri Industrial Development
Authority Revenue 		     
(Kansas City International Airport Terminal Modernization Project)
Series A 5.00% 3/1/57 (AGM) (AMT)  		    6,795,000      6,916,835
Metropolitan Pier & Exposition Authority, Illinois
Revenue 		     
(McCormick Place Expansion Project)      
Series A 4.00% 12/15/42       5,740,000      5,532,327
Series A 4.00% 12/15/47      11,560,000     10,766,753
Series A 4.00% 6/15/52       1,970,000      1,782,278
Series A 4.00% 6/15/52 (BAM)        415,000        381,493
Series B 4.733% 12/15/51 (BAM) ^    10,000,000      2,868,900
Series B-1 4.57% 6/15/47 (AGM) ^     8,965,000      3,216,373
New Jersey Economic Development Authority
Revenue 		     
(NJ Transit Transportation Project)
Series A 4.00% 11/1/39   		    2,835,000      2,848,069
(Portal North Bridge Project)
Series A 5.00% 11/1/31   		    1,000,000      1,123,620
New Jersey Transportation Trust Fund Authority
Revenue 		     
Series A 5.20% 12/15/38 (BAM) ^     9,380,000      5,552,772
Series A 5.25% 6/15/39       2,000,000      2,300,900
Series A 5.396% 12/15/39 (BAM) ^    15,910,000      8,933,465
Series CC 5.25% 6/15/39       2,000,000      2,253,500
Series CC 5.25% 6/15/43       4,750,000      5,204,480
(Transportation System)      
Series A 4.00% 6/15/35       1,810,000      1,860,789
Series BB 4.00% 6/15/46       5,000,000      4,845,450
New York City, New York Transitional Finance
Authority Building Aid Revenue 		     
Fiscal 2015 Series S-1 5.00% 7/15/30       2,000,000      2,004,480
Fiscal 2015 Series S-2 5.00% 7/15/40       5,000,000      5,025,650
New York Liberty Development Revenue      
(4 World Trade Center - Green Bond)
Series A 2.875% 11/15/46 (BAM)  		    1,000,000        751,160
New York State Thruway Authority Revenue      
Series A-1 3.00% 3/15/49       6,000,000      4,677,900
    89

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Virginia Public Building Authority Public Facilities
Revenue 		     
Series A 4.00% 8/1/39       5,000,000 $    5,105,950
     89,439,394
Local General Obligation Bonds — 5.18%
Arapahoe County, Colorado Cherry Creek School
District No 5 		     
 5.25% 12/15/41       3,500,000      4,041,870
Chicago, Illinois Board of Education      
Series B 4.00% 12/1/40       2,810,000      2,613,974
Chicago, Illinois Board of Education Dedicated Capital
Improvement Tax Revenue 		     
 5.00% 4/1/35         825,000        841,962
 5.00% 4/1/36         320,000        326,253
City & County of Denver, Colorado      
Series B 5.00% 8/1/41       5,170,000      5,833,156
City of Chicago, Illinois      
Series A 5.50% 1/1/35       1,980,000      2,082,326
(Chicago Recovery Plan)
Series A 5.25% 1/1/45   		    7,250,000      7,511,363
City of Taylor, Texas Combination Tax      
(Certificates of Obligation)      
 5.00% 8/15/36         800,000        902,888
 5.00% 8/15/39         925,000      1,026,972
County of Harris, Texas Permanent Improvement
Refunding Bonds 		     
 5.00% 9/15/43       5,340,000      5,890,180
Series A 5.00% 9/15/43       3,805,000      4,197,029
County of Hennepin, Minnesota      
Series A 5.00% 12/1/44       6,000,000      6,723,420
Dallas County, Texas Cedar Hill Independent School
District 		     
 5.00% 2/15/43       2,000,000      2,190,620
Fairfax County, Virginia Public Improvement Bonds      
Series A 4.00% 10/1/43       4,000,000      4,014,400
Series A 4.00% 10/1/44       1,000,000      1,000,560
New York City, New York      
Subseries A-1 4.00% 8/1/38       5,000,000      5,076,100
90    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
New York Liberty Development Revenue      
(Port Authority Consolidated Bonds)
Series 1WTC 2.75% 2/15/44   		   10,000,000 $    7,565,300
     61,838,373
Pre-Refunded/Escrowed to Maturity Bonds — 1.33%
City of Atlanta, Georgia Water & Wastewater Revenue      
 5.00% 11/1/35-25  §     5,000,000      5,017,450
City of Chicago, Illinois      
Series C 5.00% 1/1/26       1,280,000      1,303,450
Golden State, California Tobacco Securitization
Corporate Settlement Revenue 		     
(Asset-Backed Bonds)
Series A-1 5.00% 6/1/26   		      850,000        876,809
(Enhanced Asset-Backed)
Series A 5.00% 6/1/35-25  § 		    3,000,000      3,017,730
Illinois Finance Authority Revenue      
Series C 4.00% 2/15/41-27  §       115,000        117,278
Iowa Finance Authority Midwestern Disaster Area
Revenue 		     
(Iowa Fertilizer Company Project)
 5.00% 12/1/50-32  § 		    4,135,000      4,772,286
Washington State Housing Finance Commission
Revenue 		     
(Heron's Key Senior Living)
Series A 144A 7.00% 7/1/45-25  #, § 		      800,000       809,072
     15,914,075
Special Tax Revenue Bonds — 13.88%
Allentown, Pennsylvania Neighborhood Improvement
Zone Development Authority Revenue 		     
(City Center Refunding Project)
144A 5.00% 5/1/42  # 		    3,150,000      3,155,008
(Forward Delivery)      
 5.00% 5/1/31         670,000        724,565
 5.00% 5/1/34         750,000        810,728
 5.00% 5/1/35         850,000        916,538
 5.00% 5/1/36         850,000        912,628
Celebration Pointe, Florida Community Development
District No. 1 Revenue 		     
 5.00% 5/1/34  ‡       830,000        830,423
    91

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
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 $    4,599,480
Commonwealth of Puerto Rico Revenue      
 1.711% 11/1/51  •     1,923,973      1,231,343
(Subordinate)
 2.954% 11/1/43  • 		   22,766,426     14,342,848
GDB Debt Recovery Authority of Puerto Rico
Revenue 		     
(Taxable)
 7.50% 8/20/40   		   30,720,335     30,067,221
Indianapolis, Indiana Local Public Improvement Bond
Bank Convention Center Hotel Revenue 		     
(Senior)
Series E 5.75% 3/1/43   		    3,350,000      3,603,762
Irvine, California Facilities Financing Authority
Revenue 		     
(Irvine Great Park Infrastructure Project)
Series A 5.00% 9/1/48 (BAM)  		    2,500,000      2,743,250
Matching Fund Special Purpose Securitization, Virgin
Islands Revenue 		     
Series A 5.00% 10/1/39       3,785,000      3,938,103
Metropolitan Government Nashville & Davidson
County, Tennessee Sports Authority Revenue 		     
(Stadium Project)
Series A 5.00% 7/1/43 (AGM)  		    4,050,000      4,402,836
Miami-Dade County, Florida Special Obligation
Revenue 		     
 5.15% 10/1/42 (BAM) ^     3,000,000      1,454,160
New York City, New York Transitional Finance
Authority Future Tax Secured Revenue 		     
(Subordinate)      
Fiscal 2024 Subseries G-1 5.00% 5/1/42       2,350,000      2,588,783
Series E 5.00% 11/1/53       4,000,000      4,269,720
Subseries E-1 5.00% 2/1/32       5,000,000      5,190,250
New York Metropolitan Transportation Authority
Revenue 		     
(Climate Bond Certified - Green Bonds)
Subseries B-2 5.00% 11/15/36   		    5,000,000      5,146,700
92    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New York State Dormitory Authority Personal Income
Tax Revenue 		     
(General Purpose)      
Series A 5.00% 3/15/41       1,500,000 $    1,670,760
Series E 3.00% 3/15/50       1,500,000      1,157,175
New York State Thruway Authority State Personal
Income Tax Revenue 		     
Series A 5.00% 3/15/41       5,000,000      5,481,750
New York Triborough Bridge & Tunnel Authority      
(TBTA Capital Lockbox Fund)
Series A 5.25% 12/1/54   		    5,000,000      5,410,850
New York Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Senior Lien Revenue 		     
(MTA Bridges and Tunnels)
Subseries A-1 4.00% 5/15/46   		    6,000,000      5,814,900
Pasco County, Florida Capital Improvement Tax
Revenue 		     
(H. Lee Moffitt Cancer Center Project)      
Series A 5.50% 9/1/42 (AGM)      1,000,000      1,103,050
Series A 5.50% 9/1/43 (AGM)      1,000,000      1,095,870
Series A 5.50% 9/1/44 (AGM)      1,000,000      1,093,980
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 1.126% 7/1/51  ^    31,841,000      7,935,096
Series A-1 1.607% 7/1/46  ^     9,170,000      3,090,657
Series A-1 4.55% 7/1/40       5,765,000      5,780,335
Series A-1 4.75% 7/1/53      17,993,000     17,904,295
Series A-1 5.00% 7/1/58       1,330,000      1,335,599
Series A-2 4.329% 7/1/40       5,453,000      5,439,367
Richmond Heights, Missouri Tax Increment &
Transaction Sales Tax Revenue 		     
(Francis Place Redevelopment Project)
 5.625% 11/1/25   		      270,000        269,347
Utah Telecommunication Open Infrastructure Agency
Revenue 		     
 5.25% 6/1/33       1,000,000      1,146,530
 5.25% 6/1/34       1,000,000      1,142,510
 5.25% 6/1/35       1,000,000      1,138,640
 5.25% 6/1/37       2,100,000      2,370,522
 5.50% 6/1/40       2,000,000      2,262,460
    93

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Washington County, Pennsylvania Redevelopment
Authority Revenue 		     
(Victory Centre Tax Increment Financing Project)
 5.00% 7/1/35   		      500,000 $      501,625
Wisconsin Public Finance Authority Revenue      
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50  # 		    1,010,000      1,029,917
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   		      580,000       580,557
    165,684,138
State General Obligation Bonds — 8.43%
California State      
(Various Purpose)      
 4.00% 10/1/36       3,875,000      3,997,023
 4.00% 10/1/37       2,000,000      2,063,040
 5.00% 9/1/32       1,400,000      1,584,394
 5.00% 8/1/33       4,100,000      4,215,620
 5.00% 9/1/36       4,000,000      4,113,080
 5.00% 11/1/42         470,000        521,578
 5.25% 9/1/47       1,000,000      1,103,150
Commonwealth of Massachusetts      
Series A 5.00% 1/1/37       7,500,000      8,011,575
Commonwealth of Puerto Rico Revenue      
(Restructured)      
Series A-1 4.00% 7/1/35       7,000,000      7,023,030
Series A-1 4.00% 7/1/37       7,488,979      7,449,961
Series A-1 4.00% 7/1/41         830,000        800,004
Series A-1 4.00% 7/1/46      11,820,000     10,786,814
Connecticut State      
Series F 5.00% 9/15/27       2,790,000      2,953,438
(Social Bonds)
Series G 5.00% 11/15/40   		    2,250,000      2,564,528
Illinois State      
 5.00% 1/1/28       1,630,000      1,655,347
 5.00% 11/1/36       1,965,000      2,005,459
 5.25% 10/1/47       3,180,000      3,354,550
 5.50% 5/1/39       2,500,000      2,716,050
Series A 4.00% 3/1/41       4,650,000      4,521,195
94    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Illinois State      
Series A 5.125% 12/1/29       3,260,000 $    3,431,998
Series B 4.00% 10/1/35       8,830,000      8,894,371
Series C 4.00% 10/1/37       1,710,000      1,713,608
Series D 5.00% 11/1/25       1,220,000      1,236,897
(Rebuild Illinois Program)      
Series B 4.00% 11/1/35       2,200,000      2,213,090
Series B 4.00% 11/1/38       1,810,000      1,799,194
New Jersey State      
(COVID-19 General Obligation Emergency Bonds)
Series A 4.00% 6/1/32   		    3,440,000      3,693,321
Oregon State      
(Article XI-Q State Projects)
Series A 5.25% 5/1/45   		    2,590,000      2,881,997
Washington State      
(Various Purpose)
Series A 5.00% 8/1/35   		    3,000,000     3,352,320
    100,656,632
Transportation Revenue Bonds — 17.50%
Central Texas Turnpike System Revenue      
(First Tier)
Series A 5.00% 8/15/38   		    4,250,000      4,815,887
Chicago, Illinois Midway Airport Revenue      
(Senior)
Series C 5.00% 1/1/41 (AMT)  		    1,250,000      1,325,163
Chicago, Illinois O'Hare International Airport Senior
Lien Revenue 		     
Series A 4.00% 1/1/36       1,180,000      1,210,444
Series A 5.00% 1/1/37 (AMT)      5,000,000      5,194,350
Series B 5.00% 1/1/36       5,000,000      5,316,500
City & County of Denver, Colorado Airport System
Revenue 		     
Series A 4.00% 12/1/43 (AMT)      7,890,000      7,521,616
(Subordinate)
Series A 5.00% 12/1/43 (AMT)  		    6,300,000      6,438,159
City of Los Angeles, California Department of Airports
Revenue 		     
Series A 5.00% 5/15/33 (AMT)        845,000        915,279
City of Orlando, Florida Airport Facilities Aviation
Authority Revenue 		     
 5.25% 10/1/43 (AMT)      7,080,000      7,686,048
    95

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
City of Phoenix, Arizona Civic Improvement Airport
Revenue 		     
(Junior Lien)      
Series A 5.00% 7/1/33       3,355,000 $    3,375,029
Series B 5.00% 7/1/49 (AMT)      3,900,000      3,969,147
City of Salt Lake, Utah Airport Revenue      
Series A 5.00% 7/1/37 (AMT)     15,000,000     15,523,500
Series B 5.00% 7/1/33       1,000,000      1,040,010
Connecticut State Transportation Infrastructure
Revenue 		     
Series B 5.00% 10/1/30       3,375,000      3,629,408
County of Lee, Florida Airport Revenue      
 5.25% 10/1/49 (AMT)      7,250,000      7,697,180
Florida Development Finance Revenue      
(Brightline Florida Passenger Rail Project)      
 5.25% 7/1/53 (AGM) (AMT)      8,875,000      9,260,530
 5.50% 7/1/53 (AMT)      5,225,000      5,375,114
144A 12.00% 7/15/32 (AMT) #, •    10,000,000     10,702,600
Foothill-Eastern, California Transportation Corridor
Agency Toll Road Revenue 		     
(Senior Lien)
Series A 4.00% 1/15/46 (BAM)  		    1,000,000      1,003,700
Gerald R Ford International Airport Authority, Michigan
Revenue 		     
 5.00% 1/1/41 (AMT)      1,500,000      1,613,355
Illinois State Toll Highway Authority Revenue      
(Senior)      
Series A 5.25% 1/1/43       6,500,000      7,234,955
Series A 5.25% 1/1/45       3,500,000      3,861,795
Metropolitan Nashville, Tennessee Airport Authority
Revenue 		     
Series B 5.50% 7/1/41 (AMT)      1,500,000      1,635,855
Series B 5.50% 7/1/42 (AMT)      1,855,000      2,017,517
Metropolitan Washington D.C. Airports Authority
Aviation Revenue 		     
Series A 5.00% 10/1/42 (AMT)      2,500,000      2,640,400
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      1,006,610
96    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Monroe County, Florida Airport Revenue      
(Key West International Airport)      
 5.00% 10/1/36 (AMT)      1,235,000 $    1,317,189
 5.00% 10/1/37 (AMT)      1,270,000      1,348,842
 5.00% 10/1/38 (AMT)      1,360,000      1,437,887
 5.00% 10/1/40 (AMT)      1,475,000      1,541,862
New Jersey State Turnpike Authority Revenue      
Series A 5.00% 1/1/33       1,770,000      1,829,684
Series E 5.00% 1/1/32       5,050,000      5,336,689
New Jersey Transportation Trust Fund Authority
Revenue 		     
Series A 5.00% 6/15/29       1,500,000      1,538,265
New York Metropolitan Transportation Authority
Revenue 		     
Subseries A-2 4.00% 11/15/41       3,000,000      2,982,570
New York State Thruway Authority General Revenue      
(Junior Indebtedness Obligations)      
Series B 4.00% 1/1/38       2,135,000      2,159,510
Series B 4.00% 1/1/41      10,000,000      9,872,400
New York Transportation Development Special
Facilities Revenue 		     
(John F. Kennedy International Airport New Terminal One Project - Green Bonds)      
 5.25% 6/30/43 (AMT)      5,500,000      5,843,860
 5.375% 6/30/60 (AMT)      2,500,000      2,588,575
 5.50% 6/30/38 (AMT)      1,670,000      1,822,805
 5.50% 6/30/40 (AMT)        800,000        866,784
 5.50% 6/30/42 (AGM) (AMT)      1,750,000      1,892,713
(John F. Kennedy International Airport Terminal 6 Redevelopment Project)
Series A 4.50% 12/31/54 (AGC) (AMT)  		    2,650,000      2,648,224
(LaGuardia Airport Terminal B Redevelopment Project)
Series A 4.00% 7/1/35 (AGM) (AMT)  		    2,660,000      2,659,894
(Terminal 4 John F. Kennedy International Airport Project)      
 5.00% 12/1/32 (AMT)      1,500,000      1,626,585
 5.00% 12/1/33 (AMT)      3,955,000      4,275,948
 5.00% 12/1/37 (AMT)      1,000,000      1,063,720
Series A 5.00% 12/1/35 (AMT)      1,000,000      1,056,560
Oklahoma Turnpike Authority Revenue      
Series A 5.00% 1/1/42       1,740,000      1,936,150
    97

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Oregon State Department of Transportation Revenue      
 5.00% 5/15/39       1,500,000 $    1,707,000
Pennsylvania Turnpike Commission Revenue      
 5.00% 12/1/41       2,000,000      2,256,100
Series A-1 5.00% 12/1/40       2,090,000      2,095,559
Series A-1 5.00% 12/1/45       1,000,000      1,001,860
Port Authority of New York & New Jersey Revenue      
Two Hundred Eighteenth Series 4.00% 11/1/41 (AMT)      2,480,000      2,433,326
Two Hundred Twenty-First Series 4.00% 7/15/36 (AMT)      1,200,000      1,222,428
Port of Seattle, Washington Revenue      
Series B 5.25% 7/1/41 (AMT)      6,040,000      6,608,968
Puerto Rico Industrial Tourist Educational, Medical &
Environmental Control Facilities Financing Authority Revenue 		     
(San Juan Cruise Terminal Project)
Subseries A-2 6.75% 1/1/45 (AMT)  		    5,000,000      5,963,200
South Jersey Port, New Jersey Revenue      
(Subordinated Marine Terminal)      
Series B 5.00% 1/1/30 (AMT)        230,000        240,233
Series B 5.00% 1/1/32 (AMT)        215,000        223,705
Series B 5.00% 1/1/33 (AMT)        705,000        732,100
Series B 5.00% 1/1/34 (AMT)        880,000        912,525
Series B 5.00% 1/1/35 (AMT)        675,000        698,591
Series B 5.00% 1/1/36 (AMT)        660,000        681,793
Series B 5.00% 1/1/37 (AMT)        430,000        443,287
Texas Private Activity Bond Surface Transportation
Revenue 		     
(Senior Lien)      
 5.50% 6/30/42 (AMT)        500,000        531,950
 5.50% 6/30/43 (AMT)      1,500,000     1,592,445
    209,001,937
Water & Sewer Revenue Bonds — 1.74%
Broward County, Florida Water & Sewer Utility
Revenue 		     
Series A 4.00% 10/1/45       2,640,000      2,581,076
City of Aurora, Colorado Water Revenue      
(First-Lien Water Revenue Bonds)
 4.00% 8/1/54   		    2,750,000      2,636,920
98    

 

Table of Contents
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
City of Tampa, Florida Water & Wastewater System
Revenue 		     
(Green Bonds)
Series A 5.00% 10/1/47   		    4,000,000 $    4,278,800
JEA Water & Sewer System, Florida Revenue      
Series A 5.00% 10/1/45       1,000,000      1,088,800
Jefferson County, Alabama Sewer Revenue      
 5.25% 10/1/41       1,900,000      2,086,447
 5.25% 10/1/42       2,000,000      2,184,920
 5.25% 10/1/44       2,500,000      2,705,625
San Antonio, Texas River Authority Wastewater
System Revenue 		     
 4.00% 1/1/40 (BAM)        820,000        815,129
San Antonio, Texas Water System Revenue      
(Junior Lien)
Series A 5.00% 5/15/33   		    2,250,000     2,340,720
     20,718,437
Total Municipal Bonds (cost $1,158,745,027) 1,180,459,808
Short-Term Investments — 0.41%
Variable Rate Demand Notes — 0.41%¤
Maryland Health & Higher Educational Facilities
Authority Revenue 		     
(The Johns Hopkins Health System Issue) Series B 1.00% 6/1/46
(LOC - TD Bank, N.A.) 		    1,900,000      1,900,000
New York City, New York Municipal Water Finance
Authority Water & Sewer System Revenue 		     
(Second General Resolution) Fiscal 2010 Series CC 1.05% 6/15/41
(SPA - State Street) 		    3,000,000     3,000,000
Total Short-Term Investments (cost $4,900,000)     4,900,000
Total Value of Securities—99.27%
(cost $1,163,645,027) 		    $1,185,359,808
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
    99

 

Table of Contents
Schedules of investments
Macquarie Tax-Free USA Intermediate Fund   
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2025, the aggregate value of Rule 144A securities was $97,977,400, which represents 8.21% 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 February 28, 2025. 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.
♦ Pass 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.
~ 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 February 28, 2025.
§ 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 February 28, 2025.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
CHF – Collegiate Housing Foundation
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
100    

 

Table of Contents
Summary of abbreviations: (continued)
N.A. – National Association
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.
    101

 

Table of Contents
Statements of assets and liabilities
 February 28, 2025 (Unaudited) 
  Macquarie
National High-Yield
Municipal Bond Fund 		  Macquarie
Tax-Free
USA Fund 		  Macquarie
Tax-Free USA
Intermediate Fund
Assets:          
Investments, at value* $3,767,359,565   $1,269,745,313   $1,185,359,808
Cash 1,635,320   2,624,937   1,563,126
Interest receivable 36,678,581   12,437,139   12,218,891
Receivable for fund shares sold 5,647,229   1,449,805   2,406,462
Receivable for payment by affiliates 441,995   728,651   148,279
Prepaid expenses 90,106   64,020   71,085
Receivable for securities sold —   —   4,450,281
Other assets 19,449   7,206   8,545
Total Assets 3,811,872,245   1,287,057,071   1,206,226,477
Liabilities:          
Payable for securities purchased 72,437,498   10,501,250   8,313,125
Payable for fund shares redeemed 10,990,014   2,424,861   2,665,471
Investment management fees payable to affiliates 1,293,866   408,367   331,395
Distribution payable 1,027,855   488,780   435,765
Other accrued expenses 618,156   246,433   298,294
Distribution fees payable to affiliates 187,169   144,338   74,495
Total Liabilities 86,554,558   14,214,029   12,118,545
Total Net Assets $3,725,317,687   $1,272,843,042   $1,194,107,932
Net Assets Consist of:          
Paid-in capital $3,976,891,053   $1,366,224,927   $1,244,942,692
Total distributable earnings (loss) (251,573,366)   (93,381,885)   (50,834,760)
Total Net Assets $3,725,317,687   $1,272,843,042   $1,194,107,932
102

 

Table of Contents
  Macquarie
National High-Yield
Municipal Bond Fund 		Macquarie
Tax-Free
USA Fund 		Macquarie
Tax-Free USA
Intermediate Fund
Net Asset Value      
Class A:      
Net assets $741,648,287 $696,061,713 $370,565,899
Shares of beneficial interest outstanding, unlimited authorization, no par 71,965,053 65,559,873 33,186,760
Net asset value per share $10.31 $10.62 $11.17
Sales charge 4.50% 4.50% 2.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $10.80 $11.12 $11.49
Class C:      
Net assets $60,783,355 $10,049,871 $4,464,676
Shares of beneficial interest outstanding, unlimited authorization, no par 5,875,646 946,370 400,216
Net asset value per share $10.34 $10.62 $11.16
Institutional Class:      
Net assets $2,922,886,045 $566,731,458 $819,077,357
Shares of beneficial interest outstanding, unlimited authorization, no par 281,048,739 52,953,934 72,664,262
Net asset value per share $10.40 $10.70 $11.27
*Investments, at cost 		$3,854,918,608 $1,247,037,459 $1,163,645,027
See accompanying notes, which are an integral part of the financial statements.
    103

 

Table of Contents
Statements of operations
 Six months ended February 28, 2025 (Unaudited)
  Macquarie
National High-Yield
Municipal Bond Fund 		  Macquarie
Tax-Free
USA Fund 		  Macquarie
Tax-Free USA
Intermediate Fund
Investment Income:          
Interest $93,359,991   $29,671,979   $26,244,310
Expenses:          
Management fees 8,047,394   3,179,602   2,931,578
Distribution expenses — Class A 897,573   866,813   467,289
Distribution expenses — Class C 297,765   50,862   21,935
Dividend disbursing and transfer agent fees and expenses 1,402,566   424,647   489,340
Accounting and administration expenses 244,467   102,919   106,305
Legal fees 152,959   63,819   65,497
Registration fees 117,137   45,993   62,012
Trustees’ fees 78,298   28,421   28,012
Reports and statements to shareholders expenses 76,001   44,769   41,155
Audit and tax fees 22,436   22,436   22,436
Custodian fees 16,910   6,495   6,433
Other 326,513   53,283   80,351
  11,680,019   4,890,059   4,322,343
Less expenses waived —   (500,821)   (731,840)
Less expenses paid indirectly (16,959)   (7,190)   (7,022)
Total operating expenses 11,663,060   4,382,048   3,583,481
Net Investment Income (Loss) 81,696,931   25,289,931   22,660,829
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Table of Contents
  Macquarie
National High-Yield
Municipal Bond Fund 		  Macquarie
Tax-Free
USA Fund 		  Macquarie
Tax-Free USA
Intermediate Fund
Net Realized and Unrealized Gain (Loss):          
Net realized gain (loss) on:          
Investments $(4,772,253)   $2,501,050   $(5,358,585)
Net increase from payment by affiliates1 441,995   728,651   148,279
Net realized gain (loss) (4,330,258)   3,229,701   (5,210,306)
Net change in unrealized appreciation (depreciation) on investments (22,823,942)   (21,227,953)   (557,148)
Net Realized and Unrealized Gain (Loss) (27,154,200)   (17,998,252)   (5,767,454)
Net Increase (Decrease) in Net Assets Resulting from Operations $54,542,731   $7,291,679   $16,893,375
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    105

 

Table of Contents
Statements of changes in net assets
Macquarie National High-Yield Municipal Bond Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $81,696,931   $148,978,702
Net realized gain (loss) (4,772,253) 1   (18,736,172) 
Net increase from payment by affiliates 441,9952   —
Net change in unrealized appreciation (depreciation) (22,823,942)   220,433,223
Net increase (decrease) in net assets resulting from operations 54,542,731   350,675,753
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (15,995,314)   (30,302,564)
Class C (1,102,838)   (2,140,227)
Institutional Class (63,237,657)   (110,605,695)
  (80,335,809)   (143,048,486)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 119,835,265   186,625,706
Class C 10,944,857   20,202,133
Institutional Class 664,826,435   1,529,392,541
Net assets from reorganization:3      
Class A —   312,501,951
Class C —   8,337,619
Institutional Class —   121,654,911
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 15,441,670   29,845,821
Class C 1,073,803   2,100,899
Institutional Class 57,387,595   99,427,315
  869,509,625   2,310,088,896
106

 

Table of Contents
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(85,996,684)   $(194,164,768)
Class C (8,752,388)   (19,665,663)
Institutional Class (364,537,838)   (1,131,718,242)
  (459,286,910)   (1,345,548,673)
Increase in net assets derived from capital share transactions 410,222,715   964,540,223
Net Increase in Net Assets 384,429,637   1,172,167,490
Net Assets:      
Beginning of period 3,340,888,050   2,168,720,560
End of period $3,725,317,687   $3,340,888,050
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
3 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    107

 

Table of Contents
Statements of changes in net assets
Macquarie Tax-Free USA Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $25,289,931   $46,103,066
Net realized gain (loss) 2,501,0501   (17,448,039) 
Net increase from payment by affiliates 728,6512   —
Net change in unrealized appreciation (depreciation) (21,227,953)   96,180,019
Net increase (decrease) in net assets resulting from operations 7,291,679   124,835,046
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (13,719,830)   (28,207,419)
Class C (163,358)   (323,466)
Institutional Class (11,500,449)   (17,572,181)
  (25,383,637)   (46,103,066)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 53,811,130   79,423,670
Class C 1,373,581   3,894,045
Institutional Class 165,821,362   276,783,350
Net assets from reorganization:3      
Class A —   213,736,002
Class C —   2,397,289
Institutional Class —   89,102,523
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 12,747,609   26,742,635
Class C 159,519   321,227
Institutional Class 9,291,664   15,149,070
  243,204,865   707,549,811
108

 

Table of Contents
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(61,499,624)   $(139,057,713)
Class C (1,687,636)   (3,641,318)
Institutional Class (110,004,191)   (165,108,781)
  (173,191,451)   (307,807,812)
Increase in net assets derived from capital share transactions 70,013,414   399,741,999
Net Increase in Net Assets 51,921,456   478,473,979
Net Assets:      
Beginning of period 1,220,921,586   742,447,607
End of period $1,272,843,042   $1,220,921,586
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
3 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    109

 

Table of Contents
Statements of changes in net assets
Macquarie Tax-Free USA Intermediate Fund
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $22,660,829   $44,061,745
Net realized gain (loss) (5,358,585) 1   (5,951,355) 
Net increase from payment by affiliates 148,2792   —
Net change in unrealized appreciation (depreciation) (557,148)   61,821,739
Net increase (decrease) in net assets resulting from operations 16,893,375   99,932,129
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A (6,634,577)   (14,305,347)
Class C (61,427)   (136,450)
Institutional Class (16,004,396)   (29,619,949)
  (22,700,400)   (44,061,746)
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 14,895,751   24,779,419
Class C 878,953   997,283
Institutional Class 143,479,771   275,460,185
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A 5,947,375   12,715,168
Class C 59,454   133,840
Institutional Class 13,935,070   26,063,116
  179,196,374   340,149,011
110

 

Table of Contents
  Six months
ended
2/28/25
(Unaudited) 		  Year ended
8/31/24
 
Capital Share Transactions (continued):      
Cost of shares redeemed:      
Class A $(32,832,068)   $(84,370,514)
Class C (710,870)   (2,279,949)
Institutional Class (159,017,036)   (264,665,066)
  (192,559,974)   (351,315,529)
Decrease in net assets derived from capital share transactions (13,363,600)   (11,166,518)
Net Increase (Decrease) in Net Assets (19,170,625)   44,703,865
Net Assets:      
Beginning of period 1,213,278,557   1,168,574,692
End of period $1,194,107,932   $1,213,278,557
1 Excludes net increase from payment by affiliates.
2 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    111

 

Table of Contents
Financial highlights
Macquarie National High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
112    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.38   $9.67   $10.35   $12.04   $11.15   $11.48
 
                     
0.23   0.50   0.46   0.44   0.42   0.44
(0.07)   0.69   (0.66)   (1.67)   0.91   (0.33)
—3   —   —   —   —   —
0.16   1.19   (0.20)   (1.23)   1.33   0.11
 
                     
(0.23)   (0.48)   (0.44)   (0.43)   (0.42)   (0.44)
—   —   (0.04)   (0.03)   (0.02)   —
(0.23)   (0.48)   (0.48)   (0.46)   (0.44)   (0.44)
 
$10.31   $10.38   $9.67   $10.35   $12.04   $11.15
 
1.54%3   12.58%5   (1.92%)5   (10.49%)5   12.12%5   1.06%5
 
                     
$741,648   $697,863   $315,959   $261,839   $247,542   $182,214
0.85%6   0.85%   0.85%   0.85%   0.85%   0.85%
0.85%6   0.87%   0.88%   0.88%   0.88%   0.91%
4.53%   4.97%   4.62%   3.94%   3.65%   3.99%
4.53%   4.95%   4.59%   3.91%   3.62%   3.93%
5%   19%   18%   56%   16%   44%
113    

 

Table of Contents
Financial highlights
Macquarie National High-Yield Municipal Bond Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
114    

 

Table of Contents
Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.42   $9.71   $10.39   $12.09   $11.20   $11.52
 
                     
0.19   0.42   0.38   0.35   0.33   0.36
(0.08)   0.69   (0.66)   (1.67)   0.91   (0.32)
—3   —   —   —   —   —
0.11   1.11   (0.28)   (1.32)   1.24   0.04
 
                     
(0.19)   (0.40)   (0.36)   (0.35)   (0.33)   (0.36)
—   —   (0.04)   (0.03)   (0.02)   —
(0.19)   (0.40)   (0.40)   (0.38)   (0.35)   (0.36)
 
$10.34   $10.42   $9.71   $10.39   $12.09   $11.20
 
1.07%3   11.71%5   (2.64%)5   (11.18%)5   11.25%5   0.41%5
 
                     
$60,784   $57,976   $43,123   $46,410   $58,285   $68,993
1.60%6   1.60%   1.60%   1.60%   1.60%   1.60%
1.60%6   1.62%   1.63%   1.63%   1.63%   1.66%
3.78%   4.22%   3.87%   3.19%   2.90%   3.24%
3.78%   4.20%   3.84%   3.16%   2.87%   3.18%
5%   19%   18%   56%   16%   44%
115    

 

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Financial highlights
Macquarie National High-Yield Municipal Bond Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Includes non-recurring expenses of 0.02% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
116    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.48   $9.77   $10.45   $12.15   $11.26   $11.58
 
                     
0.24   0.53   0.49   0.47   0.45   0.47
(0.08)   0.69   (0.66)   (1.68)   0.91   (0.32)
—3   —   —   —   —   —
0.16   1.22   (0.17)   (1.21)   1.36   0.15
 
                     
(0.24)   (0.51)   (0.47)   (0.46)   (0.45)   (0.47)
—   —   (0.04)   (0.03)   (0.02)   —
(0.24)   (0.51)   (0.51)   (0.49)   (0.47)   (0.47)
 
$10.40   $10.48   $9.77   $10.45   $12.15   $11.26
 
1.57%3   12.78%5   (1.62%)5   (10.22%)5   12.32%5   1.44%5
 
                     
$2,922,886   $2,585,049   $1,809,639   $1,544,505   $1,452,944   $1,095,548
0.60%6   0.60%   0.60%   0.60%   0.60%   0.60%
0.60%6   0.62%   0.63%   0.63%   0.63%   0.66%
4.78%   5.22%   4.87%   4.19%   3.90%   4.24%
4.78%   5.20%   4.84%   4.16%   3.87%   4.18%
5%   19%   18%   56%   16%   44%
117    

 

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Financial highlights
Macquarie Tax-Free USA Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates, which impact the total return by 0.09%. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
118    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.77   $10.03   $10.51   $12.56   $11.94   $11.96
 
                     
0.20   0.44   0.40   0.33   0.36   0.38
(0.15)   0.74   (0.48)   (1.88)   0.70   0.01
0.013   —   —   —   —   —
0.06   1.18   (0.08)   (1.55)   1.06   0.39
 
                     
(0.21)   (0.44)   (0.40)   (0.33)   (0.36)   (0.38)
—   —   —   (0.17)   (0.08)   (0.03)
(0.21)   (0.44)   (0.40)   (0.50)   (0.44)   (0.41)
 
$10.62   $10.77   $10.03   $10.51   $12.56   $11.94
 
0.56%3   11.99%   (0.72%)   (12.65%)   9.03%   3.44%
 
                     
$696,062   $700,740   $469,980   $534,749   $944,054   $478,671
0.81%5   0.80%   0.80%   0.80%   0.82%   0.81%
0.89%5   0.89%   0.95%   0.91%   0.92%   0.95%
3.95%   4.20%   3.93%   2.82%   2.84%   3.24%
3.87%   4.11%   3.78%   2.71%   2.74%   3.10%
8%   28%   65%   71%   40%   77%
119    

 

Table of Contents
Financial highlights
Macquarie Tax-Free USA Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates, which impact the total return by 0.09%. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
120    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.77   $10.03   $10.51   $12.56   $11.94   $11.96
 
                     
0.16   0.36   0.32   0.24   0.26   0.29
(0.15)   0.74   (0.48)   (1.88)   0.70   0.01
0.013   —   —   —   —   —
0.02   1.10   (0.16)   (1.64)   0.96   0.30
 
                     
(0.17)   (0.36)   (0.32)   (0.24)   (0.26)   (0.29)
—   —   —   (0.17)   (0.08)   (0.03)
(0.17)   (0.36)   (0.32)   (0.41)   (0.34)   (0.32)
 
$10.62   $10.77   $10.03   $10.51   $12.56   $11.94
 
0.19%3   11.15%   (1.46%)   (13.31%)   8.22%   2.66%
 
                     
$10,050   $10,352   $6,723   $8,366   $9,834   $10,778
1.56%5   1.55%   1.55%   1.55%   1.57%   1.56%
1.64%5   1.64%   1.70%   1.66%   1.67%   1.70%
3.20%   3.45%   3.18%   2.07%   2.09%   2.49%
3.12%   3.36%   3.03%   1.96%   1.99%   2.35%
8%   28%   65%   71%   40%   77%
121    

 

Table of Contents
Financial highlights
Macquarie Tax-Free USA Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates, which impact the total return by 0.09%. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
122    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$10.85   $10.11   $10.59   $12.66   $12.03   $12.05
 
                     
0.21   0.46   0.43   0.36   0.39   0.41
(0.15)   0.74   (0.48)   (1.90)   0.71   0.01
0.013   —   —   —   —   —
0.07   1.20   (0.05)   (1.54)   1.10   0.42
 
                     
(0.22)   (0.46)   (0.43)   (0.36)   (0.39)   (0.41)
—   —   —   (0.17)   (0.08)   (0.03)
(0.22)   (0.46)   (0.43)   (0.53)   (0.47)   (0.44)
 
$10.70   $10.85   $10.11   $10.59   $12.66   $12.03
 
0.70%3   12.21%   (0.43%)   (12.48%)   9.34%   3.70%
 
                     
$566,731   $509,830   $265,745   $369,318   $209,447   $135,801
0.56%5   0.55%   0.55%   0.55%   0.57%   0.56%
0.64%5   0.64%   0.70%   0.66%   0.67%   0.70%
4.20%   4.45%   4.18%   3.07%   3.09%   3.49%
4.12%   4.36%   4.03%   2.96%   2.99%   3.35%
8%   28%   65%   71%   40%   77%
123    

 

Table of Contents
Financial highlights
Macquarie Tax-Free USA Intermediate Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
124    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.22   $10.66   $11.01   $12.63   $12.26   $12.28
 
                     
0.20   0.40   0.37   0.33   0.33   0.35
(0.05)   0.56   (0.35)   (1.62)   0.37   (0.02)
—3   —   —   —   —   —
0.15   0.96   0.02   (1.29)   0.70   0.33
 
                     
(0.20)   (0.40)   (0.37)   (0.33)   (0.33)   (0.35)
(0.20)   (0.40)   (0.37)   (0.33)   (0.33)   (0.35)
 
$11.17   $11.22   $10.66   $11.01   $12.63   $12.26
 
1.32%3   9.15%   0.17%   (10.33%)   5.79%   2.76%
 
                     
$370,566   $384,304   $411,551   $452,772   $564,932   $106,135
0.76%5   0.75%   0.75%   0.71%   0.65%   0.65%
0.88%5   0.87%   0.88%   0.87%   0.88%   0.91%
3.54%   3.64%   3.39%   2.80%   2.64%   2.87%
3.42%   3.52%   3.26%   2.64%   2.41%   2.61%
13%   28%   27%   59%   23%   27%
125    

 

Table of Contents
Financial highlights
Macquarie Tax-Free USA Intermediate Fund Class C 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
126    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.21   $10.65   $11.00   $12.62   $12.25   $12.27
 
                     
0.15   0.32   0.28   0.24   0.23   0.24
(0.05)   0.56   (0.35)   (1.62)   0.37   (0.02)
—3   —   —   —   —   —
0.10   0.88   (0.07)   (1.38)   0.60   0.22
 
                     
(0.15)   (0.32)   (0.28)   (0.24)   (0.23)   (0.24)
(0.15)   (0.32)   (0.28)   (0.24)   (0.23)   (0.24)
 
$11.16   $11.21   $10.65   $11.00   $12.62   $12.25
 
0.94%3   8.34%   (0.58%)   (11.04%)   4.90%   1.89%
 
                     
$4,465   $4,258   $5,177   $6,872   $7,497   $11,864
1.51%5   1.50%   1.50%   1.50%   1.50%   1.50%
1.63%5   1.62%   1.63%   1.62%   1.63%   1.66%
2.79%   2.89%   2.64%   2.01%   1.79%   2.02%
2.67%   2.77%   2.51%   1.89%   1.66%   1.86%
13%   28%   27%   59%   23%   27%
127    

 

Table of Contents
Financial highlights
Macquarie Tax-Free USA Intermediate Fund Institutional Class 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
 
Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income2
Net realized and unrealized gain (loss)
Payment by affiliates
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return4
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. See Note 2 in "Notes to financial statements."
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5 Includes non-recurring expenses of 0.01% for the six months ended February 28, 2025.
See accompanying notes, which are an integral part of the financial statements.
128    

 

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Six months ended
2/28/251
(Unaudited) 		  Year ended
8/31/24   8/31/23   8/31/22   8/31/21   8/31/20
$11.32   $10.76   $11.11   $12.75   $12.38   $12.40
 
                     
0.21   0.43   0.40   0.36   0.35   0.37
(0.05)   0.56   (0.35)   (1.64)   0.37   (0.02)
—3   —   —   —   —   —
0.16   0.99   0.05   (1.28)   0.72   0.35
 
                     
(0.21)   (0.43)   (0.40)   (0.36)   (0.35)   (0.37)
(0.21)   (0.43)   (0.40)   (0.36)   (0.35)   (0.37)
 
$11.27   $11.32   $10.76   $11.11   $12.75   $12.38
 
1.45%3   9.37%   0.45%   (10.17%)   5.92%   2.92%
 
                     
$819,077   $824,717   $751,847   $609,586   $649,184   $453,727
0.51%5   0.50%   0.50%   0.50%   0.50%   0.50%
0.63%5   0.62%   0.63%   0.62%   0.63%   0.66%
3.79%   3.89%   3.64%   3.01%   2.79%   3.02%
3.67%   3.77%   3.51%   2.89%   2.66%   2.86%
13%   28%   27%   59%   23%   27%
129    

 

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Notes to financial statements
Macquarie Funds national tax-free funds       February 28, 2025 (Unaudited)
Delaware Group® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Macquarie Tax-Free USA Fund (formerly, Delaware Tax-Free USA Fund through December 30, 2024) and Macquarie Tax-Free USA Intermediate Fund (formerly, Delaware Tax-Free USA Intermediate Fund through December 30, 2024). Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Macquarie Minnesota High-Yield Municipal Bond Fund (formerly, Delaware Minnesota High-Yield Municipal Bond Fund through December 30, 2024), Macquarie National High-Yield Municipal Bond Fund (formerly, Delaware National High-Yield Municipal Bond Fund through December 30, 2024), Macquarie Tax-Free California Fund (formerly, Delaware Tax-Free California Fund through December 30, 2024), Macquarie Tax-Free Idaho Fund (formerly, Delaware Tax-Free Idaho Fund through December 30, 2024), and Macquarie Tax-Free New York Fund (formerly, Delaware Tax-Free New York Fund through December 30, 2024). 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 Macquarie National High-Yield Municipal Bond Fund, Macquarie Tax-Free USA Fund, and Macquarie Tax-Free USA Intermediate 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% for Macquarie Tax-Free USA Fund and Macquarie National High-Yield Municipal Bond Fund, and 2.75% for Macquarie 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 $250,000 or more of Class A shares, for shares of Macquarie National High-Yield Municipal Bond Fund or Macquarie Tax-Free USA Fund, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of Macquarie Tax-Free USA Intermediate Fund, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first 12 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 within Delaware Management Company (DMC)’s Pricing Policy (Policy). Fixed income security
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valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee (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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2025, and for all open tax years (years ended August 31, 2021–August 31, 2024), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statements of operations.” During the six months ended February 28, 2025, 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
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Notes to financial statements
Macquarie Funds national tax-free funds       
1. Significant Accounting Policies (continued)
classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to such Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie®) 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.
In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Fund's investment adviser, acts as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Adoption of the new standard impacted each Fund's financial statements note disclosures only, and did not affect any Fund's financial position or the results of its operations.
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Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Custody Credits
Macquarie National High-Yield Municipal Bond Fund   $16,863
Macquarie Tax-Free USA Fund   6,478
Macquarie Tax-Free USA Intermediate Fund   6,423
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2025, each Fund earned the following amounts under this arrangement:
Fund   Earnings Credits
Macquarie National High-Yield Municipal Bond Fund   $96
Macquarie Tax-Free USA Fund   712
Macquarie Tax-Free USA Intermediate Fund   599
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 (MIMBT) 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: 
  Macquarie National High-Yield
Municipal Bond Fund 		  Macquarie Tax-Free
USA Fund 		  Macquarie Tax-Free USA
Intermediate Fund
On the first $500 million 0.5500%   0.5500%   0.5000%
On the next $500 million 0.5000%   0.5000%   0.4750%
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 investment advisory fees 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
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Notes to financial statements
Macquarie Funds national tax-free funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
following percentages of each Fund’s average daily net assets from September 1, 2024 through December 29, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Fund   Operating expense
limitation as
a percentage
of average
daily net assets
Macquarie National High-Yield Municipal Bond Fund   0.60%
Macquarie Tax-Free USA Fund   0.55%
Macquarie Tax-Free USA Intermediate Fund   0.50%
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2024 through December 29, 2025, unless terminated by agreement of DMC and the Funds, is as follows:
    Operating expense limitation as a percentage of average daily net assets
Fund   Class A   Class C   Institutional Class
Macquarie National High-Yield Municipal Bond Fund   0.85%   1.60%   0.60%
Macquarie Tax-Free USA Fund   0.80%   1.55%   0.55%
Macquarie Tax-Free USA Intermediate Fund   0.75%   1.50%   0.50%
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 Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie National High-Yield Municipal Bond Fund   $80,852
Macquarie Tax-Free USA Fund   30,377
Macquarie Tax-Free USA Intermediate Fund   29,750
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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 Macquarie 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 Macquarie Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2025, each Fund paid for these services as follows:
Fund   Fees
Macquarie National High-Yield Municipal Bond Fund   $112,693
Macquarie Tax-Free USA Fund   40,564
Macquarie Tax-Free USA Intermediate Fund   39,668
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, Macquarie Tax-Free USA Intermediate Fund and Macquarie 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. Macquarie Tax-Free USA Fund’s Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. All Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of the 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 DDLP, an annual 12b-1 fee of 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.
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 six months ended February 28, 2025, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund   Fees
Macquarie National High-Yield Municipal Bond Fund   $30,608
Macquarie Tax-Free USA Fund   11,286
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Notes to financial statements
Macquarie Funds national tax-free funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund   Fees
Macquarie Tax-Free USA Intermediate Fund   $11,110
For the six months ended February 28, 2025, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund   Class A
Macquarie National High-Yield Municipal Bond Fund   $17,653
Macquarie Tax-Free USA Fund   9,835
Macquarie Tax-Free USA Intermediate Fund   2,403
For the six months ended February 28, 2025, 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
Macquarie National High-Yield Municipal Bond Fund   $23,954   $2,808
Macquarie Tax-Free USA Fund   6,444   154
Macquarie Tax-Free USA Intermediate Fund   1,522   259
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Funds.
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC’s findings. The Settlement Order does not impact MIMBT’s ability to continue to provide services to each Fund.
During the six months ended February 28, 2025, DMC reimbursed each Fund the following amounts in connection with a trade error. These amounts are included in “Net increase from payment by affiliates” in the "Statements of operations." Payment by affiliates had no impact on total return for Macquarie National High-Yield Municipal Bond Fund and Macquarie Tax-Free USA Intermediate Fund. Payment by affiliates impacted the total return by 0.09% for Macquarie Tax-Free USA Fund.
Fund   Payment by affiliates
Macquarie National High-Yield Municipal Bond Fund   $441,995
Macquarie Tax-Free USA Fund   728,651
Macquarie Tax-Free USA Intermediate Fund   148,279
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3. Investments
For the six months ended February 28, 2025, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund   Purchases   Sales
Macquarie National High-Yield Municipal Bond Fund   $581,984,781   $177,257,098
Macquarie Tax-Free USA Fund   178,973,922   98,896,623
Macquarie Tax-Free USA Intermediate Fund   153,372,590   162,007,929
At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2025, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund   Cost of
investments 		  Aggregate
unrealized
appreciation
of investments 		  Aggregate
unrealized
depreciation
of investments 		  Net unrealized
appreciation
(depreciation)
of investments
Macquarie National High-Yield Municipal Bond Fund   $3,840,540,307   $149,447,418   $(222,628,160)   $(73,180,742)
Macquarie Tax-Free USA Fund   1,247,037,459   53,877,443   (31,169,589)   22,707,854
Macquarie Tax-Free USA Intermediate Fund   1,163,645,027   47,870,102   (26,155,321)   21,714,781
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At  August 31, 2024, each Fund had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
Macquarie National High-Yield
Municipal Bond Fund 		$ 13,950,948   $97,241,137   $ 111,192,085
Macquarie Tax-Free
USA Fund 		68,761,454   48,187,066   116,948,520
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Notes to financial statements
Macquarie Funds national tax-free funds       
3. Investments (continued)
  Loss carryforward character    
  Short-term   Long-term   Total
Macquarie Tax-Free USA
Intermediate Fund 		$53,316,522   $12,614,348   $65,930,870
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, forward 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.
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The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of February 28, 2025:
  Macquarie National High-Yield Municipal Bond Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $3,678,564,565
Short-Term Investments 88,795,000
Total Value of Securities $3,767,359,565
  Macquarie Tax-Free USA Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $1,263,195,313
Short-Term Investments 6,550,000
Total Value of Securities $1,269,745,313
  Macquarie Tax-Free USA Intermediate Fund
  Level 2
Securities  
Assets:  
Municipal Bonds $1,180,459,808
Short-Term Investments 4,900,000
Total Value of Securities $1,185,359,808
During the six months ended February 28, 2025, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. As of February 28, 2025, there were no Level 3 investments in any of the Funds.
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Notes to financial statements
Macquarie Funds national tax-free funds       
4. Capital Shares
Transactions in capital shares were as follows:
  Macquarie National High-Yield
Municipal Bond Fund 		  Macquarie Tax-Free
USA Fund 		  Macquarie Tax-Free USA
Intermediate Fund
  Six months
ended 		  Year ended   Six months
ended 		  Year ended   Six months
ended 		  Year ended
  2/28/25   8/31/24   2/28/25   8/31/24   2/28/25   8/31/24
Shares sold:
Class A 11,607,349   18,524,335   5,049,761   7,629,084   1,340,089   2,269,568
Class C 1,058,085   2,013,701   129,036   374,937   78,954   91,534
Institutional Class 63,979,462   154,910,930   15,423,979   26,459,021   12,754,413   25,048,067
Shares from reorganization:1
Class A —   32,586,231   —   21,567,710   —   —
Class C —   865,796   —   241,906   —   —
Institutional Class —   12,567,656   —   8,919,172   —   —
Shares issued upon reinvestment of dividends and distributions:
Class A 1,499,594   2,993,148   1,197,181   2,589,081   533,289   1,166,081
Class C 103,873   209,868   14,979   31,083   5,337   12,293
Institutional Class 5,521,682   9,856,842   865,681   1,450,279   1,238,061   2,366,413
  83,770,045   234,528,507   22,680,617   69,262,273   15,950,143   30,953,956
Shares redeemed:
Class A (8,371,067)   (19,532,298)   (5,775,112)   (13,545,023)   (2,949,866)   (7,771,986)
Class C (850,297)   (1,964,971)   (158,989)   (356,631)   (64,050)   (209,808)
Institutional Class (35,229,227)   (115,875,987)   (10,314,406)   (16,127,541)   (14,163,692)   (24,428,480)
  (44,450,591)   (137,373,256)   (16,248,507)   (30,029,195)   (17,177,608)   (32,410,274)
Net increase (decrease) 39,319,454   97,155,251   6,432,110   39,233,078   (1,227,465)   (1,456,318)
1 See Note 5.
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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 in shares sold and shares redeemed in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2025 and the year ended August 31, 2024, 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  
Macquarie National High-Yield Municipal Bond Fund  
Six months ended  
2/28/25   17,308   23,084   4,503 16,897   27,895   $461,369  
Year ended  
8/31/24   262,262   29,966   17,571 28,896   278,626   3,130,197  
Macquarie Tax-Free USA Fund  
Six months ended  
2/28/25   36,100   1,457   32,708 34,425   35,827   744,468  
Year ended  
8/31/24   265,648   7,259   12,415 19,824   263,497   2,903,203  
Macquarie Tax-Free USA Intermediate Fund  
Six months ended  
2/28/25   10,590   3,289   — 3,287   10,489   154,281  
Year ended  
8/31/24   78,305   1,231   10,702 12,035   77,573   968,733  
5. Reorganizations
The following reorganizations did not take place during the reporting period covered by this report. On February 15-16, 2023, the Board approved proposals to reorganize the following acquired funds (Acquired Funds), each a series of Ivy Funds, with and into the following acquiring funds (Acquiring Funds) set forth in the table below (each a Reorganization and together the Reorganizations).
Acquired Fund Acquiring Fund
Delaware Ivy Municipal High
Income Fund (Acquired Fund I) 		Macquarie National High-Yield
Municipal Bond Fund (Acquiring
Fund I)
Delaware Ivy Municipal Bond
Fund (Acquired Fund II) 		Macquarie Tax-Free USA Fund
(Acquiring Fund II)
In approving the Reorganizations, the Board and the applicable corresponding board of trustees considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund share similar investment objectives, principal investment strategies and principal
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Notes to financial statements
Macquarie Funds national tax-free funds       
5. Reorganizations (continued)
risks, and materially similar fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.
The applicable Acquired Fund shareholders approved each Reorganization on the following dates:
Acquired Fund Shareholder Approval Date
Acquired Fund I August 10, 2023
Acquired Fund II June 27, 2023
Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trusts, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganizations. The Reorganizations were accomplished by a tax-free exchange of shares on September 15, 2023. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transactions associated with the Acquired Fund I and the Acquiring Fund I Reorganizations were as follows:
  Acquired
Fund I
Net Assets 		  Acquired
Fund I Shares
Outstanding 		  Shares
Converted
to Acquiring
Fund I 		  Acquiring
Fund I
Net Assets 		  Conversion
Ratio
Class A $309,636,927   75,891,404   32,586,231   $315,787,147   0.4254
Class C 8,337,619   2,043,534   865,796   42,795,914   0.4237
Class I/
Institutional Class* 		120,826,680   29,614,382   12,567,656   1,806,357,370   0.4215
Class R6** 828,231   202,998    —     —     — 
Class Y*** 2,865,024   702,212    —     —     — 
* Acquired Fund I Class I shares are named Institutional Class for the Acquiring Fund I.
** Class R6 shares of the Acquired Fund I were converted into Institutional Class shares of the Acquiring Fund I.
*** Class Y shares of the Acquired Fund I were converted into Class A shares of the Acquiring Fund I.
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The net assets of the Acquired Fund I before the Acquired Fund I Reorganization were $443,535,339. The Acquired Fund I net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund I Reorganization. The net assets of the Acquiring Fund I immediately following the Acquired Fund I Reorganization were $2,607,434,912.
The share transactions associated with the Acquired Fund II and the Acquiring Fund II Reorganizations were as follows:
  Acquired
Fund II
Net Assets 		  Acquired
Fund II Shares
Outstanding 		  Shares
Converted
to Acquiring
Fund II 		  Acquiring
Fund II
Net Assets 		  Conversion
Ratio
Class A $213,736,002   21,721,138   21,567,710   $464,030,626   0.9929
Class C 2,397,289   243,627   241,906   6,644,838   0.9929
Class I/
Institutional Class* 		88,087,677   8,952,000   8,919,172   261,686,732   0.9850
Class R6** 1,014,846   103,135    —     —     — 
* Acquired Fund II Class I shares are named Institutional Class for the Acquiring Fund II.
** Class R6 shares of the Acquired Fund II were converted into Institutional Class shares of the Acquiring Fund II.
The net assets of the Acquired Fund II before the Acquired Fund II Reorganization were $305,457,973. The Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund II Reorganization. The net assets of the Acquiring Fund II immediately following the Acquired Fund II Reorganization were $1,037,598,010.
Assuming the Reorganizations had been completed on September 1, 2023, the Acquiring Funds’ pro forma results of operations for the year ended August 31, 2024, would have been as follows:
  Acquiring Fund I   Acquiring Fund II
Net investment income $149,983,168   $46,789,320
Net realized loss on investments (18,443,912)   (18,060,765)
Net change in unrealized appreciation (depreciation) 214,019,102   93,047,977
Net increase in net assets resulting from operations $345,558,358   $121,776,532
6. Line of Credit
Each Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 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 are charged an annual commitment fee of 0.15%, which
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Notes to financial statements
Macquarie Funds national tax-free funds       
6. Line of Credit (continued)
is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is 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 28, 2024. This Agreement was extended to October 27, 2025.
Each Fund had no amounts outstanding as of February 28, 2025, or at any time during the period then ended.
7. Securities Lending
Each Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
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In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
During the six months ended February 28, 2025, each Fund had no securities out on loan.
8. Geographic, Credit and Market Risks
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. 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 US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
As of February 28, 2025, Macquarie National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which
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Notes to financial statements
Macquarie Funds national tax-free funds       
8. Geographic, Credit and Market Risks (continued)
constituted approximately 12.40%, 10.89%, and 13.09%, respectively, of the Fund’s net assets. As of February 28, 2025, Macquarie Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York and territory of Puerto Rico, which constituted approximately 13.41%, 10.21%, and 13.36%, respectively, of the Fund’s net assets. As of February 28, 2025, Macquarie Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 10.21%, 14.24%, and 10.80%, 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 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. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
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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, the 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 February 28, 2025, that would require recognition or disclosure in the Funds’ financial statements.
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Other Fund information (Unaudited)
Macquarie Funds national tax-free funds
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Macquarie Funds
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Macquarie Funds
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions. 
The Funds are advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and 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.
(4363496)
SA-011-0425
This page is not part of the Financial statements and other information.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

 

  (a)

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.

 

  (b)

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)   Not applicable.
(a)(2)   Not applicable.
(a)(3)   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].
(a)(4)   There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(5)   There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b)   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.

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.

Name of Registrant: Voyageur Mutual Funds

 

/s/ SHAWN K. LYTLE

By:   Shawn K. Lytle
Title:   President and Chief Executive Officer
Date:   April 25, 2025

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:   April 25, 2025

 

/s/ RICHARD SALUS

By:   Richard Salus
Title:   Chief Financial Officer
Date:   April 25, 2025