ThZeal - The Zeal

N-CSRS 1 mimvmf4183823-ncsrs.htm N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-07742

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

Address of principal executive offices:	610 Market Street Philadelphia, PA 19106

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

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

Date of fiscal year end:	August 31

Date of reporting period:	February 28, 2023

Item 1. Reports to Stockholders


















	Semiannual report


Fixed income mutual funds Delaware Tax-Free USA Fund Delaware Tax-Free USA Intermediate Fund Delaware National High-Yield Municipal Bond Fund February 28, 2023















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

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Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

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Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		4
Schedules of investments		10
Statements of assets and liabilities		84
Statements of operations		86
Statements of changes in net assets		87
Financial highlights		94
Notes to financial statements		112
Other Fund information		128

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

Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.

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

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

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

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Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

Delaware Tax-Free USA Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	976.30	0.80%	$3.92
Class C		1,000.00		972.60	1.55%	7.58
Institutional Class		1,000.00		977.80	0.55%	2.70
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.83	0.80%	$4.01
Class C		1,000.00		1,017.11	1.55%	7.75
Institutional Class		1,000.00		1,022.07	0.55%	2.76

Delaware Tax-Free USA Intermediate Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	989.20	0.75%	$3.70
Class C		1,000.00		985.40	1.50%	7.38
Institutional Class		1,000.00		990.60	0.50%	2.47
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.08	0.75%	$3.76
Class C		1,000.00		1,017.36	1.50%	7.50
Institutional Class		1,000.00		1,022.32	0.50%	2.51

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Delaware National High-Yield Municipal Bond Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	971.00	0.85%	$4.15
Class C		1,000.00		967.60	1.60%	7.81
Institutional Class		1,000.00		972.70	0.60%	2.93
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.58	0.85%	$4.26
Class C		1,000.00		1,016.86	1.60%	8.00
Institutional Class		1,000.00		1,021.82	0.60%	3.01

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

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Security type / sector / state / territory allocations

Delaware Tax-Free USA Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	99.03	%
Corporate Revenue Bonds	7.14	%
Education Revenue Bonds	9.78	%
Electric Revenue Bonds	2.62	%
Healthcare Revenue Bonds	15.33	%
Housing Revenue Bond	0.09	%
Industrial Development Revenue/Pollution Control Revenue Bonds	9.49	%
Lease Revenue Bonds	7.62	%
Local General Obligation Bonds	3.06	%
Pre-Refunded/Escrowed to Maturity Bonds	0.80	%
Resource Recovery Revenue Bond	0.17	%
Special Tax Revenue Bonds	21.01	%
State General Obligation Bonds	7.82	%
Transportation Revenue Bonds	12.78	%
Water & Sewer Revenue Bonds	1.32	%
Short-Term Investments	0.35	%
Total Value of Securities	99.38	%
Receivables and Other Assets Net of Liabilities	0.62	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Alabama	1.45	%
Arizona	4.43	%
California	13.31	%
Colorado	3.80	%
Connecticut	0.29	%
District of Columbia	0.48	%
Florida	4.94	%
Georgia	2.22	%
Guam	0.73	%
Idaho	0.05	%
Illinois	9.89	%
Indiana	0.19	%
Iowa	1.00	%
Kansas	0.32	%
Kentucky	0.96	%

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State / territory	Percentage of net assets
Louisiana	0.19	%
Maine	0.50	%
Maryland	1.01	%
Massachusetts	1.09	%
Michigan	0.18	%
Minnesota	0.32	%
Missouri	0.98	%
Nebraska	0.30	%
New Hampshire	0.07	%
New Jersey	1.16	%
New York	7.66	%
North Carolina	0.89	%
Ohio	2.26	%
Oregon	0.74	%
Pennsylvania	3.52	%
Puerto Rico	20.04	%
Texas	6.37	%
US Virgin Islands	0.86	%
Utah	0.86	%
Virginia	2.35	%
Washington	2.08	%
Wisconsin	1.89	%
Total Value of Securities	99.38	%

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Security type / sector / state / territory allocations

Delaware Tax-Free USA Intermediate Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	97.64	%
Corporate Revenue Bonds	3.25	%
Education Revenue Bonds	6.22	%
Electric Revenue Bonds	5.60	%
Healthcare Revenue Bonds	7.89	%
Housing Revenue Bond	0.45	%
Industrial Development Revenue/Pollution Control Revenue Bonds	12.00	%
Lease Revenue Bonds	7.85	%
Local General Obligation Bonds	3.68	%
Pre-Refunded/Escrowed to Maturity Bonds	4.29	%
Special Tax Revenue Bonds	15.58	%
State General Obligation Bonds	11.31	%
Transportation Revenue Bonds	17.21	%
Water & Sewer Revenue Bonds	2.31	%
Short-Term Investments	1.28	%
Total Value of Securities	98.92	%
Receivables and Other Assets Net of Liabilities	1.08	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Alabama	1.35	%
Arizona	5.62	%
California	10.54	%
Colorado	3.56	%
Connecticut	0.63	%
Delaware	0.21	%
District of Columbia	0.23	%
Florida	5.57	%
Georgia	1.98	%
Guam	0.79	%
Hawaii	0.19	%
Idaho	0.58	%
Illinois	8.30	%
Iowa	0.51	%
Kansas	0.09	%
Kentucky	0.46	%

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State / territory	Percentage of net assets
Louisiana	1.24	%
Maine	0.21	%
Maryland	0.64	%
Massachusetts	1.32	%
Michigan	0.64	%
Minnesota	0.41	%
Missouri	1.00	%
Montana	0.11	%
Nebraska	0.14	%
New Hampshire	0.19	%
New Jersey	5.83	%
New York	17.53	%
North Carolina	0.69	%
Ohio	1.65	%
Oklahoma	0.73	%
Oregon	1.18	%
Pennsylvania	3.20	%
Puerto Rico	10.39	%
South Carolina	0.82	%
Tennessee	0.85	%
Texas	3.05	%
US Virgin Islands	0.16	%
Utah	2.64	%
Virginia	2.68	%
Washington	0.37	%
Wisconsin	0.64	%
Total Value of Securities	98.92	%

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Security type / sector / state / territory allocations

Delaware National High-Yield Municipal Bond Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	96.72	%
Corporate Revenue Bonds	5.96	%
Education Revenue Bonds	16.19	%
Electric Revenue Bonds	3.86	%
Healthcare Revenue Bonds	14.99	%
Housing Revenue Bonds	0.19	%
Industrial Development Revenue/Pollution Control Revenue Bonds	16.29	%
Lease Revenue Bonds	3.87	%
Local General Obligation Bonds	2.84	%
Pre-Refunded/Escrowed to Maturity Bonds	2.03	%
Resource Recovery Revenue Bonds	0.53	%
Special Tax Revenue Bonds	15.63	%
State General Obligation Bonds	5.89	%
Transportation Revenue Bonds	5.65	%
Water & Sewer Revenue Bonds	2.80	%
Short-Term Investments	2.51	%
Total Value of Securities	99.23	%
Receivables and Other Assets Net of Liabilities	0.77	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Alabama	2.09	%
Arizona	4.97	%
Arkansas	0.16	%
California	11.08	%
Colorado	1.82	%
Delaware	0.06	%
District of Columbia	1.33	%
Florida	4.50	%
Georgia	1.09	%
Guam	0.73	%
Hawaii	0.10	%
Idaho	0.72	%
Illinois	6.41	%
Indiana	0.53	%
Iowa	0.68	%

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State / territory	Percentage of net assets
Kansas	0.38	%
Kentucky	0.42	%
Louisiana	1.30	%
Maine	0.35	%
Maryland	0.38	%
Massachusetts	1.90	%
Michigan	0.67	%
Minnesota	0.60	%
Mississippi	0.22	%
Missouri	1.31	%
Montana	0.08	%
Nevada	0.66	%
New Hampshire	0.21	%
New Jersey	2.54	%
New York	10.37	%
North Carolina	1.78	%
Ohio	4.66	%
Oklahoma	0.10	%
Oregon	0.26	%
Pennsylvania	2.62	%
Puerto Rico	14.70	%
South Carolina	0.44	%
Tennessee	0.37	%
Texas	7.50	%
US Virgin Islands	0.13	%
Utah	0.50	%
Virginia	4.32	%
Washington	1.59	%
West Virginia	0.13	%
Wisconsin	2.47	%
Total Value of Securities	99.23	%

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Schedules of investments

Delaware Tax-Free USA Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 99.03%
Corporate Revenue Bonds — 7.14%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50 #, ‡		6,400,000	$	4,160,000
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
5.00% 9/1/42 (AMT) ●		5,000,000		5,171,950
Finance Authority of Maine Revenue
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #		5,660,000		3,604,231
Florida Development Finance Surface Transportation Facilities Revenue
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		7,075,000		6,406,695
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.50% 1/1/49 (AMT) #, ●		2,555,000		2,348,735
George L Smith II Georgia World Congress Center Authority
(Convention Center Hotel 1st Tier)
Series A 4.00% 1/1/54		18,715,000		14,850,352
Iowa Finance Authority
(Iowa Fertilizer Company Project)
5.00% 12/1/50		5,585,000		5,461,516
Public Finance Authority, Wisconsin
(Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/62		5,145,000		4,900,613
Tuscaloosa County, Alabama Industrial Development Authority
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		5,250,000		4,554,795
				51,458,887
Education Revenue Bonds — 9.78%
Arizona Industrial Development Authority Revenue
(Great Hearts Arizona Projects)
Series A 2.25% 7/1/46		1,295,000		803,327
Series A 2.375% 7/1/52		1,295,000		756,358
(Leman Academy Of Excellence Projects)
Series A 4.50% 7/1/54		2,240,000		1,955,431

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Build NYC Resource
(East Harlem Scholars Academy Charter School Project)
144A 5.75% 6/1/62 #		1,250,000	$	1,258,700
(KIPP NYC Public School Facilities - Canal West Project)
5.25% 7/1/52		1,000,000		1,020,330
5.25% 7/1/57		4,000,000		4,053,040
California Community College Financing Authority Student Housing Revenue
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60 #		5,000,000		4,792,600
California Educational Facilities Authority Revenue
(Stanford University)
Series T-1 5.00% 3/15/39		3,000,000		3,490,800
Series V-1 5.00% 5/1/49		2,600,000		3,009,214
Series V-2 2.25% 4/1/51		2,330,000		1,454,246
Camden County, New Jersey Improvement Authority Revenue
(KIPP:Cooper Norcross Academy - 2022 Project)
6.00% 6/15/62		1,325,000		1,380,080
District of Columbia Revenue
(KIPP DC Issue)
4.00% 7/1/49		610,000		492,776
Florida Development Finance Surface Transportation Facilities Revenue
(Mater Academy Projects)
Series A 4.00% 6/15/52		1,535,000		1,169,992
Idaho Housing & Finance Association
(Sage International School of Boise Project)
Series A 4.00% 5/1/50		425,000		388,335
Maricopa County, Arizona Industrial Development Authority Education Revenue
(Choice Academies, Inc. Project)
Series AZ 144A 5.75% 9/1/45 #		2,505,000		2,349,039
Massachusetts Development Finance Agency Revenue
Series A 5.00% 7/15/40		5,000,000		5,788,550
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(Saint Joseph’s University Project)
5.50% 11/1/60		4,745,000		5,079,096

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Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Public Finance Authority Project Revenue Bonds
(CFP3 – Eastern Michigan University Student Housing Project)
Series A-1 5.375% 7/1/47 (BAM)		2,775,000	$	2,976,215
Series A-1 5.50% 7/1/52 (BAM)		4,000,000		4,313,120
Town of Davie, Florida
(Nova Southeastern University Project)
5.00% 4/1/38		2,290,000		2,380,318
University of Texas System Board of Regents
Series B 5.00% 8/15/49		18,670,000		21,494,024
				70,405,591
Electric Revenue Bonds — 2.62%
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/43		3,650,000		3,772,311
New York Power Authority
Series A 4.00% 11/15/55		3,885,000		3,630,222
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡		3,665,000		2,556,337
Series A 5.05% 7/1/42 ‡		100,000		69,750
Series A 6.75% 7/1/36 ‡		1,725,000		1,242,000
Series AAA 5.25% 7/1/25 ‡		60,000		41,775
Series CCC 5.25% 7/1/27 ‡		2,005,000		1,398,488
Series TT 5.00% 7/1/32 ‡		2,705,000		1,886,737
Series WW 5.25% 7/1/33 ‡		2,485,000		1,745,713
Series XX 4.75% 7/1/26 ‡		205,000		141,963
Series XX 5.25% 7/1/40 ‡		3,165,000		2,223,412
Series ZZ 4.75% 7/1/27 ‡		160,000		110,800
Series ZZ 5.25% 7/1/24 ‡		80,000		55,700
				18,875,208
Healthcare Revenue Bonds — 15.33%
Alachua County, Florida Health Facilities Authority
(Oak Hammock at the University of Florida, Inc. Project)
4.00% 10/1/46		1,750,000		1,334,900
Apple Valley, Minnesota Senior Living Revenue
(Minnesota Senior Living LLC Project)
Series B 5.00% 1/1/47		1,815,000		1,054,733
Series D 7.25% 1/1/52		1,980,000		1,230,411

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 Fourth Tier)
Series D-2 144A 7.75% 1/1/54 #		225,000	$	125,568
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.00% 1/1/49		300,000		161,040
(Phoenix Children’s Hospital)
Series A 4.00% 2/1/50		3,560,000		3,196,382
California Health Facilities Financing Authority Revenue
(CommonSpirit Health)
Series A 4.00% 4/1/45		3,470,000		3,148,227
Series A 4.00% 4/1/49		5,000,000		4,420,850
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		21,665,000		24,571,793
California Municipal Finance Authority Revenue
(Community Medical Centers)
Series A 5.00% 2/1/47		2,025,000		2,074,207
Colorado Health Facilities Authority Revenue
(AdventHealth Obligated Group)
Series A 4.00% 11/15/46		4,310,000		4,007,265
(American Baptist)
8.00% 8/1/43		1,660,000		1,677,198
(CommonSpirit Health)
Series A-1 4.00% 8/1/37		700,000		667,079
Series A-2 4.00% 8/1/49		4,910,000		4,258,001
Series A-2 5.00% 8/1/44		2,290,000		2,332,548
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		1,430,000		1,438,895
Cuyahoga County, Ohio
(The Metrohealth System)
5.25% 2/15/47		1,710,000		1,735,667
5.50% 2/15/57		1,290,000		1,316,600
Glendale, Arizona Industrial Development Authority Revenue
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/56		1,905,000		1,610,373
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue
(Mercy Health)
4.00% 6/1/53		5,000,000		4,505,650

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Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Henrico County, Virginia Economic Development Authority
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/52		1,130,000	$	1,168,725
Hillsborough County, Florida Industrial Development Authority Hospital Revenue Bonds
(Tampa General Hospital Project)
Series A 3.50% 8/1/55		5,000,000		3,777,950
Illinois Finance Authority Revenue
(Northshore - Edward-Elmhurst Health Credit Group)
Series A 5.00% 8/15/51		6,775,000		7,107,381
(Shedd Aquarium Society Project)
5.00% 6/1/44		1,500,000		1,587,600
5.00% 6/1/47		1,125,000		1,183,658
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(The Glen Retirement System Project)
Series A 5.00% 1/1/49		1,905,000		1,333,309
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue
(Christian Care Surprise, Inc. Project)
144A 6.00% 1/1/48 #		915,000		640,729
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated)
Series A 5.50% 1/1/46		1,530,000		1,539,624
Michigan Finance Authority Hospital Revenue
(Henry Ford Health System)
Series A 4.00% 11/15/50		1,500,000		1,328,640
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue
(Thomas Jefferson University)
Series B 4.00% 5/1/56		4,950,000		4,318,875
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation)
6.125% 7/1/50		1,895,000		1,572,983
New Hampshire Business Finance Authority
(Springpoint Senior Living Project)
4.00% 1/1/51		670,000		517,347

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Hope, Texas Cultural Education Facilities Finance
(Cardinal Bay - Village on the Park)
Series A1 5.00% 7/1/46		95,000	$	63,413
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54		1,725,000		1,334,149
New York State Dormitory Authority
(Northwell Health Obligated Group)
Series A 5.00% 5/1/52		3,000,000		3,081,030
Ohio State Hospital Facilities Revenue
(Cleveland Clinic Health System Obligated Group)
Series B 4.00% 1/1/42		2,000,000		1,933,300
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		2,035,000		1,627,450
Pennsylvania Economic Development Financing Authority Revenue
(University of Pittsburgh Medical Center)
Series A 4.00% 11/15/42		3,300,000		3,123,351
Salem, Oregon Hospital Facility Authority Revenue
(Capital Manor Project)
4.00% 5/15/47		865,000		651,838
Seminole County, Florida Industrial Development Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49		3,055,000		2,513,746
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue
(Buckner Senior Living - Ventana Project)
6.625% 11/15/37		840,000		851,684
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52 #		1,395,000		1,058,638
Union County, Oregon Hospital Facility Authority
(Grande Ronde Hospital Project)
5.00% 7/1/52		1,125,000		1,110,589
Virginia Small Business Financing Authority Revenue
(LifeSpire of Virginia)
4.00% 12/1/41		2,500,000		2,077,400
				110,370,796

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bond — 0.09%
CSCDA Community Improvement Authority Essential Housing Revenue
(Pasadena Portfolio)
144A 3.00% 12/1/56 #		1,000,000	$	679,310
				679,310
Industrial Development Revenue/Pollution Control Revenue Bonds — 9.49%
Buckeye, Ohio Tobacco Settlement Financing Authority
(Senior)
Series A-2 3.00% 6/1/48		9,250,000		6,687,195
Series A-2 4.00% 6/1/48		5,310,000		4,649,542
Central Plains, Nebraska Energy Project
(Project No. 3)
Series A 5.00% 9/1/31		2,050,000		2,153,176
Erie, New York Tobacco Asset Securitization
(Capital Appreciation-Asset-Backed)
Series A 144A 1.456% 6/1/60 #, ^		65,340,000		3,581,285
Inland, California Empire Tobacco Securitization
(Capital Appreciation-Turbo-Asset-Backed)
Series E 144A 0.93% 6/1/57 #, ^		122,985,000		7,015,064
Series F 144A 1.347% 6/1/57 #, ^		80,485,000		3,857,646
Kentucky Public Energy Authority
Series A-1 4.00% 8/1/52 ●		5,000,000		4,894,900
Lower Alabama Gas District
Series A 5.00% 9/1/34		3,440,000		3,630,542
(Gas Project Revenue Bonds)
Series A 5.00% 9/1/46		2,265,000		2,251,410
M-S-R Energy Authority, California Gas Revenue
Series A 6.125% 11/1/29		1,280,000		1,411,225
Series B 6.50% 11/1/39		4,015,000		4,789,614
Series C 6.50% 11/1/39		1,905,000		2,272,532
New York Transportation Development Corporation Special Facilities Revenue
(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)
5.00% 1/1/34 (AMT)		2,290,000		2,355,563
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		4,745,000		5,655,898
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		5,725,000		5,847,229

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Suffolk Tobacco Asset Securitization
Series A-2 4.00% 6/1/50		2,000,000	$	1,744,340
Tobacco Securitization Authority of Southern California
(Capital Appreciation-2nd Subordinate Lien)
Series C 0.585% 6/1/46 ^		13,510,000		2,156,871
(Capital Appreciation-3rd Subordinate Lien)
Series D 0.382% 6/1/46 ^		2,255,000		282,349
Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds
Series A-2 4.00% 6/1/49		1,950,000		1,702,662
Valparaiso, Indiana
(Pratt Paper LLC Project)
7.00% 1/1/44 (AMT)		1,360,000		1,394,245
				68,333,288
Lease Revenue Bonds — 7.62%
Fayette County, Kentucky School District Finance
5.00% 6/1/47 (BAM)		1,900,000		2,012,746
Kansas City, Kansas Industrial Development Authority
(Kansas City International Airport Terminal Modernization Project)
Series B 5.00% 3/1/49 (AGM) (AMT)		2,450,000		2,494,198
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 4.00% 6/15/50 (BAM)		6,500,000		5,510,115
Series A 4.00% 6/15/52		14,490,000		11,622,574
Series B 3.433% 12/15/54 (BAM) ^		38,520,000		7,725,571
Series B 5.03% 12/15/54 ^		10,000,000		1,723,400
New Jersey Transportation Trust Fund Authority
(Transportation System)
Series A 5.499% 12/15/39 ^		12,810,000		5,736,446
New York Liberty Development
(Green Bond)
Series A 3.00% 11/15/51 (BAM)		7,535,000		5,334,780
Virginia College Building Authority
(21st Century College and Equipment Programs)
Series A 5.00% 2/1/40		5,000,000		5,555,600
Virginia Commonwealth Transportation Board
(Transportation Capital Project)
4.00% 5/15/36		3,000,000		3,105,180

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Virginia Commonwealth Transportation Board
(U.S. Route 58 Corridor Development Program)
4.00% 5/15/47		4,180,000	$	4,030,440
				54,851,050
Local General Obligation Bonds — 3.06%
Chicago, Illinois
Series A 5.25% 1/1/29		1,545,000		1,557,422
(Chicago Works)
5.50% 1/1/39		1,035,000		1,099,584
Chicago, Illinois Board of Education
5.00% 4/1/46		905,000		879,434
Dallas Independent School District, Texas
2.75% 2/15/52 (PSF)		2,585,000		1,789,156
4.00% 2/15/53 (PSF)		2,000,000		1,874,200
Galveston Independent School District, Texas
4.00% 2/1/47 (PSF)		2,500,000		2,367,975
Los Angeles, California Community College District
Series C 5.00% 8/1/25		1,905,000		2,001,793
Mechanicsburg, Pennsylvania Area School District
Series AA 4.00% 5/15/50		2,875,000		2,631,027
Mecklenburg County, North Carolina
Series A 5.00% 9/1/25		6,110,000		6,413,239
New York City, New York
Subseries A-1 5.00% 8/1/47		1,330,000		1,419,536
				22,033,366
Pre-Refunded/Escrowed to Maturity Bonds — 0.80%
Rockwall Independent School District, Texas
5.00% 2/15/46-25 (PSF) §		1,530,000		1,581,699
Washington State Housing Finance Commission
(Heron’s Key)
Series A 144A 7.00% 7/1/45-25 #, §		3,890,000		4,163,934
				5,745,633
Resource Recovery Revenue Bond — 0.17%
Union County, New Jersey Improvement Authority Revenue
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) #		1,490,000		1,244,970
				1,244,970

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds — 21.01%
Bullhead City, Arizona Excise Taxes Revenue
2.30% 7/1/41		1,000,000	$	707,260
2.55% 7/1/46		2,885,000		1,979,571
City & County of San Francisco, California Special Tax District No 2020-1
Series B 144A 5.25% 9/1/49 #		3,450,000		2,456,193
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation
(H. Lee Moffitt Cancer Center Project)
Series A 0.363% 9/1/53 ^		25,000,000		5,241,500
Commonwealth of Puerto Rico
3.018% 11/1/43 ●		49,652,030		21,412,438
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		29,403,799		24,699,191
Illinois State
First Series 6.00% 6/15/26 (NATL)		760,000		812,805
(Junior Obligation)
Series A 4.00% 6/15/31 (BAM)		3,000,000		3,093,210
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands
Series A 5.00% 10/1/39		6,265,000		6,169,584
Miami-Dade County, Florida Special Obligation
3.505% 10/1/37 (BAM) ^		2,585,000		1,425,240
New York City, New York Transitional Finance Authority Future Tax Secured Subordinate
Series B-1 3.00% 11/1/47		4,000,000		3,066,360
New York Convention Center Development Corporate Senior Lien
(Hotel Unit Fee Secured)
Series B 6.203% 11/15/55 (BAM) ^		2,585,000		502,938
Series B 6.545% 11/15/55 ^		5,000		884
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series A 4.00% 3/15/49		3,450,000		3,241,551
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		1,645,000		1,420,326
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.55% 7/1/40		1,116,000		1,042,199
Series A-1 4.75% 7/1/53		15,410,000		13,813,216

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 5.00% 7/1/58		15,812,000	$	14,670,373
Series A-1 5.541% 7/1/46 ^		148,010,000		37,932,003
Series A-2 4.329% 7/1/40		5,864,000		5,328,617
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		2,321,452
				151,336,911
State General Obligation Bonds — 7.82%
California State
(Forward Delivery)
4.00% 9/1/29		1,905,000		2,050,218
(Various Purpose)
5.00% 11/1/42		3,000,000		3,358,560
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		2,625,185		2,168,560
Series A-1 4.00% 7/1/46		10,700,000		8,520,410
Connecticut State
Series E 5.00% 9/15/35		1,905,000		2,067,554
Illinois State
5.00% 11/1/36		1,170,000		1,195,319
5.50% 5/1/39		3,725,000		3,959,973
Series A 4.00% 3/1/41		1,110,000		1,007,836
Series A 5.50% 3/1/47		6,500,000		6,823,180
(Rebuild Illinois Program)
Series B 4.00% 11/1/39		10,775,000		9,922,374
Maryland State
Series A 5.00% 3/15/26		3,000,000		3,185,010
Series A 5.00% 3/15/28		2,290,000		2,537,045
Washington State
Series A 5.00% 8/1/42		2,500,000		2,746,075
Series R 4.00% 7/1/29		6,300,000		6,749,127
				56,291,241
Transportation Revenue Bonds — 12.78%
Chicago, Illinois Midway International Airport
Series A 5.00% 1/1/28 (AMT)		1,000,000		1,007,110

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Chicago, Illinois O’Hare International Airport
Series A 5.00% 1/1/37 (AMT)		1,095,000	$	1,145,425
Series D 5.25% 1/1/42		1,530,000		1,588,997
Chicago, Illinois Transit Authority Revenue
Series A 4.00% 12/1/55		865,000		746,426
Colorado Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39		2,045,000		1,924,243
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/43 (AMT)		5,900,000		5,426,879
Foothill-Eastern, California Transportation Corridor Agency Revenue
(Junior Lien)
Series C 4.00% 1/15/43		1,725,000		1,594,521
(Senior Lien)
Series A 4.00% 1/15/46		1,000,000		907,210
Georgia Ports Authority Revenue
4.00% 7/1/52		1,200,000		1,124,280
Harris County, Texas Toll Road Authority Senior Lien
Series A 5.00% 8/15/27		2,000,000		2,185,840
Harris County, Texas Toll Road First Lien Revenue and Refunding
4.00% 8/15/50		3,175,000		2,941,637
Lee County, Florida Airport Revenue
Series B 4.00% 10/1/51 (AMT)		4,430,000		3,918,999
Los Angeles, California Department of Airports Revenue
Subseries F 4.00% 5/15/49 (AMT)		2,500,000		2,297,225
Massachusetts Port Authority Revenue
Series A 5.00% 7/1/40 (AMT)		2,000,000		2,089,660
Metropolitan Transportation Authority Revenue, New York
Series A-1 5.00% 11/15/47		1,000,000		1,009,760
Subordinate Series C-1 5.25% 11/15/55		70,000		71,709
(Climate Bond Certified)
Series D 5.00% 11/15/33		1,140,000		1,181,143
(Green Bonds)
Subseries A-2 4.00% 11/15/41		1,370,000		1,237,028

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue
(Dulles Metrorail and Capital Improvement Projects)
Series B 4.00% 10/1/49		3,270,000	$	2,932,928
New York Transportation Development Corporation Special Facilities Revenue
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)
4.375% 10/1/45 (AMT)		12,800,000		11,643,392
North Texas Tollway Authority Revenue
(2nd Tier)
Series A 5.00% 1/1/34		3,825,000		3,956,427
Series A 4.00% 1/1/44		5,750,000		5,433,865
Philadelphia, Pennsylvania Airport Revenue
(Private Activity)
5.00% 7/1/51 (AMT)		3,000,000		3,059,010
Phoenix City, Arizona Civic Improvement Airport Revenue
Series B 5.00% 7/1/49 (AMT)		1,370,000		1,395,825
Port of Seattle, Washington Intermediate Lien Revenue
(Private Activity)
Series B 4.00% 8/1/47 (AMT)		1,500,000		1,323,330
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		3,600,000		3,339,000
Salt Lake City, Utah Airport Revenue
Series A 5.00% 7/1/37 (AMT)		3,055,000		3,163,086
Series A 5.00% 7/1/51 (AMT)		3,000,000		3,059,010
San Diego County, California Regional Airport Authority
Series B 4.00% 7/1/56 (AMT) (BAM)		7,000,000		6,299,370
San Francisco City & County, California Airports Commission
(San Francisco International Airport)
Series A 5.00% 5/1/49 (AMT)		3,825,000		3,895,456
Southeastern Pennsylvania Transportation Authority Revenue
(Asset Improvement Program)
5.25% 6/1/52		5,000,000		5,513,750
State of Oregon Department of Transportation Highway User Tax Revenue Senior Lien
Series A 5.25% 11/15/47		3,250,000		3,616,015

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Virginia Small Business Financing Authority Tax-Exempt Senior Lien Private Activity Revenue Bonds
(Transform 66 P3 Project)
5.00% 12/31/52 (AMT)		1,000,000	$	996,850
				92,025,406
Water & Sewer Revenue Bonds — 1.32%
Guam Government Waterworks Authority
Series A 5.00% 1/1/50		1,530,000		1,535,799
New York City Municipal Water Finance Authority Water And Sewer System
Series CC 4.00% 6/15/42		3,000,000		2,937,030
Tampa, Florida Water & Wastewater System Revenue
(Green Bonds)
Series A 5.25% 10/1/57		4,500,000		5,047,065
				9,519,894
Total Municipal Bonds (cost $760,406,012)				713,171,551

Short-Term Investments — 0.35%
Variable Rate Demand Notes — 0.35%¤
Department of Water and Power of the City of Los Angeles, California Power System Variable Rate Demand Revenue
Subseries Series B-3 1.55% 7/1/34
(SPA - Barclays Bank)		1,500,000		1,500,000
New York City, New York
Fiscal 2014 Subordinate
Series D-4 2.45% 8/1/40
(LOC - TD Bank, N.A.)		1,000,000		1,000,000
Total Short-Term Investments (cost $2,500,000)				2,500,000
Total Value of Securities—99.38%
(cost $762,906,012)			$	715,671,551

	°	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, 2023, the aggregate value of Rule 144A securities was $55,718,458, which represents 7.74% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 97.64%
Corporate Revenue Bonds — 3.25%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50 #, ‡		5,520,000	$	3,588,000
California Pollution Control Financing Authority Revenue
(Calplant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡		1,250,000		62,500
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
5.00% 9/1/42 (AMT) ●		5,000,000		5,171,950
Florida Development Finance Surface Transportation Facility Revenue
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		5,435,000		4,921,610
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.50% 1/1/49 (AMT) #, ●		1,710,000		1,571,952
George L Smith II Congress Center Authority
Series A 4.00% 1/1/54		2,210,000		1,753,635
Series B 144A 5.00% 1/1/36 #		1,000,000		906,800
Iowa Finance Authority Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)
5.00% 12/1/50		4,135,000		4,043,575
Jefferson County, Texas Industrial Development
(TRP Crude Marketing LLC Project)
144A 7.75% 4/1/39 #		1,275,000		1,087,218
Maine Finance Authority Revenue
(Go Lab Madison Project, Green Bonds)
144A 8.00% 12/1/51 (AMT) #		3,490,000		2,222,397
New York Transportation Development Special Facilities Revenue
(American Airlines, Inc. - John F. Kennedy International Airport Project)
5.00% 12/1/37 (AMT)		1,000,000		1,038,580
Public Finance Authority, Wisconsin
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/52		200,000		193,924
Series A 5.00% 2/1/62		2,720,000		2,590,800

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue
(AAC East LLC Project - Green Bonds)
Series A 144A 7.00% 5/1/39 (AMT) #		1,500,000	$	1,153,470
St. John Baptist Parish, Louisiana
(Marathon Oil Corporation project)
Subseries A-2 2.10% 6/1/37 ●		2,250,000		2,186,865
Tuscaloosa County, Alabama Industrial Development Authority
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		2,945,000		2,555,023
				35,048,299
Education Revenue Bonds — 6.22%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		1,420,000		1,460,655
(Empower College Prep Project)
144A 6.00% 7/1/49 #		875,000		855,662
(KIPP NYC Public Charter Schools - Macombs Facility Project)
Series A 4.00% 7/1/61		2,000,000		1,594,460
(Odyssey Preparatory Academy Project)
Series A 144A 5.50% 7/1/52 #		875,000		853,773
Bucks County, Pennsylvania Industrial Development Authority Revenue
(School Lane Charter School Project)
5.125% 3/15/36		2,000,000		2,058,060
Build NYC, New York Resource
(East Harlem Scholars Academy Charter School Project)
144A 5.00% 6/1/32 #		375,000		380,205
144A 5.75% 6/1/42 #		750,000		770,017
(KIPP NYC Public School Facilities - Canal West Project)
5.00% 7/1/30		510,000		547,072
5.00% 7/1/32		560,000		604,509
5.00% 7/1/33		585,000		628,600
5.00% 7/1/34		415,000		442,954
5.00% 7/1/36		415,000		434,758
5.00% 7/1/37		550,000		572,435
5.00% 7/1/42		1,000,000		1,018,680

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Community College Financing Authority
(Napa Valley College Project)
Series A 144A 4.25% 7/1/32 #		1,480,000	$	1,399,000
California Educational Facilities Authority Revenue
(Stanford University)
Series T-1 5.00% 3/15/39		5,000,000		5,818,000
Series V-1 5.00% 5/1/49		1,075,000		1,244,194
California Municipal Finance Authority
Series A 144A 5.50% 6/1/53 #		1,000,000		967,030
California School Finance Authority
(Hawking Steam Charter School Project)
Series A 144A 5.00% 7/1/42 #		1,000,000		960,400
(View Park Elementary & Middle Schools)
Series A 4.75% 10/1/24		100,000		100,217
California State University
(Systemwide)
Series A 5.00% 11/1/31		2,000,000		2,195,660
California Statewide Communities Development Authority Revenue
(California Baptist University)
Series A 144A 6.125% 11/1/33 #		2,215,000		2,242,178
Capital Trust Agency, Florida Revenue
(Liza Jackson Preparatory School Project)
Series A 5.00% 8/1/40		300,000		302,103
Series A 5.00% 8/1/55		800,000		777,600
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/43 #		2,000,000		1,888,780
District of Columbia Revenue
(KIPP DC Issue)
4.00% 7/1/39		1,275,000		1,134,584
4.00% 7/1/44		1,120,000		941,461
Florida Development Finance Revenue
(Mater Academy Projects)
Series A 5.00% 6/15/28		410,000		416,646
Series A 5.00% 6/15/29		400,000		407,144
Fulton County, Georgia Development Authority Revenue
(Georgia Institute of Technology)
5.00% 6/15/44		3,100,000		3,336,499
Idaho Housing & Finance Association
(Alturas International Academy Project)
4.00% 5/1/52		1,400,000		1,193,094

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Idaho Housing & Finance Association
(Anser of Idaho Project)
Series A 4.00% 5/1/28		230,000	$	233,682
Series A 4.00% 5/1/30		250,000		255,263
(Meridian South Charter School Project)
144A 4.00% 5/1/46 #		710,000		515,787
(Sage International School of Boise Project)
Series A 4.00% 5/1/35		450,000		451,247
Series A 4.00% 5/1/40		1,330,000		1,267,024
Series A 4.00% 5/1/55		1,540,000		1,369,306
Illinois Finance Authority
(University of Illinois at Chicago)
Series A 5.00% 2/15/26		400,000		409,348
Series A 5.00% 2/15/28		260,000		267,935
Series A 5.00% 2/15/30		390,000		401,103
Series A 5.00% 2/15/32		265,000		271,252
Maricopa County, Arizona Industrial Development Authority Revenue
(Arizona Autism Charter Schools Project)
Series A 144A 5.00% 7/1/40 #		250,000		235,860
Series A 144A 5.00% 7/1/50 #		175,000		157,896
(Highland Prep Project)
Series A 4.00% 7/1/38		460,000		442,069
Series A 4.00% 7/1/40		500,000		472,105
Miami-Dade County, Florida Educational Facilities Authority
(University of Miami)
Series A 5.00% 4/1/30		520,000		534,731
Series A 5.00% 4/1/31		1,090,000		1,120,967
New York State Dormitory Authority Revenue
(New York University)
Series A 5.75% 7/1/27 (NATL)		7,530,000		7,944,752
Newark, Texas Higher Education Finance
(Village Tech Schools)
Series A 5.125% 8/15/47		1,250,000		1,094,688
Oregon State Facilities Authority Revenue
(Metro East Web Academy Project)
Series A 144A 5.00% 6/15/49 #		1,000,000		875,630

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
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	$	360,696
Series A 5.00% 7/1/32		235,000		241,507
Public Finance Authority
(CFP3 – Eastern Michigan University Student Housing Project)
Series A-1 5.25% 7/1/42 (BAM)		3,000,000		3,222,000
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue
(High Point Academy Project)
Series A 144A 5.75% 6/15/39 #		1,345,000		1,366,776
University of Minnesota
Series A 5.00% 4/1/34		1,855,000		1,939,402
Westchester County, New York Local Development
(Pace University)
Series A 5.00% 5/1/34		4,150,000		4,184,569
				67,182,025
Electric Revenue Bonds — 5.60%
American Municipal Power
(AMP Fremont Energy Center Project)
Series A 4.00% 2/15/37		1,330,000		1,319,107
California Community Choice Financing Authority
(Clean Energy Project)
Series C 5.25% 1/1/54 ●		3,325,000		3,462,123
Guam Power Authority Revenue
Series A 5.00% 10/1/32		4,000,000		4,417,640
Series A 5.00% 10/1/33		2,915,000		3,184,288
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		915,000		954,793
Long Island, New York Power Authority
5.00% 9/1/33		250,000		272,283
Missouri Joint Municipal Electric Utility Commission
(Green Bonds - Climate Bond Certified)
5.25% 12/1/38		350,000		384,097
5.25% 12/1/39		500,000		545,210
5.25% 12/1/40		500,000		542,215
5.25% 12/1/41		650,000		702,072
5.25% 12/1/42		1,000,000		1,078,320

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Municipal Electric Authority of Georgia
(Plant Vogtle Units 3&4 Project)
Series A 5.00% 1/1/39		6,250,000	$	6,451,937
Puerto Rico Electric Power Authority Revenue
Series CCC 5.25% 7/1/27 ‡		1,520,000		1,060,200
Series TT 5.00% 7/1/32 ‡		1,555,000		1,084,613
Series WW 5.25% 7/1/33 ‡		1,015,000		713,038
Series WW 5.50% 7/1/17 ‡		2,200,000		1,512,500
Series WW 5.50% 7/1/19 ‡		1,710,000		1,175,625
Series WW 5.50% 7/1/38 ‡		1,925,000		1,361,937
Series XX 5.25% 7/1/40 ‡		4,630,000		3,252,575
Series ZZ 5.00% 7/1/19 ‡		2,990,000		2,036,937
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,000,000		4,138,640
Series A 5.00% 1/1/38		5,000,000		5,270,900
South Carolina Public Service Authority
Series E 5.25% 12/1/37 (AGM)		3,000,000		3,308,790
Series E 5.25% 12/1/38 (AGM)		1,615,000		1,779,181
Utility Debt Securitization Authority Restructuring Bonds
5.00% 12/15/36		10,000,000		10,405,200
				60,414,221
Healthcare Revenue Bonds — 7.89%
Apple Valley, Minnesota
(Senior Living, LLC Project 2nd Tier)
Series B 5.25% 1/1/37		915,000		638,030
Arizona Health Facilities Authority
(Scottsdale Lincoln Hospital Project)
5.00% 12/1/30		5,000,000		5,154,150
California Health Facilities Financing Authority
(Children’s Hospital of Orange County)
Series A 2.125% 11/1/41		5,000,000		3,400,800
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		4,600,000		5,217,182
(Sutter Health)
Series A 5.00% 11/15/38		760,000		802,894
Colorado Health Facilities Authority Revenue
(AdventHealth Obligated Group)
Series A 4.00% 11/15/46		7,000,000		6,508,320
(CommonSpirit Health)
Series A-1 4.00% 8/1/37		1,000,000		952,970

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue
(CommonSpirit Health)
Series A-2 5.00% 8/1/37		1,105,000	$	1,148,846
Cuyahoga County, Ohio
(The Metrohealth System)
5.00% 2/15/37		1,000,000		1,019,870
Escambia County, Florida Health Facilities Authority Revenue
(Baptist Healthcare Obligated Group)
Series A 4.00% 8/15/45		655,000		591,151
Series A 4.00% 8/15/50		1,950,000		1,703,500
Gainesville & Hall County, Georgia Hospital Authority Revenue
(Northeast Georgia Health System Project)
Series A 3.00% 2/15/51		515,000		371,676
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.25% 11/15/46		875,000		627,069
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/41		500,000		456,395
(Royal Oaks Life Care Community)
4.00% 5/15/27		620,000		590,841
4.00% 5/15/30		1,385,000		1,269,685
(The Terraces of Phoenix Project)
Series A 5.00% 7/1/48		875,000		705,574
Hamilton County, Ohio Hospital Facilities Revenue
(Cincinnati Children’s Hospital Medical Center)
Series CC 5.00% 11/15/49		3,540,000		3,727,231
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/42		650,000		684,411
Series A 5.00% 10/1/47		525,000		546,163
Series A 5.00% 10/1/52		1,750,000		1,809,972
Illinois Finance Authority
(NorthShore - Edward-Elmhurst Health Credit Group)
Series A 5.00% 8/15/51		5,490,000		5,759,339
Illinois Finance Authority Revenue
(The Admiral at the Lake Project)
5.50% 5/15/54		875,000		572,329

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Iowa Finance Authority Senior Housing Revenue
(PHS Council Bluffs, Inc. Project)
5.00% 8/1/33		500,000	$	446,650
Kalispell, Montana Housing and Healthcare Facilities Revenue
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/29		630,000		610,829
Series A 5.25% 5/15/37		700,000		626,157
Lancaster County, Pennsylvania Hospital Authority
(University of Pennsylvania Health System Obligation)
Series A 5.00% 8/15/33		2,430,000		2,578,376
Maricopa County, Arizona Industrial Development Authority Revenue
(Banner Health Obligation Group)
Series A 5.00% 1/1/32		3,000,000		3,217,350
(Christian Care Surprise, Inc. Project)
144A 5.75% 1/1/36 #		1,540,000		1,191,698
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated)
Series A 5.50% 1/1/36		2,000,000		2,052,240
Michigan Finance Authority
4.00% 12/1/40		2,185,000		2,061,154
Monroe County, New York Industrial Development Revenue
(Rochester Regional Health Project)
Series D 3.00% 12/1/40		1,000,000		711,840
Series D 4.00% 12/1/38		1,200,000		1,085,364
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation)
5.625% 7/1/30		2,440,000		2,261,734
National Finance Authority Revenue, New Hampshire
(The Vista Project)
Series A 144A 5.25% 7/1/39 #		1,000,000		914,730
New Hampshire Business Finance Authority
(Springpoint Senior Living Project)
4.00% 1/1/51		1,330,000		1,026,973
New Hope, Texas Cultural Education Facilities Finance
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57		1,615,000		1,187,687

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New York State Dormitory Authority Revenue
(Orange Regional Medical Center)
144A 5.00% 12/1/31 #		1,000,000	$	1,007,080
144A 5.00% 12/1/32 #		1,800,000		1,809,558
144A 5.00% 12/1/33 #		1,000,000		1,003,400
Ohio State
(Cleveland Clinic Health System Obligated Group)
Series A 4.00% 1/1/39		1,500,000		1,504,920
Oklahoma Development Finance Authority Health System Revenue
(OU Medicine Project)
Series B 5.25% 8/15/43		1,000,000		903,150
Series B 5.25% 8/15/48		2,000,000		1,749,680
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #, ‡		1,000,000		381,250
Series A 144A 6.75% 12/1/53 #, ‡		875,000		333,594
Prince George’s County, Maryland
(Collington Episcopal Life Care Community)
5.00% 4/1/30		2,880,000		2,742,797
Salem, Oregon Hospital Facility Authority Revenue
(Capital Manor Project)
4.00% 5/15/40		1,450,000		1,177,762
Seminole County, Florida Industrial Development Authority
(Legacy Pointe at UCF Project)
Series A 5.25% 11/15/39		5,340,000		4,534,781
Series B-1 4.25% 11/15/26		3,000,000		2,786,340
Tempe, Arizona Industrial Development Authority
(Mirabella at ASU Project)
Series A 144A 6.00% 10/1/37 #		1,200,000		1,015,572
				85,181,064
Housing Revenue Bond — 0.45%
North Carolina Housing Finance Agency Home Ownership Revenue
4.875% 7/1/42		4,775,000		4,881,673
				4,881,673
Industrial Development Revenue/Pollution Control Revenue Bonds — 12.00%
Black Belt Energy Gas District, Alabama
Series A 4.00% 6/1/51 ●		1,000,000		991,870

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Buckeye, Ohio Tobacco Settlement Financing Authority
(Senior)
Series A-2 3.00% 6/1/48		7,060,000	$	5,103,956
Series A-2 4.00% 6/1/48		1,700,000		1,488,554
Series B-2 5.00% 6/1/55		4,000,000		3,637,720
California Community Choice Financing Authority
(Clean Energy Project)
5.00% 12/1/53 ●		3,500,000		3,673,250
Series B-1 4.00% 2/1/52 ●		4,910,000		4,884,173
California Pollution Control Financing Authority Revenue
(LP Desalination Project)
144A 5.00% 7/1/37 (AMT) #		3,700,000		3,709,435
Central Plains, Nebraska Energy Project
(Project No. 3)
Series A 5.00% 9/1/35		1,250,000		1,307,500
Series A 5.00% 9/1/42		250,000		249,415
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
2.70% 12/1/37 (AMT) ●		2,700,000		2,683,179
Commonwealth of Pennsylvania Financing Authority
(Tobacco Master Settlement Payment)
5.00% 6/1/27		2,000,000		2,129,020
Erie, New York Tobacco Asset Securitization
(Capital Appreciation-Asset-Backed)
Series A 144A 0.459% 6/1/60 #, ^		38,675,000		2,119,777
Houston, Texas Airport System Revenue
(United Airlines Inc.)
5.00% 7/1/29 (AMT)		3,370,000		3,321,506
Inland, California Empire Tobacco Securitization
(Capital Appreciation Turbo Asset-Backed)
Series E 144A 0.935% 6/1/57 #, ^		62,600,000		3,570,704
(Capital Appreciation-Asset-Backed)
Series F 144A 0.396% 6/1/57 #, ^		74,090,000		3,551,134
Iowa Tobacco Settlement Authority Revenue
Series A-2 4.00% 6/1/38		300,000		286,755
Series A-2 4.00% 6/1/39		600,000		568,302
Series A-2 4.00% 6/1/40		300,000		281,301

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Kentucky Public Energy Authority
(Gas Supply Revenue)
Series C-1 4.00% 12/1/49 ●		5,000,000	$	5,003,800
Lower Alabama Gas District
Series A 5.00% 9/1/34		4,850,000		5,118,642
Michigan Finance Authority
Series A Class 1 4.00% 6/1/49		2,000,000		1,702,540
M-S-R Energy Authority
Series B 6.50% 11/1/39		580,000		691,899
Series B 7.00% 11/1/34		2,905,000		3,605,948
New Jersey Economic Development Authority Special Facilities Revenue
(Continental Airlines Project)
Series B 5.625% 11/15/30 (AMT)		1,890,000		1,902,625
New Jersey Tobacco Settlement Financing Subordinate
Series B 5.00% 6/1/46		1,965,000		1,945,389
New York Counties Tobacco Trust V
Series 4B 144A 0.587% 6/1/60 #, ^		20,000,000		713,000
New York Liberty Development Revenue
(Goldman Sachs Headquarters)
5.25% 10/1/35		3,540,000		3,975,172
New York Transportation Development Special Facilities Revenue
(American Airlines, Inc. - John F. Kennedy International Airport Project)
3.00% 8/1/31 (AMT)		6,230,000		5,561,023
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)
5.00% 1/1/34 (AMT)		4,210,000		4,330,532
5.00% 1/1/36 (AMT)		3,000,000		3,049,170
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		3,000,000		3,575,910
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		8,000,000		8,170,800
5.25% 12/1/24		3,050,000		3,086,417
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue
(Jasper Pellets, LLC Project - Green Bonds)
Series A 144A 7.00% 11/1/38 (AMT) #, ‡		1,250,000		1,187,500

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Southeast Energy Authority, A Cooperative District
(Project No.3)
Series A-1 5.50% 1/1/53 ●		5,500,000	$	5,897,815
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 #		2,000,000		1,850,320
Tennergy Gas Supply Revenue
Series A 4.00% 12/1/51 ●		4,100,000		4,081,796
Tennessee Energy Acquisition Commodity Project Revenue
Series A 5.00% 5/1/52 ●		1,300,000		1,361,906
Tobacco Securitization Authority of Southern California
(Capital Appreciation-2nd Subordinate Lien)
Series C 1.99% 6/1/46 ^		9,655,000		1,541,421
(Capital Appreciation-3rd Subordinate Lien)
Series D 2.609% 6/1/46 ^		1,630,000		204,092
TSASC, New York
Series A 5.00% 6/1/30		475,000		497,943
Series A 5.00% 6/1/31		475,000		497,491
Virginia Tobacco Settlement Financing Revenue
(Capital Appreciation-Asset-Backed)
Series B 5.20% 6/1/46		1,250,000		1,220,238
Series C 10.791% 6/1/47 ^		53,800,000		13,286,986
Series D 2.466% 6/1/47 ^		8,185,000		1,956,542
				129,574,468
Lease Revenue Bonds — 7.85%
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project)
5.125% 11/1/23		110,000		110,252
Kansas City, Missouri Industrial Development Authority Revenue
(Kansas City International Airport Terminal Modernization Project)
Series B 5.00% 3/1/49 (AGM) (AMT)		6,880,000		7,004,115
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 3.192% 12/15/56 (BAM) ^		12,000,000		2,161,080
Series A 4.00% 12/15/42		2,220,000		1,912,819
Series A 4.00% 12/15/42 (BAM)		2,520,000		2,248,747
Series A 4.00% 12/15/47		11,560,000		9,544,976

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 4.00% 6/15/50 (BAM)		1,000,000	$	847,710
Series A 4.00% 6/15/52		1,970,000		1,580,157
Series A 4.00% 6/15/52 (BAM)		1,415,000		1,188,529
New Jersey Economic Development Authority
(NJ Transit Transportation Project)
Series A 4.00% 11/1/38		1,000,000		974,850
Series A 4.00% 11/1/39		3,835,000		3,706,144
(Portal North Bridge Project)
Series A 5.00% 11/1/28		500,000		544,590
Series A 5.00% 11/1/31		1,000,000		1,123,140
New Jersey Transportation Trust Fund Authority
Series A 5.00% 6/15/29		1,500,000		1,578,960
Series A 5.247% 12/15/38 (BAM) ^		9,380,000		4,645,820
Series CC 5.25% 6/15/39		2,000,000		2,166,340
Series CC 5.25% 6/15/41		4,500,000		4,835,565
(Transportation System)
Series A 4.00% 6/15/35		1,810,000		1,828,607
Series A 5.00% 12/15/25		5,000,000		5,195,850
Series A 5.499% 12/15/39 ^		15,910,000		7,124,657
Series BB 4.00% 6/15/46		5,000,000		4,557,050
New York City, New York Transitional Finance Authority Building Aid Revenue
Series S-1 5.00% 7/15/31		2,500,000		2,579,350
New York Liberty Development Revenue
(4 World Trade Center Project)
Series A 3.00% 11/15/51 (BAM)		1,000,000		708,000
(Port Authority Consolidated Bonds)
Series 1WTC 2.75% 2/15/44		10,000,000		7,094,900
Virginia College Building Authority Educational Facilities Revenue
(21st Century College And Equipment Programs)
Series A 5.00% 2/1/29		4,000,000		4,500,880
Virginia Public Building Public Facilities Authority Revenue
Series A 4.00% 8/1/39		5,000,000		5,037,450
				84,800,538
Local General Obligation Bonds — 3.68%
Chicago, Illinois
Series A 5.25% 1/1/29		640,000		645,146

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chicago, Illinois
Series A 5.50% 1/1/35		1,980,000	$	2,074,010
Series C 5.00% 1/1/26		1,280,000		1,305,254
Chicago, Illinois Board of Education
5.00% 4/1/35		825,000		836,212
5.00% 4/1/36		320,000		323,085
(Dedicated Revenues)
Series C 5.00% 12/1/34		2,160,000		2,202,876
Series D 5.00% 12/1/31		2,160,000		2,220,307
Howard Country, Maryland Consolidated Public Improvement Project
Series A 4.00% 8/15/35		2,065,000		2,146,216
Independent School District of Boise City, Ada & Boise Counties, Idaho
Series 2019 5.00% 8/1/31		850,000		952,459
Los Angeles, California Unified School District
(Sustainability Bonds)
Series QRR 5.00% 7/1/23		3,000,000		3,019,950
MIDA Golf and Equestrian Center Public Infrastructure District, Utah
144A 4.125% 6/1/36 #		1,790,000		1,481,064
144A 4.25% 6/1/41 #		2,210,000		1,755,403
New York City, New York
Series A 4.00% 8/1/38		5,000,000		4,953,450
Series A 5.00% 8/1/47		3,500,000		3,735,620
Series C 5.00% 8/1/30		2,355,000		2,694,685
Series E 5.00% 8/1/23		3,685,000		3,713,338
Subseries B-1 5.00% 12/1/33		5,365,000		5,679,121
				39,738,196
Pre-Refunded/Escrowed to Maturity Bonds — 4.29%
Atlanta, Georgia Water & Wastewater Revenue
5.00% 11/1/35-25 §		5,000,000		5,205,050
California State Department of Water Resources
(Water System)
Series AS 5.00% 12/1/29-24 §		15,000		15,492
Unrefunded Series AS 5.00% 12/1/29-24 §		2,680,000		2,772,460
Denton Independent School District, Texas
(School Building)
Series A 5.00% 8/15/40-25 (PSF) §		4,000,000		4,156,280

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services - Student Housing Project at Millersville University)
5.00% 7/1/39-24 §		875,000	$	894,530
5.00% 7/1/46-24 §		1,425,000		1,456,806
Fort Worth, Texas Independent School District
(School Building)
5.00% 2/15/27-24 (PSF) §		2,000,000		2,030,880
Golden State, California Tobacco Securitization Settlement Revenue
(Asset-Backed Bonds)
Series A-1 5.00% 6/1/26		850,000		907,528
(Asset-Backed Enhanced)
Series A 5.00% 6/1/35-25 §		3,000,000		3,129,780
Louisiana State Highway Improvement Revenue
Series A 5.00% 6/15/29-24 §		5,195,000		5,313,186
New York State Dormitory Authority Revenue
(Touro College & University System)
Series A 5.25% 1/1/34-24 §		1,335,000		1,371,739
Orange County, Florida Health Facilities Authority
(Presbyterian Retirement Communities Project)
5.00% 8/1/36-23 §		2,125,000		2,198,504
Orlando & Orange County, Florida Expressway Authority Revenue
Series A 5.00% 7/1/28-23 §		2,300,000		2,313,777
Pennsylvania Turnpike Commission Revenue
Series C 5.00% 12/1/43-23 §		4,555,000		4,611,573
Southwestern Illinois Development Authority
(Memorial Group)
7.125% 11/1/30-23 §		2,190,000		2,241,553
Texas State
(Transportation Commission Highway Improvement)
5.00% 4/1/29-24 §		3,000,000		3,058,950
University of Texas Permanent University Fund
Series B 5.00% 7/1/27-24 §		3,715,000		3,803,305
Washington State Housing Finance Commission
(Heron’s Key)
Series A 144A 7.00% 7/1/45-25 #, §		800,000		856,336
				46,337,729

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds — 15.58%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue
5.00% 5/1/35		850,000	$	878,059
5.00% 5/1/36		850,000		868,402
(City Center Refunding Project)
144A 5.00% 5/1/42 #		3,150,000		3,059,753
Camden County, New Jersey Improvement Authority Revenue
(County Capital Program)
Series A 5.00% 1/15/40		5,000,000		5,097,600
Celebration Pointe, Florida Community Development District
4.75% 5/1/24		200,000		200,680
5.00% 5/1/34		830,000		830,357
Commonwealth of Puerto Rico
(Restructured)
Series C 3.171% 11/1/43 ●		28,078,870		12,109,013
Connecticut State Transportation Infrastructure
Series B 5.00% 10/1/30		3,375,000		3,757,894
Dallas, Texas Convention Center Hotel Development Revenue
Series A 5.00% 1/1/24		3,420,000		3,423,625
Denver, Colorado Convention Center Hotel Authority
(Senior)
5.00% 12/1/25		1,900,000		1,939,615
5.00% 12/1/26		2,500,000		2,574,300
5.00% 12/1/29		600,000		617,334
5.00% 12/1/31		900,000		923,355
5.00% 12/1/32		1,800,000		1,842,552
5.00% 12/1/34		1,500,000		1,522,365
5.00% 12/1/35		1,200,000		1,209,612
5.00% 12/1/36		900,000		902,538
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		37,457,701		31,464,469
Harris County-Houston, Texas Sports Authority
(Senior Lien)
Series A 5.00% 11/15/30		1,805,000		1,847,201
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/39		1,785,000		1,757,814

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Metropolitan Transportation Authority Revenue, New York
(Climate Bond Certified)
Series B-2 5.00% 11/15/36		5,000,000	$	5,228,800
Miami-Dade County, Florida Special Obligation Revenue
3.505% 10/1/37 (BAM) ^		3,000,000		1,654,050
New York City, New York Transitional Finance Authority Building Aid Revenue
Subseries S-3A 5.00% 7/15/28		4,400,000		4,888,180
New York City, New York Transitional Finance Authority Future Tax Secured
Subseries A-1 5.00% 11/1/23		2,865,000		2,901,958
Subseries B-1 5.00% 8/1/42		5,000,000		5,081,650
Subseries C 5.00% 11/1/27		4,150,000		4,236,154
Subseries E-1 5.00% 2/1/35		5,000,000		5,303,950
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series E 3.00% 3/15/50		7,500,000		5,548,650
New York State Urban Development Revenue
(General Purpose)
Series A 5.00% 3/15/37		2,290,000		2,468,437
Orange County, California Local Transportation Authority Sales Tax Revenue
5.00% 2/15/39		2,000,000		2,175,160
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		1,010,000		872,054
Puerto Rico Sales Tax Financing Revenue
(Capital Appreciation-Restructured)
Series A-1 0.077% 7/1/46 ^		9,170,000		2,350,088
(Restructured)
Series A-1 0.396% 7/1/51 ^		26,441,000		4,988,888
Series A-1 4.55% 7/1/40		5,765,000		5,383,760
Series A-1 4.75% 7/1/53		17,063,000		15,294,932
Series A-1 5.00% 7/1/58		1,330,000		1,233,974
Series A-2 4.329% 7/1/40		8,237,000		7,484,962
Series A-2 4.329% 7/1/40		4,516,000		4,103,689

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement
(Francis Place Redevelopment Project)
5.625% 11/1/25		585,000	$	571,071
Utah Telecommunication Open Infrastructure Agency
5.25% 6/1/33		1,000,000		1,161,380
5.25% 6/1/34		1,000,000		1,154,890
5.25% 6/1/35		1,000,000		1,144,230
5.25% 6/1/37		2,100,000		2,362,500
5.50% 6/1/40		2,000,000		2,258,660
Washington County, Pennsylvania Redevelopment Authority Revenue
(Victory Centre Tax Increment Financing Project)
5.00% 7/1/35		500,000		486,510
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A)
Series 2015A 5.00% 9/1/27		1,055,000		995,308
				168,160,423
State General Obligation Bonds — 11.31%
California State
5.25% 9/1/47		1,000,000		1,122,540
(Various Purpose)
4.00% 10/1/36		3,875,000		3,960,444
4.00% 10/1/37		2,000,000		2,027,280
5.00% 8/1/26		3,120,000		3,331,754
5.00% 10/1/26		2,500,000		2,679,000
5.00% 9/1/32		4,100,000		4,375,356
5.00% 9/1/32		1,400,000		1,643,712
5.00% 8/1/33		2,500,000		2,596,600
5.00% 9/1/35		8,000,000		8,504,320
5.00% 11/1/42		470,000		526,174
5.25% 9/1/30		5,000,000		5,052,500
Series C 5.00% 9/1/30		5,985,000		6,315,193
Commonwealth of Massachusetts
Series A 5.00% 1/1/37		7,500,000		8,169,675
Series A 5.00% 7/1/37		5,000,000		5,152,650

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		7,116,845	$	6,086,397
Series A-1 4.00% 7/1/46		11,820,000		9,412,266
Connecticut State
Series F 5.00% 9/15/27		2,790,000		3,042,356
Hawaii State
Series FW 4.00% 1/1/34		2,000,000		2,083,340
Illinois State
5.00% 1/1/28		1,630,000		1,679,193
5.00% 11/1/36		1,965,000		2,007,523
5.25% 2/1/30		2,410,000		2,440,221
5.25% 2/1/32		1,015,000		1,027,190
5.50% 5/1/39		2,500,000		2,657,700
Series A 5.125% 12/1/29		4,440,000		4,669,814
Series B 4.00% 10/1/35		8,830,000		8,503,202
Series C 4.00% 10/1/37		1,710,000		1,607,879
Series C 4.00% 10/1/42		2,510,000		2,242,710
Series D 5.00% 11/1/25		1,220,000		1,254,404
(Rebuild Illinois Program)
Series B 4.00% 11/1/33		2,000,000		1,965,660
Series B 4.00% 11/1/35		2,200,000		2,116,928
Series B 4.00% 11/1/38		1,810,000		1,683,590
New Jersey State
Series A 4.00% 6/1/32		3,440,000		3,710,246
Oregon State
(Article XI-Q State Projects)
Series A 5.00% 5/1/44		5,000,000		5,366,250
Washington State
Series E 5.00% 7/1/31		3,000,000		3,100,080
				122,114,147
Transportation Revenue Bonds — 17.21%
Atlanta, Georgia Department of Aviation
Series B 5.00% 7/1/32 (AMT)		1,000,000		1,110,780
Series B 5.00% 7/1/33 (AMT)		2,045,000		2,266,187
Bay Area, California Toll Authority
(San Francisco Bay Area)
Series S-7 4.00% 4/1/34		1,000,000		1,036,370
Chicago, Illinois Midway International Airport
Series A 5.00% 1/1/28 (AMT)		1,905,000		1,918,545

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Chicago, Illinois O’Hare International Airport Revenue
Series A 4.00% 1/1/36		1,180,000	$	1,186,667
Series A 5.00% 1/1/37 (AMT)		5,000,000		5,230,250
Series B 5.00% 1/1/32		1,000,000		1,030,210
Series B 5.00% 1/1/33		1,520,000		1,565,478
(General-Airport-Senior Lien)
Series B 5.00% 1/1/36		2,500,000		2,702,375
Series B 5.00% 1/1/37		3,000,000		3,216,870
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/43 (AMT)		7,890,000		7,257,301
Series A 5.00% 12/1/43 (AMT)		6,300,000		6,433,938
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 7.25% 7/1/57 (AMT) #, ●		5,900,000		5,918,821
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue
(Senior Lien)
Series A 4.00% 1/15/46		1,000,000		907,210
Lee County, Florida Airport Revenue
5.00% 10/1/33		4,305,000		4,480,386
Los Angeles, California Department of Airports
Series A 5.00% 5/15/33 (AMT)		845,000		928,638
Metropolitan Nashville, Tennessee Airport Authority
Series B 5.50% 7/1/41 (AMT)		1,500,000		1,639,800
Series B 5.50% 7/1/42 (AMT)		1,855,000		2,018,685
Metropolitan Transportation Authority Revenue, New York
(Green Bonds)
Subseries A-2 4.00% 11/15/41		3,000,000		2,708,820
Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue
(Dulles Metrorail and Capital Improvement Projects)
Series B 4.00% 10/1/49		490,000		439,491
Miami-Dade County, Florida Aviation Revenue
Series B 5.00% 10/1/37		5,700,000		5,798,040
Monroe County, Florida Airport Revenue
(Key West International Airport)
Series 2022 5.00% 10/1/36 (AMT)		1,235,000		1,283,795
Series 2022 5.00% 10/1/37 (AMT)		1,270,000		1,312,393

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Monroe County, Florida Airport Revenue
(Key West International Airport)
Series 2022 5.00% 10/1/38 (AMT)		1,360,000	$	1,402,717
Series 2022 5.00% 10/1/40 (AMT)		1,475,000		1,505,857
New Jersey State Turnpike Authority Revenue
Series A 5.00% 1/1/33		1,770,000		1,899,812
Series E 5.00% 1/1/32		5,050,000		5,528,639
New Orleans, Louisiana Aviation Board
(North Terminal Project)
Series B 5.00% 1/1/32 (AGM) (AMT)		2,900,000		2,966,845
Series B 5.00% 1/1/33 (AGM) (AMT)		2,900,000		2,966,004
New York State Thruway Authority
Series B 4.00% 1/1/38		2,135,000		2,088,265
Series B 4.00% 1/1/39		10,000,000		9,697,400
Series J 5.00% 1/1/27		5,705,000		5,786,981
Series K 5.00% 1/1/31		5,000,000		5,151,500
New York Transportation Development Special Facilities Revenue
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project)
4.00% 10/1/30 (AMT)		1,950,000		1,900,450
4.375% 10/1/45 (AMT)		2,500,000		2,274,100
5.00% 1/1/33 (AMT)		790,000		814,830
5.00% 10/1/40 (AMT)		1,125,000		1,123,639
Series A 4.00% 7/1/35 (AGM) (AMT)		2,660,000		2,576,822
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/32 (AMT)		1,500,000		1,629,060
Series 2022 5.00% 12/1/33 (AMT)		3,955,000		4,278,638
Series A 5.00% 12/1/35 (AMT)		1,000,000		1,044,860
Oklahoma State Turnpike Authority Revenue
Series A 5.00% 1/1/42		5,000,000		5,157,500
Pennsylvania Turnpike Commission Revenue
Series A 5.00% 12/1/48		2,500,000		2,606,575
Series A-1 5.00% 12/1/40		2,090,000		2,142,250
Series A-1 5.00% 12/1/45		1,000,000		1,021,920
Series B 5.00% 12/1/45		5,000,000		5,097,500
Series C 5.00% 12/1/43		1,445,000		1,456,141
Phoenix, Arizona Civic Improvement Airport Revenue
(Junior Lien)
Series A 5.00% 7/1/33		3,355,000		3,480,007

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Phoenix, Arizona Civic Improvement Airport Revenue
(Junior Lien)
Series B 5.00% 7/1/49 (AMT)		3,900,000	$	3,973,515
Port Authority of New York & New Jersey
5.00% 9/15/25 (AMT)		7,000,000		7,206,640
5.00% 10/15/29 (AMT)		3,105,000		3,185,575
(194th Series)
5.00% 10/15/32		2,500,000		2,609,200
(218th Series)
Series 218 4.00% 11/1/41 (AMT)		2,480,000		2,349,254
(221st Series)
Series 221 4.00% 7/15/36 (AMT)		1,200,000		1,196,700
Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/33		1,000,000		1,004,580
Salt Lake City, Utah Airport Revenue
Series A 5.00% 7/1/37 (AMT)		15,000,000		15,530,700
Series B 5.00% 7/1/31		500,000		534,560
Series B 5.00% 7/1/33		1,000,000		1,067,080
San Diego County, California Regional Airport Authority Revenue
Series B 4.00% 7/1/46 (AMT) (BAM)		880,000		812,750
South Jersey Port, New Jersey
(Subordinated Marine Terminal)
Series B 5.00% 1/1/24 (AMT)		180,000		180,180
Series B 5.00% 1/1/25 (AMT)		390,000		395,362
Series B 5.00% 1/1/30 (AMT)		230,000		240,964
Series B 5.00% 1/1/32 (AMT)		215,000		224,798
Series B 5.00% 1/1/33 (AMT)		705,000		735,978
Series B 5.00% 1/1/34 (AMT)		880,000		915,772
Series B 5.00% 1/1/35 (AMT)		675,000		698,645
Series B 5.00% 1/1/36 (AMT)		660,000		677,767
Series B 5.00% 1/1/37 (AMT)		430,000		439,159
Texas Private Activity Bond Surface Transportation Senior Lien Revenue
(NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility)
7.00% 12/31/38 (AMT)		3,750,000		3,801,300
				185,769,841

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds — 2.31%
Broward County, Florida Water & Sewer Utility Revenue
Series A 4.00% 10/1/45		2,640,000	$	2,519,669
Great Lakes, Michigan Water Authority Water Supply System Revenue
(Senior Lien Bond)
Series C 5.00% 7/1/31		3,000,000		3,191,250
Hillsborough County, Florida Wastewater Impact Fee Assessment Special Revenue
Series 2021 5.00% 5/1/23		2,335,000		2,341,328
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(General Resolution)
Series EE 5.00% 6/15/39		5,000,000		5,190,450
Sacramento County, California Sanitation Districts Financing Authority Revenue
Series A 5.00% 12/1/50		2,500,000		2,687,975
San Antonio, Texas Water System Revenue
Series A 5.00% 5/15/32		1,500,000		1,628,715
Series A 5.00% 5/15/33		2,250,000		2,438,820
Tampa, Florida Water & Wastewater System Revenue
Series A 5.00% 10/1/52		4,500,000		4,921,020
				24,919,227
Total Municipal Bonds (cost $1,089,669,341)				1,054,121,851

Short-Term Investments — 1.28%
Variable Rate Demand Notes — 1.28%¤
Massachusetts Health & Educational Facilities Authority
Series K-1 2.40% 7/1/39
(LOC - TD Bank N.A.)		1,000,000		1,000,000
New York City, New York
Fiscal 2018 Subordinate
Series E-5 2.45% 3/1/48
(LOC - TD Bank, N.A.)		450,000		450,000
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(Second Resolution)
Fiscal 2023 Subordinate
Series BB-2 2.55% 6/15/44
(SPA - Mizuho Bank)		2,000,000		2,000,000

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
Oregon Facilities Authority Refunding Revenue
(PeaceHealth)
Series B 2.50% 8/1/34
(LOC - TD Bank N.A.)		5,225,000	$	5,225,000
Phoenix, Arizona Industrial Development Authority
(Mayo Clinic)
Series B 2.60% 11/15/52
(SPA - Northern Trust)		200,000		200,000
University of Delaware Revenue
2.50% 11/1/35
(SPA - TD Bank N.A.)		2,300,000		2,300,000
University of North Carolina Hospitals at Chapel Hill
Series B 2.50% 2/15/31
(SPA - TD Bank N.A.)		2,600,000		2,600,000
Total Short-Term Investments (cost $13,775,000)				13,775,000
Total Value of Securities—98.92%
(cost $1,103,444,341)			$	1,067,896,851

	°	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, 2023, the aggregate value of Rule 144A securities was $71,300,802, which represents 6.60% of the Fund’s net assets. See Note 7 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, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”

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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 96.72%
Corporate Revenue Bonds — 5.96%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 6.00% 7/1/51 #, ‡		1,190,000	$	773,500
Series A 144A 7.75% 7/1/50 #, ‡		20,330,000		13,214,500
Arkansas Development Finance Authority Revenue
(Big River Steel Project)
144A 4.50% 9/1/49 (AMT) #		3,665,000		3,259,651
Calhoun County Navigation Industrial Development Authority Revenue
(Max Midstream Texas, LLC Project)
Series A 144A 3.625% 7/1/26 (AMT) #		3,285,000		2,973,976
California Pollution Control Financing Authority Revenue
(Calplant I Project)
144A 7.50% 7/1/32 (AMT) #, ‡		1,600,000		208,000
144A 8.00% 7/1/39 (AMT) #, ‡		5,250,000		262,500
Florida Development Finance Surface Transportation Facility Revenue
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		14,040,000		12,713,782
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.25% 1/1/49 (AMT) #, ●		4,000,000		3,890,160
Series A 144A 6.50% 1/1/49 (AMT) #, ●		8,905,000		8,186,099
George L Smith II Georgia World Congress Center Authority
Series A 4.00% 1/1/54		7,650,000		6,070,275
(Convention Center Hotel Second Tier)
Series B 144A 5.00% 1/1/54 #		5,000,000		3,924,650
Iowa Finance Authority
(Iowa Fertilizer Company Project)
5.00% 12/1/50		10,625,000		10,390,081
Maine Finance Authority Revenue
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #		10,950,000		6,972,851
Maricopa County, Arizona Industrial Development Authority
(Commercial Metals Company Project)
144A 4.00% 10/15/47 (AMT) #		3,750,000		3,110,738
Nevada State Department of Business & Industry
(Green Fulcrum Sierra Biofuels Project)
144A 6.25% 12/15/37 #		2,500,000		2,239,675

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
New York City, New York Industrial Development Agency
(Queens Baseball Stadium Project)
Series A 2.00% 1/1/38 (AGM)		500,000	$	343,635
New York Transportation Development Special Facilities Revenue
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/37 (AMT)		2,455,000		2,549,714
St. James Parish, Louisiana
(NuStar Logistics, LP Project)
144A 6.10% 6/1/38 #, ●		1,000,000		1,076,760
144A 6.35% 7/1/40 #		3,600,000		3,885,264
Series B 144A 6.10% 12/1/40 #, ●		1,630,000		1,755,168
The City Of Hoover (Alabama) Environmental Improvement Revenue Bonds
(United States Steel Corporation Project)
5.75% 10/1/49 (AMT)		10,250,000		10,612,132
Tuscaloosa County, Alabama Industrial Development Authority
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		9,440,000		8,189,955
Washington Economic Development Finance Authority Revenue
(Columbia Pulp I, LLC Project)
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡		4,800,000		2,880,000
Wisconsin Public Finance Authority, Hotel Revenue
(Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/62		10,225,000		9,739,312
				119,222,378
Education Revenue Bonds — 16.19%
Arizona Industrial Development Authority Revenue
(Academies of Math & Science Projects)
144A 5.25% 7/1/43 #		255,000		247,842
144A 5.375% 7/1/53 #		965,000		919,896
144A 5.50% 7/1/58 #		1,115,000		1,061,670
(ACCEL Schools Project)
Series A 144A 5.25% 8/1/48 #		3,200,000		2,884,992
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		1,205,000		1,239,499
144A 6.00% 7/1/47 #		4,735,000		4,804,557

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Arizona Industrial Development Authority Revenue
(Basis Schools Projects)
Series A 144A 5.125% 7/1/37 #		750,000	$	741,322
(Benjamin Franklin Charter School Projects)
Series A 144A 5.25% 7/1/53 #		1,000,000		940,800
Series A 144A 5.50% 7/1/58 #		1,385,000		1,320,736
(Empower College Prep Project)
144A 6.00% 7/1/49 #		1,000,000		977,900
(Kaizen Education Foundation Project)
144A 5.80% 7/1/52 #		4,000,000		4,036,920
(Leman Academy Of Excellence Projects)
Series A 4.50% 7/1/54		5,000,000		4,364,800
(Pinecrest Academy Nevada-Horizon, Inspirada)
Series A 144A 5.75% 7/15/48 #		2,500,000		2,532,575
Arlington, Texas Higher Education Finance
(KIPP Texas, Inc.)
3.00% 8/15/49 (PSF)		4,000,000		2,959,840
Build NYC, New York Resource
5.00% 11/1/39		1,000,000		852,240
(East Harlem Scholars Academy Charter School Project)
144A 5.75% 6/1/52 #		1,000,000		1,012,890
144A 5.75% 6/1/62 #		1,000,000		1,006,960
(Inwood Academy for Leadership Charter School Project)
Series A 144A 5.125% 5/1/38 #		575,000		562,218
Series A 144A 5.50% 5/1/48 #		1,500,000		1,479,750
(KIPP NYC Public School Facilities - Canal West Project)
5.25% 7/1/52		1,265,000		1,290,717
5.25% 7/1/62		6,355,000		6,392,304
(New Dawn Charter Schools Project)
144A 5.625% 2/1/39 #		1,290,000		1,294,902
144A 5.75% 2/1/49 #		2,700,000		2,702,700
California Community College Financing Authority Student Housing Revenue
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60 #		8,250,000		7,907,790
California Educational Facilities Authority Revenue
(Stanford University)
Series V-1 5.00% 5/1/49		24,445,000		28,292,399
Series V-2 2.25% 4/1/51		3,975,000		2,480,956

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Municipal Finance Authority Revenue
(California Baptist University)
Series A 144A 5.50% 11/1/45 #		4,000,000	$	4,034,120
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45 #		5,250,000		4,872,368
(Palmdale Aerospace Academy Project)
Series A 144A 5.00% 7/1/41 #		1,750,000		1,630,475
Series A 144A 5.00% 7/1/46 #		1,000,000		899,500
(Partnership Uplift Community Project)
Series A 5.25% 8/1/42		1,700,000		1,571,327
California Public Finance Authority Educational Revenue
(Crossroads Christian School Project)
144A 5.00% 1/1/56 #		2,000,000		1,565,880
California School Finance Authority
(Aspire Public Schools)
Series A 144A 5.00% 8/1/35 #		585,000		593,711
Series A 144A 5.00% 8/1/40 #		605,000		607,765
(Encore Education Obligated Group)
Series A 144A 5.00% 6/1/52 #		1,000,000		759,360
(Escuela Popular Project)
144A 6.50% 7/1/50 #		2,500,000		2,510,900
(Hawking Steam Charter School Project)
144A 5.375% 7/1/56 #		995,000		959,827
Series A 144A 5.00% 7/1/42 #		860,000		825,944
Series A 144A 5.50% 7/1/62 #		1,000,000		974,790
(John Adams Academies - Obligated Group)
Series A 144A 5.125% 7/1/62 #		1,680,000		1,470,118
(Lighthouse Community Public Schools - Obligated Group)
Series A 144A 6.25% 6/1/42 #		1,000,000		1,023,190
Series A 144A 6.375% 6/1/52 #		1,240,000		1,266,362
Series A 144A 6.50% 6/1/62 #		2,300,000		2,345,724
(New Designs Charter School)
Series A 5.50% 6/1/42		1,750,000		1,750,525
(Sonoma County Junior College District Project)
Series A 144A 4.00% 11/1/41 #		2,980,000		2,453,195
Series A 144A 4.00% 11/1/55 #		2,500,000		1,840,950
(View Park Elementary & Middle Schools)
Series A 5.875% 10/1/44		1,000,000		1,007,350
Series A 6.00% 10/1/49		720,000		726,307

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	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	$	1,398,405
Camden County, New Jersey Improvement Authority Revenue
(KIPP:Cooper Norcross Academy - 2022 Project)
6.00% 6/15/62		3,500,000		3,645,495
Capital Trust Agency Educational Facilities Housing Revenue
(Pineapple Cove Classical Academy Inc. Project)
Series A 144A 5.375% 7/1/54 #		6,000,000		5,568,000
(The Pepin Academies Inc. Project)
Series A 5.75% 7/1/55		2,625,000		2,353,654
Capital Trust Student Housing Revenue
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/58 #		8,000,000		7,208,160
Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue
(West Chester University of Pennsylvania)
Series A 5.00% 8/1/30		2,200,000		2,200,594
City of Burbank, Illinois
(Intercultural Montessori Language)
144A 6.25% 9/1/45 #		4,000,000		3,966,600
Colorado Educational & Cultural Facilities Authority Revenue
(Charter School - Community Leadership Academy)
7.45% 8/1/48		2,000,000		2,022,080
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/40 #		1,110,000		1,016,893
144A 5.00% 12/1/55 #		1,720,000		1,461,570
(Loveland Classical Schools Project)
144A 5.00% 7/1/46 #		1,500,000		1,340,445
(Skyview Academy Project)
144A 5.375% 7/1/44 #		500,000		494,020
Florida Development Finance Revenue
(Mater Academy Projects)
Series A 5.00% 6/15/56		1,630,000		1,487,831
(Renaissance Charter School Projects)
Series C 144A 5.00% 9/15/50 #		2,000,000		1,591,940

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Florida Development Finance Surface Transportation Facility Revenue
(Cornerstone Charter Academy Project)
144A 5.125% 10/1/52 #		4,110,000	$	3,801,380
144A 5.25% 10/1/56 #		1,900,000		1,759,305
(Mater Academy Projects)
Series A 4.00% 6/15/52		1,145,000		872,731
Hawaii State Department of Budget & Finance
(Hawaii Pacific University)
Series A 144A 6.875% 7/1/43 #		2,000,000		2,006,140
Idaho Housing & Finance Association
(Compass Public Charter School)
Series A 144A 5.00% 7/1/54 #		860,000		792,430
(Idaho Arts Charter School)
144A 5.00% 12/1/36 #		605,000		614,813
(North Star Charter School)
Capital Appreciation Subordinate Series B
144A 4.88% 7/1/49 #, ^		2,888,155		482,813
Series A 6.75% 7/1/48		529,150		553,565
(Xavier Charter School Project)
Series A 5.00% 6/1/50		1,000,000		1,001,670
Illinois Finance Authority Charter School Revenue
(Chicago International Charter School Project)
5.00% 12/1/47		2,965,000		2,887,791
Illinois Finance Authority Educational Facility Revenue
(Rogers Park Montessori)
6.00% 2/1/34		675,000		679,543
6.125% 2/1/45		1,800,000		1,808,352
Illinois Finance Authority Revenue
(Acero Charter Schools)
144A 4.00% 10/1/42 #		2,245,000		1,693,471
Illinois Finance Authority Student Housing & Academic Facility Revenue
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47		3,640,000		3,516,640
Kent County, Delaware Student Housing and Dining Facilities Revenue
(Delaware State University Project)
Series A 5.00% 7/1/58		1,250,000		1,124,425
Louisiana Public Facilities Authority Revenue
(Geo Academies Ebr - Geo Prep Mid-City Project)
144A 6.125% 6/1/52 #		1,030,000		1,024,325

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Louisiana Public Facilities Authority Revenue
(Geo Academies Ebr - Geo Prep Mid-City Project)
144A 6.25% 6/1/62 #		1,420,000	$	1,411,579
(Jefferson Rise Charter School Project)
Series A 144A 6.25% 6/1/52 #		1,000,000		948,590
Series A 144A 6.375% 6/1/62 #		1,330,000		1,247,567
(Lake Charles Charter Academy Foundation Project)
8.00% 12/15/41		1,500,000		1,502,820
(Lincoln Preparatory School Project)
Series A 144A 5.25% 6/1/60 #		2,000,000		1,629,440
Series A 144A 6.375% 6/1/52 #		1,000,000		958,420
Series A 144A 6.50% 6/1/62 #		2,000,000		1,899,600
Macomb County, Michigan State Public School Academy Revenue
(Academy Of Warren)
Series A 144A 5.50% 5/1/50 #		1,810,000		1,452,235
Macon-Bibb County, Georgia Urban Development Authority Revenue
(Academy for Classical Education)
Series A 144A 5.875% 6/15/47 #		1,680,000		1,683,914
Series A 144A 6.00% 6/15/52 #		1,530,000		1,537,038
Maricopa County, Arizona Industrial Development Authority
(Choice Academies, Inc. Project)
Series AZ 144A 5.75% 9/1/45 #		5,000,000		4,688,700
Massachusetts Development Finance Agency Revenue
Series V 5.00% 7/1/55		14,470,000		16,397,983
(Massachusetts Institute Of Technology)
Series P 5.00% 7/1/50		1,750,000		2,014,757
Miami-Dade County, Florida Industrial Development Authority
(Youth Co-Op Charter School)
Series A 144A 5.75% 9/15/35 #		1,000,000		1,002,770
Series A 144A 6.00% 9/15/45 #		1,000,000		1,001,130
Michigan Finance Authority Limited Obligation Revenue
(Landmark Academy Project)
5.00% 6/1/45		2,000,000		1,744,860
(Public School Academy Old Redford)
Series A 6.50% 12/1/40		900,000		865,125

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Nevada State Department of Business & Industry
(Somerset Academy)
Series A 144A 5.00% 12/15/35 #		1,595,000	$	1,572,654
Series A 144A 5.125% 12/15/45 #		2,515,000		2,358,969
New Jersey State Higher Education Student Assistance Authority Student Loan Revenue
Series 1B 5.75% 12/1/39 (AMT)		1,250,000		1,250,963
New York State Dormitory Authority
(Columbia University)
Series A 5.00% 10/1/50		1,965,000		2,211,057
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(1st Philadelphia Preparatory)
Series A 7.25% 6/15/43		1,230,000		1,273,407
(Tacony Academy Charter School Project)
7.00% 6/15/43		1,540,000		1,552,227
Phoenix, Arizona Industrial Development Authority Education Revenue
(Basic Schools Project)
Series 2015A 144A 5.00% 7/1/46 #		4,000,000		3,660,080
Series 2016A 144A 5.00% 7/1/45 #		2,000,000		1,840,800
(Eagle College Preparatory Project)
Series A 5.00% 7/1/43		450,000		423,680
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		979,300
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 4.00% 6/15/57 #		500,000		351,945
144A 4.00% 6/15/57 #		4,000,000		2,815,560
(Career Success Schools Project)
144A 5.50% 5/1/40 #		500,000		466,795
144A 5.75% 5/1/50 #		2,530,000		2,349,839
(Edkey Charter Schools Project)
144A 5.00% 7/1/49 #		3,000,000		2,665,230
144A 5.00% 7/1/55 #		2,500,000		2,165,825
Pottsboro, Texas Higher Education Finance Authority Revenue
Series A 5.00% 8/15/36		755,000		721,493

Table of Contents

Schedules of investments

Delaware 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	$	908,830
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue
(Green Charter Schools Project)
Series A 144A 4.00% 6/1/46 #		2,300,000		1,717,387
Series A 144A 4.00% 6/1/56 #		1,530,000		1,058,102
(High Point Academy Project)
Series A 144A 5.75% 6/15/49 #		5,000,000		5,036,600
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement
(Confluence Academy Project)
Series A 144A 5.625% 6/15/53 #		4,805,000		4,303,070
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		2,141,773
University of Texas System Board of Regents
Series B 5.00% 8/15/49		33,875,000		38,998,933
University of Virginia
Series A 2.18% 11/1/51		10,000,000		5,927,900
Upper Dauphin Industrial Development Authority
(Pennsylvania Steam Academy Charter School Project)
Series A 144A 6.25% 7/1/57 #		2,400,000		2,225,136
Utah State Charter School Finance Authority Revenue
(Leadership Learning Academy Project)
Series A 144A 5.00% 6/15/39 #		1,000,000		932,300
Series A 144A 5.00% 6/15/50 #		2,200,000		1,935,560
Wisconsin Public Finance Authority Revenue
(Minnesota College of Osteopathic Medicine)
Series A-1 144A 5.50% 12/1/48 #, ‡		125,529		38,914
Subordinate Series B 144A 7.75% 12/1/48 #, ●		2,500,000		25,000
(Pine Lake Preparatory)
144A 5.50% 3/1/45 #		3,460,000		3,484,773
(Shining Rock Classical Academy)
Series A 6.00% 6/15/52		1,000,000		928,620
Series A 6.125% 6/15/57		1,000,000		929,310
(Wilson Preparatory Academy)
Series A 144A 4.125% 6/15/29 #		435,000		411,954
Series A 144A 5.00% 6/15/39 #		500,000		478,995

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Wisconsin Public Finance Authority Revenue
(Wilson Preparatory Academy)
Series A 144A 5.00% 6/15/49 #		1,100,000	$	988,757
Yonkers, New York Economic Development Education Revenue
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)
Series A 5.00% 10/15/54		465,000		410,739
				323,902,949
Electric Revenue Bonds — 3.86%
Build NYC, New York Resource
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
144A 5.25% 12/31/33 (AMT) #		4,520,000		4,147,688
California Community Choice Financing Authority
(Clean Energy Project)
Series C 5.25% 1/1/54 ●		3,000,000		3,123,720
Guam Power Authority Revenue
Series A 5.00% 10/1/44		6,000,000		6,183,720
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		1,235,000		1,288,710
Series A 5.00% 10/1/42		2,000,000		2,074,060
Series A 5.00% 10/1/43		2,650,000		2,738,802
New York Power Authority
Series A 4.00% 11/15/55		5,000,000		4,672,100
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡		8,615,000		6,008,962
Series A 5.05% 7/1/42 ‡		4,590,000		3,201,525
Series A 6.75% 7/1/36 ‡		1,500,000		1,080,000
Series AAA 5.25% 7/1/25 ‡		925,000		644,031
Series AAA 5.25% 7/1/26 ‡		1,030,000		718,425
Series AAA 5.25% 7/1/27 ‡		5,330,000		3,717,675
Series AAA 5.25% 7/1/28 ‡		1,205,000		840,488
Series CCC 5.25% 7/1/27 ‡		5,525,000		3,853,688
Series TT 5.00% 7/1/37 ‡		1,500,000		1,046,250
Series WW 5.00% 7/1/28 ‡		3,405,000		2,366,475
Series WW 5.25% 7/1/25 ‡		1,530,000		1,065,263
Series WW 5.25% 7/1/33 ‡		830,000		583,075
Series WW 5.50% 7/1/38 ‡		9,325,000		6,597,437
Series XX 4.75% 7/1/26 ‡		920,000		637,100
Series XX 5.25% 7/1/40 ‡		9,795,000		6,880,987

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series XX 5.75% 7/1/36 ‡		5,840,000	$	4,131,800
Series ZZ 4.75% 7/1/27 ‡		760,000		526,300
Series ZZ 5.25% 7/1/24 ‡		1,275,000		887,719
Series ZZ 5.25% 7/1/26 ‡		7,005,000		4,885,987
Salt River Project Agricultural Improvement & Power District
Series A 5.00% 1/1/50		3,000,000		3,275,730
				77,177,717
Healthcare Revenue Bonds — 14.99%
Apple Valley, Minnesota
(Senior Living, LLC Project Fourth Tier)
Series D 7.25% 1/1/52		7,410,000		4,604,722
(Senior Living, LLC Project Second Tier)
Series B 5.00% 1/1/47		2,375,000		1,380,160
Series B 5.25% 1/1/37		420,000		292,866
Arizona Industrial Development Authority Revenue
(Great Lakes Senior Living Communities LLC Project First Tier)
Series A 5.00% 1/1/54		2,595,000		1,570,649
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
Series D 144A 7.25% 1/1/54 #		2,500,000		1,379,050
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.00% 1/1/49		975,000		523,380
Series B 5.125% 1/1/54		1,130,000		585,860
(Great Lakes Senior Living Communities LLC Project Third Tier)
Series C 144A 5.00% 1/1/49 #		1,000,000		488,430
Berks County, Pennsylvania Industrial Development Authority Revenue
(Tower Health Project)
5.00% 11/1/50		5,105,000		3,375,936
Birmingham, Alabama Special Care Facilities Financing Authority
(Methodist Home for the Aging)
5.50% 6/1/30		1,850,000		1,745,216
5.75% 6/1/35		1,500,000		1,387,920
5.75% 6/1/45		2,500,000		2,177,700
6.00% 6/1/50		3,130,000		2,754,463

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Educational Facilities Authority Revenue
(Stanford University)
Series V-2 5.00% 4/1/51		1,245,000	$	1,442,071
California Health Facilities Financing Authority Revenue
(Cedars-Sinai Health System)
Series A 3.00% 8/15/51		6,580,000		4,711,411
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		4,870,000		5,523,408
California Municipal Finance Authority Revenue
(Community Health System Project)
Series A 3.00% 2/1/46 (AGM)		10,000,000		7,664,600
(Goodwill Industry Sacramento Valley and Northern Nevada Project)
5.25% 1/1/45		1,295,000		1,020,020
Series A 144A 6.625% 1/1/32 #		500,000		495,995
Series A 144A 6.875% 1/1/42 #		1,500,000		1,438,395
(Northbay Healthcare Group)
Series A 5.25% 11/1/47		500,000		501,490
California Statewide Communities Development Authority Revenue
(Enloe Medical Center)
Series A 5.375% 8/15/57 (AGM)		2,000,000		2,127,320
(Loma Linda University Medical Center)
Series A 144A 5.50% 12/1/58 #		5,000,000		4,915,950
Camden County, New Jersey Improvement Authority Revenue
(Cooper Health System Obligation Group)
5.75% 2/15/42		2,050,000		2,052,686
Capital Trust Agency Senior Living Facilities Revenue
(Elim Senior Housing Inc. Project)
144A 5.875% 8/1/52 #		2,000,000		1,422,560
Clackamas County, Oregon Hospital Facility Authority
(Rose Villa Project)
Series A 5.25% 11/15/50		1,000,000		886,930
Series A 5.375% 11/15/55		1,000,000		887,440
Colorado Health Facilities Authority Revenue
(Aberdeen Ridge)
Series A 5.00% 5/15/58		500,000		372,320
(American Baptist)
8.00% 8/1/43		2,500,000		2,525,900

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue
(Capella of Grand Junction Project)
144A 5.00% 12/1/54 #		1,255,000	$	855,571
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		500,000		503,110
(Sunny Vista Living Center)
Series A 144A 5.50% 12/1/30 #		750,000		602,835
Series A 144A 5.75% 12/1/35 #		1,150,000		853,564
Series A 144A 6.125% 12/1/45 #		1,200,000		825,156
Series A 144A 6.25% 12/1/50 #		560,000		380,330
Cuyahoga County, Ohio Hospital Revenue
(The Metrohealth System)
5.25% 2/15/47		4,000,000		4,060,040
5.50% 2/15/52		4,930,000		5,041,369
5.50% 2/15/57		6,365,000		6,496,246
Decatur, Texas Hospital Authority Revenue
(Wise Regional Health System)
Series C 4.00% 9/1/29		491,000		454,823
Series C 4.00% 9/1/34		987,000		860,881
Series C 4.00% 9/1/44		2,036,000		1,625,930
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.00% 11/15/36		950,000		736,526
5.25% 11/15/51		1,350,000		936,927
Guilderland, New York Industrial Development Agency
Series A 144A 5.875% 1/1/52 #, ‡		6,000,000		4,500,000
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue
(Mercy Health)
4.00% 6/1/53		4,810,000		4,334,435
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/52		2,025,000		2,094,397
Hospital Facilities Authority of Multnomah County
(Mirabella at South Waterfront)
5.50% 10/1/49		2,400,000		2,122,824
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project)
Series A 3.00% 3/1/51		7,430,000		5,300,933
Series A 4.00% 3/1/51		2,000,000		1,757,060

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project)
Series A 5.00% 3/1/33		485,000	$	517,282
(Valley Vista Care Corporation)
Series A 5.00% 11/15/32		455,000		396,874
Illinois Finance Authority Revenue
(Plymouth Place, Inc.)
Series A 6.75% 5/15/58		3,000,000		3,074,640
(The Admiral at the Lake Project)
5.25% 5/15/42		900,000		614,934
5.25% 5/15/54		5,910,000		3,708,525
5.50% 5/15/54		3,375,000		2,207,554
Illinois Housing Development Authority
(Stonebridge of Gurnee Project)
Series A 144A 5.45% 1/1/46 #		2,500,000		1,805,150
Series A 144A 5.60% 1/1/56 #		2,630,000		1,831,190
Iowa Finance Authority
(PHS Council Bluffs Project)
5.125% 8/1/48		1,750,000		1,347,430
5.25% 8/1/55		2,500,000		1,901,125
Kalispell, Montana
Series A 5.25% 5/15/32		435,000		412,437
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/52		1,600,000		1,269,984
Kentucky Economic Development Finance Authority Healthcare Revenue
(Rosedale Green Project)
5.50% 11/15/35		1,310,000		1,179,917
5.75% 11/15/45		3,000,000		2,588,430
5.75% 11/15/50		1,600,000		1,349,744
Kirkwood, Missouri Industrial Development Authority
(Aberdeen Heights)
Series A 5.25% 5/15/50		5,000,000		4,119,000
Lake County, Florida Retirement Facility Revenue
(Lakeside At Waterman Village Project)
Series A 5.75% 8/15/50		2,500,000		2,156,125
Series A 5.75% 8/15/55		1,500,000		1,265,790
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(The Glen Retirement System Project)
Series A 5.00% 1/1/49		3,500,000		2,449,650
Series A 5.00% 1/1/55		2,635,000		1,771,616

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development Authority
(Christian Care Surprise Project)
Series 2016 144A 6.00% 1/1/48 #		5,645,000	$	3,952,911
Michigan Finance Authority Hospital Revenue
(Trinity Health Credit Group)
Series A 3.00% 12/1/49		5,000,000		3,596,900
Michigan State Strategic Fund Limited Revenue
(Evangelical Homes)
5.50% 6/1/47		2,750,000		2,345,145
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Whitemarsh Continuing Care)
5.25% 1/1/40		1,550,000		1,386,909
5.375% 1/1/50		6,250,000		5,278,750
Series A 5.375% 1/1/51		2,000,000		1,682,840
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation)
6.125% 7/1/50		8,935,000		7,416,675
National Finance Authority Revenue
(The Vista Project)
Series A 144A 5.25% 7/1/39 #		1,515,000		1,385,816
Series A 144A 5.625% 7/1/46 #		1,000,000		915,680
Series A 144A 5.75% 7/1/54 #		2,000,000		1,822,380
New Hope, Texas Cultural Education Facilities Finance
(Army Retirement Residence Foundation Project)
6.00% 7/15/57		6,000,000		5,675,400
(Buckingham Senior Living Community, Inc. Project)
Series A-1 7.50% 11/15/37		120,000		95,411
Series A-2 7.50% 11/15/36		745,000		624,772
Series B 2.00% 11/15/61 ~, ●		3,057,788		1,330,780
(Cardinal Bay - Village on the Park)
Series A1 5.00% 7/1/46		660,000		440,550
Series A1 5.00% 7/1/51		1,575,000		1,051,312
Series B 4.00% 7/1/31		635,000		317,500
Series B 4.75% 7/1/51		1,915,000		957,500
Series C 5.00% 7/1/31		250,000		112,500
Series C 5.25% 7/1/36		350,000		157,500
Series C 5.75% 7/1/51		2,250,000		1,012,500
Series D 6.00% 7/1/26		90,000		36,000

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Hope, Texas Cultural Education Facilities Finance
(Cardinal Bay - Village on the Park)
Series D 7.00% 7/1/51		1,350,000	$	540,000
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54		5,000,000		3,867,100
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57		8,830,000		6,493,670
(The Outlook at Windhaven Project)
Series A 6.75% 10/1/52		1,000,000		964,040
Series A 6.875% 10/1/57		6,500,000		6,263,400
New Jersey Economic Development Authority
(Black Horse EHT Urban Renewal LLC Project)
Series A 144A 5.00% 10/1/39 #		3,125,000		2,332,594
(Lions Gate Project)
5.25% 1/1/44		2,000,000		1,753,840
New York State Dormitory Authority Revenue
(Garnet Health Medical Center)
144A 5.00% 12/1/40 #		1,100,000		1,062,820
North Carolina Medical Care Commission Health Care Facilities Revenue
(Novant Health Obligated Group)
Series A 3.125% 11/1/49		5,000,000		3,731,100
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Morningstar Senior Living)
5.00% 11/1/49		1,830,000		1,553,579
Orange County, New York Funding Assisted Living Residence Revenue
6.50% 1/1/46		3,600,000		2,879,028
Payne County, Oklahoma Economic Development Authority
(Epworth Living at the Ranch)
Series A 7.00% 11/1/51 ‡		961,600		2,404
Pennsylvania Economic Development Financing Authority
(Tapestry Moon Senior Housing Project)
Series 2018A 144A 6.75% 12/1/53 #, ‡		10,495,000		4,001,219
Prince George’s County
(Collington Episcopal Life Care Community)
5.25% 4/1/47		2,000,000		1,687,020

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Rochester, Minnesota
(The Homestead at Rochester)
Series A 6.875% 12/1/48		2,500,000	$	2,506,725
Seminole County, Florida Industrial Development Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49		8,000,000		6,582,640
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue
(The Farms at Bailey Station Project)
5.75% 10/1/59		3,830,000		2,887,973
Southeastern Ohio Port Authority
(Memorial Health Systems)
5.00% 12/1/43		805,000		732,888
5.50% 12/1/43		1,250,000		1,251,863
St. Louis County, Missouri Industrial Development Authority
(Nazareth Living Center Project)
Series A 5.00% 8/15/35		600,000		551,826
Series A 5.125% 8/15/45		1,800,000		1,542,582
Tarrant County, Texas Cultural Education Facilities Finance
(Air Force Villages Obligated Group Project)
5.00% 5/15/45		5,000,000		4,217,550
(Buckner Senior Living - Ventana Project)
Series A 6.75% 11/15/47		2,250,000		2,261,902
Series A 6.75% 11/15/52		3,300,000		3,307,887
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/47 #		2,150,000		1,666,400
Series A 144A 6.125% 10/1/52 #		2,570,000		1,950,322
Topeka City, Kansas Healthcare Facilities
(Brewster Place)
Series A 6.25% 12/1/42		1,500,000		1,484,730
Series A 6.50% 12/1/52		2,000,000		1,976,380
University of North Carolina Board of Governors
5.00% 2/1/49		19,355,000		21,648,567
Westchester County, New York Local Development
(Purchase Senior Learning Community, Inc. Project)
Series A 144A 5.00% 7/1/56 #		4,250,000		3,140,750

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Westminster Project Revenue
(Lutheran Village Millers Grant)
Series A 5.00% 7/1/24		625,000	$	627,519
Series A 6.00% 7/1/34		1,000,000		1,008,400
Series A 6.125% 7/1/39		750,000		756,052
Series A 6.25% 7/1/44		2,500,000		2,519,975
Wisconsin Health & Educational Facilities Authority
(Children’s Hospital of Wisconsin)
3.00% 8/15/52		3,000,000		2,129,520
(Covenant Communities Project)
Series B 5.00% 7/1/48		1,000,000		725,260
Series B 5.00% 7/1/53		945,000		662,813
Series C 7.00% 7/1/43		1,000,000		716,430
Series C 7.50% 7/1/53		1,000,000		729,640
(St. Camillus Health System)
Series A 5.00% 11/1/39		635,000		546,405
Series A 5.00% 11/1/46		1,000,000		809,630
Series A 5.00% 11/1/54		3,500,000		2,721,810
Wisconsin Public Finance Authority Revenue
(Goodwill Industries of Southern Nevada Project)
Series A 5.50% 12/1/38		2,572,956		2,345,661
Series A 5.75% 12/1/48		2,576,272		2,263,667
(Bancroft Neurohealth Project)
Series A 144A 5.00% 6/1/36 #		960,000		902,266
Series A 144A 5.125% 6/1/48 #		1,375,000		1,229,250
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.125% 12/1/44		1,250,000		1,075,913
Yamhill County, Oregon Hospital Authority
(Friendsview)
Series A 5.00% 11/15/56		1,600,000		1,173,232
				299,947,175
Housing Revenue Bonds — 0.19%
City of Dallas, Texas Housing Finance Residential Development-Senior Lien
Series A 6.00% 12/1/62		2,000,000		2,055,860
CSCDA Community Improvement Authority Essential Housing Revenue
(Jefferson-Anaheim)
Series A-2 144A 3.125% 8/1/56 #		1,500,000		1,053,240

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Independent Cities Finance Authority, California
Series A 5.25% 5/15/44		750,000	$	758,467
				3,867,567
Industrial Development Revenue/Pollution Control Revenue Bonds — 16.29%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(United States Steel Corporation Project)
5.75% 8/1/42 (AMT)		2,000,000		2,003,460
Buckeye, Ohio Tobacco Settlement Financing Authority
(Senior)
Series A-2 3.00% 6/1/48		13,775,000		9,958,498
Series A-2 4.00% 6/1/48		150,000		131,343
Series B-2 5.00% 6/1/55		70,795,000		64,383,097
California County Tobacco Securitization Agency Settlement Revenue
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation)
0.83% 6/1/55 ^		100,000,000		8,612,000
California Pollution Control Financing Authority Revenue
(LP Desalination Project)
144A 5.00% 7/1/37 (AMT) #		3,500,000		3,508,925
Children’s Trust Fund, Puerto Rico
(Asset-Backed)
Series B 0.485% 5/15/57 ^		3,420,000		185,467
District of Columbia Tobacco Settlement Financing
(Capital Appreciation-Asset-Backed)
Series C 0.711% 6/15/55 ^		50,000,000		4,652,500
Series D 0.122% 6/15/55 ^		250,000,000		19,617,500
Erie, New York Tobacco Asset Securitization
(Asset-Backed)
Series A 144A 1.504% 6/1/60 #, ^		196,565,000		10,773,728
Golden State Tobacco Securitization Settlement Revenue, California
Series B-2 1.066% 6/1/66 ^		97,500,000		9,691,500
Houston, Texas Airport System Revenue
Series B-1 5.00% 7/15/35 (AMT)		3,000,000		2,937,540

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Houston, Texas Airport System Revenue
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects)
Series 2011 6.625% 7/15/38 (AMT)		2,000,000	$	2,000,140
(United Airlines Inc.)
5.00% 7/1/29 (AMT)		1,150,000		1,133,451
Indiana Finance Authority Exempt Facility Revenue
(Polyflow Indiana Project - Green Bond)
144A 7.00% 3/1/39 (AMT) #		7,035,000		5,308,611
Inland, California Empire Tobacco Securitization
(Capital Appreciation-Asset-Backed)
Series E 144A 0.94% 6/1/57 #, ^		376,610,000		21,481,834
Series F 144A 1.271% 6/1/57 #, ^		238,790,000		11,445,205
Lower Alabama Gas District
(Gas Project Revenue Bonds)
Series A 5.00% 9/1/46		4,910,000		4,880,540
Main Street Natural Gas Project Revenue
Series A 4.00% 5/15/39		3,000,000		2,705,340
Series A 5.50% 9/15/23		40,000		40,252
Michigan Finance Authority Limited Obligation Revenue
Series B-2 4.97% 6/1/65 ^		10,000,000		938,300
Monroe, New York Tobacco Asset Securitization
(4th Subordinate - Capital Appreciation - Asset-Backed)
Series A 144A 0.186% 6/1/61 #, ^		487,500,000		18,695,625
New Jersey Economic Development Authority Special Facility Revenue
(Continental Airlines Project)
5.25% 9/15/29		4,000,000		3,980,600
Series B 5.625% 11/15/30 (AMT)		1,270,000		1,278,484
New Jersey Tobacco Settlement Financing
Series B 5.00% 6/1/46		4,440,000		4,395,689
New York Liberty Development Revenue
(Goldman Sachs Headquarters)
5.25% 10/1/35		360,000		404,255
New York Transportation Development Special Facilities Revenue
(American Airlines Inc. John F. Kennedy International Airport Project)
5.375% 8/1/36 (AMT)		1,000,000		1,010,480

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Pennsylvania Economic Development Financing Authority Revenue
(National Gypsum)
5.50% 11/1/44 (AMT)		4,500,000	$	4,519,440
Port of Seattle, Washington Industrial Development Special Facilities Revenue
(Delta Airlines)
5.00% 4/1/30 (AMT)		2,000,000		2,001,060
Public Authority for Colorado Energy Natural Gas Revenue
Series 28 6.50% 11/15/38		2,000,000		2,383,940
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		9,250,000		9,447,487
5.25% 12/1/27		2,235,000		2,315,415
5.25% 12/1/28		1,050,000		1,095,560
5.50% 12/1/29		765,000		815,100
San Diego, California Tobacco Settlement Revenue Funding
Series C 4.00% 6/1/32		565,000		544,615
Shoals, Indiana Exempt Facilities Revenue
(National Gypsum Co. Project)
7.25% 11/1/43 (AMT)		1,860,000		1,884,738
Tennessee State Energy Acquisition Gas Revenue
Series C 5.00% 2/1/27		2,940,000		2,966,107
Tobacco Securitization Authority of Southern California
(Capital Appreciation-3rd Subordinate Lien)
Series D 2.609% 6/1/46 ^		2,230,000		279,218
TSASC, New York
Series A 5.00% 6/1/41		705,000		717,894
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue
Series A 5.50% 6/1/35 (AMT)		2,000,000		2,002,300
Valparaiso, Indiana
(Pratt Paper LLC Project)
7.00% 1/1/44 (AMT)		3,305,000		3,388,220
Virginia Tobacco Settlement Financing
Series A-1 6.706% 6/1/46		7,870,000		7,252,441
Series B-1 5.00% 6/1/47		2,000,000		1,866,780
Series C 2.949% 6/1/47 ^		95,170,000		23,504,135
Series D 2.20% 6/1/47 ^		179,085,000		42,808,478
				325,947,292

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 3.87%
Baltimore, Maryland Special Obligation Subordinate Revenue
(Harbor Point Project)
5.00% 6/1/51		1,000,000	$	941,040
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project)
5.875% 11/1/43		1,875,000		1,881,281
Los Angeles County Public Works Financing Authority
Series A 3.00% 12/1/50		11,000,000		8,248,680
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 4.00% 6/15/52		8,305,000		6,661,523
Series A 5.00% 6/15/50		4,135,000		4,038,365
Series A 5.00% 6/15/57		3,975,000		3,854,279
Series B 4.952% 12/15/54 (BAM) ^		3,535,000		708,980
Series B 5.03% 12/15/54 ^		9,820,000		1,692,379
New Jersey Transportation Trust Fund Authority
5.50% 6/15/50		4,250,000		4,566,880
Series AA 4.00% 6/15/50		2,945,000		2,668,965
(Transportation Program)
Series AA 5.00% 6/15/25		1,000,000		1,030,700
Series AA 5.00% 6/15/44		2,900,000		2,910,121
Series BB 4.00% 6/15/46		1,000,000		911,410
(Transportation System)
Series A 4.991% 12/15/39 ^		5,290,000		2,368,915
New York Liberty Development Revenue
(4 World Trade Center Project)
Series A 3.00% 11/15/51		5,750,000		3,982,623
(Class 1 - 3 World Trade Center Project)
144A 5.00% 11/15/44 #		14,500,000		13,959,875
(Class 3 - 3 World Trade Center Project)
144A 7.25% 11/15/44 #		14,500,000		14,649,640
Phoenix, Arizona Industrial Development Authority Lease Revenue
5.125% 2/1/34		1,000,000		1,002,040
5.375% 2/1/41		1,300,000		1,290,744
				77,368,440
Local General Obligation Bonds — 2.84%
Chicago, Illinois
Series 2005D 5.50% 1/1/37		2,280,000		2,310,620

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chicago, Illinois
Series 2005D 5.50% 1/1/40		3,000,000	$	3,035,310
Series 2007E 5.50% 1/1/42		1,900,000		1,917,613
Series 2007F 5.50% 1/1/42		1,250,000		1,261,588
Series A 5.25% 1/1/38		2,295,000		2,400,409
Series A 5.50% 1/1/39		2,660,000		2,825,984
Series A 5.50% 1/1/40		2,160,000		2,286,749
Series A 5.50% 1/1/49		770,000		788,757
Series C 5.00% 1/1/26		500,000		509,865
Chicago, Illinois Board of Education
Series A 144A 7.00% 12/1/46 #		2,500,000		2,695,425
Series B 4.00% 12/1/41		2,000,000		1,702,420
Series G 5.00% 12/1/44		2,545,000		2,464,909
Series H 5.00% 12/1/46		4,225,000		4,054,352
(Dedicated Revenues)
Series A 5.00% 12/1/42		7,690,000		7,265,051
Series B 4.00% 12/1/40		4,500,000		3,881,700
Galveston, Texas Independent School District Unlimited Tax Building
4.00% 2/1/47 (PSF)		7,500,000		7,103,925
Lodi Unified School District
Series 2020 3.00% 8/1/43		2,750,000		2,187,652
MIDA Golf and Equestrian Center Public Infrastructure District
144A 4.50% 6/1/51 #		4,835,000		3,647,331
144A 4.625% 6/1/57 #		4,690,000		3,487,953
Verve, Colorado Metropolitan District No. 1
5.00% 12/1/51		1,000,000		863,740
				56,691,353
Pre-Refunded/Escrowed to Maturity Bonds — 2.03%
Blythe Township, Pennsylvania Solid Waste Authority Revenue
7.75% 12/1/37-27 (AMT) §		2,800,000		3,237,724
District of Columbia Revenue
(KIPP Charter School)
6.00% 7/1/48-23 §		1,450,000		1,462,818
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services Income - Student Housing Project)
5.00% 7/1/30-23 §		1,000,000		1,004,660

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Florida Development Finance Revenue
(UF Health - Jacksonville Project)
Series A 6.00% 2/1/33-23 §		490,000	$	495,645
Foothill-Eastern Transportation Corridor Agency Revenue
Series A 6.00% 1/15/49-24 §		7,690,000		7,882,327
Henderson, Nevada Public Improvement Trust
(Touro College & University System)
Series A 5.50% 1/1/39-24 §		560,000		576,111
Kanawha, West Virginia
(West Virginia University Foundation Project)
144A 6.75% 7/1/45-23 #, §		2,500,000		2,527,775
Kentucky Public Transportation Infrastructure Authority
(First Tier - Downtown Crossing)
Series A 5.75% 7/1/49-23 §		1,800,000		1,813,068
Series A 6.00% 7/1/53-23 §		1,290,000		1,300,333
Nampa, Idaho Development Revenue
144A 5.00% 9/1/31-24 #, §		2,940,000		3,084,560
New Jersey Economic Development Authority Special Facility Revenue
Series WW 5.25% 6/15/30-25 §		5,000,000		5,228,150
Riverside County, California Transportation Senior Lien
Series A 5.75% 6/1/48-23 §		1,000,000		1,006,580
Southwestern Illinois Development Authority Revenue
(Memorial Group)
7.125% 11/1/30-23 §		1,420,000		1,453,427
7.125% 11/1/43-23 §		2,500,000		2,558,850
Washington State Housing Finance Commission
(Heron’s Key)
Series A 144A 7.00% 7/1/45-25 #, §		1,000,000		1,070,420
Series A 144A 7.00% 7/1/50-25 #, §		3,625,000		3,880,272
Wisconsin Public Finance Authority Revenue
(Rose Villa Project)
Series A 144A 5.75% 11/15/44-24 #, §		2,000,000		2,070,780
				40,653,500
Resource Recovery Revenue Bonds — 0.53%
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		2,961,150

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bonds (continued)
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue
(Last Step Recycling Project)
Series A 144A 6.50% 6/1/51 (AMT) #		1,500,000	$	1,077,090
Union County, New Jersey Improvement Authority
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) #		7,800,000		6,517,290
				10,555,530
Special Tax Revenue Bonds — 15.63%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue
(City Center Project)
144A 5.25% 5/1/42 #		6,530,000		6,352,645
Celebration Pointe, Florida Community Development District No 1
5.125% 5/1/45		1,915,000		1,781,793
Cherry Hill, Virginia Community Development Authority
(Potomac Shores Project)
144A 5.15% 3/1/35 #		1,000,000		993,810
144A 5.40% 3/1/45 #		2,000,000		1,972,140
City & County of San Francisco, California Special Tax District No 2020-1
(Federally Taxable)
Series B 144A 5.25% 9/1/49 #		1,000,000		711,940
Commonwealth of Puerto Rico
Series A 3.799% 11/1/51 ●		14,007,998		4,797,739
(Subordinate)
3.035% 11/1/43 ●		98,972,910		42,682,068
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		6,655,000		6,159,202
Fountain Urban Renewal Authority, Colorado
(Improvement - South Academy Highland)
Series A 5.50% 11/1/44		3,750,000		3,528,300
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		63,244,919		53,125,732
Glen Cove, New York Local Economic Assistance
(Garvies Point Public Improvement Project)
Series A 5.00% 1/1/56		2,000,000		1,711,820
Guam Government Business Privilege Tax Revenue
Series F 4.00% 1/1/42		2,500,000		2,231,200

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Henderson, Nevada Local Improvement Districts
(Black Mountain Ranch)
3.00% 9/1/36		300,000	$	220,968
3.50% 9/1/45		720,000		508,205
4.00% 9/1/51		500,000		386,855
Hickory Chase Community Authority Revenue, Ohio
(Hickory Chase Project)
Senior Series A 144A 5.00% 12/1/40 #		1,355,000		1,216,858
Juban Crossing Economic Development District, Louisiana
(General Infrastructure Projects)
Series C 144A 7.00% 9/15/44 #		3,005,000		2,744,347
(Road Projects)
Series A 144A 7.00% 9/15/44 #		1,855,000		1,694,097
Las Vegas, Nevada
(Villages At Tule Springs Village 1)
144A 5.50% 6/1/37 #		750,000		747,000
144A 5.75% 6/1/42 #		1,100,000		1,091,035
144A 5.75% 6/1/47 #		1,575,000		1,532,695
144A 6.00% 6/1/52 #		1,800,000		1,794,870
Massachusetts Bay Transportation Authority
(Sustainability Bonds)
Series A 5.00% 7/1/52		5,000,000		5,432,950
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/39		2,655,000		2,614,564
Midtown Miami, Florida Community Development District
(Parking Garage Project)
Series A 5.00% 5/1/37		500,000		491,475
Mobile, Alabama Improvement District
(McGowin Park Project)
Series A 5.25% 8/1/30		1,000,000		950,730
Series A 5.50% 8/1/35		1,300,000		1,205,984
New York City, New York Transitional Finance Authority Future Tax Secured Revenue
Fiscal 2020 Subordinate
Series A-3 3.00% 5/1/45		5,000,000		3,905,500
Series A-1 5.25% 8/1/42		6,425,000		7,162,269
Series B-1 3.00% 8/1/48		6,605,000		5,035,388
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series E 3.00% 3/15/50		5,000,000		3,699,100

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series E 4.00% 3/15/48		4,000,000	$	3,766,000
New York State Thruway Authority
Series A-1 3.00% 3/15/50		3,640,000		2,673,034
Series A-1 4.00% 3/15/55		2,000,000		1,850,680
Series A-1 4.00% 3/15/56		2,380,000		2,195,978
New York State Urban Development
Series E 3.00% 3/15/50		2,500,000		1,849,550
(General Purpose)
Series A 3.00% 3/15/50		3,310,000		2,448,804
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Route 33 Project)
7.00% 7/1/32		1,955,000		1,967,903
Prairie Center Metropolitan District No 3
Series A 144A 5.00% 12/15/41 #		2,000,000		1,944,520
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 0.109% 7/1/51 ^		49,254,000		9,293,245
Series A-1 1.607% 7/1/46 ^		78,170,000		20,033,408
Series A-1 4.75% 7/1/53		50,505,000		45,271,672
Series A-1 5.00% 7/1/58		4,988,000		4,627,866
Series A-2 4.536% 7/1/53		1,022,000		883,805
Series A-2 4.784% 7/1/58		10,622,000		9,494,581
Series B-1 4.75% 7/1/53		135,000		121,011
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement
(Francis Place Redevelopment Project)
5.625% 11/1/25		705,000		688,214
San Francisco, California Bay Area Rapid Transit District Sales Tax Revenue
Series A 3.00% 7/1/44		2,000,000		1,612,680
St. Louis County, Missouri Industrial Development Authority
(Manchester Ballas Community)
Series A 144A 5.00% 9/1/38 #		1,050,000		956,865
Series A 144A 5.25% 9/1/45 #		3,540,000		3,146,635

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement
(Grand Center Redevelopment Project)
6.375% 12/1/25		335,000	$	335,007
Tampa, Florida
(H. Lee Moffitt Cancer Center Project)
Series A 0.363% 9/1/53 ^		12,095,000		2,535,838
Verve Metropolitan District No 1
6.50% 12/1/43		4,365,000		4,002,749
6.75% 12/1/52		4,000,000		3,630,960
Wisconsin Public Finance Authority Revenue
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		5,065,000		4,373,222
(Mclemore Hotel & Conference Center)
Series A 144A 4.50% 6/1/56 #		13,000,000		9,463,610
Series B 144A 6.50% 6/1/56 #		1,000,000		795,740
Wyandotte County, Kansas Unified Government Special Obligation Revenue
(Sales Tax Vacation Village Project)
Series A 6.00% 9/1/35		4,690,000		4,285,300
				312,732,156
State General Obligation Bonds — 5.89%
California State
(Forward Delivery)
4.00% 9/1/29		3,950,000		4,251,108
(Various Purpose)
4.00% 10/1/36		5,055,000		5,166,463
5.00% 11/1/30		1,030,000		1,198,436
Commonwealth of Massachusetts
Series B 5.00% 1/1/32		5,000,000		5,497,550
Series D 4.00% 11/1/35		5,000,000		5,190,700
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		5,759,631		4,925,694
Series A-1 4.00% 7/1/41		27,881,837		23,032,070
Series A-1 4.00% 7/1/46		21,267,876		16,935,610
Illinois State
5.00% 1/1/28		1,190,000		1,225,914
5.00% 11/1/36		2,245,000		2,293,582
5.50% 5/1/39		6,000,000		6,378,480
Series A 5.00% 4/1/38		2,805,000		2,806,010

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Illinois State
Series A 5.125% 12/1/29		1,310,000	$	1,377,805
Series A 5.50% 3/1/47		9,700,000		10,182,284
Series B 3.00% 12/1/41		2,605,000		2,013,300
Series C 4.00% 10/1/41		400,000		360,928
Series C 4.00% 10/1/42		2,900,000		2,591,179
Series C 5.00% 11/1/29		4,600,000		4,810,772
(Rebuild Illinois Program)
Series B 4.00% 11/1/35		2,000,000		1,924,480
Series B 4.00% 11/1/39		1,225,000		1,128,066
New Jersey State
Series A 4.00% 6/1/32		2,080,000		2,243,405
Washington State
Series A 5.00% 8/1/44		4,540,000		4,925,401
Series A-2 5.00% 8/1/43		6,635,000		7,274,415
				117,733,652
Transportation Revenue Bonds — 5.65%
Atlanta, Georgia Airport Revenue
Series B 5.00% 7/1/52 (AMT)		2,000,000		2,054,800
California Municipal Finance Authority Senior Lien
(LINXS APM Project)
Series A 4.00% 12/31/47 (AMT)		7,500,000		6,404,025
Chicago, Illinois O’Hare International Airport
(General-Airport-Senior Lien)
Series B 4.00% 1/1/44		3,000,000		2,821,380
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/48 (AMT)		5,000,000		4,523,700
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 7.25% 7/1/57 (AMT) #, ●		5,000,000		5,015,950
Foothill-Eastern Transportation Corridor Agency Revenue
Series B-2 3.50% 1/15/53 (AGM)		2,000,000		1,656,260
(Senior Lien)
Series A 4.00% 1/15/46		3,560,000		3,229,668
Georgia Ports Authority
4.00% 7/1/52		4,000,000		3,747,600

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Grand Parkway Transportation
(First Tier)
3.00% 10/1/50		3,500,000	$	2,461,760
Long Beach, California Marina Revenue
5.00% 5/15/40		1,000,000		1,011,860
Los Angeles Department of Airports
(Los Angeles International Airport)
Series F 3.00% 5/15/49 (AMT)		3,030,000		2,196,114
Metropolitan Nashville Airport Authority
Series B 5.50% 7/1/52 (AMT)		1,500,000		1,605,600
Metropolitan Transportation Authority Revenue, New York
Subordinate Series C-1 5.25% 11/15/55		5,000,000		5,122,100
New York State Thruway Authority
Series B 3.00% 1/1/53 (BAM)		3,410,000		2,413,734
New York Transportation Development Special Facilities Revenue
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project)
4.375% 10/1/45 (AMT)		16,840,000		15,318,338
5.00% 10/1/40 (AMT)		3,400,000		3,395,886
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/41 (AMT)		4,920,000		5,019,630
Pennsylvania Turnpike Commission Revenue
Series C 3.00% 12/1/51		1,700,000		1,228,539
Phoenix, Arizona Civic Improvement
(Junior Lien)
Series A 5.00% 7/1/40		30,000		30,643
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		1,175,282
Port of Seattle, Washington Intermediate Lien Revenue
(Private Activity)
Series B 4.00% 8/1/47 (AMT)		2,250,000		1,984,995
Series B 5.50% 8/1/47 (AMT)		3,000,000		3,228,630
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		10,000,000		9,275,000

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
San Diego County, California Regional Airport Authority
Series B 4.00% 7/1/56 (AMT)		3,000,000	$	2,630,280
South Jersey Port, New Jersey
(Subordinated Marine Terminal Revenue)
Series B 5.00% 1/1/48 (AMT)		2,000,000		2,012,880
Texas Private Activity Bond Surface Transportation Corporate Senior Lien
(NTE Mobility Partners Segments 3 LLC Segment 3C Project)
5.00% 6/30/58 (AMT)		23,780,000		23,390,721
				112,955,375
Water & Sewer Revenue Bonds — 2.80%
Chicago, Illinois Waterworks Revenue
(Second Lien)
5.00% 11/1/26		180,000		186,365
5.00% 11/1/28		30,000		31,154
Jefferson County, Alabama Sewer Revenue
(Senior Lien-Warrants)
Series A 5.50% 10/1/53 (AGM)		2,500,000		2,566,575
(Sub Lien-Warrants)
Series D 7.00% 10/1/51		5,000,000		5,334,150
King County, Washington Sewer Revenue
Series A 4.00% 1/1/52		5,000,000		4,656,250
New York City Municipal Water Finance Authority
Subseries AA-1 3.00% 6/15/51		5,800,000		4,245,948
Subseries BB-1 3.00% 6/15/44		8,750,000		6,819,663
Tampa, Florida Water & Wastewater System Revenue
(Green Bonds)
Series A 5.25% 10/1/57		15,000,000		16,823,550
Texas Water Development Board
4.00% 10/15/46		10,000,000		9,566,200
(Master Trust)
Series B 5.00% 4/15/31		5,240,000		5,841,185
				56,071,040
Total Municipal Bonds (cost $2,080,968,367)				1,934,826,124

Table of Contents

	Principal amount°		Value (US $)
Short-Term Investments — 2.51%
Variable Rate Demand Notes — 2.51%¤
California Statewide Communities Development Authority Revenue
(Rady Children’s Hospital - San Diego)
Series B 1.85% 8/15/47
(LOC - Wells Fargo Bank, N.A.)		2,800,000	$	2,800,000
Colorado Educational & Cultural Facilities Authority Revenue
Series F-2 2.50% 7/1/41
(LOC - TD Bank N.A.)		1,920,000		1,920,000
Los Angeles, California Department of Water & Power Revenue
Series A-2 1.55% 7/1/45
(SPA - Barclays Bank)		900,000		900,000
Massachusetts Development Finance Agency Revenue
Series U-6E 2.40% 10/1/42
(LOC - TD Bank N.A.)		3,500,000		3,500,000
Metropolitan Washington, D.C. Airports Authority
Series D-2 2.45% 10/1/39
(LOC - TD Bank N.A.)		950,000		950,000
Mississippi Business Finance Gulf Opportunity Zone Industrial Development Revenue
(Chevron U.S.A Inc Project)
Series C 2.55% 12/1/30		1,000,000		1,000,000
Series C 2.55% 12/1/30		200,000		200,000
Series E 2.55% 12/1/30		1,550,000		1,550,000
Series F 2.55% 12/1/30		950,000		950,000
Series H 2.55% 11/1/35		700,000		700,000
New York City Municipal Water Finance Authority
Fiscal 2023 Subseries BB-2 2.55% 6/15/44
(SPA - Mizuho Bank)		10,500,000		10,500,000
Series BB 2.55% 6/15/33
(SPA - Bank of America N.A)		1,900,000		1,900,000
(General Resolution)
Series DD-1 2.45% 6/15/43
(SPA - TD Bank, N.A.)		7,300,000		7,300,000
New York City, New York
Fiscal 2014 Subordinate
Series D-4 2.45% 8/1/40
(LOC - TD Bank, N.A.)		500,000		500,000
Fiscal 2018 Subordinate
Series E-5 2.45% 3/1/48
(LOC - TD Bank, N.A.)		2,100,000		2,100,000
Phoenix, Arizona Industrial Development Authority
(Mayo Clinic)
Series B 2.60% 11/15/52
(SPA - Northern Trust)		900,000		900,000
University of Michigan
(General Revenue)
Series D-1 2.55% 12/1/24		2,465,000		2,465,000

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
University of North Carolina Hospitals at Chapel Hill
Series A 2.50% 2/15/31
(SPA - TD Bank N.A.)		4,025,000	$	4,025,000
Series B 2.50% 2/15/31
(SPA - TD Bank N.A.)		6,115,000		6,115,000
Total Short-Term Investments (cost $50,275,000)				50,275,000
Total Value of Securities—99.23%
(cost $2,131,243,367)			$	1,985,101,124

	°	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, 2023, the aggregate value of Rule 144A securities was $478,317,527, which represents 23.91% of the Fund’s net assets. See Note 7 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, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	~	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, 2023.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

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AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

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Statements of assets and liabilities

February 28, 2023 (Unaudited)

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Assets:
Investments, at value*	$	715,671,551		$	1,067,896,851		$	1,985,101,124
Cash		3,224,709			186,501			—
Interest receivable		6,993,954			11,303,246			20,812,050
Receivable for securities sold		4,457,101			—			—
Receivable for fund shares sold		1,012,147			5,490,688			6,969,985
Prepaid expenses		261,261			203,775			306,985
Other assets		7,206			8,545			12,692
Total Assets		731,627,929			1,085,089,606			2,013,202,836
Liabilities:
Due to custodian		—			—			3,474,075
Payable for fund shares redeemed		6,025,381			1,591,007			6,824,513
Payable for securities purchased		4,392,009			2,693,154			—
Other accrued expenses		567,317			564,263			594,059
Distribution payable		252,150			356,715			926,326
Investment management fees payable to affiliates		110,890			149,456			668,925
Distribution fees payable to affiliates		100,887			88,376			91,816
Administration expenses payable to affiliates		58,594			69,079			95,831
Total Liabilities		11,507,228			5,512,050			12,675,545
Total Net Assets	$	720,120,701		$	1,079,577,556		$	2,000,527,291

Net Assets Consist of:
Paid-in capital	$	821,751,775		$	1,174,406,744		$	2,204,137,758
Total distributable earnings (loss)		(101,631,074	)		(94,829,188	)		(203,610,467	)
Total Net Assets	$	720,120,701		$	1,079,577,556		$	2,000,527,291

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

Class A:
Net assets		$	482,937,205		$	428,933,387		$	296,968,645
Shares of beneficial interest outstanding, unlimited authorization, no par			48,016,860			40,060,296			30,320,588
Net asset value per share		$	10.06		$	10.71		$	9.79
Sales charge			4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.53		$	11.01		$	10.25

Class C:
Net assets		$	7,192,942		$	5,622,549		$	43,215,808
Shares of beneficial interest outstanding, unlimited authorization, no par			715,044			525,605			4,394,902
Net asset value per share		$	10.06		$	10.70		$	9.83

Institutional Class:
Net assets		$	229,990,554		$	645,021,620		$	1,660,342,838
Shares of beneficial interest outstanding, unlimited authorization, no par			22,684,432			59,673,321			167,954,163
Net asset value per share		$	10.14		$	10.81		$	9.89

*	Investments, at cost	$	762,906,012		$	1,103,444,341		$	2,131,243,367

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

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Statements of operations

Six months ended February 28, 2023 (Unaudited)

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Investment Income:
Interest	$	17,109,439		$	21,557,317		$	50,121,614

Expenses:
Management fees		1,957,990			2,569,965			4,557,360
Distribution expenses — Class A		616,786			542,837			336,586
Distribution expenses — Class C		38,863			30,045			216,326
Dividend disbursing and transfer agent fees and expenses		394,968			489,725			757,904
Accounting and administration expenses		73,397			94,112			143,518
Registration fees		40,234			53,127			61,021
Legal fees		30,127			33,447			49,037
Reports and statements to shareholders expenses		29,715			29,286			40,868
Trustees’ fees and expenses		20,636			25,545			37,081
Audit and tax fees		20,379			20,379			20,379
Custodian fees		15,218			18,057			24,303
Other		37,549			41,434			50,186
		3,275,862			3,947,959			6,294,569
Less expenses waived		(601,883	)		(725,250	)		(159,884	)
Less expenses paid indirectly		(121	)		(108	)		(16	)
Total operating expenses		2,673,858			3,222,601			6,134,669
Net Investment Income (Loss)		14,435,581			18,334,716			43,986,945

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(18,237,357	)		(17,648,427	)		(10,730,160	)
Net change in unrealized appreciation (depreciation) on investments		(20,182,702	)		(8,791,774	)		(87,635,906	)
Net Realized and Unrealized Gain (Loss)		(38,420,059	)		(26,440,201	)		(98,366,066	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(23,984,478	)	$	(8,105,485	)	$	(54,379,121	)

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

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Statements of changes in net assets

Delaware Tax-Free USA Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	14,435,581		$	28,748,280
Net realized gain (loss)		(18,237,357	)		(32,326,956	)
Net change in unrealized appreciation (depreciation)		(20,182,702	)		(135,309,676	)
Net increase (decrease) in net assets resulting from operations		(23,984,478	)		(138,888,352	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(9,775,121	)		(31,900,298	)
Class C		(124,098	)		(346,866	)
Institutional Class		(4,784,788	)		(11,084,625	)
		(14,684,007	)		(43,331,789	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		42,506,150			253,814,461
Class C		1,385,067			3,778,437
Institutional Class		116,723,367			339,475,248

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		8,766,236			29,634,976
Class C		120,802			338,804
Institutional Class		4,120,979			9,707,948
		173,622,601			636,749,874

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Statements of changes in net assets

Delaware Tax-Free USA Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(81,080,681	)	$	(558,816,551	)
Class C		(2,362,891	)		(3,819,203	)
Institutional Class		(243,822,991	)		(142,795,609	)
		(327,266,563	)		(705,431,363	)
Decrease in net assets derived from capital share transactions		(153,643,962	)		(68,681,489	)
Net Decrease in Net Assets		(192,312,447	)		(250,901,630	)

Net Assets:
Beginning of period		912,433,148			1,163,334,778
End of period	$	720,120,701		$	912,433,148

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

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Statements of changes in net assets

Delaware Tax-Free USA Intermediate Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	18,334,716		$	34,441,127
Net realized gain (loss)		(17,648,427	)		(38,294,341	)
Net change in unrealized appreciation (depreciation)		(8,791,774	)		(127,905,368	)
Net increase (decrease) in net assets resulting from operations		(8,105,485	)		(131,758,582	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(7,283,403	)		(14,242,426	)
Class C		(78,120	)		(149,437	)
Institutional Class		(11,161,214	)		(20,049,264	)
		(18,522,737	)		(34,441,127	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		38,409,233			45,547,114
Class C		832,616			2,873,486
Institutional Class		330,342,194			521,335,408

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,385,626			12,394,377
Class C		76,644			146,413
Institutional Class		9,978,894			17,674,611
		386,025,207			599,971,409

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Statements of changes in net assets

Delaware Tax-Free USA Intermediate Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(56,584,356	)	$	(99,996,602	)
Class C		(1,971,332	)		(2,610,271	)
Institutional Class		(290,493,297	)		(483,548,428	)
		(349,048,985	)		(586,155,301	)
Increase in net assets derived from capital share transactions		36,976,222			13,816,108
Net Increase (Decrease) in Net Assets		10,348,000			(152,383,601	)

Net Assets:
Beginning of period		1,069,229,556			1,221,613,157
End of period	$	1,079,577,556		$	1,069,229,556

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

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Statements of changes in net assets

Delaware National High-Yield Municipal Bond Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	43,986,945		$	73,710,021
Net realized gain (loss)		(10,730,160	)		(42,953,091	)
Net change in unrealized appreciation (depreciation)		(87,635,906	)		(225,036,921	)
Net increase (decrease) in net assets resulting from operations		(54,379,121	)		(194,279,991	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(6,998,280	)		(10,155,975	)
Class C		(963,262	)		(1,727,407	)
Institutional Class		(42,352,108	)		(63,585,989	)
		(50,313,650	)		(75,469,371	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		100,553,182			132,767,302
Class C		10,447,096			11,602,221
Institutional Class		1,101,325,817			1,068,879,793

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,459,453			9,284,028
Class C		910,050			1,640,114
Institutional Class		36,689,460			53,416,421
		1,256,385,058			1,277,589,879

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Statements of changes in net assets

Delaware National High-Yield Municipal Bond Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(56,888,537	)	$	(89,531,641	)
Class C		(12,012,801	)		(17,118,633	)
Institutional Class		(935,017,945	)		(807,206,556	)
		(1,003,919,283	)		(913,856,830	)
Increase in net assets derived from capital share transactions		252,465,775			363,733,049
Net Increase in Net Assets		147,773,004			93,983,687

Net Assets:
Beginning of period		1,852,754,287			1,758,770,600
End of period	$	2,000,527,291		$	1,852,754,287

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

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Financial highlights

Delaware Tax-Free USA Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.51		$	12.56		$	11.94		$	11.96		$	11.44		$	11.70


	0.20			0.33			0.36			0.38			0.41			0.42
	(0.45	)		(1.88	)		0.70			0.01			0.52			(0.26	)
	(0.25	)		(1.55	)		1.06			0.39			0.93			0.16


	(0.20	)		(0.33	)		(0.36	)		(0.38	)		(0.41	)		(0.42	)
	—			(0.17	)		(0.08	)		(0.03	)		—	³		—
	(0.20	)		(0.50	)		(0.44	)		(0.41	)		(0.41	)		(0.42	)

$	10.06		$	10.51		$	12.56		$	11.94		$	11.96		$	11.44

	(2.37	)%		(12.65	)%		9.03	%		3.44	%		8.35	%		1.44	%


$	482,937		$	534,749		$	944,054		$	478,671		$	472,153		$	481,117
	0.80	%		0.80	%		0.82	%		0.81	%		0.81	%		0.81	%
	0.96	%		0.91	%		0.92	%		0.95	%		0.95	%		0.96	%
	3.86	%		2.82	%		2.84	%		3.24	%		3.55	%		3.66	%
	3.70	%		2.71	%		2.74	%		3.10	%		3.41	%		3.51	%
	34	%		71	%		40	%		77	%		43	%		42	%

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Financial highlights

Delaware Tax-Free USA Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.51		$	12.56		$	11.94		$	11.96		$	11.44		$	11.70


	0.16			0.24			0.26			0.29			0.32			0.34
	(0.45	)		(1.88	)		0.70			0.01			0.52			(0.26	)
	(0.29	)		(1.64	)		0.96			0.30			0.84			0.08


	(0.16	)		(0.24	)		(0.26	)		(0.29	)		(0.32	)		(0.34	)
	—			(0.17	)		(0.08	)		(0.03	)		—	³		—
	(0.16	)		(0.41	)		(0.34	)		(0.32	)		(0.32	)		(0.34	)

$	10.06		$	10.51		$	12.56		$	11.94		$	11.96		$	11.44

	(2.74	)%		(13.31	)%		8.22	%		2.66	%		7.55	%		0.68	%


$	7,193		$	8,366		$	9,834		$	10,778		$	16,051		$	18,808
	1.55	%		1.55	%		1.57	%		1.56	%		1.56	%		1.56	%
	1.71	%		1.66	%		1.67	%		1.70	%		1.70	%		1.71	%
	3.11	%		2.07	%		2.09	%		2.49	%		2.80	%		2.91	%
	2.95	%		1.96	%		1.99	%		2.35	%		2.66	%		2.76	%
	34	%		71	%		40	%		77	%		43	%		42	%

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Financial highlights

Delaware Tax-Free USA Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.59		$	12.66		$	12.03		$	12.05		$	11.52		$	11.79


	0.21			0.36			0.39			0.41			0.44			0.45
	(0.45	)		(1.90	)		0.71			0.01			0.53			(0.27	)
	(0.24	)		(1.54	)		1.10			0.42			0.97			0.18


	(0.21	)		(0.36	)		(0.39	)		(0.41	)		(0.44	)		(0.45	)
	—			(0.17	)		(0.08	)		(0.03	)		—	³		—
	(0.21	)		(0.53	)		(0.47	)		(0.44	)		(0.44	)		(0.45	)

$	10.14		$	10.59		$	12.66		$	12.03		$	12.05		$	11.52

	(2.22	)%		(12.48	)%		9.34	%		3.70	%		8.68	%		1.61	%


$	229,991		$	369,318		$	209,447		$	135,801		$	134,112		$	77,396
	0.55	%		0.55	%		0.57	%		0.56	%		0.56	%		0.56	%
	0.71	%		0.66	%		0.67	%		0.70	%		0.70	%		0.71	%
	4.11	%		3.07	%		3.09	%		3.49	%		3.80	%		3.91	%
	3.95	%		2.96	%		2.99	%		3.35	%		3.66	%		3.76	%
	34	%		71	%		40	%		77	%		43	%		42	%

Table of Contents

Financial highlights

Delaware Tax-Free USA Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

100

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.01		$	12.63		$	12.26		$	12.28		$	11.76		$	12.06


	0.18			0.33			0.33			0.35			0.37			0.37
	(0.30	)		(1.62	)		0.37			(0.02	)		0.52			(0.30	)
	(0.12	)		(1.29	)		0.70			0.33			0.89			0.07


	(0.18	)		(0.33	)		(0.33	)		(0.35	)		(0.37	)		(0.37	)
	(0.18	)		(0.33	)		(0.33	)		(0.35	)		(0.37	)		(0.37	)

$	10.71		$	11.01		$	12.63		$	12.26		$	12.28		$	11.76

	(1.08	)%		(10.33	)%		5.79	%		2.76	%		7.71	%		0.57	%


$	428,933		$	452,772		$	564,932		$	106,135		$	123,691		$	136,653
	0.75	%		0.71	%		0.65	%		0.65	%		0.65	%		0.71	%
	0.89	%		0.87	%		0.88	%		0.91	%		0.91	%		0.92	%
	3.32	%		2.80	%		2.64	%		2.87	%		3.11	%		3.10	%
	3.18	%		2.64	%		2.41	%		2.61	%		2.85	%		2.89	%
	23	%		59	%		23	%		27	%		25	%		32	%

101

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Financial highlights

Delaware Tax-Free USA Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.00		$	12.62		$	12.25		$	12.27		$	11.75		$	12.05


	0.14			0.24			0.23			0.24			0.27			0.27
	(0.30	)		(1.62	)		0.37			(0.02	)		0.52			(0.30	)
	(0.16	)		(1.38	)		0.60			0.22			0.79			(0.03	)


	(0.14	)		(0.24	)		(0.23	)		(0.24	)		(0.27	)		(0.27	)
	(0.14	)		(0.24	)		(0.23	)		(0.24	)		(0.27	)		(0.27	)

$	10.70		$	11.00		$	12.62		$	12.25		$	12.27		$	11.75

	(1.46	)%		(11.04	)%		4.90	%		1.89	%		6.81	%		(0.28	)%


$	5,623		$	6,872		$	7,497		$	11,864		$	22,874		$	28,002
	1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.56	%
	1.64	%		1.62	%		1.63	%		1.66	%		1.66	%		1.67	%
	2.57	%		2.01	%		1.79	%		2.02	%		2.26	%		2.25	%
	2.43	%		1.89	%		1.66	%		1.86	%		2.10	%		2.14	%
	23	%		59	%		23	%		27	%		25	%		32	%

103

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Financial highlights

Delaware Tax-Free USA Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.11		$	12.75		$	12.38		$	12.40		$	11.87		$	12.17


	0.19			0.36			0.35			0.37			0.39			0.39
	(0.30	)		(1.64	)		0.37			(0.02	)		0.53			(0.30	)
	(0.11	)		(1.28	)		0.72			0.35			0.92			0.09


	(0.19	)		(0.36	)		(0.35	)		(0.37	)		(0.39	)		(0.39	)
	(0.19	)		(0.36	)		(0.35	)		(0.37	)		(0.39	)		(0.39	)

$	10.81		$	11.11		$	12.75		$	12.38		$	12.40		$	11.87

	(0.94	)%		(10.17	)%		5.92	%		2.92	%		7.92	%		0.75	%


$	645,022		$	609,586		$	649,184		$	453,727		$	399,830		$	377,445
	0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.56	%
	0.64	%		0.62	%		0.63	%		0.66	%		0.66	%		0.67	%
	3.57	%		3.01	%		2.79	%		3.02	%		3.26	%		3.25	%
	3.43	%		2.89	%		2.66	%		2.86	%		3.10	%		3.14	%
	23	%		59	%		23	%		27	%		25	%		32	%

105

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Financial highlights

Delaware National High-Yield Municipal Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

106

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.35		$	12.04		$	11.15		$	11.48		$	11.00		$	11.05


	0.22			0.44			0.42			0.44			0.46			0.46
	(0.52	)		(1.67	)		0.91			(0.33	)		0.48			(0.05	)
	(0.30	)		(1.23	)		1.33			0.11			0.94			0.41


	(0.22	)		(0.43	)		(0.42	)		(0.44	)		(0.46	)		(0.46	)
	(0.04	)		(0.03	)		(0.02	)		—			—			—
	(0.26	)		(0.46	)		(0.44	)		(0.44	)		(0.46	)		(0.46	)

$	9.79		$	10.35		$	12.04		$	11.15		$	11.48		$	11.00

	(2.90	)%		(10.49	)%		12.12	%		1.06	%		8.81	%		3.80	%


$	296,969		$	261,839		$	247,542		$	182,214		$	208,549		$	200,493
	0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
	0.87	%		0.88	%		0.88	%		0.91	%		0.90	%		0.91	%
	4.54	%		3.94	%		3.65	%		3.99	%		4.22	%		4.19	%
	4.52	%		3.91	%		3.62	%		3.93	%		4.17	%		4.13	%
	11	%		56	%		16	%		44	%		33	%		19	%

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Financial highlights

Delaware National High-Yield Municipal Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.39		$	12.09		$	11.20		$	11.52		$	11.04		$	11.09


	0.18			0.35			0.33			0.36			0.38			0.38
	(0.52	)		(1.67	)		0.91			(0.32	)		0.48			(0.05	)
	(0.34	)		(1.32	)		1.24			0.04			0.86			0.33


	(0.18	)		(0.35	)		(0.33	)		(0.36	)		(0.38	)		(0.38	)
	(0.04	)		(0.03	)		(0.02	)		—			—			—
	(0.22	)		(0.38	)		(0.35	)		(0.36	)		(0.38	)		(0.38	)

$	9.83		$	10.39		$	12.09		$	11.20		$	11.52		$	11.04

	(3.24	)%		(11.18	)%		11.25	%		0.41	%		7.98	%		3.03	%


$	43,215		$	46,410		$	58,285		$	68,993		$	91,184		$	92,155
	1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	1.62	%		1.63	%		1.63	%		1.66	%		1.65	%		1.66	%
	3.79	%		3.19	%		2.90	%		3.24	%		3.47	%		3.44	%
	3.77	%		3.16	%		2.87	%		3.18	%		3.42	%		3.38	%
	11	%		56	%		16	%		44	%		33	%		19	%

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Financial highlights

Delaware National High-Yield Municipal Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.45		$	12.15		$	11.26		$	11.58		$	11.10		$	11.15


	0.23			0.47			0.45			0.47			0.49			0.49
	(0.52	)		(1.68	)		0.91			(0.32	)		0.48			(0.05	)
	(0.29	)		(1.21	)		1.36			0.15			0.97			0.44


	(0.23	)		(0.46	)		(0.45	)		(0.47	)		(0.49	)		(0.49	)
	(0.04	)		(0.03	)		(0.02	)		—			—			—
	(0.27	)		(0.49	)		(0.47	)		(0.47	)		(0.49	)		(0.49	)

$	9.89		$	10.45		$	12.15		$	11.26		$	11.58		$	11.10

	(2.73	)%		(10.22	)%		12.32	%		1.44	%		9.03	%		4.07	%


$	1,660,343		$	1,544,505		$	1,452,944		$	1,095,548		$	1,141,973		$	1,017,167
	0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
	0.62	%		0.63	%		0.63	%		0.66	%		0.65	%		0.66	%
	4.79	%		4.19	%		3.90	%		4.24	%		4.47	%		4.44	%
	4.77	%		4.16	%		3.87	%		4.18	%		4.42	%		4.38	%
	11	%		56	%		16	%		44	%		33	%		19	%

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Notes to financial statements

Delaware Funds by Macquarie^®national tax-free funds

February 28, 2023 (Unaudited)

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

1. Significant Accounting Policies

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

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

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2023, and for all open tax years (years ended August 31, 2019 – August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2023, the Funds did not incur any interest or tax penalties.

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

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

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

1. Significant Accounting Policies (continued)

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

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

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

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

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, 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

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average daily net assets from September 1, 2022 through February 28, 2023.* These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	20,004
Delaware Tax-Free USA Intermediate Fund		26,596
Delaware National High-Yield Municipal Bond Fund		36,518

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	142,931
Delaware Tax-Free USA Intermediate Fund		252,320

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

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

Fund		Fees
Delaware National High-Yield Municipal Bond Fund		$	644,220

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

Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.

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, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	9,662
Delaware Tax-Free USA Intermediate Fund		12,556
Delaware National High-Yield Municipal Bond Fund		20,412

For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax-Free USA Fund	$	8,035
Delaware Tax-Free USA Intermediate Fund		2,643

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Fund		Class A
Delaware National High-Yield Municipal Bond Fund		$	6,233

For the six months ended February 28, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A		Class C
Delaware Tax-Free USA Fund	$	31,544	$	156
Delaware Tax-Free USA Intermediate Fund		1,504		427
Delaware National High-Yield Municipal Bond Fund		22,891		1,192

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

Cross trades for the six months ended February 28, 2023, were executed by each Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended February 28, 2023, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

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

Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund did not have any realized gains (losses) during the six months ended February 28, 2023.

The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023.

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

3. Investments

For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free USA Fund	$	251,784,414	$	377,401,178
Delaware Tax-Free USA Intermediate Fund		276,977,176		231,335,804
Delaware National High-Yield Municipal Bond Fund		427,832,008		207,179,356

At February 28, 2023, 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, 2023, 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
Delaware Tax-Free USA Fund	$	762,906,012	$	8,280,603	$	(55,515,064	)	$	(47,234,461	)
Delaware Tax-Free USA Intermediate Fund		1,103,444,341		15,491,134		(51,038,624	)		(35,547,490	)
Delaware National High-Yield Municipal Bond Fund		2,125,584,012		36,910,543		(177,393,431	)		(140,482,888	)

At August 31, 2022, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free USA Fund	$	30,578,460	$	—	$	30,578,460
Delaware Tax-Free USA Intermediate Fund		39,375,633		1,482,641		40,858,274

At August 31, 2022, there were no capital loss carryforwards for Delaware National High-Yield Municipal Bond Fund.

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

Level 1 −

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

Level 2 −

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

Level 3 −

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

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

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2023:

	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	713,171,551
Short-Term Investments		2,500,000
Total Value of Securities	$	715,671,551

	Delaware Tax-Free USA Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	1,054,121,851
Short-Term Investments		13,775,000
Total Value of Securities	$	1,067,896,851

	Delaware National High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	1,934,826,124
Short-Term Investments		50,275,000
Total Value of Securities	$	1,985,101,124

During the six months ended February 28, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2023, there were no Level 3 investments.

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4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free USA Fund						Delaware Tax-Free USA Intermediate Fund						Delaware National High-Yield Municipal Bond Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	2/28/23			8/31/22			2/28/23			8/31/22			2/28/23			8/31/22
Shares sold:
Class A		4,252,884			21,643,136			3,605,604			3,867,874			10,152,427			12,029,757
Class C		137,969			317,604			77,528			239,606			1,049,865			1,024,094
Institutional Class		11,385,399			30,397,160			30,817,789			44,237,789			110,916,555			97,284,036

Shares issued upon reinvestment of dividends and distributions:
Class A		877,890			2,523,875			599,463			1,056,330			660,535			833,394
Class C		12,096			28,962			7,208			12,554			92,770			146,115
Institutional Class		409,568			833,445			927,610			1,495,970			3,718,274			4,757,740
		17,075,806			55,744,182			36,035,202			50,910,123			126,590,426			116,075,136

Shares redeemed:
Class A		(8,016,921	)		(48,417,109	)		(5,285,389	)		(8,512,381	)		(5,789,677	)		(8,128,802	)
Class C		(231,230	)		(333,039	)		(184,131	)		(221,305	)		(1,214,053	)		(1,526,414	)
Institutional Class		(23,984,239	)		(12,898,965	)		(26,942,604	)		(41,779,806	)		(94,533,229	)		(73,781,566	)
		(32,232,390	)		(61,649,113	)		(32,412,124	)		(50,513,492	)		(101,536,959	)		(83,436,782	)

Net increase (decrease)		(15,156,584	)		(5,904,931	)		3,623,078			396,631			25,053,467			32,638,354

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:

	Exchange Redemptions						Exchange Subscriptions
					Institutional				Institutional
	Class A		Class C		Class		Class A		Class
	Shares		Shares		Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund
Six months ended
2/28/23		354,489		5,622		—		5,636		351,685	$	3,791,892
Year ended
8/31/22		11,172		6,613		—		6,620		11,085		201,168

Delaware Tax-Free USA Intermediate Fund
Six months ended
2/28/23		80,816		617		—		616		80,056		899,938
Year ended
8/31/22		18,956		1,239		—		1,238		18,791		244,139

Delaware National High-Yield Municipal Bond Fund
Six months ended
2/28/23		486,947		5,948		19,341		21,243		487,207		5,255,474
Year ended
8/31/22		55,160		45,255		—		11,151		88,682		1,181,043

5. Line of Credit

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

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allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.

6. Securities Lending

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

Cash collateral received by the 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. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and

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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

6. Securities Lending (continued)

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

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

During the six months ended February 28, 2023, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 28, 2023, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

7. Geographic, Credit, and Market Risks

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial

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

The Funds concentrate their investments in securities issued by municipalities, 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, 2023, Delaware Tax-Free USA Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico, which constituted approximately 13.31% and 20.04%, respectively, of the Fund’s net assets. As of February 28, 2023, Delaware 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 10.55%, 17.52%, and 10.38%, respectively, of the Fund’s net assets. As of February 28, 2023, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 11.08%, 10.37%, and 14.70%, respectively, the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

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 United States, 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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Notes to financial statements

Delaware Funds by Macquarie^® national tax-free funds

7. 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 not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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

Bonds are considered “pre-refunded” when the refunding 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.

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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.”

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.

10. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and exchange-traded funds (ETFs); and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^® national tax-free funds

Form N-PORT and proxy voting information

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

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

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	Semiannual report


Fixed income mutual funds Delaware Tax-Free Minnesota Fund Delaware Tax-Free Minnesota Intermediate Fund Delaware Minnesota High-Yield Municipal Bond Fund February 28, 2023















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

Table of Contents

Experience Delaware Funds by Macquarie^®

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		4
Schedules of investments		7
Statements of assets and liabilities		46
Statements of operations		48
Statements of changes in net assets		50
Financial highlights		56
Notes to financial statements		74
Other Fund information		88

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

Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.

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

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

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

Table of Contents

Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.

Actual expenses

Hypothetical example for comparison purposes

Table of Contents

Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Delaware Tax-Free Minnesota Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	990.10	0.85%	$4.19
Class C		1,000.00		986.50	1.60%	7.88
Institutional Class		1,000.00		991.30	0.60%	2.96
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.58	0.85%	$4.26
Class C		1,000.00		1,016.86	1.60%	8.00
Institutional Class		1,000.00		1,021.82	0.60%	3.01

Delaware Tax-Free Minnesota Intermediate Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	998.80	0.81%	$4.01
Class C		1,000.00		995.10	1.56%	7.72
Institutional Class		1,000.00		1,001.00	0.56%	2.78
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.78	0.81%	$4.06
Class C		1,000.00		1,017.06	1.56%	7.80
Institutional Class		1,000.00		1,022.02	0.56%	2.81

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Delaware Minnesota High-Yield Municipal Bond Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	985.60	0.87%	$4.28
Class C		1,000.00		982.00	1.62%	7.96
Institutional Class		1,000.00		987.80	0.62%	3.06
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.48	0.87%	$4.36
Class C		1,000.00		1,016.76	1.62%	8.10
Institutional Class		1,000.00		1,021.72	0.62%	3.11

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

Table of Contents

Security type / sector / state / territory allocations

Delaware Tax-Free Minnesota Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.63	%
Corporate Revenue Bond	0.14	%
Education Revenue Bonds	20.78	%
Electric Revenue Bonds	8.37	%
Healthcare Revenue Bonds	29.64	%
Housing Revenue Bonds	0.50	%
Industrial Development Revenue/Pollution Control Revenue Bonds	1.98	%
Lease Revenue Bonds	1.99	%
Local General Obligation Bonds	13.15	%
Pre-Refunded/Escrowed to Maturity Bonds	2.19	%
Special Tax Revenue Bonds	4.66	%
State General Obligation Bonds	7.82	%
Transportation Revenue Bonds	5.90	%
Water & Sewer Revenue Bonds	1.51	%
Short-Term Investments	0.54	%
Total Value of Securities	99.17	%
Receivables and Other Assets Net of Liabilities	0.83	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Minnesota	93.69	%
Puerto Rico	5.48	%
Total Value of Securities	99.17	%

Table of Contents

Security type / sector / state / territory allocations

Delaware Tax-Free Minnesota Intermediate Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.42	%
Education Revenue Bonds	15.80	%
Electric Revenue Bonds	6.40	%
Healthcare Revenue Bonds	30.82	%
Housing Revenue Bonds	0.66	%
Industrial Development Revenue/Pollution Control Revenue Bond	1.80	%
Lease Revenue Bonds	2.85	%
Local General Obligation Bonds	21.56	%
Pre-Refunded/Escrowed to Maturity Bonds	0.42	%
Special Tax Revenue Bonds	3.10	%
State General Obligation Bonds	8.65	%
Transportation Revenue Bonds	4.67	%
Water & Sewer Revenue Bonds	1.69	%
Total Value of Securities	98.42	%
Receivables and Other Assets Net of Liabilities	1.58	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Minnesota	95.17	%
Puerto Rico	3.25	%
Total Value of Securities	98.42	%

Table of Contents

Security type / sector / state / territory allocations

Delaware Minnesota High-Yield Municipal Bond Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	95.82	%
Corporate Revenue Bond	0.41	%
Education Revenue Bonds	25.29	%
Electric Revenue Bonds	3.82	%
Healthcare Revenue Bonds	34.58	%
Housing Revenue Bonds	1.52	%
Industrial Development Revenue/Pollution Control Revenue Bond	2.30	%
Lease Revenue Bonds	2.27	%
Local General Obligation Bonds	7.52	%
Pre-Refunded/Escrowed to Maturity Bonds	2.08	%
Special Tax Revenue Bonds	5.20	%
State General Obligation Bonds	5.84	%
Transportation Revenue Bonds	4.04	%
Water & Sewer Revenue Bonds	0.95	%
Short-Term Investments	1.72	%
Total Value of Securities	97.54	%
Receivables and Other Assets Net of Liabilities	2.46	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Minnesota	92.48	%
Puerto Rico	5.06	%
Total Value of Securities	97.54	%

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.63%
Corporate Revenue Bond — 0.14%
Cottonwood Revenue
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) #		1,000,000	$	735,370
				735,370
Education Revenue Bonds — 20.78%
Bethel Charter School Lease Revenue
(Spectrum High School Project)
Series A 4.00% 7/1/32		840,000		750,070
Series A 4.25% 7/1/47		1,550,000		1,190,369
Series A 4.375% 7/1/52		400,000		304,056
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project)
Series A 5.00% 3/1/34		2,260,000		2,135,565
Series A 5.00% 3/1/39		385,000		350,550
Cologne Charter School Lease Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/34		250,000		242,410
Series A 5.00% 7/1/45		1,705,000		1,565,241
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/50		2,000,000		2,000,680
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project)
Series A 5.00% 11/1/38		700,000		657,916
Series A 5.00% 11/1/48		2,800,000		2,485,560
Duluth Independent School District No. 709 Certificates of Participation
Series B 5.00% 2/1/28		350,000		378,511
Forest Lake Charter School Lease Revenue
(Lakes International Language Academy Project)
Series A 5.25% 8/1/43		400,000		385,900
Series A 5.375% 8/1/50		1,690,000		1,623,228
Series A 5.50% 8/1/36		580,000		582,389
Series A 5.75% 8/1/44		1,190,000		1,193,606
Ham Lake Charter School Lease Revenue
(Davinci Academy Project)
Series A 5.00% 7/1/36		765,000		744,628
Series A 5.00% 7/1/47		2,290,000		2,052,527
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/34		580,000		565,755

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/44		2,545,000	$	2,332,365
Minneapolis Charter School Lease Revenue
(Cyber Village Academy Project)
Series A 5.25% 6/1/42		750,000		714,158
Series A 5.50% 6/1/57		500,000		474,890
(Hiawatha Academies Project)
Series A 144A 5.00% 7/1/32 #		300,000		288,084
Series A 144A 5.375% 7/1/42 #		880,000		821,295
Series A 144A 5.50% 7/1/52 #		1,440,000		1,322,525
Series A 144A 5.50% 7/1/57 #		1,120,000		1,016,310
Minneapolis Student Housing Revenue
(Riverton Community Housing Project)
5.25% 8/1/39		470,000		471,180
5.50% 8/1/49		2,260,000		2,266,260
Minnesota Higher Education Facilities Authority Revenue
Series A 5.00% 10/1/32		715,000		763,112
(Bethel University)
5.00% 5/1/37		2,750,000		2,605,350
5.00% 5/1/47		250,000		219,453
(Carleton College)
4.00% 3/1/35		1,000,000		1,021,370
4.00% 3/1/36		415,000		420,756
5.00% 3/1/44		1,275,000		1,344,755
(College of St. Benedict)
Series 8-K 4.00% 3/1/43		1,000,000		902,210
(College of St. Scholastica)
4.00% 12/1/29		280,000		274,506
4.00% 12/1/30		290,000		283,202
4.00% 12/1/33		500,000		477,695
4.00% 12/1/34		500,000		471,655
4.00% 12/1/40		1,200,000		1,045,032
(Gustavus Adolphus College)
5.00% 10/1/47		6,600,000		6,735,630
(St. Catherine University)
Series A 4.00% 10/1/36		925,000		898,730
Series A 5.00% 10/1/35		875,000		920,281
Series A 5.00% 10/1/45		2,120,000		2,161,467
(St. John’s University)
Series 8-I 5.00% 10/1/32		500,000		520,400

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue
(St. John’s University)
Series 8-I 5.00% 10/1/33		250,000	$	259,933
(St. Olaf College)
3.00% 10/1/38		1,000,000		840,070
4.00% 10/1/50		565,000		519,766
Series 8-G 5.00% 12/1/31		670,000		696,499
Series 8-G 5.00% 12/1/32		670,000		696,318
Series 8-N 4.00% 10/1/35		500,000		502,730
(Trustees of the Hamline University)
Series B 5.00% 10/1/37		955,000		967,272
Series B 5.00% 10/1/38		1,000,000		1,010,700
Series B 5.00% 10/1/39		940,000		948,733
Series B 5.00% 10/1/40		625,000		629,750
Series B 5.00% 10/1/47		1,060,000		1,063,487
(University of St. Thomas)
4.00% 10/1/36		1,450,000		1,452,654
4.00% 10/1/37		750,000		741,375
4.00% 10/1/44		1,800,000		1,676,088
5.00% 10/1/40		2,395,000		2,507,517
Series 8-L 5.00% 4/1/35		1,250,000		1,310,525
Series A 4.00% 10/1/34		400,000		407,008
Series A 4.00% 10/1/36		500,000		500,660
Series A 5.00% 10/1/35		1,720,000		1,869,330
Minnesota Office of Higher Education Revenue
(Senior Supplemental Student Loan Program)
2.65% 11/1/38 (AMT)		715,000		585,056
Minnesota State Colleges & Universities Revenue
Series A 5.00% 10/1/26		4,990,000		5,335,009
Otsego Charter School Lease Revenue
(Kaleidoscope Charter School)
Series A 5.00% 9/1/34		520,000		496,777
Series A 5.00% 9/1/44		1,165,000		1,030,431
St. Cloud Charter School Lease Revenue
(Stride Academy Project)
Series A 5.00% 4/1/46		875,000		644,201
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50		1,945,000		1,627,245
(Great River School Project)
Series A 144A 4.75% 7/1/29 #		210,000		207,054

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Great River School Project)
Series A 144A 5.50% 7/1/52 #		735,000	$	722,329
(Hmong College Preparatory Academy Project)
Series A 5.00% 9/1/43		250,000		231,272
Series A 5.75% 9/1/46		1,000,000		1,001,620
(Nova Classical Academy Project)
Series A 4.00% 9/1/36		500,000		433,515
Series A 4.125% 9/1/47		1,750,000		1,392,387
(Twin Cities Academy Project)
Series A 5.30% 7/1/45		1,440,000		1,352,074
University of Minnesota
Series A 5.00% 4/1/34		3,040,000		3,178,320
Series A 5.00% 9/1/34		1,125,000		1,224,349
Series A 5.00% 4/1/35		3,175,000		3,312,858
Series A 5.00% 4/1/36		2,650,000		2,763,500
Series A 5.00% 4/1/37		1,125,000		1,171,845
Series A 5.00% 11/1/39		5,880,000		6,462,414
Series A 5.00% 9/1/40		1,560,000		1,657,562
Series A 5.00% 9/1/41		750,000		796,845
Series A 5.00% 9/1/42		1,000,000		1,061,530
				105,270,240
Electric Revenue Bonds — 8.37%
Central Minnesota Municipal Power Agency Revenue
(Brookings - Southeast Twin Cities Transmission Project)
4.00% 1/1/42 (AGM)		340,000		331,554
Chaska Electric Revenue
(Generating Facilities)
Series A 5.00% 10/1/30		1,150,000		1,201,969
Minnesota Municipal Power Agency Electric Revenue
4.00% 10/1/41		1,000,000		973,200
5.00% 10/1/29		395,000		405,594
5.00% 10/1/30		500,000		513,255
5.00% 10/1/33		1,205,000		1,233,582
5.00% 10/1/47		2,000,000		2,071,420
Series A 5.00% 10/1/30		1,060,000		1,088,101
Series A 5.00% 10/1/34		750,000		767,790
Series A 5.00% 10/1/35		1,525,000		1,560,456

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Northern Municipal Power Agency Electric System Revenue
5.00% 1/1/27		540,000	$	565,731
5.00% 1/1/28		350,000		367,066
5.00% 1/1/28		210,000		224,513
5.00% 1/1/29		585,000		614,174
5.00% 1/1/29		220,000		235,384
5.00% 1/1/30		520,000		545,787
5.00% 1/1/31		200,000		213,106
5.00% 1/1/32		210,000		223,257
5.00% 1/1/35		160,000		168,760
5.00% 1/1/36		180,000		188,905
5.00% 1/1/41		400,000		412,516
Series A 5.00% 1/1/26		425,000		425,578
Series A 5.00% 1/1/31		520,000		520,645
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		430,000		299,925
Series AAA 5.25% 7/1/25 ‡		250,000		174,063
Series CCC 5.25% 7/1/27 ‡		1,875,000		1,307,812
Series WW 5.00% 7/1/28 ‡		1,775,000		1,233,625
Series WW 5.25% 7/1/33 ‡		1,250,000		878,125
Series XX 4.75% 7/1/26 ‡		260,000		180,050
Series XX 5.25% 7/1/40 ‡		750,000		526,875
Series XX 5.75% 7/1/36 ‡		925,000		654,437
Series ZZ 4.75% 7/1/27 ‡		210,000		145,425
Series ZZ 5.25% 7/1/24 ‡		350,000		243,688
Rochester Electric Utility Revenue
Series A 5.00% 12/1/42		1,395,000		1,450,214
Series A 5.00% 12/1/47		2,265,000		2,341,852
Southern Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/41		1,310,000		1,355,536
Series A 5.00% 1/1/42		1,500,000		1,608,150
Series A 5.00% 1/1/46		2,000,000		2,054,900
Series A 5.00% 1/1/47		3,130,000		3,334,326
(Capital Appreciation)
Series A 4.965% 1/1/25 (NATL) ^		5,000,000		4,678,100
St. Paul Housing & Redevelopment Authority
Series A 4.00% 10/1/30		1,235,000		1,275,175
Series A 4.00% 10/1/31		885,000		909,603
Series A 4.00% 10/1/33		365,000		372,734

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/30		1,000,000	$	1,133,470
(Red Rock Hydroelectric Project)
Series A 5.00% 1/1/49		1,300,000		1,378,325
				42,388,753
Healthcare Revenue Bonds — 29.64%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project)
5.375% 11/1/34		320,000		306,730
5.125% 11/1/49		1,100,000		919,160
Apple Valley Senior Housing Revenue
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)
4.00% 9/1/51		500,000		387,920
4.00% 9/1/61		500,000		368,620
(PHS Senior Housing, Inc. Orchard Path Project)
5.00% 9/1/43		465,000		451,645
5.00% 9/1/58		3,220,000		2,998,271
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
2nd Tier Series B 5.00% 1/1/47		1,640,000		953,037
2nd Tier Series B 5.25% 1/1/37		480,000		334,704
4th Tier Series D 7.00% 1/1/37		1,585,000		1,081,762
4th Tier Series D 7.25% 1/1/52		2,580,000		1,603,264
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48		2,350,000		1,898,588
Bethel Senior Housing Revenue
(The Lodge at the Lakes at Stillwater Project)
5.00% 6/1/38		450,000		409,176
5.00% 6/1/48		1,000,000		846,660
5.00% 6/1/53		2,450,000		2,015,958
Center City Health Care Facilities Revenue
(Hazelden Betty Ford Foundation Project)
4.00% 11/1/34		500,000		477,475
4.00% 11/1/41		2,000,000		1,792,680
4.50% 11/1/34		1,700,000		1,701,241
5.00% 11/1/24		600,000		610,404
5.00% 11/1/26		500,000		507,860

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Chatfield Healthcare & Housing Facilities Revenue
(Chosen Valley Care Center Project)
5.00% 9/1/44		500,000	$	414,790
Crookston Health Care Facilities Revenue
(Riverview Health Project)
5.00% 5/1/38		100,000		88,214
5.00% 5/1/44		1,500,000		1,272,075
5.00% 5/1/51		1,585,000		1,295,183
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/36 #		280,000		271,211
Series A 144A 5.00% 8/1/46 #		2,380,000		2,154,590
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38		730,000		641,021
Series A 5.00% 4/1/40		705,000		608,584
Series A 5.00% 4/1/48		315,000		255,906
Duluth Economic Development Authority Revenue
(Essentia Health Obligated Group)
Series A 4.25% 2/15/43		2,000,000		1,913,300
Series A 5.00% 2/15/53		2,850,000		2,879,925
Series A 5.00% 2/15/58		4,100,000		4,141,246
Series A 5.25% 2/15/58		7,250,000		7,430,960
(St. Luke’s Hospital of Duluth Obligated Group)
Series A 3.00% 6/15/44		850,000		582,760
Series A 4.00% 6/15/34		215,000		206,707
Series A 4.00% 6/15/36		590,000		547,390
Series A 4.00% 6/15/36		400,000		371,112
Series A 4.00% 6/15/37		380,000		345,960
Series A 4.00% 6/15/38		150,000		134,529
Series A 4.00% 6/15/39		150,000		132,894
Series B 5.25% 6/15/52		500,000		503,095
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/24		500,000		499,975
4.00% 4/1/25		660,000		651,987
4.00% 4/1/31		60,000		58,945
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
5.375% 8/1/34		660,000		569,593

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
5.75% 2/1/44		500,000	$	411,035
(St. John’s Lutheran Home of Albert Lea Project)
Series A 5.375% 10/1/44		400,000		262,772
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		2,000,000		1,839,640
5.00% 5/1/27		1,400,000		1,466,052
5.00% 5/1/29		1,000,000		1,047,060
5.00% 5/1/30		850,000		890,477
5.00% 5/1/31		500,000		522,865
5.00% 5/1/32		500,000		520,555
(North Memorial Health Care)
4.00% 9/1/35		350,000		331,121
5.00% 9/1/31		1,000,000		1,028,160
5.00% 9/1/32		1,000,000		1,025,350
Maple Plain Senior Housing & Health Care Revenue
(Haven Homes Project)
5.00% 7/1/54		3,500,000		2,852,465
Minneapolis Health Care System Revenue
(Allina Health System)
4.00% 11/15/40		4,500,000		4,347,000
(Fairview Health Services)
Series A 4.00% 11/15/48		5,600,000		4,922,232
Series A 5.00% 11/15/33		500,000		516,210
Series A 5.00% 11/15/34		500,000		514,910
Series A 5.00% 11/15/35		1,500,000		1,578,420
Series A 5.00% 11/15/44		1,000,000		1,011,230
Series A 5.00% 11/15/49		6,615,000		6,715,548
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project)
5.00% 11/1/35		500,000		456,455
5.25% 11/1/45		1,950,000		1,741,136
5.375% 11/1/50		455,000		407,798
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue
(Allina Health System)
Series A 5.00% 11/15/28		1,550,000		1,670,900
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48		3,230,000		3,238,689

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Rochester Health Care Facilities Revenue
(Mayo Clinic)
4.00% 11/15/39		7,850,000	$	7,979,996
5.00% 11/15/57		7,250,000		7,786,282
Series B 5.00% 11/15/36		1,950,000		2,277,678
Sartell Health Care & Housing Facilities Revenue
(Country Manor Campus LLC Project)
Series A 5.00% 9/1/32		1,000,000		944,990
Series A 5.00% 9/1/35		250,000		227,005
Series A 5.30% 9/1/37		1,200,000		1,112,832
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home)
5.125% 1/1/39		1,350,000		1,149,012
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31		915,000		915,558
5.00% 9/1/24		575,000		585,603
5.00% 9/1/25		750,000		763,477
5.00% 9/1/26		575,000		585,545
5.00% 9/1/27		405,000		412,403
5.00% 9/1/28		425,000		432,642
5.00% 9/1/29		425,000		432,591
5.00% 9/1/34		730,000		738,052
St. Cloud Health Care Revenue
(Centracare Health System Project)
4.00% 5/1/49		5,315,000		4,806,727
5.00% 5/1/48		4,690,000		4,787,552
Series A 4.00% 5/1/37		1,765,000		1,712,897
Series A 5.00% 5/1/46		5,275,000		5,368,156
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Amherst H. Wilder Foundation Project)
Series A 5.00% 12/1/30		300,000		306,351
(Episcopal Homes Project)
5.125% 5/1/48		3,100,000		2,571,729
(Fairview Health Services)
Series A 4.00% 11/15/43		2,450,000		2,208,920
Series A 5.00% 11/15/47		1,560,000		1,581,559
(HealthPartners Obligated Group Project)
Series A 5.00% 7/1/33		4,760,000		4,912,511

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Healthpartners Obligated Group)
Series A 5.00% 7/1/30		2,200,000	$	2,277,044
(Marian Center Project)
Series A 5.375% 5/1/43		500,000		414,740
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue
(Marian Center Project)
Series A 5.30% 11/1/30		500,000		465,035
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
3.75% 8/1/36		500,000		425,385
4.00% 8/1/44		800,000		641,440
5.00% 8/1/49		1,000,000		917,710
5.00% 8/1/54		875,000		791,779
West St. Paul Housing & Health Care Facilities Revenue
(Walker Westwood Ridge Campus Project)
4.50% 11/1/40		250,000		219,898
4.75% 11/1/52		750,000		632,557
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.125% 12/1/44		2,105,000		1,811,837
				150,152,680
Housing Revenue Bonds — 0.50%
Minnesota Housing Finance Agency
Series I 2.00% 7/1/40		630,000		462,136
Series I 2.20% 1/1/51		1,195,000		808,406
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program)
5.50% 7/1/45		1,330,000		1,269,073
				2,539,615
Industrial Development Revenue/Pollution Control Revenue Bonds — 1.98%
Minnesota Municipal Gas Agency Revenue
(Subordinate)
Series A 4.00% 12/1/52 ●		2,000,000		2,006,420
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 #		8,665,000		8,016,511
				10,022,931

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 1.99%
Hibbing Independent School District No. 701
Series A 3.00% 3/1/41		1,250,000	$	1,041,487
Minnesota General Fund Revenue
(Appropriations)
Series A 5.00% 6/1/38		1,250,000		1,252,425
Series A 5.00% 6/1/43		3,835,000		3,840,561
Minnesota Housing Finance Agency
(State Appropriation Housing Infrastructure)
Series A 4.00% 8/1/33		655,000		682,143
Series C 5.00% 8/1/34		1,565,000		1,597,270
Series C 5.00% 8/1/35		1,645,000		1,675,499
				10,089,385
Local General Obligation Bonds — 13.15%
Anoka-Hennepin Independent School District No. 11
(Minnesota School District Credit Enhancement Program)
Series A 3.00% 2/1/43		750,000		625,822
Series A 3.00% 2/1/45		2,600,000		2,120,794
Blooming Prairie Independent School District No. 756
(School Building)
Series A 3.00% 2/1/33		200,000		199,882
Brainerd Independent School District No. 181
(School Building)
Series A 4.00% 2/1/38		1,500,000		1,528,785
Series A 4.00% 2/1/42		3,500,000		3,537,975
Burnsville-Eagan-Savage Independent School District No. 191
(Alternative Facilities)
Series A 4.00% 2/1/28		920,000		936,707
Series A 4.00% 2/1/29		1,800,000		1,835,046
Cass Lake-Bena Independent School District No. 115
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/41		915,000		902,611
Series A 4.00% 2/1/42		2,260,000		2,216,111
Series A 4.00% 2/1/43		1,925,000		1,874,930
Chaska Independent School District No. 112
(School Building)
Series A 5.00% 2/1/27		1,905,000		2,012,652

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
City of Minneapolis
(Green Bonds)
3.00% 12/1/40		1,875,000	$	1,618,069
3.00% 12/1/42		3,400,000		2,846,480
Duluth
(DECC Improvement)
Series A 5.00% 2/1/32		1,000,000		1,047,100
Series A 5.00% 2/1/33		3,585,000		3,744,712
Duluth Independent School District No. 709
Series A 4.00% 2/1/28		1,250,000		1,270,650
Elk River Independent School District No. 728
Series A 3.00% 2/1/40		1,555,000		1,326,757
Hennepin County
Series A 5.00% 12/1/36		940,000		993,674
Series A 5.00% 12/1/37		2,850,000		3,090,369
Series A 5.00% 12/1/37		1,000,000		1,056,380
Series A 5.00% 12/1/38		3,310,000		3,576,257
Series B 5.00% 12/1/30		1,000,000		1,071,670
Series C 5.00% 12/1/28		1,500,000		1,687,035
Series C 5.00% 12/1/30		1,245,000		1,334,229
Series C 5.00% 12/1/37		3,000,000		3,169,140
Hennepin County Regional Railroad Authority
Series D 5.00% 12/1/30		1,865,000		2,177,313
Minneapolis Special School District No. 1
Series A 4.00% 2/1/37		600,000		609,036
Series A 4.00% 2/1/38		625,000		628,844
Series B 4.00% 2/1/36		945,000		968,209
Series B 4.00% 2/1/37		1,255,000		1,273,900
Series B 4.00% 2/1/38		1,305,000		1,313,026
Series B 4.00% 2/1/39		600,000		609,636
Series D 5.00% 2/1/33		1,710,000		1,956,958
Mounds View Independent School District No. 621
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/43		3,000,000		3,020,040
Mountain Iron-Buhl Independent School District No. 712
(School Building)
Series A 4.00% 2/1/26		1,315,000		1,336,671
St. Michael-Albertville Independent School District No. 885
(School Building)
Series A 5.00% 2/1/27		1,865,000		1,960,805

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
St. Paul Independent School District No. 625
(School Building)
Series D 4.00% 2/1/32		200,000	$	209,404
Wayzata Independent School District No. 284
(School Building)
Series A 5.00% 2/1/28		1,950,000		2,115,107
White Bear Lake Independent School District No. 624
Series A 3.00% 2/1/42		3,400,000		2,802,960
				66,605,746
Pre-Refunded/Escrowed to Maturity Bonds — 2.19%
Rochester Electric Utility Revenue
Series B 5.00% 12/1/31-23 §		1,365,000		1,383,973
Series B 5.00% 12/1/33-23 §		300,000		304,170
Rochester Health Care Facilities Revenue
(Olmsted Medical Center Project)
5.00% 7/1/33-23 §		650,000		653,673
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25 §		910,000		954,481
Series A 5.00% 11/15/30-25 §		670,000		702,749
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/34-24 §		4,000,000		4,061,760
Series A 5.00% 1/1/46-24 §		3,000,000		3,046,320
				11,107,126
Special Tax Revenue Bonds — 4.66%
Commonwealth of Puerto Rico
3.799% 11/1/51 ●		3,501,999		1,199,435
(Restructured)
3.171% 11/1/43 ●		1,169,897		504,518
Minneapolis Revenue
(YMCA Greater Twin Cities Project)
4.00% 6/1/30		250,000		254,970
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 0.098% 7/1/46 ^		2,750,000		704,770
Series A-1 0.528% 7/1/51 ^		31,552,000		5,953,231
Series A-1 4.75% 7/1/53		12,700,000		11,384,026
Series A-1 5.00% 7/1/58		1,500,000		1,391,700
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/30		655,000		671,624

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/31		1,500,000	$	1,537,080
				23,601,354
State General Obligation Bonds — 7.82%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		191,584		163,845
Series A-1 4.00% 7/1/41		988,988		816,963
Minnesota State
Series A 4.00% 9/1/38		625,000		649,631
Series A 5.00% 8/1/30		1,250,000		1,401,163
Series A 5.00% 8/1/35		2,975,000		3,280,860
Series A 5.00% 8/1/39		1,000,000		1,141,460
Series A 5.00% 8/1/41		1,500,000		1,693,560
(State Trunk Highway)
Series E 5.00% 10/1/26		4,875,000		5,234,336
(Various Purposes)
Series A 4.00% 9/1/40		1,410,000		1,452,497
Series A 5.00% 8/1/27		2,875,000		3,010,096
Series A 5.00% 8/1/29		1,000,000		1,046,270
Series A 5.00% 8/1/32		3,875,000		3,980,826
Series A 5.00% 8/1/33		2,075,000		2,314,061
Series A 5.00% 10/1/33		1,000,000		1,098,090
Series A 5.00% 8/1/35		500,000		560,050
Series A 5.00% 8/1/38		2,450,000		2,670,010
Series D 5.00% 8/1/26		6,000,000		6,419,340
Series D 5.00% 8/1/27		2,525,000		2,691,297
				39,624,355
Transportation Revenue Bonds — 5.90%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
(Private Activity)
Series B 5.00% 1/1/39 (AMT)		1,000,000		1,041,540
Series B 5.25% 1/1/47 (AMT)		2,000,000		2,090,760
(Senior)
Series C 5.00% 1/1/29		410,000		440,980
Series C 5.00% 1/1/33		850,000		908,522
Series C 5.00% 1/1/36		600,000		634,530
Series C 5.00% 1/1/41		600,000		623,514
Series C 5.00% 1/1/46		1,595,000		1,642,818

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
(Subordinate)
Series A 5.00% 1/1/35		1,000,000	$	1,012,450
Series A 5.00% 1/1/44		3,000,000		3,130,200
Series B 5.00% 1/1/31 (AMT)		960,000		1,032,144
Series B 5.00% 1/1/35		1,205,000		1,307,835
Series B 5.00% 1/1/44 (AMT)		12,600,000		12,942,468
Series B 5.00% 1/1/47 (AMT)		1,000,000		1,027,420
Series B 5.00% 1/1/49 (AMT)		2,000,000		2,037,700
				29,872,881
Water & Sewer Revenue Bonds — 1.51%
Metropolitan Council General Obligation Wastewater Revenue
(Minneapolis-St. Paul Metropolitan Area)
Series C 4.00% 3/1/31		3,120,000		3,263,333
Series C 4.00% 3/1/32		3,225,000		3,360,933
Minnesota Public Facilities Authority
Series B 4.00% 3/1/26		1,000,000		1,032,290
				7,656,556
Total Municipal Bonds (cost $523,977,876)				499,666,992

Short-Term Investments — 0.54%
Variable Rate Demand Notes — 0.54%¤
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series C 2.65% 11/15/48
(LOC – Wells Fargo Bank N.A.)		1,760,000		1,760,000
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue
Series B-2 2.45% 11/15/35
(LOC – JPMorgan Chase Bank N.A.)		1,000,000		1,000,000
Total Short-Term Investments (cost $2,760,000)				2,760,000
Total Value of Securities—99.17%
(cost $526,737,876)			$	502,426,992

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

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Fund

	#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2023, the aggregate value of Rule 144A securities was $15,555,279, which represents 3.07% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.42%
Education Revenue Bonds — 15.80%
Bethel Charter School Lease Revenue
(Spectrum High School Project)
Series A 4.00% 7/1/32		425,000	$	379,500
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project)
Series A 5.00% 3/1/34		485,000		458,296
Cologne Charter School Lease Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/29		305,000		304,158
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project)
Series A 5.00% 11/1/38		400,000		375,952
Forest Lake Charter School Lease Revenue
(Lakes International Language Academy Project)
Series A 5.50% 8/1/36		420,000		421,730
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/29		530,000		530,026
Minneapolis Charter School Lease Revenue
(Cyber Village Academy Project)
Series A 5.25% 6/1/42		250,000		238,052
(Hiawatha Academies Project)
Series A 144A 5.00% 7/1/32 #		500,000		480,140
Minneapolis Student Housing Revenue
(Riverton Community Housing Project)
5.25% 8/1/39		525,000		526,318
Minnesota Higher Education Facilities Authority Revenue
(Bethel University)
5.00% 5/1/32		750,000		743,423
(Gustavus Adolphus College)
5.00% 10/1/34		435,000		461,979
5.00% 10/1/35		555,000		584,964
(St. Catherine University)
Series A 5.00% 10/1/35		565,000		594,239
(St. John’s University)
Series 8-I 5.00% 10/1/31		130,000		135,360
(St. Olaf College)
Series 8-G 5.00% 12/1/31		125,000		129,944
Series 8-G 5.00% 12/1/32		125,000		129,910
(University of St. Thomas)
4.00% 10/1/36		300,000		300,549
5.00% 10/1/34		350,000		382,088

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue
(University of St. Thomas)
5.00% 10/1/35		750,000	$	817,117
Series 7-U 4.00% 4/1/26		1,400,000		1,400,840
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50		340,000		284,454
(Great River School Project)
Series A 144A 5.25% 7/1/33 #		140,000		140,634
(Hmong College Preparatory Academy Project)
Series A 5.00% 9/1/40		1,000,000		942,120
(Twin Cities Academy Project)
Series A 5.30% 7/1/45		260,000		244,125
University of Minnesota
(State Supported Biomedical Science Research Facilities Funding Program)
Series A 5.00% 8/1/36		200,000		239,716
				11,245,634
Electric Revenue Bonds — 6.40%
Central Minnesota Municipal Power Agency Revenue
(Brookings SouthEast Twin Cities Transmission Project)
3.00% 1/1/38 (AGM)		300,000		262,191
Chaska Electric Revenue
(Generating Facilities)
Series A 5.00% 10/1/28		250,000		261,675
Minnesota Municipal Power Agency Electric Revenue
Series A 5.00% 10/1/29		500,000		513,410
Series A 5.00% 10/1/30		240,000		246,362
Northern Municipal Power Agency Electric System Revenue
5.00% 1/1/29		150,000		157,481
5.00% 1/1/30		235,000		250,771
5.00% 1/1/31		350,000		367,258
Series A 5.00% 1/1/25		200,000		200,230
Rochester Electric Utility Revenue
Series A 5.00% 12/1/28		300,000		321,390
Series A 5.00% 12/1/29		500,000		534,000
Series A 5.00% 12/1/31		575,000		612,841
Southern Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/41		375,000		388,035

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority
Series A 4.00% 10/1/30		425,000	$	438,825
				4,554,469
Healthcare Revenue Bonds — 30.82%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project)
5.375% 11/1/34		270,000		258,803
Apple Valley Senior Living Revenue
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)
4.00% 9/1/61		370,000		272,779
(Senior Living LLC Project)
3rd Tier Series C 4.25% 1/1/27		380,000		318,394
3rd Tier Series C 5.00% 1/1/32		400,000		290,696
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48		250,000		201,978
Bethel Senior Housing Revenue
(The Lodge at the Lakes at Stillwater Project)
5.00% 6/1/38		250,000		227,320
Chatfield Healthcare & Housing Facilities Revenue
(Chosen Valley Care Center Project)
4.00% 9/1/34		100,000		81,099
4.00% 9/1/39		100,000		74,677
Crookston Health Care Facilities Revenue
(Riverview Health Project)
5.00% 5/1/38		400,000		352,856
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/36 #		480,000		464,933
Duluth Economic Development Authority Revenue
(Essentia Health Obligated Group)
Series A 5.00% 2/15/37		750,000		775,695
Series A 5.00% 2/15/53		800,000		808,400
Series A 5.25% 2/15/58		750,000		768,720
(St. Luke’s Hospital of Duluth Obligated Group)
Series B 5.25% 6/15/47		500,000		506,285
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/26		270,000		266,541

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
4.25% 8/1/24		153,334	$	148,817
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		500,000		459,910
5.00% 5/1/28		1,000,000		1,046,700
(North Memorial Health Care)
5.00% 9/1/31		320,000		329,011
Minneapolis Health Care System Revenue
(Allina Health System)
4.00% 11/15/40		1,250,000		1,207,500
(Fairview Health Services)
Series A 5.00% 11/15/33		500,000		516,210
Series A 5.00% 11/15/33		710,000		756,058
Series A 5.00% 11/15/34		500,000		514,910
Series A 5.00% 11/15/49		1,000,000		1,015,200
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project)
5.00% 11/1/35		530,000		483,842
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48		290,000		290,780
Rochester Health Care Facilities Revenue
(Mayo Clinic)
4.00% 11/15/39		2,500,000		2,541,400
Series B 5.00% 11/15/36		150,000		175,206
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home)
5.125% 1/1/39		575,000		489,394
St. Cloud Health Care Revenue
(Centracare Health System Project)
5.00% 5/1/48		1,810,000		1,847,648
Series A 4.00% 5/1/37		240,000		232,915
Series A 5.00% 5/1/46		235,000		239,150
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System)
Series A 5.00% 11/15/27		1,205,000		1,296,279

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Episcopal Homes Project)
5.00% 5/1/33		500,000	$	456,975
(HealthPartners Obligated Group Project)
Series A 5.00% 7/1/33		965,000		995,918
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
5.00% 8/1/34		125,000		124,243
5.00% 8/1/35		150,000		147,678
West St. Paul, Housing & Health Care Facilities Revenue
(Walker Westwood Ridge Campus Project)
5.00% 11/1/37		500,000		483,810
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.00% 12/1/34		500,000		462,605
				21,931,335
Housing Revenue Bonds — 0.66%
Minnesota Housing Finance Agency Residential Housing Finance
Series I 2.00% 7/1/40		275,000		201,727
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program)
5.50% 7/1/45		285,000		271,944
				473,671
Industrial Development Revenue/Pollution Control Revenue Bond — 1.80%
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 #		1,385,000		1,281,347
				1,281,347
Lease Revenue Bonds — 2.85%
Hibbing Independent School District No. 701
Series A 3.00% 3/1/41		250,000		208,297
Minnesota General Fund Revenue
(Appropriations)
Series A 5.00% 6/1/38		1,100,000		1,102,134
Series A 5.00% 6/1/43		715,000		716,037
				2,026,468

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds — 21.56%
Anoka-Hennepin Independent School District No. 11
(Minnesota School District Credit Enhancement Program)
Series A 3.00% 2/1/45		500,000	$	407,845
Bloomington Independent School District No. 271
(School District Credit Enhancement Program)
Series A 2.00% 2/1/27		585,000		553,638
Cass Lake-Bena Independent School District No. 115
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/41		130,000		128,240
Series A 4.00% 2/1/42		320,000		313,786
Series A 4.00% 2/1/43		275,000		267,847
City of Minneapolis
(Green Bonds)
3.00% 12/1/42		600,000		502,320
Duluth General Obligation Improvement
(DECC Improvement)
Series A 5.00% 2/1/30		250,000		263,128
Elk River Independent School District No. 728
Series A 3.00% 2/1/40		415,000		354,086
Hennepin County
Series A 5.00% 12/1/36		1,500,000		1,585,650
Series A 5.00% 12/1/38		1,055,000		1,139,864
Series C 5.00% 12/1/30		1,500,000		1,607,505
Lakeville Independent School District No. 194
(Minnesota School District Credit Enhancement Program)
Series B 4.00% 2/1/28		1,475,000		1,551,906
Marshall General Obligation Improvement
Series B 4.00% 4/1/28		275,000		290,499
Minneapolis Special School District No. 1
Series B 4.00% 2/1/39		1,360,000		1,381,842
Series B 5.00% 2/1/40		500,000		555,620
Series D 5.00% 2/1/34		250,000		285,395
North St. Paul-Maplewood-Oakdale Independent School District No. 622
Series A 4.00% 2/1/30		500,000		527,875
Park Rapids Independent School District No. 309
(Park Rapids Area Public Schools)
Series A 4.00% 2/1/31		605,000		651,597

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Plymouth General Obligation Improvement
Series A 3.00% 2/1/32		535,000	$	533,550
St. Cloud General Obligation Tax Abatement
Series C 3.00% 10/1/32		425,000		417,146
St. Michael-Albertville Independent School District No. 885
(School Building)
Series A 5.00% 2/1/27		500,000		525,685
Virginia, Minnesota
(General Obligation Sales Tax Revenue)
Series A 4.00% 2/1/38 (AGM)		1,000,000		1,003,870
White Bear Lake Independent School District No. 624
Series A 3.00% 2/1/42		600,000		494,640
				15,343,534
Pre-Refunded/Escrowed to Maturity Bonds — 0.42%
St. Paul Housing & Redevelopment Authority Hospital Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25 §		165,000		173,065
Series A 5.00% 11/15/30-25 §		120,000		125,866
				298,931
Special Tax Revenue Bonds — 3.10%
Commonwealth of Puerto Rico
2.807% 11/1/43 ●		405,244		174,761
Minneapolis Revenue
(YMCA Greater Twin Cities Project)
4.00% 6/1/27		150,000		152,727
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.55% 7/1/40		830,000		775,112
Series A-1 4.62% 7/1/46 ^		530,000		135,828
Series A-1 4.75% 7/1/53		655,000		587,129
Series A-1 5.216% 7/1/51 ^		289,000		54,529
Series A-2 4.536% 7/1/53		378,000		326,887
				2,206,973
State General Obligation Bonds — 8.65%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		179,773		148,503
Series A-1 5.625% 7/1/27		104,000		107,434

Table of Contents

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota State
Series A 5.00% 9/1/31		1,750,000	$	2,062,970
Series A 5.00% 8/1/33		285,000		317,835
Series A 5.00% 8/1/34		1,000,000		1,109,150
Series D 5.00% 8/1/26		1,500,000		1,604,835
Series D 5.00% 8/1/27		250,000		266,465
Series E 5.00% 10/1/26		500,000		536,855
				6,154,047
Transportation Revenue Bonds — 4.67%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
(Private Activity)
Series B 5.00% 1/1/39 (AMT)		715,000		744,701
(Subordinate)
Series A 5.00% 1/1/44		1,000,000		1,043,400
Series B 5.00% 1/1/31 (AMT)		160,000		172,024
St. Paul Housing & Redevelopment Authority
(Parking Enterprise)
Series A 4.00% 8/1/26		450,000		456,134
Series A 4.00% 8/1/27		545,000		552,586
Series A 4.00% 8/1/28		350,000		356,531
				3,325,376
Water & Sewer Revenue Bonds — 1.69%
Metropolitan Council General Obligation Wastewater Revenue
(Minneapolis – St. Paul Metropolitan Area)
Series C 4.00% 3/1/31		565,000		590,956
Series C 4.00% 3/1/32		585,000		609,658
				1,200,614
Total Municipal Bonds (cost $72,408,590)				70,042,399
Total Value of Securities—98.42%
(cost $72,408,590)			$	70,042,399

	°	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, 2023, the aggregate value of Rule 144A securities was $2,367,054, which represents 3.33% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

Table of Contents

	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 95.82%
Corporate Revenue Bond — 0.41%
Cottonwood
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) #		1,210,000	$	889,798
				889,798
Education Revenue Bonds — 25.29%
Bethel Charter School Lease Revenue
(Spectrum High School Project)
Series A 4.00% 7/1/37		850,000		710,464
Series A 4.25% 7/1/47		750,000		575,985
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project)
Series A 5.00% 3/1/39		1,270,000		1,156,360
Cologne Charter School Lease Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/29		270,000		269,255
Series A 5.00% 7/1/34		250,000		242,410
Series A 5.00% 7/1/45		360,000		330,491
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/50		1,000,000		1,000,340
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project)
Series A 5.00% 11/1/48		1,000,000		887,700
Forest Lake Charter School Lease Revenue Fund
(Lakes International Language Academy)
Series A 5.375% 8/1/50		660,000		633,923
Series A 5.75% 8/1/44		585,000		586,773
Ham Lake Charter School Lease Revenue
(Davinci Academy Project)
Series A 5.00% 7/1/36		235,000		228,742
Series A 5.00% 7/1/47		710,000		636,373
(Parnassus Preparatory School Project)
Series A 5.00% 11/1/47		650,000		595,705
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/34		420,000		409,685
Series A 5.00% 7/1/44		495,000		453,643
Minneapolis Charter School Lease Revenue
(Cyber Village Academy Project)
Series A 5.50% 6/1/57		1,400,000		1,329,692

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minneapolis Charter School Lease Revenue
(Hiawatha Academies Project)
Series A 144A 5.375% 7/1/42 #		690,000	$	643,970
Series A 144A 5.50% 7/1/52 #		1,130,000		1,037,814
Series A 144A 5.50% 7/1/57 #		880,000		798,530
Minneapolis Student Housing Revenue
(Riverton Community Housing Project)
144A 4.75% 8/1/43 #		750,000		692,295
144A 5.00% 8/1/53 #		570,000		542,298
5.25% 8/1/39		800,000		802,008
Minnesota Higher Education Facilities Authority Revenue
(Bethel University)
5.00% 5/1/32		1,150,000		1,139,915
5.00% 5/1/47		2,750,000		2,413,977
(Carleton College)
4.00% 3/1/37		635,000		639,337
(Green Bonds)
Series A 5.00% 10/1/32		500,000		554,970
(Gustavus Adolphus College)
5.00% 10/1/47		2,100,000		2,143,155
(Macalester College)
3.00% 3/1/40		365,000		307,421
3.00% 3/1/43		325,000		257,748
(Minneapolis College of Art & Design)
4.00% 5/1/24		250,000		249,890
4.00% 5/1/25		200,000		200,000
4.00% 5/1/26		100,000		100,017
(St. Catherine University)
Series A 4.00% 10/1/37		580,000		556,696
Series A 5.00% 10/1/45		670,000		683,105
(St. John’s University)
Series 8-I 5.00% 10/1/34		215,000		223,310
(St. Olaf College)
4.00% 10/1/50		935,000		860,144
Series 8-G 5.00% 12/1/31		205,000		213,108
Series 8-G 5.00% 12/1/32		205,000		213,052
Series 8-N 4.00% 10/1/34		800,000		808,224
Series 8-N 4.00% 10/1/35		590,000		593,221
(Trustees of the Hamline University of Minnesota)
Series B 5.00% 10/1/37		300,000		303,855
Series B 5.00% 10/1/39		1,000,000		1,009,290

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue
(University of St. Thomas)
4.00% 10/1/37		800,000	$	790,800
4.00% 10/1/41		1,000,000		943,480
4.00% 10/1/44		1,050,000		977,718
5.00% 10/1/40		1,365,000		1,429,128
Series A 4.00% 10/1/35		400,000		403,880
Otsego Charter School Lease Revenue
(Kaleidoscope Charter School)
Series A 5.00% 9/1/44		1,435,000		1,269,243
St. Cloud Charter School Lease Revenue
(Stride Academy Project)
Series A 5.00% 4/1/46		750,000		552,173
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50		1,750,000		1,464,102
(Great River School Project)
Series A 144A 4.75% 7/1/29 #		100,000		98,597
Series A 144A 5.50% 7/1/52 #		265,000		260,431
(Hmong College Preparatory Academy Project)
Series A 5.00% 9/1/40		215,000		202,556
Series A 5.00% 9/1/43		750,000		693,818
Series A 5.00% 9/1/55		1,000,000		879,910
Series A 5.75% 9/1/46		500,000		500,810
Series A 6.00% 9/1/51		3,500,000		3,526,250
(Nova Classical Academy Project)
Series A 4.00% 9/1/36		1,270,000		1,101,128
Series A 4.125% 9/1/47		1,250,000		994,563
(Twin Cities Academy Project)
Series A 5.375% 7/1/50		1,500,000		1,399,395
St. Paul Housing & Redevelopment Authority Revenue
(Amherst H. Wilder Foundation Project)
Series A 5.00% 12/1/36		1,000,000		1,002,470
University of Minnesota
Series A 5.00% 11/1/32		985,000		1,126,426
Series A 5.00% 9/1/40		900,000		956,286
Series A 5.00% 9/1/41		620,000		658,725
(State Supported Biomedical Science Research Facilities Funding Program)
Series A 5.00% 8/1/31		1,000,000		1,174,900
Series A 5.00% 8/1/35		2,200,000		2,655,246

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Woodbury Charter School Lease Revenue
(MSA Building Company)
Series A 4.00% 12/1/50		450,000	$	374,198
(Woodbury Leadership Academy Project)
Series A 4.00% 7/1/51		660,000		483,305
Series A 4.00% 7/1/56		575,000		405,593
				54,360,022
Electric Revenue Bonds — 3.82%
Hutchinson Utilities Commission Revenue
Series A 5.00% 12/1/26		360,000		360,518
Minnesota Municipal Power Agency Electric Revenue
5.00% 10/1/27		165,000		169,503
5.00% 10/1/28		500,000		513,490
5.00% 10/1/47		745,000		771,604
Northern Municipal Power Agency Electric System Revenue
5.00% 1/1/29		470,000		493,439
5.00% 1/1/33		225,000		238,651
5.00% 1/1/34		200,000		211,738
Series A 5.00% 1/1/24		335,000		335,432
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		165,000		115,087
Series AAA 5.25% 7/1/25 ‡		95,000		66,144
Series CCC 5.25% 7/1/27 ‡		650,000		453,375
Series WW 5.00% 7/1/28 ‡		585,000		406,575
Series XX 4.75% 7/1/26 ‡		105,000		72,713
Series XX 5.25% 7/1/40 ‡		295,000		207,237
Series XX 5.75% 7/1/36 ‡		370,000		261,775
Series ZZ 4.75% 7/1/27 ‡		85,000		58,863
Series ZZ 5.25% 7/1/24 ‡		130,000		90,512
Rochester Electric Utility Revenue
Series A 5.00% 12/1/34		450,000		477,324
Series A 5.00% 12/1/35		500,000		527,285
Series A 5.00% 12/1/36		520,000		548,002
Southern Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/41		400,000		413,904
St. Paul Housing & Redevelopment Energy Revenue
Series A 4.00% 10/1/32		800,000		819,256

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Western Minnesota Municipal Power Agency Revenue
(Red Rock Hydroelectric Project)
Series A 5.00% 1/1/49		555,000	$	588,439
				8,200,866
Healthcare Revenue Bonds — 34.58%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project)
5.125% 11/1/49		400,000		334,240
Apple Valley Senior Housing Revenue
(PHS Senior Housing, Inc. Orchard Path Project)
4.50% 9/1/53		840,000		728,683
5.00% 9/1/43		535,000		519,635
5.00% 9/1/58		1,175,000		1,094,090
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
2nd Tier Series B 5.00% 1/1/47		535,000		310,899
4th Tier Series D 7.00% 1/1/37		490,000		334,425
4th Tier Series D 7.25% 1/1/52		1,495,000		929,023
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48		1,280,000		1,034,125
Bethel Senior Housing Revenue
(The Lodge at the Lakes at Stillwater Project)
5.25% 6/1/58		1,475,000		1,226,182
Brooklyn Center Multifamily Housing Revenue
(Sanctuary at Brooklyn Center Project)
Series A 5.50% 11/1/35 ‡		645,000		387,000
Center City Healthcare Facilities Revenue
(Hazelden Betty Ford Foundation Project)
4.50% 11/1/34		1,000,000		1,000,730
Chatfield Healthcare & Housing Facilities Revenue
(Chosen Valley Care Center Project)
4.00% 9/1/39		250,000		186,693
5.00% 9/1/52		1,500,000		1,180,245
Crookston Health Care Facilities Revenue
(Riverview Health Project)
5.00% 5/1/51		1,025,000		837,579
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/46 #		370,000		334,957

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 #		1,625,000	$	1,446,998
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38		335,000		294,167
Series A 5.00% 4/1/40		315,000		271,920
Series A 5.00% 4/1/48		185,000		150,294
Duluth Economic Development Authority Revenue
(Benedictine Health System)
Series A 4.00% 7/1/41		930,000		738,931
(Essentia Health Obligated Group)
Series A 4.25% 2/15/43		2,500,000		2,391,625
Series A 5.00% 2/15/53		1,590,000		1,606,695
Series A 5.00% 2/15/58		1,750,000		1,767,605
Series A 5.25% 2/15/58		2,000,000		2,049,920
(St. Luke’s Hospital of Duluth Obligated Group)
Series A 4.00% 6/15/33		380,000		367,810
Series A 4.00% 6/15/38		400,000		358,744
Series A 4.00% 6/15/39		250,000		221,490
Series B 5.25% 6/15/52		1,000,000		1,006,190
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/31		185,000		181,746
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
5.375% 8/1/34		750,000		647,265
(St. John’s Lutheran Home of Albert Lea Project)
5.375% 10/1/44		90,000		59,124
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		1,155,000		1,062,392
5.00% 5/1/26		1,300,000		1,351,467
5.00% 5/1/29		500,000		523,530
(North Memorial Health Care)
4.00% 9/1/35		300,000		283,818
5.00% 9/1/30		610,000		628,007
Maple Plain Senior Housing & Health Care Revenue
(Haven Homes Incorporate Project)
5.00% 7/1/49		1,000,000		837,220

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Minneapolis Health Care System Revenue
(Allina Health System)
4.00% 11/15/40		1,000,000	$	966,000
(Fairview Health Services)
Series A 4.00% 11/15/48		1,000,000		878,970
Series A 5.00% 11/15/33		1,200,000		1,238,904
Series A 5.00% 11/15/33		1,000,000		1,064,870
Series A 5.00% 11/15/34		500,000		514,910
Series A 5.00% 11/15/44		1,000,000		1,011,230
Series A 5.00% 11/15/49		2,450,000		2,487,240
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project)
5.375% 11/1/50		1,700,000		1,523,642
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue
(Allina Health System)
Series A 5.00% 11/15/29		415,000		447,216
Morris Health Care Facilities Revenue
(Farmington Health Services)
4.10% 8/1/44		500,000		369,735
4.20% 8/1/49		1,500,000		1,075,980
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project)
Series A 5.25% 12/1/23		175,000		174,515
Series A 6.875% 12/1/48		1,200,000		1,203,228
Rochester Health Care Facilities Revenue
(Mayo Clinic)
4.00% 11/15/39		1,500,000		1,524,840
5.00% 11/15/57		5,175,000		5,557,795
Series B 5.00% 11/15/36		500,000		584,020
Sartell Health Care & Housing Facilities Revenue
(Country Manor Campus LLC Project)
Series A 5.00% 9/1/35		350,000		317,807
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home)
5.125% 1/1/39		825,000		702,174
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31		130,000		130,079
5.00% 9/1/34		105,000		106,158

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Cloud Health Care Revenue
(Centracare Health System Project)
4.00% 5/1/49		250,000	$	226,092
5.00% 5/1/48		4,200,000		4,287,360
Series A 4.00% 5/1/37		1,695,000		1,644,964
Series A 5.00% 5/1/46		2,630,000		2,676,446
St. Joseph Senior Housing & Healthcare Revenue
(Woodcrest Country Manor Project)
5.00% 7/1/55		1,000,000		801,700
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Episcopal Homes Project)
5.125% 5/1/48		1,700,000		1,410,303
(Fairview Health Services)
Series A 4.00% 11/15/43		645,000		581,532
Series A 5.00% 11/15/47		760,000		770,503
(HealthPartners Obligated Group Project)
Series A 4.00% 7/1/33		1,320,000		1,328,039
Series A 5.00% 7/1/33		2,540,000		2,621,382
(Healthpartners Obligated Group)
Series A 5.00% 7/1/30		1,000,000		1,035,020
(Marian Center Project)
Series A 5.375% 5/1/43		1,000,000		829,480
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue
(Episcopal Homes Obligated Group)
Series A 4.00% 11/1/42		700,000		549,822
Victoria Health Care Facilities Revenue
(Augustana Emerald Care Project)
5.00% 8/1/39		1,500,000		1,232,760
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
3.75% 8/1/37		500,000		419,415
4.00% 8/1/38		500,000		428,780
4.00% 8/1/39		400,000		338,748
4.00% 8/1/44		700,000		561,260
5.00% 8/1/54		750,000		678,667
West St. Paul Rochester Health Care & Housing Revenue
(Walker Westwood Ridge Campus Project)
5.00% 11/1/49		1,500,000		1,351,140
				74,338,190

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds — 1.52%
Bethel Senior Housing Revenue
(Birchwood Landing at the Lakes at Stillwater Project)
5.00%5/1/54		1,000,000	$	813,010
Minnesota Housing Finance Agency
Series I 2.20% 1/1/51		635,000		429,571
(State Appropriation - Housing Infrastructure)
Series C 5.00% 8/1/33		100,000		102,201
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program)
5.50% 7/1/45		1,275,000		1,216,592
Stillwater Multifamily Housing Revenue
(Orleans Homes Project)
5.50% 2/1/42 (AMT)		750,000		702,255
				3,263,629
Industrial Development Revenue/Pollution Control Revenue Bond — 2.30%
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 #		5,350,000		4,949,606
				4,949,606
Lease Revenue Bonds — 2.27%
Hibbing Independent School District No. 701
Series A 3.00% 3/1/41		500,000		416,595
Minnesota General Fund Revenue Appropriations
Series A 5.00% 6/1/38		1,750,000		1,753,395
Series A 5.00% 6/1/43		1,000,000		1,001,450
Minnesota Housing Finance Agency
(State Appropriation - Housing Infrastructure)
Series C 5.00% 8/1/32		1,415,000		1,446,937
(State Appropriation)
5.00% 8/1/31		250,000		250,392
				4,868,769
Local General Obligation Bonds — 7.52%
Anoka-Hennepin Independent School District No. 11
(Minnesota School District Credit Enhancement Program)
Series A 3.00% 2/1/43		500,000		417,215
Series A 3.00% 2/1/45		750,000		611,767

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Cass Lake-Bena Independent School District No. 115
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/41		375,000	$	369,923
Series A 4.00% 2/1/42		925,000		907,036
Series A 4.00% 2/1/43		800,000		779,192
City of Minneapolis
(Green Bonds)
3.00% 12/1/42		1,000,000		837,200
Duluth General Obligation Entertainment Convention Center Improvement
Series A 5.00% 2/1/34		1,000,000		1,041,170
Duluth Independent School District No. 709
Series A 4.00% 2/1/27		440,000		446,574
Series A 4.20% 3/1/34		750,000		703,942
Elk River Independent School District No. 728
Series A 3.00% 2/1/40		530,000		452,207
Hennepin County
Series A 5.00% 12/1/37		910,000		986,749
Series C 5.00% 12/1/37		2,500,000		2,640,950
Mahtomedi Independent School District No. 832
(School Building)
Series A 5.00% 2/1/28		1,000,000		1,031,810
Series A 5.00% 2/1/29		1,000,000		1,030,310
Series A 5.00% 2/1/31		1,000,000		1,028,060
Minneapolis Special School District No. 1
Series A 4.00% 2/1/37		215,000		218,238
Series A 4.00% 2/1/38		220,000		221,353
Series B 4.00% 2/1/37		445,000		451,701
Series B 4.00% 2/1/38		465,000		467,860
Wayzata Independent School District No. 284
(School Building)
Series A 5.00% 2/1/28		650,000		705,036
White Bear Lake Independent School District No. 624
Series A 3.00% 2/1/42		1,000,000		824,400
				16,172,693
Pre-Refunded/Escrowed to Maturity Bonds — 2.08%
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/43-23 §		500,000		503,725

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Rochester Health Care Facilities Revenue
(Olmsted Medical Center Project)
5.00% 7/1/27-23 §		245,000	$	246,385
5.00% 7/1/28-23 §		225,000		226,271
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25 §		275,000		288,442
Series A 5.00% 11/15/30-25 §		205,000		215,020
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/30-24 §		500,000		507,720
Series A 5.00% 1/1/34-24 §		450,000		456,948
Series A 5.00% 1/1/40-24 §		2,000,000		2,030,880
				4,475,391
Special Tax Revenue Bonds — 5.20%
Commonwealth of Puerto Rico
2.632% 11/1/43 ●		1,594,652		687,694
(Restructured)
Series A-1 4.00% 7/1/41		707,440		584,388
Minneapolis Revenue
(YMCA Greater Twin Cities Project)
4.00% 6/1/31		250,000		254,957
Minneapolis Tax Increment Revenue
(Grant Park Project)
4.00% 3/1/27		200,000		197,070
4.00% 3/1/30		260,000		250,216
(Village of St. Anthony Falls Project)
4.00% 3/1/24		700,000		697,998
4.00% 3/1/27		650,000		640,478
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53		4,155,000		3,724,459
Series A-1 5.00% 7/1/58		275,000		255,145
Series A-1 5.721% 7/1/51 ^		6,809,000		1,284,722
Series A-2 4.536% 7/1/53		3,000,000		2,594,340
				11,171,467
State General Obligation Bonds — 5.84%
Minnesota State
Series A 4.00% 9/1/38		550,000		571,676
Series A 5.00% 8/1/27		750,000		785,242
Series A 5.00% 9/1/31		1,250,000		1,473,550

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota State
Series A 5.00% 8/1/33		660,000	$	736,039
Series A 5.00% 8/1/34		2,185,000		2,423,493
Series A 5.00% 8/1/39		500,000		570,730
Series A 5.00% 8/1/40		750,000		832,425
Series A 5.00% 8/1/41		860,000		970,974
Series D 5.00% 8/1/27		1,000,000		1,065,860
Series E 5.00% 10/1/26		1,085,000		1,164,975
(Various Purposes)
Series A 5.00% 8/1/32		1,915,000		1,967,299
				12,562,263
Transportation Revenue Bonds — 4.04%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
(Private Activity)
Series B 5.00% 1/1/39 (AMT)		500,000		520,770
Series B 5.25% 1/1/47 (AMT)		500,000		522,690
(Senior)
Series C 5.00% 1/1/46		185,000		190,546
(Subordinate)
Series A 5.00% 1/1/44		4,000,000		4,173,600
Series B 5.00% 1/1/31 (AMT)		420,000		451,563
Series B 5.00% 1/1/44 (AMT)		2,150,000		2,208,437
Series B 5.00% 1/1/47 (AMT)		600,000		616,452
				8,684,058
Water & Sewer Revenue Bonds — 0.95%
Metropolitan Council General Obligation Wastewater Revenue
(Minneapolis – St. Paul Metropolitan Area)
Series C 4.00% 3/1/31		965,000		1,009,332
Series C 4.00% 3/1/32		1,000,000		1,042,150
				2,051,482
Total Municipal Bonds (cost $220,779,485)				205,988,234

Short-Term Investments — 1.72%
Variable Rate Demand Notes — 1.72% ¤
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series C 2.65% 11/15/48
(LOC – Wells Fargo Bank N.A.)		2,200,000		2,200,000

Table of Contents

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue
(Allina Health System)
Series B-1A 2.48% 11/15/35
(LOC – JPMorgan Chase Bank N.A.)		500,000	$	500,000
Series B-2 2.45% 11/15/35
(LOC – JPMorgan Chase Bank N.A.)		1,000,000		1,000,000
Total Short-Term Investments (cost $3,700,000)				3,700,000
Total Value of Securities—97.54%
(cost $224,479,485)			$	209,688,234

	°	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, 2023, the aggregate value of Rule 144A securities was $11,695,294, which represents 5.44% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	¤	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, 2023.

Table of Contents

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

February 28, 2023 (Unaudited)

	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Assets:
Investments, at value*	$	502,426,992		$	70,042,399		$	209,688,234
Cash		—			470,926			3,036,831
Interest receivable		5,818,887			781,678			2,579,451
Receivable for fund shares sold		2,356,086			31,081			292,785
Prepaid expenses		148,590			23,383			11,902
Other assets		4,100			605			1,586
Total Assets		510,754,655			71,350,072			215,610,789
Liabilities:
Due to custodian		796,367			—			—
Payable for fund shares redeemed		2,596,605			70,381			393,401
Other accrued expenses		299,661			80,718			148,090
Distribution payable		219,798			13,401			11,043
Investment management fees payable to affiliates		124,705			26			45,194
Distribution fees payable to affiliates		65,868			11,334			27,118
Administration expenses payable to affiliates		35,766			10,651			17,399
Total Liabilities		4,138,770			186,511			642,245
Total Net Assets	$	506,615,885		$	71,163,561		$	214,968,544

Net Assets Consist of:
Paid-in capital	$	548,629,963		$	76,664,201		$	236,236,381
Total distributable earnings (loss)		(42,014,078	)		(5,500,640	)		(21,267,837	)
Total Net Assets	$	506,615,885		$	71,163,561		$	214,968,544

Table of Contents

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

Class A:
Net assets		$	294,034,353		$	50,125,599		$	97,989,023
Shares of beneficial interest outstanding, unlimited authorization, no par			26,504,572			5,047,085			10,016,241
Net asset value per share		$	11.09		$	9.93		$	9.78
Sales charge			4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	11.61		$	10.21		$	10.24

Class C:
Net assets		$	10,134,692		$	1,925,554		$	10,167,134
Shares of beneficial interest outstanding, unlimited authorization, no par			910,504			193,488			1,037,266
Net asset value per share		$	11.13		$	9.95		$	9.80

Institutional Class:
Net assets		$	202,446,840		$	19,112,408		$	106,812,387
Shares of beneficial interest outstanding, unlimited authorization, no par			18,253,274			1,923,725			10,921,799
Net asset value per share		$	11.09		$	9.94		$	9.78

*	Investments, at cost	$	526,737,876		$	72,408,590		$	224,479,485

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

Table of Contents

Statements of operations

Six months ended February 28, 2023 (Unaudited)

	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Investment Income:
Interest	$	9,339,873		$	1,273,919		$	4,189,813

Expenses:
Management fees		1,388,176			187,336			567,765
Distribution expenses — Class A		370,135			62,140			120,072
Distribution expenses — Class C		56,704			9,935			52,797
Dividend disbursing and transfer agent fees and expenses		188,877			29,789			92,404
Accounting and administration expenses		54,793			24,539			33,570
Registration fees		26,911			7,821			7,119
Reports and statements to shareholders expenses		23,917			6,183			10,096
Audit and tax fees		20,145			20,145			20,145
Legal fees		17,590			2,677			6,444
Trustees’ fees and expenses		11,917			1,701			4,527
Custodian fees		8,569			1,254			3,349
Other		30,046			12,202			19,118
		2,197,780			365,722			937,406
Less expenses waived		(261,791	)		(83,766	)		(121,215	)
Less expenses paid indirectly		(32	)		(5	)		(13	)
Total operating expenses		1,935,957			281,951			816,178
Net Investment Income (Loss)		7,403,916			991,968			3,373,635

Table of Contents

	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments	$	(11,334,080	)	$	(2,128,074	)	$	(3,836,988	)
Net change in unrealized appreciation (depreciation) on investments		(1,653,730	)		1,080,214			(2,952,290	)
Net Realized and Unrealized Gain (Loss)		(12,987,810	)		(1,047,860	)		(6,789,278	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,583,894	)	$	(55,892	)	$	(3,415,643	)

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Minnesota Fund

	Delaware Tax-Free Minnesota Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	7,403,916		$	13,338,910
Net realized gain (loss)		(11,334,080	)		(5,994,882	)
Net change in unrealized appreciation (depreciation)		(1,653,730	)		(58,761,630	)
Net increase (decrease) in net assets resulting from operations		(5,583,894	)		(51,417,602	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(4,187,710	)		(7,696,597	)
Class C		(117,594	)		(224,436	)
Institutional Class		(3,054,602	)		(5,374,031	)
		(7,359,906	)		(13,295,064	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		54,744,216			78,404,017
Class C		1,013,923			1,924,033
Institutional Class		96,445,579			123,458,808

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,893,471			7,030,872
Class C		116,902			222,610
Institutional Class		1,953,002			3,728,698
		158,167,093			214,769,038

Table of Contents

	Delaware Tax-Free Minnesota Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(74,445,492	)	$	(105,934,797	)
Class C		(3,545,237	)		(4,721,588	)
Institutional Class		(101,960,005	)		(109,837,221	)
		(179,950,734	)		(220,493,606	)
Decrease in net assets derived from capital share transactions		(21,783,641	)		(5,724,568	)
Net Decrease in Net Assets		(34,727,441	)		(70,437,234	)

Net Assets:
Beginning of period		541,343,326			611,780,560
End of period	$	506,615,885		$	541,343,326

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Minnesota Intermediate Fund

	Delaware Tax-Free Minnesota Intermediate Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	991,968		$	1,813,825
Net realized gain (loss)		(2,128,074	)		(858,493	)
Net change in unrealized appreciation (depreciation)		1,080,214			(8,048,203	)
Net increase (decrease) in net assets resulting from operations		(55,892	)		(7,092,871	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(639,108	)		(1,236,691	)
Class C		(18,021	)		(35,021	)
Institutional Class		(325,203	)		(539,394	)
		(982,332	)		(1,811,106	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		9,436,692			4,787,242
Class C		217,307			354,310
Institutional Class		10,010,673			16,667,624

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		562,300			1,081,064
Class C		17,995			34,988
Institutional Class		320,617			530,155
		20,565,584			23,455,383

Table of Contents

	Delaware Tax-Free Minnesota Intermediate Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(10,479,650	)	$	(11,647,254	)
Class C		(498,737	)		(869,136	)
Institutional Class		(16,549,883	)		(13,305,865	)
		(27,528,270	)		(25,822,255	)
Decrease in net assets derived from capital share transactions		(6,962,686	)		(2,366,872	)
Net Decrease in Net Assets		(8,000,910	)		(11,270,849	)

Net Assets:
Beginning of period		79,164,471			90,435,320
End of period	$	71,163,561		$	79,164,471

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

Table of Contents

Statements of changes in net assets

Delaware Minnesota High-Yield Municipal Bond Fund

	Delaware Minnesota High-Yield Municipal Bond Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,373,635		$	5,933,666
Net realized gain (loss)		(3,836,988	)		(2,014,639	)
Net change in unrealized appreciation (depreciation)		(2,952,290	)		(24,508,368	)
Net increase (decrease) in net assets resulting from operations		(3,415,643	)		(20,589,341	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,517,200	)		(2,698,669	)
Class C		(126,846	)		(232,692	)
Institutional Class		(1,700,287	)		(2,961,633	)
		(3,344,333	)		(5,892,994	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		20,197,715			16,556,227
Class C		1,280,337			2,605,070
Institutional Class		40,563,451			55,946,931

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,466,651			2,584,003
Class C		125,592			230,068
Institutional Class		1,680,571			2,920,723
		65,314,317			80,843,022

Table of Contents

	Delaware Minnesota High-Yield Municipal Bond Fund
	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(19,312,176	)	$	(20,548,181	)
Class C		(2,362,363	)		(4,141,665	)
Institutional Class		(39,278,787	)		(42,013,074	)
		(60,953,326	)		(66,702,920	)
Increase in net assets derived from capital share transactions		4,360,991			14,140,102
Net Decrease in Net Assets		(2,398,985	)		(12,342,233	)

Net Assets:
Beginning of period		217,367,529			229,709,762
End of period	$	214,968,544		$	217,367,529

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

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.36		$	12.70		$	12.49		$	12.68		$	12.14		$	12.54


	0.16			0.27			0.29			0.31			0.36			0.37
	(0.27	)		(1.34	)		0.21			(0.16	)		0.54			(0.34	)
	(0.11	)		(1.07	)		0.50			0.15			0.90			0.03


	(0.16	)		(0.27	)		(0.29	)		(0.31	)		(0.36	)		(0.37	)
	—			—			—			(0.03	)		—			(0.06	)
	(0.16	)		(0.27	)		(0.29	)		(0.34	)		(0.36	)		(0.43	)

$	11.09		$	11.36		$	12.70		$	12.49		$	12.68		$	12.14

	(0.99	)%		(8.51	)%		4.05	%		1.30	%		7.54	%		0.26	%


$	294,034		$	317,184		$	375,799		$	373,691		$	386,790		$	390,477
	0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
	0.95	%		0.93	%		0.93	%		0.93	%		0.93	%		0.94	%
	2.85	%		2.25	%		2.30	%		2.53	%		2.92	%		2.99	%
	2.75	%		2.17	%		2.22	%		2.45	%		2.84	%		2.90	%
	17	%		24	%		3	%		15	%		13	%		16	%

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.40		$	12.75		$	12.53		$	12.72		$	12.18		$	12.58


	0.11			0.18			0.20			0.22			0.27			0.28
	(0.27	)		(1.35	)		0.22			(0.16	)		0.54			(0.34	)
	(0.16	)		(1.17	)		0.42			0.06			0.81			(0.06	)


	(0.11	)		(0.18	)		(0.20	)		(0.22	)		(0.27	)		(0.28	)
	—			—			—			(0.03	)		—			(0.06	)
	(0.11	)		(0.18	)		(0.20	)		(0.25	)		(0.27	)		(0.34	)

$	11.13		$	11.40		$	12.75		$	12.53		$	12.72		$	12.18

	(1.35	)%		(9.23	)%		3.35	%		0.54	%		6.73	%		(0.49	)%


$	10,135		$	12,837		$	17,096		$	25,219		$	29,933		$	35,642
	1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	1.70	%		1.68	%		1.68	%		1.68	%		1.68	%		1.69	%
	2.10	%		1.50	%		1.55	%		1.78	%		2.17	%		2.24	%
	2.00	%		1.42	%		1.47	%		1.70	%		2.09	%		2.15	%
	17	%		24	%		3	%		15	%		13	%		16	%

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.36		$	12.70		$	12.49		$	12.68		$	12.14		$	12.54


	0.17			0.30			0.32			0.34			0.39			0.40
	(0.27	)		(1.34	)		0.21			(0.16	)		0.54			(0.34	)
	(0.10	)		(1.04	)		0.53			0.18			0.93			0.06


	(0.17	)		(0.30	)		(0.32	)		(0.34	)		(0.39	)		(0.40	)
	—			—			—			(0.03	)		—			(0.06	)
	(0.17	)		(0.30	)		(0.32	)		(0.37	)		(0.39	)		(0.46	)

$	11.09		$	11.36		$	12.70		$	12.49		$	12.68		$	12.14

	(0.87	)%		(8.28	)%		4.31	%		1.55	%		7.81	%		0.51	%


$	202,447		$	211,322		$	218,886		$	181,242		$	169,241		$	119,894
	0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
	0.70	%		0.68	%		0.68	%		0.68	%		0.68	%		0.69	%
	3.10	%		2.50	%		2.55	%		2.78	%		3.17	%		3.24	%
	3.00	%		2.42	%		2.47	%		2.70	%		3.09	%		3.15	%
	17	%		24	%		3	%		15	%		13	%		16	%

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.07		$	11.22		$	11.10		$	11.25		$	10.82		$	11.17


	0.13			0.23			0.23			0.27			0.31			0.30
	(0.14	)		(1.15	)		0.11			(0.15	)		0.43			(0.31	)
	(0.01	)		(0.92	)		0.34			0.12			0.74			(0.01	)


	(0.13	)		(0.23	)		(0.22	)		(0.27	)		(0.31	)		(0.30	)
	—			—			—			—			—			(0.04	)
	(0.13	)		(0.23	)		(0.22	)		(0.27	)		(0.31	)		(0.34	)

$	9.93		$	10.07		$	11.22		$	11.10		$	11.25		$	10.82

	(0.12	)%		(8.32	)%		3.13	%		1.08	%		7.00	%		(0.01	)%


$	50,126		$	51,298		$	63,499		$	57,788		$	55,918		$	59,284
	0.81	%		0.78	%		0.71	%		0.71	%		0.71	%		0.79	%
	1.03	%		1.01	%		1.00	%		1.02	%		1.04	%		1.00	%
	2.59	%		2.11	%		2.01	%		2.39	%		2.87	%		2.77	%
	2.37	%		1.88	%		1.72	%		2.08	%		2.54	%		2.56	%
	16	%		28	%		7	%		20	%		19	%		17	%

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.09		$	11.24		$	11.12		$	11.27		$	10.84		$	11.19


	0.09			0.14			0.13			0.17			0.22			0.21
	(0.14	)		(1.15	)		0.12			(0.15	)		0.43			(0.31	)
	(0.05	)		(1.01	)		0.25			0.02			0.65			(0.10	)


	(0.09	)		(0.14	)		(0.13	)		(0.17	)		(0.22	)		(0.21	)
	—			—			—			—			—			(0.04	)
	(0.09	)		(0.14	)		(0.13	)		(0.17	)		(0.22	)		(0.25	)

$	9.95		$	10.09		$	11.24		$	11.12		$	11.27		$	10.84

	(0.49	)%		(9.02	)%		2.26	%		0.22	%		6.09	%		(0.86	)%


$	1,926		$	2,222		$	2,990		$	5,149		$	7,167		$	8,558
	1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.64	%
	1.78	%		1.76	%		1.75	%		1.77	%		1.79	%		1.75	%
	1.84	%		1.33	%		1.16	%		1.54	%		2.02	%		1.92	%
	1.62	%		1.13	%		0.97	%		1.33	%		1.79	%		1.81	%
	16	%		28	%		7	%		20	%		19	%		17	%

Table of Contents

Financial highlights

Delaware Tax-Free Minnesota Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.07		$	11.22		$	11.10		$	11.25		$	10.83		$	11.17


	0.14			0.25			0.24			0.28			0.33			0.32
	(0.13	)		(1.15	)		0.12			(0.15	)		0.42			(0.30	)
	0.01			(0.90	)		0.36			0.13			0.75			0.02


	(0.14	)		(0.25	)		(0.24	)		(0.28	)		(0.33	)		(0.32	)
	—			—			—			—			—			(0.04	)
	(0.14	)		(0.25	)		(0.24	)		(0.28	)		(0.33	)		(0.36	)

$	9.94		$	10.07		$	11.22		$	11.10		$	11.25		$	10.83

	0.10	%		(8.12	)%		3.29	%		1.23	%		7.06	%		0.23	%


$	19,112		$	25,644		$	23,946		$	24,848		$	17,718		$	11,470
	0.56	%		0.56	%		0.56	%		0.56	%		0.56	%		0.64	%
	0.78	%		0.76	%		0.75	%		0.77	%		0.79	%		0.75	%
	2.84	%		2.33	%		2.16	%		2.54	%		3.02	%		2.92	%
	2.62	%		2.13	%		1.97	%		2.33	%		2.79	%		2.81	%
	16	%		28	%		7	%		20	%		19	%		17	%

Table of Contents

Financial highlights

Delaware Minnesota High-Yield Municipal Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.08		$	11.34		$	11.00		$	11.21		$	10.66		$	10.88


	0.15			0.27			0.28			0.29			0.32			0.32
	(0.30	)		(1.26	)		0.34			(0.21	)		0.55			(0.22	)
	(0.15	)		(0.99	)		0.62			0.08			0.87			0.10


	(0.15	)		(0.27	)		(0.28	)		(0.29	)		(0.32	)		(0.32	)
	(0.15	)		(0.27	)		(0.28	)		(0.29	)		(0.32	)		(0.32	)

$	9.78		$	10.08		$	11.34		$	11.00		$	11.21		$	10.66

	(1.44	)%		(8.79	)%		5.71	%		0.81	%		8.33	%		0.95	%


$	97,989		$	98,592		$	112,606		$	103,913		$	103,487		$	98,980
	0.87	%		0.88	%		0.89	%		0.89	%		0.89	%		0.89	%
	0.99	%		0.98	%		0.97	%		0.97	%		0.99	%		0.99	%
	3.19	%		2.58	%		2.52	%		2.69	%		2.97	%		2.98	%
	3.07	%		2.48	%		2.44	%		2.61	%		2.87	%		2.88	%
	15	%		23	%		3	%		18	%		12	%		14	%

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Financial highlights

Delaware Minnesota High-Yield Municipal Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.10		$	11.36		$	11.02		$	11.23		$	10.68		$	10.90


	0.12			0.19			0.20			0.21			0.24			0.24
	(0.30	)		(1.26	)		0.34			(0.21	)		0.55			(0.22	)
	(0.18	)		(1.07	)		0.54			—	³		0.79			0.02


	(0.12	)		(0.19	)		(0.20	)		(0.21	)		(0.24	)		(0.24	)
	(0.12	)		(0.19	)		(0.20	)		(0.21	)		(0.24	)		(0.24	)

$	9.80		$	10.10		$	11.36		$	11.02		$	11.23		$	10.68

	(1.80	)%		(9.46	)%		4.92	%		0.05	%		7.51	%		0.19	%


$	10,167		$	11,476		$	14,317		$	19,376		$	21,059		$	21,651
	1.62	%		1.63	%		1.64	%		1.64	%		1.64	%		1.64	%
	1.74	%		1.73	%		1.72	%		1.72	%		1.74	%		1.74	%
	2.44	%		1.82	%		1.77	%		1.94	%		2.22	%		2.23	%
	2.32	%		1.73	%		1.69	%		1.86	%		2.12	%		2.13	%
	15	%		23	%		3	%		18	%		12	%		14	%

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Financial highlights

Delaware Minnesota High-Yield Municipal Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.07		$	11.33		$	11.00		$	11.20		$	10.66		$	10.87


	0.17			0.30			0.31			0.32			0.35			0.35
	(0.29	)		(1.26	)		0.33			(0.20	)		0.54			(0.21	)
	(0.12	)		(0.96	)		0.64			0.12			0.89			0.14


	(0.17	)		(0.30	)		(0.31	)		(0.32	)		(0.35	)		(0.35	)
	(0.17	)		(0.30	)		(0.31	)		(0.32	)		(0.35	)		(0.35	)

$	9.78		$	10.07		$	11.33		$	11.00		$	11.20		$	10.66

	(1.22	)%		(8.58	)%		5.89	%		1.15	%		8.50	%		1.30	%


$	106,813		$	107,300		$	102,787		$	75,325		$	75,155		$	53,501
	0.62	%		0.63	%		0.64	%		0.64	%		0.64	%		0.64	%
	0.74	%		0.73	%		0.72	%		0.72	%		0.74	%		0.74	%
	3.44	%		2.83	%		2.77	%		2.94	%		3.22	%		3.23	%
	3.32	%		2.73	%		2.69	%		2.86	%		3.12	%		3.13	%
	15	%		23	%		3	%		18	%		12	%		14	%

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds February 28, 2023 (Unaudited)

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

1. Significant Accounting Policies

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

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

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.

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

1. Significant Accounting Policies (continued)

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

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

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

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, 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, 2021 through February 28, 2023.* These waivers and reimbursements may only be terminated by agreement

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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 (per annum) December 29, 2021- December 29, 2022			Operating expense limitation as a percentage of average daily net assets (per annum) December 29, 2022- December 29, 2023
Delaware Tax-Free Minnesota Fund		0.60	%		0.59	%
Delaware Tax-Free Minnesota Intermediate Fund		0.56	%		0.56	%
Delaware Minnesota High-Yield Municipal Bond Fund		0.63	%		0.61	%

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	16,879
Delaware Tax-Free Minnesota Intermediate Fund		6,072
Delaware Minnesota High-Yield Municipal Bond Fund		10,858

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

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

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	100,454
Delaware Tax-Free Minnesota Intermediate Fund		16,675
Delaware Minnesota High-Yield Municipal Bond Fund		47,541

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

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

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2023, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	6,008
Delaware Tax-Free Minnesota Intermediate Fund		897
Delaware Minnesota High-Yield Municipal Bond Fund		2,700

For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax-Free Minnesota Fund	$	1,039
Delaware Tax-Free Minnesota Intermediate Fund		61
Delaware Minnesota High-Yield Municipal Bond Fund		811

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Fund	Class A		Class C
Delaware Tax-Free Minnesota Fund	$	1,122	$	2,070
Delaware Tax-Free Minnesota Intermediate Fund		—		24
Delaware Minnesota High-Yield Municipal Bond Fund		2,991		1,331

Cross trades for the six months ended February 28, 2023, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2023, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

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

Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund did not have any realized gains (losses) during the six months ended February 28, 2023.

The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023.

3. Investments

For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Minnesota Fund	$	85,732,594	$	95,041,093
Delaware Tax-Free Minnesota Intermediate Fund		11,395,128		17,767,294
Delaware Minnesota High-Yield Municipal Bond Fund		31,998,292		29,578,180

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

3. Investments (continued)

Fund	Cost of investments		Aggregate unrealized appreciation of investments		Aggregate unrealized depreciation of investments			Net unrealized appreciation (depreciation) of investments
Delaware Tax-Free Minnesota Fund	$	526,737,876	$	2,953,979	$	(27,264,863	)	$	(24,310,884	)
Delaware Tax-Free Minnesota Intermediate Fund		72,408,590		429,441		(2,795,632	)		(2,366,191	)
Delaware Minnesota High-Yield Municipal Bond Fund		224,446,879		1,205,712		(15,964,357	)		(14,758,645	)

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 −

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prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 −

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

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

	Delaware Tax-Free Minnesota Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	499,666,992
Short-Term Investments		2,760,000
Total Value of Securities	$	502,426,992

	Delaware Tax-Free Minnesota Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	70,042,399

	Delaware Minnesota High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	205,988,234
Short-Term Investments		3,700,000
Total Value of Securities	$	209,688,234

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

3. Investments (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free Minnesota Fund						Delaware Tax-Free Minnesota Intermediate Fund						Delaware Minnesota High-Yield Municipal Bond Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	2/28/23			8/31/22			2/28/23			8/31/22			2/28/23			8/31/22
Shares sold:
Class A		4,984,112			6,675,584			960,858			459,040			2,060,593			1,570,364
Class C		92,032			158,306			22,080			33,463			129,860			243,560
Institutional Class		8,700,462			10,473,884			1,005,802			1,633,157			4,132,467			5,317,085

Shares issued upon reinvestment of dividends and distributions:
Class A		352,529			585,945			56,942			102,035			150,661			242,222
Class C		10,556			18,503			1,820			3,305			12,887			21,551
Institutional Class		176,905			310,784			32,516			50,147			172,858			274,448
		14,316,596			18,223,006			2,080,018			2,281,147			6,659,326			7,669,230

Shares redeemed:
Class A		(6,757,017	)		(8,915,827	)		(1,064,564	)		(1,126,691	)		(1,979,348	)		(1,961,685	)
Class C		(318,573	)		(391,496	)		(50,590	)		(82,500	)		(242,118	)		(388,928	)
Institutional Class		(9,233,447	)		(9,407,543	)		(1,660,065	)		(1,271,288	)		(4,035,803	)		(4,009,249	)
		(16,309,037	)		(18,714,866	)		(2,775,219	)		(2,480,479	)		(6,257,269	)		(6,359,862	)

Net increase (decrease)		(1,992,441	)		(491,860	)		(695,201	)		(199,332	)		402,057			1,309,368

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:

	Exchange Redemptions						Exchange Subscriptions
					Institutional				Institutional
	Class A		Class C		Class		Class A		Class
	Shares		Shares		Shares		Shares		Shares		Value
Delaware Tax-Free Minnesota Fund
Six months ended
2/28/23		54,357		17,040		—		7,353		64,135	$	787,580
Year ended
8/31/22		35,428		12,655		—		12,701		35,432		592,244

Delaware Tax-Free Minnesota Intermediate Fund
Six months ended
2/28/23		766		582		—		584		766		13,522
Year ended
8/31/22		10,192		737		—		738		10,192		117,346

Delaware Minnesota High-Yield Municipal Bond Fund
Six months ended
2/28/23		226		1,667		39		1,709		226		18,703
Year ended
8/31/22		629		16,920		—		16,961		629		195,261

5. Line of Credit

On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

5. Line of Credit (continued)

Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

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

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

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

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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.

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

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Notes to financial statements

Delaware Funds by Macquarie^® Minnesota municipal bond funds

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

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

7. Contractual Obligations

8. Recent Accounting Pronouncements

9. New Regulatory Pronouncement

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10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^® Minnesota municipal bond funds

Form N-PORT and proxy voting information

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	Semiannual report


Fixed income mutual funds Delaware Tax-Free Arizona Fund Delaware Tax-Free California Fund Delaware Tax-Free Colorado Fund Delaware Tax-Free Idaho Fund Delaware Tax-Free New York Fund Delaware Tax-Free Pennsylvania Fund February 28, 2023















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

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Experience Delaware Funds by Macquarie^®

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

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

Manage your account online

●

Check your account balance and transactions

●

View statements and tax forms

●

Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

The Funds are governed by US laws and regulations.

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Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		5
Schedules of investments		11
Statements of assets and liabilities		73
Statements of operations		77
Statements of changes in net assets		79
Financial highlights		92
Notes to financial statements		128
Other Fund information		146

This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/ literature.

Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.

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

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

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

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Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

The investment objective of each Fund is to seek as high a level of current income exempt from federal income tax and from personal income taxes in the respective applicable state, as is consistent with preservation of capital.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.

Actual expenses

Hypothetical example for comparison purposes

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Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

Delaware Tax-Free Arizona Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	975.40	0.84%	$4.11
Class C		1,000.00		971.80	1.59%	7.77
Institutional Class		1,000.00		976.60	0.59%	2.89
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.63	0.84%	$4.21
Class C		1,000.00		1,016.91	1.59%	7.95
Institutional Class		1,000.00		1,021.87	0.59%	2.96

Delaware Tax-Free California Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	992.50	0.81%	$4.00
Class C		1,000.00		987.90	1.56%	7.69
Institutional Class		1,000.00		993.70	0.56%	2.77
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.78	0.81%	$4.06
Class C		1,000.00		1,017.06	1.56%	7.80
Institutional Class		1,000.00		1,022.02	0.56%	2.81

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Delaware Tax-Free Colorado Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	987.80	0.82%	$4.04
Class C		1,000.00		985.10	1.57%	7.73
Institutional Class		1,000.00		989.00	0.57%	2.81
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.73	0.82%	$4.11
Class C		1,000.00		1,017.01	1.57%	7.85
Institutional Class		1,000.00		1,021.97	0.57%	2.86

Delaware Tax-Free Idaho Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	990.50	0.86%	$4.24
Class C		1,000.00		985.90	1.61%	7.93
Institutional Class		1,000.00		991.70	0.61%	3.01
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.53	0.86%	$4.31
Class C		1,000.00		1,016.81	1.61%	8.05
Institutional Class		1,000.00		1,021.77	0.61%	3.06

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Disclosure of Fund expenses

For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)

Delaware Tax-Free New York Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	989.20	0.80%	$3.95
Class C		1,000.00		986.40	1.55%	7.63
Institutional Class		1,000.00		990.40	0.55%	2.71
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.83	0.80%	$4.01
Class C		1,000.00		1,017.11	1.55%	7.75
Institutional Class		1,000.00		1,022.07	0.55%	2.76

Delaware Tax-Free Pennsylvania Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratio	Expenses Paid During Period 9/1/22 to 2/28/23*
Actual Fund return^†
Class A	$	1,000.00	$	988.00	0.84%	$4.14
Class C		1,000.00		985.70	1.59%	7.83
Institutional Class		1,000.00		989.20	0.59%	2.91
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.63	0.84%	$4.21
Class C		1,000.00		1,016.91	1.59%	7.95
Institutional Class		1,000.00		1,021.87	0.59%	2.96

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

In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables above and on the previous pages do not reflect the expenses of any Underlying Funds.

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Security type / sector / state / territory allocations

Delaware Tax-Free Arizona Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.54	%
Corporate Revenue Bonds	2.41	%
Education Revenue Bonds	27.81	%
Electric Revenue Bonds	7.37	%
Healthcare Revenue Bonds	22.73	%
Industrial Development Revenue/Pollution Control Revenue Bond	3.25	%
Lease Revenue Bond	1.59	%
Local General Obligation Bonds	3.85	%
Special Tax Revenue Bonds	18.34	%
State General Obligation Bond	0.25	%
Transportation Revenue Bonds	7.04	%
Water & Sewer Revenue Bonds	3.90	%
Short-Term Investments	0.87	%
Total Value of Securities	99.41	%
Receivables and Other Assets Net of Liabilities	0.59	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Arizona	81.01	%
Guam	0.94	%
Puerto Rico	16.97	%
US Virgin Islands	0.49	%
Total Value of Securities	99.41	%

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Security type / sector / state / territory allocations

Delaware Tax-Free California Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	95.66	%
Corporate Revenue Bonds	0.53	%
Education Revenue Bonds	17.34	%
Electric Revenue Bonds	4.78	%
Healthcare Revenue Bonds	12.21	%
Housing Revenue Bonds	3.78	%
Industrial Development Revenue/Pollution Control Revenue Bonds	7.53	%
Lease Revenue Bonds	3.36	%
Local General Obligation Bonds	2.52	%
Pre-Refunded Bonds	4.07	%
Special Tax Revenue Bonds	16.73	%
State General Obligation Bonds	7.65	%
Transportation Revenue Bonds	13.66	%
Water & Sewer Revenue Bonds	1.50	%
Short-Term Investments	3.13	%
Total Value of Securities	98.79	%
Receivables and Other Assets Net of Liabilities	1.21	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
California	81.34	%
Guam	0.77	%
Puerto Rico	16.40	%
US Virgin Islands	0.28	%
Total Value of Securities	98.79	%

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Security type / sector / state / territory allocations

Delaware Tax-Free Colorado Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.48	%
Education Revenue Bonds	12.46	%
Electric Revenue Bonds	6.31	%
Healthcare Revenue Bonds	20.85	%
Industrial Development Revenue/Pollution Control Revenue Bonds	2.47	%
Lease Revenue Bonds	2.31	%
Local General Obligation Bonds	9.24	%
Pre-Refunded Bonds	7.44	%
Special Tax Revenue Bonds	19.98	%
State General Obligation Bonds	0.98	%
Transportation Revenue Bonds	11.76	%
Water & Sewer Revenue Bonds	4.68	%
Short-Term Investments	0.48	%
Total Value of Securities	98.96	%
Receivables and Other Assets Net of Liabilities	1.04	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Colorado	80.27	%
Guam	1.41	%
Puerto Rico	17.06	%
US Virgin Islands	0.22	%
Total Value of Securities	98.96	%

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Security type / sector / state / territory allocations

Delaware Tax-Free Idaho Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.22	%
Corporate Revenue Bond	1.05	%
Education Revenue Bonds	23.01	%
Electric Revenue Bonds	3.67	%
Healthcare Revenue Bonds	13.14	%
Housing Revenue Bonds	2.63	%
Industrial Development Revenue/Pollution Control Revenue Bond	1.71	%
Lease Revenue Bonds	10.69	%
Local General Obligation Bonds	8.90	%
Pre-Refunded/Escrowed to Maturity Bonds	3.63	%
Resource Recovery Revenue Bond	0.34	%
Special Tax Revenue Bonds	22.74	%
State General Obligation Bond	0.16	%
Transportation Revenue Bonds	4.71	%
Water & Sewer Revenue Bond	1.84	%
Short-Term Investments	0.78	%
Total Value of Securities	99.00	%
Receivables and Other Assets Net of Liabilities	1.00	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Idaho	81.70	%
Puerto Rico	17.08	%
US Virgin Islands	0.22	%
Total Value of Securities	99.00	%

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Security type / sector / state / territory allocations

Delaware Tax-Free New York Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.39	%
Corporate Revenue Bonds	3.02	%
Education Revenue Bonds	20.78	%
Electric Revenue Bonds	7.76	%
Healthcare Revenue Bonds	9.02	%
Industrial Development Revenue/Pollution Control Revenue Bonds	4.69	%
Lease Revenue Bonds	8.08	%
Local General Obligation Bonds	2.57	%
Pre-Refunded Bonds	1.11	%
Resource Recovery Revenue Bond	0.70	%
Special Tax Revenue Bonds	25.40	%
State General Obligation Bonds	0.74	%
Transportation Revenue Bonds	11.50	%
Water & Sewer Revenue Bonds	3.02	%
Short-Term Investments	0.81	%
Total Value of Securities	99.20	%
Receivables and Other Assets Net of Liabilities	0.80	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Guam	0.75	%
New York	81.37	%
Puerto Rico	16.80	%
US Virgin Islands	0.28	%
Total Value of Securities	99.20	%

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Security type / sector / state / territory allocations

Delaware Tax-Free Pennsylvania Fund

As of February 28, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	98.28	%
Corporate Revenue Bonds	0.88	%
Education Revenue Bonds	10.88	%
Electric Revenue Bonds	1.99	%
Healthcare Revenue Bonds	33.70	%
Industrial Development Revenue/Pollution Control Revenue Bonds	5.69	%
Lease Revenue Bonds	1.18	%
Local General Obligation Bonds	3.38	%
Pre-Refunded/Escrowed to Maturity Bonds	1.66	%
Special Tax Revenue Bonds	20.03	%
State General Obligation Bonds	1.55	%
Transportation Revenue Bonds	16.44	%
Water & Sewer Revenue Bonds	0.90	%
Total Value of Securities	98.28	%
Receivables and Other Assets Net of Liabilities	1.72	%
Total Net Assets	100.00	%

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

State / territory	Percentage of net assets
Pennsylvania	79.65	%
Puerto Rico	17.36	%
US Virgin Islands	1.27	%
Total Value of Securities	98.28	%

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Schedules of investments

Delaware Tax-Free Arizona Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.54%
Corporate Revenue Bonds — 2.41%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 6.00% 7/1/51 #, ‡		450,000	$	292,500
Series A 144A 7.75% 7/1/50 #, ‡		285,000		185,250
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
5.00% 9/1/42 (AMT) ●		1,000,000		1,034,390
				1,512,140
Education Revenue Bonds — 27.81%
Arizona Industrial Development Authority Revenue
(Academies of Math & Science Projects)
Series A 5.00% 7/1/51		1,000,000		1,003,760
(ACCEL Schools Project)
Series A 144A 5.25% 8/1/48 #		350,000		315,546
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		250,000		257,158
144A 6.00% 7/1/47 #		400,000		405,876
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects)
Series A 144A 5.00% 7/15/49 #		375,000		337,031
(Empower College Prep Project)
144A 6.00% 7/1/49 #		500,000		488,950
(Equitable School Revolving Fund)
Series A 4.00% 11/1/49		1,600,000		1,382,240
(Great Hearts Arizona Projects)
Series A 2.25% 7/1/46		1,000,000		620,330
Series A 2.375% 7/1/52		1,205,000		703,792
(KIPP NYC Public Charter Schools - Macombs Facility Project)
Series A 4.00% 7/1/61		1,980,000		1,578,515
(Odyssey Preparatory Academy Project)
Series A 144A 5.50% 7/1/52 #		375,000		365,903
Arizona State University Energy Management Revenue
(Arizona State University Tempe Campus II Project)
4.50% 7/1/24		500,000		500,395
Arizona State University Revenue System
Series A 5.00% 7/1/43		1,000,000		1,080,500
Maricopa County, Arizona Industrial Development Authority Education Revenue
(Choice Academies, Inc. Project)
Series AZ 144A 5.75% 9/1/45 #		1,250,000		1,172,175

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Schedules of investments

Delaware Tax-Free Arizona Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development Authority Revenue
(Arizona Autism Charter Schools Project)
Series A 144A 5.00% 7/1/40 #		250,000	$	235,860
(Creighton University Project)
4.00% 7/1/50		1,000,000		890,980
(Great Hearts Arizona Projects)
Series A 5.00% 7/1/52		725,000		735,541
(Highland Prep Projects)
Series A 4.00% 7/1/56		2,000,000		1,720,680
(Reid Traditional Schools Projects)
5.00% 7/1/47		785,000		787,151
McAllister, Arizona Academic Village Revenue
(Arizona State University Hassayampa Academic Village Project)
5.00% 7/1/31		500,000		532,695
Phoenix, Arizona Industrial Development Authority
(Eagle College Preparatory Project)
Series A 5.00% 7/1/43		500,000		470,755
(Great Hearts Academic Project)
5.00% 7/1/46		1,000,000		1,003,770
Pima County, Arizona Industrial Development Authority Education Revenue
(Edkey Charter Schools Project)
144A 5.00% 7/1/55 #		500,000		433,165
University of Arizona Board of Regents
Series A 4.00% 6/1/44		475,000		453,198
				17,475,966
Electric Revenue Bonds — 7.37%
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		565,000		589,572
Mesa, Arizona Utility System Revenue
4.00% 7/1/42		550,000		536,426
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		55,000		38,363
Series AAA 5.25% 7/1/25 ‡		35,000		24,369
Series WW 5.00% 7/1/28 ‡		550,000		382,250
Series WW 5.50% 7/1/38 ‡		710,000		502,325
Series XX 4.75% 7/1/26 ‡		35,000		24,238
Series XX 5.25% 7/1/40 ‡		355,000		249,387
Series XX 5.75% 7/1/36 ‡		125,000		88,437

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series ZZ 4.75% 7/1/27 ‡		30,000	$	20,775
Series ZZ 5.25% 7/1/24 ‡		45,000		31,331
Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue
Series A 5.00% 1/1/39		1,000,000		1,070,500
Series A 5.00% 1/1/47		1,000,000		1,074,820
				4,632,793
Healthcare Revenue Bonds — 22.73%
Arizona Health Facilities Authority Hospital System Revenue
(Scottsdale Lincoln Hospital Project)
5.00% 12/1/42		1,000,000		1,011,610
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		2,124,112
(Great Lakes Senior Living Communities LLC Project First Tier)
Series A 5.00% 1/1/54		145,000		87,763
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
144A 7.75% 1/1/54 #		150,000		83,712
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.00% 1/1/49		55,000		29,524
Series B 5.125% 1/1/54		65,000		33,700
(Great Lakes Senior Living Communities LLC Project Third Tier)
Series C 144A 5.00% 1/1/49 #		500,000		244,215
(Phoenix Children’s Hospital)
Series A 4.00% 2/1/50		1,000,000		897,860
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.00% 11/15/36		150,000		116,293
5.25% 11/15/46		415,000		297,410
(Royal Oaks Inspirita Pointe Project)
Series A 5.00% 5/15/56		1,000,000		845,340
(Sun Health Services)
Series A 5.00% 11/15/48		1,000,000		910,180

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Schedules of investments

Delaware Tax-Free Arizona Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Glendale, Arizona Industrial Development Authority Revenue
(The Beatitudes Campus Project)
5.00% 11/15/45		200,000	$	165,040
(The Terraces of Phoenix Project)
Series A 5.00% 7/1/48		275,000		221,752
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue
(Banner Health)
Series A 4.00% 1/1/41		1,000,000		952,400
Series A 4.00% 1/1/44		1,665,000		1,561,554
Series D 4.00% 1/1/48		650,000		590,154
Maricopa County, Arizona Industrial Development Authority Hospital Revenue
(HonorHealth)
Series A 3.00% 9/1/51		500,000		357,995
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue
(Christian Care Surprise Project)
144A 6.00% 1/1/48 #		405,000		283,601
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		286,452
5.00% 7/1/30		105,000		114,806
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52 #		800,000		607,104
Yavapai County, Arizona Industrial Development Authority Hospital Facility
(Yavapai Regional Medical Center)
4.00% 8/1/43		1,500,000		1,355,475
Series A 5.25% 8/1/33		500,000		502,335
Yuma, Arizona Industrial Development Authority Hospital Revenue
(Yuma Regional Medical Center)
Series A 5.00% 8/1/32		295,000		299,357
Series A 5.25% 8/1/32		300,000		306,657
				14,286,401

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bond — 3.25%
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		2,000,000	$	2,042,700
				2,042,700
Lease Revenue Bond — 1.59%
Arizona Game & Fish Department & Community Beneficial Interest Certificates
(Administration Building Project)
5.00% 7/1/32		1,000,000		1,001,370
				1,001,370
Local General Obligation Bonds — 3.85%
Maricopa County, Arizona High School District No. 214 Tolleson Union High School
(School Improvement Project)
Series B 4.00% 7/1/37		1,000,000		1,022,620
Maricopa County, Arizona School District No. 3 Tempe Elementary
(School Improvement Project)
Series B 5.00% 7/1/30		560,000		622,894
Maricopa County, Arizona Unified School District No. 95 Queen Creek
(School Improvement)
4.00% 7/1/35		500,000		517,470
Pinal County, Arizona Community College District
4.00% 7/1/31		250,000		259,027
				2,422,011
Special Tax Revenue Bonds — 18.34%
Arizona Regional Public Transportation Authority
(Maricopa County Public Transportation)
5.25% 7/1/24		500,000		513,760
Bullhead City, Arizona Excise Taxes Revenue
2.55% 7/1/46		1,000,000		686,160
4.00% 7/1/52		1,035,000		934,098
Commonwealth of Puerto Rico
(Restructured)
2.949% 11/1/43 ●		2,248,597		969,708
GDB Debt Recovery Authority
7.50% 8/20/40		2,450,479		2,058,402
Glendale, Arizona Transportation Excise Tax Revenue
5.00% 7/1/30 (AGM)		500,000		519,465
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/32		300,000		309,516

Table of Contents

Schedules of investments

Delaware Tax-Free Arizona Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Capital Appreciation - Restructured)
Series A-1 3.904% 7/1/51 ^		2,814,000	$	530,946
Series A-1 5.60% 7/1/46 ^		1,110,000		284,471
(Restructured)
Series A-1 4.75% 7/1/53		2,485,000		2,227,504
Series A-2 4.329% 7/1/40		1,745,000		1,585,681
Series A-2 4.329% 7/1/40		1,000,000		908,700
				11,528,411
State General Obligation Bond — 0.25%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		185,336		153,098
				153,098
Transportation Revenue Bonds — 7.04%
Arizona Department of Transportation State Highway Fund Revenue
5.00% 7/1/35		500,000		526,335
Phoenix, Arizona Civic Improvement Airport Revenue
(Junior Lien)
Series B 4.00% 7/1/37 (AMT)		3,000,000		2,851,830
Series B 5.00% 7/1/49 (AMT)		400,000		407,540
(Senior Lien)
4.00% 7/1/48 (AMT)		500,000		454,865
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		200,000		185,500
				4,426,070
Water & Sewer Revenue Bonds — 3.90%
Central Arizona Water Conservation District
(Central Arizona Project)
5.00% 1/1/31		600,000		628,098
Goodyear, Arizona Water & Sewer Revenue
Second Series 4.00% 7/1/45 (AGM)		1,000,000		951,420
Mesa, Arizona Utility System Revenue
4.00% 7/1/31		850,000		872,253
				2,451,771
Total Municipal Bonds (cost $68,644,617)				61,932,731

Table of Contents

	Principal amount°		Value (US $)
Short-Term Investments — 0.87%
Variable Rate Demand Note — 0.87%¤
Phoenix, Arizona Industrial Development Authority
(Mayo Clinic)
Series B 2.60% 11/15/52
(SPA - Northern Trust)		550,000	$	550,000
Total Short-Term Investments (cost $550,000)				550,000
Total Value of Securities—99.41%
(cost $69,194,617)			$	62,482,731

	°	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, 2023, the aggregate value of Rule 144A securities was $5,708,046, which represents 9.08% of the Fund’s net assets. See Note 6 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, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	¤	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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

Table of Contents

Schedules of investments

Delaware Tax-Free Arizona Fund

Summary of abbreviations: (continued)

LLC – Limited Liability Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 95.66%
Corporate Revenue Bonds — 0.53%
California Pollution Control Financing Authority
(Poseidon Resources (ChannelSide) LP Desalination Project)
144A 5.00% 11/21/45 (AMT) #		940,000	$	941,100
California Pollution Control Financing Authority Solid Waste Disposal Revenue
144A 8.00% 7/1/39 (AMT) #, ‡		300,000		15,000
				956,100
Education Revenue Bonds — 17.34%
California Community College Financing Authority Student Housing Revenue
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60 #		1,500,000		1,437,780
California Educational Facilities Authority
(Loma Linda University)
Series A 5.00% 4/1/47		1,700,000		1,734,000
(Stanford University - Green Bonds)
Series V-2 2.25% 4/1/51		300,000		187,242
(Stanford University)
Series U-1 5.25% 4/1/40		1,840,000		2,194,678
Series V-1 5.00% 5/1/49		2,360,000		2,731,441
California Municipal Finance Authority Revenue
(Bella Mente Montessori Academy Project)
Series A 144A 5.00% 6/1/48 #		500,000		446,055
(California Baptist University)
Series A 144A 5.375% 11/1/40 #		1,000,000		1,010,660
(CHF - Davis I, LLC - West Village Student Housing Project)
5.00% 5/15/48		1,000,000		1,001,190
(Literacy First Charter Schools Project)
Series A 5.00% 12/1/49		750,000		750,293
(Southwestern Law School)
4.00% 11/1/41		575,000		505,258
(The Creative Center of Los Altos Project - Pinewood School and Oakwood School)
Series B 144A 4.50% 11/1/46 #		500,000		414,615
(Biola University)
5.00% 10/1/39		1,000,000		1,026,120
(Emerson College)
Series B 5.00% 1/1/32		1,000,000		1,046,910

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Municipal Finance Authority Revenue
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45 #		850,000	$	788,859
(Palmdale Aerospace Academy Project)
Series A 144A 5.00% 7/1/46 #		670,000		602,665
California School Finance Authority
(Aspire Public School)
144A 5.00% 8/1/41 #		225,000		225,713
(Aspire Public Schools-Obligated Group)
Series A 144A 5.00% 8/1/45 #		715,000		715,322
(Aspire Public Schools-Obligated Group-Issue Number 3)
Series A 144A 5.00% 8/1/40 #		1,000,000		1,009,610
(Classical Academies Project)
Series A 144A 5.00% 10/1/50 #		250,000		248,635
(Encore Education Obligated Group)
Series A 144A 5.00% 6/1/42 #		500,000		405,055
(Escuela Popular Project)
144A 6.50% 7/1/50 #		250,000		251,090
(Granada Hills Charter Obligated Group)
144A 5.00% 7/1/49 #		1,725,000		1,731,607
(Green Dot Public Schools Project)
Series A 144A 5.00% 8/1/35 #		1,000,000		1,016,720
(Grimmway Schools - Obligated Group)
Series A 144A 5.00% 7/1/36 #		500,000		502,855
(Hawking Steam Charter School Project)
Series A 144A 5.50% 7/1/62 #		775,000		755,462
(ICEF - View Park Elementary & Middle Schools)
Series A 5.625% 10/1/34		575,000		578,720
(John Adams Academies - Obligated Group)
Series A 144A 5.00% 7/1/52 #		1,000,000		890,340
(KIPP LA Projects)
Series A 144A 5.125% 7/1/44 #		1,000,000		1,005,210
(KIPP SoCal Projects)
Series A 144A 5.00% 7/1/49 #		1,000,000		1,007,930
California State University Systemwide Revenue
Series A 5.00% 11/1/47		1,000,000		1,052,550
California Statewide Communities Development Authority Revenue
(California Baptist University)
Series A 144A 6.125% 11/1/33 #		750,000		759,203

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Mt. San Antonio, California Community College District Convertible Capital Appreciation Election 2008
Series A 0.00% 8/1/28 ~		1,000,000	$	1,093,600
Regents of the University of California General Revenue
Series BE 4.00% 5/15/50		1,500,000		1,433,745
Regents of the University of California Limited Project Revenue
Series Q 3.00% 5/15/51		1,000,000		763,600
				31,324,733
Electric Revenue Bonds — 4.78%
California Community Choice Financing Authority Clean Energy Project Revenue
(Green Bonds)
Series C 5.25% 1/1/54 ●		2,000,000		2,082,480
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		970,000		1,012,185
Los Angeles, California Department of Water & Power Revenue
(Power System)
Series A 5.00% 7/1/42		1,000,000		1,052,220
Series D 5.00% 7/1/26		2,000,000		2,139,100
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡		350,000		244,125
Series A 5.05% 7/1/42 ‡		70,000		48,825
Series A 6.75% 7/1/36 ‡		185,000		133,200
Series AAA 5.25% 7/1/25 ‡		40,000		27,850
Series CCC 5.25% 7/1/27 ‡		325,000		226,687
Series TT 5.00% 7/1/32 ‡		340,000		237,150
Series WW 5.00% 7/1/28 ‡		470,000		326,650
Series WW 5.25% 7/1/33 ‡		335,000		235,337
Series WW 5.50% 7/1/38 ‡		730,000		516,475
Series XX 4.75% 7/1/26 ‡		45,000		31,163
Series XX 5.25% 7/1/40 ‡		230,000		161,575
Series XX 5.75% 7/1/36 ‡		150,000		106,125
Series ZZ 4.75% 7/1/27 ‡		35,000		24,238
Series ZZ 5.25% 7/1/24 ‡		55,000		38,294
				8,643,679

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 12.21%
California Educational Facilities Authority
(Stanford University)
Series V-2 5.00% 4/1/51		500,000	$	579,145
California Health Facilities Financing Authority Revenue
(Cedars-Sinai Health System)
Series A 3.00% 8/15/51		1,500,000		1,074,030
(Cedars-Sinai Medical Center)
Series B 4.00% 8/15/36		500,000		504,570
(Children’s Hospital Los Angeles)
Series A 5.00% 8/15/47		500,000		505,800
(Children’s Hospital of Orange County)
Series A 2.125% 11/1/41		2,500,000		1,700,400
(CommonSpirit Health)
Series A 4.00% 4/1/45		1,280,000		1,161,306
Series A 4.00% 4/1/49		1,000,000		884,170
(Kaiser Permanente)
Subordinate Series A-2 4.00% 11/1/44		1,005,000		943,313
(Lucile Salter Packard Children’s Hospital At Stanford)
Series A 4.00% 5/15/51		1,000,000		926,410
California Municipal Finance Authority Revenue
(Community Medical Centers)
Series A 5.00% 2/1/47		1,000,000		1,024,300
(Goodwill Industry of Sacramento Valley & Northern Nevada Project)
5.00% 1/1/35		635,000		540,798
(Humangood California Obligated Group)
Series A 4.00% 10/1/28		290,000		291,554
(Northbay Healthcare Group)
Series A 5.25% 11/1/47		500,000		501,490
(Palomar Health Certificates)
Series A 5.25% 11/1/52 (AGM)		500,000		526,925
California Municipal Finance Authority Senior Living Revenue
(Mt. San Antonio Gardens Project)
Series A 4.00% 11/15/52		750,000		538,275
Series A 4.00% 11/15/56		1,075,000		753,672
California Public Finance Authority Senior Living Revenue
(Enso Village Project - Green Bonds)
Series A 144A 5.00% 11/15/51 #		500,000		420,535
California Statewide Communities Development Authority Revenue
(Adventist Health System/West)
Series A 4.00% 3/1/48		1,000,000		882,540

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Statewide Communities Development Authority Revenue
(Emanate Health)
Series A 4.00% 4/1/45		825,000	$	766,771
(Huntington Memorial Hospital)
4.00% 7/1/48		500,000		471,275
(John Muir Health)
Series A 5.00% 8/15/51		1,500,000		1,531,830
(Marin General Hospital - Green Bonds)
Series A 4.00% 8/1/45		500,000		429,125
(Redlands Community Hospital)
5.00% 10/1/46		1,000,000		1,009,610
(Enloe Medical Center)
Series A 5.25% 8/15/52 (AGM)		2,000,000		2,116,920
Palomar Health, California
5.00% 11/1/47 (AGM)		500,000		511,700
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		486,559
5.00% 7/1/32		900,000		985,095
				22,068,118
Housing Revenue Bonds — 3.78%
California Housing Finance Agency
Series 2019-2 Class A 4.00% 3/20/33		475,480		469,946
CSCDA Community Improvement Authority Essential Housing Revenue
(Jefferson-Anaheim)
Series A-2 144A 3.125% 8/1/56 #		1,500,000		1,053,240
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56 #		3,010,000		2,044,723
Independent Cities, California Finance Authority Mobile Home Park Revenue
(Pillar Ridge)
Series A 5.25% 5/15/44		1,000,000		1,011,290
Series A 5.25% 5/15/49		1,200,000		1,212,552
Los Angeles, California Housing Authority
(Union Portfolio Project)
Series A 4.00% 6/1/30		135,000		140,846

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Santa Clara County, California Multifamily Housing Authority Revenue
(RiverTown Apartments Project)
Series A 5.85% 8/1/31 (AMT)		885,000	$	886,885
				6,819,482
Industrial Development Revenue/Pollution Control Revenue Bonds — 7.53%
California Community Choice Financing Authority Clean Energy Project Revenue
(Clean Energy Project - Green Bonds)
Series A-1 5.00% 12/1/53 ●		1,500,000		1,574,250
California M-S-R Energy Authority Revenue
Series B 6.50% 11/1/39		750,000		894,698
Golden State, California Tobacco Securitization
Series A-1 5.00% 6/1/51		2,000,000		2,083,260
Golden State, California Tobacco Securitization Settlement Revenue
(Capital Appreciation)
Subordinate Series B-2 0.915% 6/1/66 ^		14,450,000		1,436,330
Inland, California Empire Tobacco Securitization
(Capital Appreciation Turbo Asset-Backed)
Series E 144A 0.935% 6/1/57 #, ^		8,500,000		484,840
Series F 144A 1.386% 6/1/57 #, ^		29,440,000		1,411,059
Tobacco Securitization Authority of Northern California
(Sacramento County)
Series A Class 1 Senior 4.00% 6/1/36		300,000		300,153
Series A Class 1 Senior 4.00% 6/1/37		300,000		296,796
Series A Class 1 Senior 4.00% 6/1/38		400,000		392,496
Series A Class 1 Senior 4.00% 6/1/39		250,000		243,325
Series A Class 1 Senior 4.00% 6/1/40		300,000		289,209
Series A Class 1 Senior 4.00% 6/1/49		1,000,000		899,180
Tobacco Securitization Authority of Southern California
(San Diego County)
Capital Appreciation Second Subordinate
Series C 0.603% 6/1/46 ^		16,770,000		2,677,330
Capital Appreciation Third Subordinate
Series D 0.317% 6/1/46 ^		4,965,000		621,668
				13,604,594

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 3.36%
California Infrastructure & Economic Development Bank
(Academy of Motion Picture Arts & Sciences Obligated Group)
Series A 5.00% 11/1/41		1,000,000	$	1,006,460
California Municipal Finance Authority Revenue
(Orange County Civic Center Infrastructure Improvement Program - Phase II)
Series A 5.00% 6/1/43		750,000		796,298
California State Public Works Board
Series E 3.00% 10/1/36 (AGM)		1,525,000		1,366,537
(Department of General Services - New Natural Resources)
Series C 4.00% 11/1/46		1,000,000		967,040
(Various Capital Projects)
Series I 5.50% 11/1/30		1,000,000		1,015,560
Oceanside, California Public Financing Authority
(EL Corazon Aquatics Center Project)
4.00% 11/1/49		1,000,000		925,330
				6,077,225
Local General Obligation Bonds — 2.52%
Anaheim, California School District Capital Appreciation Election of 2002
5.00% 8/1/25 (NATL) ^		1,000,000		924,570
Long Beach, California Community College District
Series D 3.00% 8/1/38		1,250,000		1,081,087
Los Angeles, California Unified School District Election of 2008
(Dedicated Unlimited Ad Valorem Property Tax)
Series A 5.00% 7/1/40		500,000		518,035
Moreno Valley, California Unified School District Election of 2014
Series B 5.00% 8/1/43 (AGM)		500,000		535,060
Palomar Health, California
Series B 4.00% 8/1/37		1,000,000		992,840
San Francisco Bay Area, California Rapid Transit District Election of 2016
(Green Bonds)
Series B-1 4.00% 8/1/44		500,000		493,555
				4,545,147
Pre-Refunded Bonds — 4.07%
Bay Area, California Toll Authority
Series S-H 5.00% 4/1/44-29 §		1,000,000		1,135,470

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
California Health Facilities Financing Authority Revenue
(Sutter Health)
Series A 5.00% 8/15/43-25 §		1,000,000	$	1,047,730
California School Finance Authority
(Partnerships to Uplift Communities Valley Project)
Series A 144A 6.75% 8/1/44-24 #, §		1,000,000		1,027,040
California Statewide Communities Development Authority Revenue
(Covenant Retirement Communities)
Series C 5.625% 12/1/36-23 §		1,000,000		1,017,130
Fresno, California Unified School District Election of 2016
Series A 5.00% 8/1/41-26 §		500,000		535,785
Golden State, California Tobacco Securitization Settlement Revenue
(Enhanced Asset-Backed)
Series A 5.00% 6/1/45-25 §		1,000,000		1,043,260
New Haven, California Unified School District Election of 2014
Series A 5.00% 8/1/40-25 §		1,000,000		1,048,180
Riverside County, California Transportation Commission Senior Lien
(Current Interest Obligations)
Series A 5.75% 6/1/44-23 §		500,000		503,290
				7,357,885
Special Tax Revenue Bonds — 16.73%
California State Public Works Board
(Various Capital Projects)
Series B 4.00% 5/1/39		1,555,000		1,557,224
Series B 4.00% 5/1/46		1,000,000		967,810
City of Irvine, California Limited Obligation Improvement Bonds
(Reassessment District No. 21-1)
4.00% 9/2/46 (BAM)		1,340,000		1,274,461
Commonwealth of Puerto Rico
3.799% 11/1/51 ●		5,434,497		1,861,315
(Restructured)
3.171% 11/1/43 ●		4,472,195		1,928,634
GDB Debt Recovery Authority
7.50% 8/20/40		6,621,878		5,562,377
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/32		500,000		515,860

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 3.649% 7/1/46 ^		9,840,000	$	2,521,795
Series A-1 4.75% 7/1/53		2,780,000		2,491,936
Series A-1 4.863% 7/1/51 ^		28,678,000		5,410,965
Series A-1 5.00% 7/1/58		1,975,000		1,832,405
Series A-2 4.329% 7/1/40		735,000		667,895
Series A-2 4.329% 7/1/40		750,000		681,525
Sacramento, California Transient Occupancy Tax Revenue
(Convention Center Complex)
Senior Series A 5.00% 6/1/38		500,000		529,965
Senior Series A 5.00% 6/1/48		1,000,000		1,039,300
San Francisco, California Facilities District No. 2021-01
(Public Facilities and Services)
4.00% 9/1/44		1,000,000		889,670
Yucaipa, California Special Tax Community Facilities District No. 98-1
(Chapman Heights)
5.375% 9/1/30		500,000		502,030
				30,235,167
State General Obligation Bonds — 7.65%
California
(Various Purpose)
3.00% 3/1/46		3,000,000		2,362,980
4.00% 10/1/36		500,000		511,025
4.00% 9/1/42		1,750,000		1,748,442
5.00% 9/1/31		1,000,000		1,008,680
5.00% 4/1/32		2,820,000		3,342,292
5.00% 4/1/37		2,000,000		2,002,180
5.00% 8/1/46		1,000,000		1,042,800
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		99,821		85,368
Series A-1 4.00% 7/1/41		1,785,743		1,475,131
Series A-1 4.00% 7/1/46		300,000		238,890
				13,817,788
Transportation Revenue Bonds — 13.66%
California Municipal Finance Authority Senior Lien
(LINXS APM Project)
Series A 4.00% 12/31/47 (AMT)		1,750,000		1,494,272

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
California Municipal Finance Authority Senior Lien
(LINXS APM Project)
Series A 5.00% 12/31/43 (AMT)		1,995,000	$	2,000,985
Series A 5.00% 12/31/47 (AMT)		615,000		609,133
Foothill-Eastern, California Transportation Corridor Agency Revenue
Series A 4.00% 1/15/46		2,000,000		1,814,420
Series B-2 3.50% 1/15/53 (AGM)		500,000		414,065
Series C 4.00% 1/15/43		2,275,000		2,102,919
Long Beach, California Marina Revenue
(Alamitos Bay Marina Project)
5.00% 5/15/45		500,000		505,175
Los Angeles, California Department of Airports
Series A 4.00% 5/15/44 (AMT)		1,500,000		1,405,800
Series A 5.00% 5/15/33 (AMT)		1,390,000		1,527,582
Series B 5.00% 5/15/46 (AMT)		300,000		303,747
Series D 5.00% 5/15/36 (AMT)		1,000,000		1,020,830
Series F 4.00% 5/15/49 (AMT)		2,000,000		1,837,780
Port Authority of Guam Revenue
(Governmental)
Series A 5.00% 7/1/48		375,000		381,158
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		1,130,000		1,048,075
Sacramento County, California Airport System Revenue
Series C 5.00% 7/1/39 (AMT)		500,000		517,600
Subordinate Series B 5.00% 7/1/41		500,000		512,480
San Diego County, California Regional Airport Authority Revenue
Series A 4.00% 7/1/56		2,000,000		1,847,940
Series B 4.00% 7/1/56 (AMT) (BAM)		690,000		620,938
San Diego, California Redevelopment Agency
(Centre City Redevelopment Project)
Series A 6.40% 9/1/25		475,000		476,273
San Francisco City & County, California Airports Commission
(San Francisco International Airport)
Second Series A 5.00% 5/1/34 (AMT)		1,000,000		1,068,000
Second Series A 5.00% 5/1/49 (AMT)		1,000,000		1,018,420
Second Series E 5.00% 5/1/50 (AMT)		500,000		508,810
San Jose, California Airport Revenue
Series B 5.00% 3/1/36		575,000		610,690

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
San Jose, California Airport Revenue
Series B 5.00% 3/1/42		1,000,000	$	1,035,520
				24,682,612
Water & Sewer Revenue Bonds — 1.50%
Arvin-Edison, California Water Storage District
4.00% 5/1/40		315,000		303,720
California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds
(Sandiego County Water Authority Desalination Project Pipeline)
144A 5.00% 11/21/45 #		250,000		251,867
Sacramento County, California Sanitation Districts Financing Authority Revenue
Series A 5.00% 12/1/50		2,000,000		2,150,380
				2,705,967
Total Municipal Bonds (cost $183,453,167)				172,838,497

Short-Term Investments — 3.13%
Variable Rate Demand Notes — 3.13%¤
Los Angeles, California Department of Water & Power Revenue
Subordinate Series A-2 1.55% 7/1/45
(SPA - Barclays Bank)		2,500,000		2,500,000
Subordinate Series A-7 1.55% 7/1/35
(SPA - Bank of America N.A.)		350,000		350,000
Subordinate Series B-3 1.55% 7/1/34
(SPA - Barclays Bank)		1,100,000		1,100,000
Regents of the University of California General Revenue
Series AL-1 1.55% 5/15/48		600,000		600,000
Series AL-3 1.55% 5/15/48		1,100,000		1,100,000
Total Short-Term Investments (cost $5,650,000)				5,650,000
Total Value of Securities—98.79%
(cost $189,103,167)			$	178,488,497

	°	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, 2023, the aggregate value of Rule 144A securities was $22,874,790, which represents 12.66% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Tax-Free California Fund

	‡	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, 2023.
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

CSCDA – California Statewide Communities Development Authority

ICE – Intercontinental Exchange, Inc.

ICEF – Inner City Education Foundation

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

Table of Contents

Summary of abbreviations: (continued)

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free Colorado Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.48%
Education Revenue Bonds — 12.46%
Board of Governors of the Colorado State University System Enterprise Revenue
Series A 5.00% 3/1/43		2,480,000	$	2,779,658
Board of Trustees For Colorado Mesa University Enterprise Revenue
Series B 5.00% 5/15/44		1,000,000		1,073,090
Series B 5.00% 5/15/49		750,000		801,772
Colorado Educational & Cultural Facilities Authority Revenue
(Loveland Classical Schools Project)
144A 5.00% 7/1/36 #		1,250,000		1,180,112
(Science Technology Engineering and Math School Project)
5.00% 11/1/54		1,500,000		1,420,455
(Alexander Dawson School-Nevada Project)
5.00% 5/15/29		1,230,000		1,293,517
(Aspen View Academy Project)
4.00% 5/1/51		500,000		397,970
4.00% 5/1/61		750,000		569,393
(Charter School - Aspen Ridge School Project)
Series A 144A 5.00% 7/1/36 #		500,000		488,085
Series A 144A 5.25% 7/1/46 #		1,350,000		1,288,764
(Charter School - Global Village Academy - Northglenn Project)
144A 5.00% 12/1/50 #		1,000,000		864,350
(Charter School - Skyview Academy Project)
144A 5.50% 7/1/49 #		870,000		867,520
(Charter School Project)
5.00% 7/15/37		1,150,000		1,151,334
(Community Leadership Academy, Inc. Second Campus Project)
7.45% 8/1/48		1,000,000		1,011,040
(Liberty Common Charter School Project)
Series A 5.00% 1/15/39		1,000,000		1,006,760
(Littleton Preparatory Charter School Project)
5.00% 12/1/33		450,000		448,115
5.00% 12/1/42		540,000		511,407
(Loveland Classical Schools Project)
144A 5.00% 7/1/46 #		500,000		446,815
(Pinnacle Charter School Project)
5.00% 6/1/26		700,000		702,387

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Colorado Educational & Cultural Facilities Authority Revenue
(Science Technology Engineering and Math School Project)
5.00% 11/1/44		890,000	$	863,505
(Skyview Academy Project)
144A 5.375% 7/1/44 #		860,000		849,714
(University of Denver Project)
Series A 4.00% 3/1/35		400,000		403,944
Series A 4.00% 3/1/36		550,000		552,877
(University of Lab Charter School)
144A 5.00% 12/15/45 #		500,000		504,775
(Vail Mountain School Project)
4.00% 5/1/46		80,000		67,981
5.00% 5/1/31		1,000,000		1,026,970
University of Colorado
(University Enterprise Refunding Revenue)
Series C-4 4.00% 6/1/51		4,250,000		4,002,055
				26,574,365
Electric Revenue Bonds — 6.31%
City of Colorado Springs, Colorado Utilities System Refunding Revenue
Series A 4.00% 11/15/50		1,035,000		966,856
Colorado Springs Utilities System Revenue
Series B 4.00% 11/15/51		1,000,000		921,330
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/35		1,640,000		1,753,668
Loveland, Colorado Electric & Communications Enterprise Revenue
Series A 5.00% 12/1/44		2,185,000		2,272,072
Platte River, Colorado Power Authority Revenue
Series JJ 5.00% 6/1/27		3,300,000		3,509,616
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		170,000		118,575
Series AAA 5.25% 7/1/25 ‡		95,000		66,144
Series CCC 5.25% 7/1/27 ‡		705,000		491,737
Series WW 5.00% 7/1/28 ‡		660,000		458,700
Series WW 5.25% 7/1/33 ‡		210,000		147,525
Series WW 5.50% 7/1/17 ‡		460,000		316,250
Series WW 5.50% 7/1/19 ‡		360,000		247,500
Series XX 4.75% 7/1/26 ‡		105,000		72,713

Table of Contents

Schedules of investments

Delaware Tax-Free Colorado Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series XX 5.25% 7/1/40 ‡		1,840,000	$	1,292,600
Series XX 5.75% 7/1/36 ‡		365,000		258,237
Series ZZ 4.75% 7/1/27 ‡		85,000		58,863
Series ZZ 5.00% 7/1/19 ‡		620,000		422,375
Series ZZ 5.25% 7/1/24 ‡		140,000		97,475
				13,472,236
Healthcare Revenue Bonds — 20.85%
Colorado Health Facilities Authority Hospital Revenue
(AdventHealth Obligated Group)
Series A 3.00% 11/15/51		6,325,000		4,623,322
Series A 4.00% 11/15/43		2,290,000		2,171,103
Series A 4.00% 11/15/50		6,015,000		5,473,229
Colorado Health Facilities Authority Revenue
(Aberdeen Ridge)
Series A 5.00% 5/15/58		1,500,000		1,116,960
(American Baptist)
7.625% 8/1/33		150,000		151,250
8.00% 8/1/43		1,000,000		1,010,360
(Bethesda Project)
Series A-1 5.00% 9/15/48		2,250,000		2,076,300
(Capella of Grand Junction Project)
144A 5.00% 12/1/54 #		2,220,000		1,513,441
(CommonSpirit Health)
Series A-1 4.00% 8/1/37		1,885,000		1,796,348
Series A-1 4.00% 8/1/38		120,000		113,370
Series A-1 4.00% 8/1/44		300,000		269,931
Series A-2 4.00% 8/1/49		4,700,000		4,075,887
Series A-2 5.00% 8/1/37		1,500,000		1,559,520
Series A-2 5.00% 8/1/39		5,000		5,151
(Covenant Living Communities and Services)
Series A 4.00% 12/1/40		1,250,000		1,075,437
(Covenant Retirement Communities, Inc.)
5.00% 12/1/35		1,000,000		1,004,100
(Craig Hospital Project)
Series A 5.00% 12/1/47		1,830,000		1,891,579
(Frasier Project)
Series A 4.00% 5/15/48		1,000,000		722,250
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		2,000,000		2,012,440

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue
(National Jewish Health Project)
5.00% 1/1/27		300,000	$	300,270
(Sanford)
Series A 5.00% 11/1/44		3,410,000		3,487,168
(SCL Health System)
Series A 4.00% 1/1/37		575,000		581,394
Series A 4.00% 1/1/38		3,895,000		3,920,162
(Sunny Vista Living Center)
Series A 144A 6.25% 12/1/50 #		935,000		635,015
(Vail Valley Medical Center Project)
5.00% 1/15/35		1,000,000		1,031,600
(Valley View Hospital Association Project)
Series A 4.00% 5/15/35		685,000		688,377
Denver, Colorado Health & Hospital Authority Health Care Revenue
Series A 4.00% 12/1/39		1,000,000		887,230
Series A 4.00% 12/1/40		250,000		220,305
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Hospital Auxilio Mutuo Obligated Group Project)
4.00% 7/1/39		75,000		66,104
				44,479,603
Industrial Development Revenue/Pollution Control Revenue Bonds — 2.47%
Denver City & County, Colorado Special Facilities Airport Revenue
(United Airlines, Inc. Project)
5.00% 10/1/32 (AMT)		215,000		210,147
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		4,250,000		5,065,873
				5,276,020
Lease Revenue Bonds — 2.31%
Colorado Department of Transportation
5.00% 6/15/34		660,000		690,670
5.00% 6/15/36		1,055,000		1,097,369
Colorado Higher Education Lease Purchase Financing Program
4.00% 9/1/41		1,000,000		959,780
Denver, Colorado Health & Hospital Authority
(550 Acoma, Inc.)
4.00% 12/1/38		750,000		671,850

Table of Contents

Schedules of investments

Delaware Tax-Free Colorado Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
State of Colorado
4.00% 3/15/37		1,500,000	$	1,511,400
				4,931,069
Local General Obligation Bonds — 9.24%
Adams & Weld Counties, Colorado School District No. 27J Brighton
4.00% 12/1/30		300,000		308,769
4.00% 12/1/31		1,000,000		1,029,400
Arapahoe County, Colorado School District No. 6 Littleton
(Littleton Public Schools)
Series A 5.50% 12/1/33		1,000,000		1,144,180
Series A 5.50% 12/1/38		350,000		391,142
Beacon Point, Colorado Metropolitan District
5.00% 12/1/30 (AGM)		1,130,000		1,175,596
Boulder Valley, Colorado School District No. Re-2 Boulder
Series A 4.00% 12/1/48		1,370,000		1,292,609
Commerce City, Colorado Northern Infrastructure General Improvement District
5.00% 12/1/32 (AGM)		2,125,000		2,127,571
El Paso County, Colorado School District No. 2 Harrison
5.00% 12/1/38		1,000,000		1,083,350
Grand River, Colorado Hospital District
5.25% 12/1/35 (AGM)		1,000,000		1,058,720
Jefferson County, Colorado School District No. R-1
5.25% 12/15/24		1,250,000		1,296,888
Verve Metropolitan District No. 1, Colorado
5.00% 12/1/51		2,000,000		1,727,480
Weld County, Colorado Reorganized School District No. Re-8
5.00% 12/1/31		990,000		1,051,905
5.00% 12/1/32		660,000		700,550
Weld County, Colorado School District No. Re-1
5.00% 12/15/31 (AGM)		1,000,000		1,064,760
Weld County, Colorado School District No. Re-2 Eaton
Series 2 5.00% 12/1/44		2,000,000		2,147,620
Weld County, Colorado School District No. Re-3J
5.00% 12/15/34 (BAM)		2,000,000		2,111,240
				19,711,780

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds — 7.44%
Central Colorado Water Conservancy District
(Limited Tax)
5.00% 12/1/33-23 §		1,000,000	$	1,013,530
Central Platte Valley, Colorado Metropolitan District
5.00% 12/1/43-23 §		725,000		732,932
Colorado Educational & Cultural Facilities Authority Revenue
(Atlas Preparatory Charter School)
144A 5.25% 4/1/45-25 #, §		1,300,000		1,350,830
Colorado Health Facilities Authority Revenue
(Frasier Meadows Retirement Community Project)
Series B 5.00% 5/15/48-23 §		660,000		662,138
(NCMC Project)
4.00% 5/15/32-26 §		2,000,000		2,061,700
(SCL Health System)
Series A 5.00% 1/1/44-24 §		3,050,000		3,092,059
(The Evangelical Lutheran Good Samaritan Society Project)
5.625% 6/1/43-23 §		1,150,000		1,156,153
Colorado Regional Transportation District Certificates of Participation
Series A 5.00% 6/1/33-23 §		1,500,000		1,506,315
Commerce City, Colorado
5.00% 8/1/44-24 (AGM) §		1,500,000		1,537,830
Tallyn’s Reach Metropolitan District No. 3, Colorado
144A 5.125% 11/1/38-23 #, §		740,000		749,043
University of Colorado
Series A 5.00% 6/1/33-23 §		2,000,000		2,009,160
				15,871,690
Special Tax Revenue Bonds — 19.98%
Broomfield Colorado Sales & Use Tax Revenue
5.00% 12/1/33		1,000,000		1,078,180
Colorado Regional Transportation District Sales Tax Revenue
(FasTracks Project)
Series A 5.00% 11/1/30		670,000		718,012
Series A 5.00% 11/1/31		1,495,000		1,601,055
Series A 5.00% 11/1/36		930,000		977,142
Commonwealth of Puerto Rico
3.122% 11/1/43 ●		9,133,132		3,938,663
3.799% 11/1/51 ●		1,614,244		552,879

Table of Contents

Schedules of investments

Delaware Tax-Free Colorado Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Denver City & County, Colorado Dedicated Excise Tax Revenue
Series A 4.00% 8/1/51		1,000,000	$	917,350
Denver, Colorado Convention Center Hotel Authority Revenue
5.00% 12/1/40		2,660,000		2,603,023
Fountain, Colorado Urban Renewal Authority Tax Increment Revenue
(South Academy Highlands Project)
Series A 5.50% 11/1/44		1,375,000		1,293,710
GDB Debt Recovery Authority
(Taxable)
7.50% 8/20/40		9,446,621		7,935,162
Lincoln Park, Colorado Metropolitan District
5.00% 12/1/46 (AGM)		1,000,000		1,052,050
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/32		450,000		464,274
Plaza Metropolitan District No. 1, Colorado
144A 5.00% 12/1/40 #		1,265,000		1,189,555
Prairie Center Metropolitan District No. 3, Colorado
Series A 144A 5.00% 12/15/41 #		1,000,000		972,260
Puerto Rico Sales Tax Financing Revenue
(Capital Appreciation - Restructured)
Series A-1 5.692% 7/1/46 ^		9,750,000		2,498,730
Series A-1 6.018% 7/1/51 ^		20,624,000		3,891,336
(Restructured)
Series A-1 4.75% 7/1/53		3,986,000		3,572,971
Series A-1 5.00% 7/1/58		2,910,000		2,699,898
Series A-2 4.536% 7/1/53		3,000,000		2,594,340
Southlands Metropolitan District No. 1, Colorado
Series A-1 5.00% 12/1/37		500,000		487,335
Series A-1 5.00% 12/1/47		300,000		277,200
Thornton, Colorado Development Authority
(East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35		485,000		494,501
Series B 5.00% 12/1/36		810,000		825,730
				42,635,356
State General Obligation Bonds — 0.98%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		295,740		252,920

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		1,834,787	$	1,515,644
Series A-1 4.00% 7/1/46		400,000		318,520
				2,087,084
Transportation Revenue Bonds — 11.76%
City & County of Denver, Colorado Airport System Revenue
Series A 4.00% 11/15/41 (AMT)		710,000		675,998
Series A 5.00% 11/15/47 (AMT)		1,000,000		1,039,100
Colorado High Performance Transportation Enterprise Revenue
(C-470 Express Lanes)
5.00% 12/31/56		3,250,000		3,053,472
(Senior U.S. 36 & I-25 Managed Lanes)
5.75% 1/1/44 (AMT)		2,140,000		2,141,220
Colorado Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/34		1,100,000		1,097,272
Series A 4.00% 7/15/38		700,000		665,126
Series A 4.00% 7/15/39		1,500,000		1,411,425
Series A 4.00% 7/15/40		1,500,000		1,395,570
Series A 5.00% 7/15/31		1,050,000		1,135,365
Colorado, E-470 Public Highway Authority
Series A 5.00% 9/1/35		400,000		447,532
Series A 5.00% 9/1/36		1,300,000		1,433,991
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/43 (AMT)		4,445,000		4,088,556
Series A 4.00% 12/1/48 (AMT)		400,000		361,896
Series A 5.00% 11/15/30 (AMT)		1,500,000		1,588,080
Series A 5.00% 12/1/48 (AMT)		2,000,000		2,028,040
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		2,720,000		2,522,800
				25,085,443
Water & Sewer Revenue Bonds — 4.68%
Arapahoe County, Colorado Water & Wastewater Authority
4.00% 12/1/36		3,000,000		3,026,070
Central Weld County, Colorado Water District
4.00% 12/1/39 (AGM)		1,150,000		1,148,413

Table of Contents

Schedules of investments

Delaware Tax-Free Colorado Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Douglas County, Colorado Centennial Water & Sanitation District
4.00% 12/1/38		500,000	$	506,370
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.00% 7/1/37		1,250,000		1,271,312
Johnstown, Colorado Wastewater Revenue
4.00% 12/1/51 (AGM)		2,875,000		2,615,589
Metro Wastewater Reclamation District, Colorado
Series A 3.00% 4/1/38		1,620,000		1,416,755
				9,984,509
Total Municipal Bonds (cost $224,177,224)				210,109,155

	Number of
	shares
Short-Term Investments — 0.48%
Money Market Mutual Funds — 0.01%
Dreyfus Tax Exempt Cash Management - Institutional
Shares (seven-day effective yield 3.15%)		26,429		26,429
				26,429

	Principal
	amount°
Variable Rate Demand Note — 0.47%¤
Colorado Educational & Cultural Facilities Authority Revenue
(National Jewish Federation Bond Program)
Series F- 2 2.50% 7/1/41
(LOC - TD Bank, N.A.)		1,000,000		1,000,000
				1,000,000
Total Short-Term Investments (cost $1,026,429)				1,026,429
Total Value of Securities—98.96%
(cost $225,203,653)			$	211,135,584

	°	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, 2023, the aggregate value of Rule 144A securities was $12,900,279, which represents 6.05% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.

Table of Contents

	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	¤	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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free Idaho Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.22%
Corporate Revenue Bond — 1.05%
Nez Perce County, Idaho Pollution Control Revenue
(Potlatch Project)
2.75% 10/1/24		1,250,000	$	1,231,713
				1,231,713
Education Revenue Bonds — 23.01%
Boise, Idaho State University Revenue
(General Project)
Series A 5.00% 4/1/47		500,000		520,210
Series A 5.00% 4/1/48		435,000		455,676
Idaho Housing & Finance Association
(Alturas International Academy Project)
4.00% 5/1/52		1,500,000		1,278,315
(Anser of Idaho Project)
Series A 2.25% 5/1/51		1,165,000		690,973
Series A 3.00% 5/1/41		1,650,000		1,294,772
Series A 4.00% 5/1/56		1,585,000		1,336,551
(Compass Public Charter School Project)
Series A 144A 6.00% 7/1/39 #		370,000		389,569
Series A 144A 6.00% 7/1/49 #		595,000		618,824
Series A 144A 6.00% 7/1/54 #		570,000		591,478
(Compass Public Charter School)
Series A 144A 5.00% 7/1/54 #		1,000,000		921,430
(Gem Prep: Meridian Project)
Series A 4.00% 5/1/57		1,000,000		839,980
(Idaho Arts Charter School Project)
Series A 4.00% 5/1/41		330,000		317,298
Series A 4.00% 5/1/50		520,000		478,182
Series A 4.00% 5/1/55		305,000		274,942
Series A 144A 5.00% 12/1/38 #		2,050,000		2,074,210
Series A 144A 5.00% 12/1/46 #		1,000,000		1,006,190
(Meridian South Charter School Project)
144A 4.00% 5/1/46 #		1,000,000		726,460
(North Star Charter School)
Capital Appreciation Subordinate Series B
144A 4.88% 7/1/49 #, ^		2,888,155		482,813
Series A 6.75% 7/1/48		529,151		553,566
(Sage International School of Boise Project)
Series A 4.00% 5/1/50		3,630,000		3,316,840
Series A 4.00% 5/1/55		1,100,000		978,076

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Idaho Housing & Finance Association
(Victory Charter School Project)
Series B 144A 5.00% 7/1/39 #		1,000,000	$	1,013,270
(Xavier Charter School Project)
Series A 5.00% 6/1/50		1,275,000		1,277,129
Idaho State University General Revenue Bonds
Series A 4.00% 4/1/37		350,000		351,726
Series A 4.50% 4/1/52		1,750,000		1,764,997
Series A 5.25% 4/1/42		605,000		670,400
Idaho State University Revenue
3.00% 4/1/49		1,700,000		1,213,137
The Regents of The University of Idaho General Revenue
(BAM)
Series A 4.00% 4/1/45		700,000		665,154
University of Idaho
Series A 5.00% 4/1/35 (AGM)		465,000		527,994
Unrefunded Series A 5.00% 4/1/41		340,000		362,117
				26,992,279
Electric Revenue Bonds — 3.67%
Boise-Kuna, Idaho Irrigation District Revenue
(Idaho Arrowrock Hydroelectric Project)
5.00% 6/1/34		2,000,000		2,045,980
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		75,000		52,313
Series AAA 5.25% 7/1/25 ‡		45,000		31,331
Series CCC 5.25% 7/1/27 ‡		345,000		240,637
Series WW 5.00% 7/1/28 ‡		320,000		222,400
Series WW 5.50% 7/1/38 ‡		1,500,000		1,061,250
Series XX 4.75% 7/1/26 ‡		50,000		34,625
Series XX 5.25% 7/1/40 ‡		595,000		417,987
Series XX 5.75% 7/1/36 ‡		175,000		123,813
Series ZZ 4.75% 7/1/27 ‡		40,000		27,700
Series ZZ 5.25% 7/1/24 ‡		60,000		41,775
				4,299,811
Healthcare Revenue Bonds — 13.14%
Idaho Health Facilities Authority Revenue
(Madison Memorial Hospital Project)
5.00% 9/1/37		1,350,000		1,355,130
(St. Luke’s Health System Project)
3.00% 3/1/51		3,300,000		2,432,892
4.00% 3/1/51		2,210,000		2,004,404

Table of Contents

Schedules of investments

Delaware Tax-Free Idaho Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project)
Series A 3.00% 3/1/51		2,345,000	$	1,673,040
Series A 4.00% 3/1/46		500,000		448,530
Series A 5.00% 3/1/27		1,000,000		1,053,620
(Trinity Health Credit Group)
Series ID 4.00% 12/1/43		3,595,000		3,329,401
Series ID 5.00% 12/1/46		750,000		763,605
(Valley Vista Care Corporation)
Series A 4.00% 11/15/27		705,000		684,485
Series A 5.25% 11/15/37		1,005,000		835,296
Series A 5.25% 11/15/47		1,130,000		836,799
				15,417,202
Housing Revenue Bonds — 2.63%
Idaho Housing & Finance Association
Series A 4.50% 1/21/49 (GNMA)		253,082		253,510
Idaho Housing & Finance Association Multifamily Housing Revenue
(Sunset Landing Apartments Project)
Series A 2.75% 7/1/40		1,300,000		1,018,108
Series A 3.125% 7/1/54		2,000,000		1,424,660
Idaho Housing & Finance Association Single Family Mortgage Revenue
Series C 3.00% 1/1/43 (FHA)		425,000		384,956
				3,081,234
Industrial Development Revenue/Pollution Control Revenue Bond — 1.71%
Power County, Idaho Industrial Development Revenue
(FMC Project)
6.45% 8/1/32 (AMT)		2,000,000		2,007,080
				2,007,080
Lease Revenue Bonds — 10.69%
Boise, Idaho Urban Renewal Agency
5.00% 12/15/31		750,000		785,460
5.00% 12/15/32		750,000		784,650
Fremont County, Idaho Annual Appropriation Certificates of Participation
4.00% 9/1/36		750,000		762,165
Idaho Falls Certificates of Participation
4.00% 9/15/39		1,050,000		1,027,394

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Idaho Fish & Wildlife Foundation
(Idaho Department of Fish & Game Headquarters Office Project)
4.00% 12/1/36		525,000	$	533,935
4.00% 12/1/39		1,540,000		1,521,212
4.00% 12/1/42		1,300,000		1,253,278
4.00% 12/1/44		250,000		238,073
(Idaho Department of Fish & Game Nampa Regional Office Project)
5.00% 12/1/41		200,000		214,878
Idaho Housing & Finance Association Economic Development Facilities Revenue
(TDF Facilities Project)
Series A 6.50% 2/1/26		595,000		595,964
Series A 7.00% 2/1/36		1,500,000		1,502,880
Idaho Housing & Finance Association Grant and Revenue Anticipation Bonds
Series A 4.00% 7/15/39		2,150,000		2,097,561
Idaho State Building Authority Revenue
(Department of Health & Welfare Project)
Series B 4.00% 9/1/48		1,290,000		1,217,579
				12,535,029
Local General Obligation Bonds — 8.90%
Ada & Boise Counties, Idaho Independent School District Boise City
5.00% 8/1/35		1,160,000		1,229,310
5.00% 8/1/34		1,500,000		1,598,115
5.00% 8/1/36		500,000		527,430
Canyon County, Idaho School District No. 139 Vallivue
(School Board Guaranteed)
Series B 5.00% 9/15/24		1,480,000		1,482,235
Idaho Bond Bank Authority Revenue
Series A 4.00% 9/15/33		530,000		551,322
Series A 4.00% 9/15/37		1,000,000		1,017,420
Series C 5.00% 9/15/42		500,000		524,580
Ketchum City, Idaho
2.125% 9/15/41		500,000		340,605
Madison County, Idaho School District No. 321 Rexburg
(Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 8/15/25		500,000		521,285
Series B 5.00% 8/15/26		500,000		531,665

Table of Contents

Schedules of investments

Delaware Tax-Free Idaho Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Nez Perce County, Idaho Independent School District No. 1
(Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 9/15/36		1,000,000	$	1,061,190
Series B 5.00% 9/15/37		1,000,000		1,059,250
				10,444,407
Pre-Refunded/Escrowed to Maturity Bonds — 3.63%
Ada & Canyon Counties, Idaho Joint School District No. 3 Kuna
Series B 5.00% 9/15/33		445,000		481,241
(Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 9/15/35-27 §		1,100,000		1,191,773
Canyon County, Idaho School District No. 139 Vallivue
(School Board Guaranteed)
5.00% 9/15/33-23 §		500,000		505,020
Nampa, Idaho Development Corporation Revenue
(Library Square Project)
144A 5.00% 9/1/31-24 #, §		1,000,000		1,049,170
Twin Falls County, Idaho School District No. 411
(School Board Guaranteed)
Series A 4.75% 9/15/37-24 §		1,000,000		1,024,520
				4,251,724
Resource Recovery Revenue Bond — 0.34%
Idawy, Idaho Solid Waste District
Series A 3.00% 1/1/50		550,000		403,062
				403,062
Special Tax Revenue Bonds — 22.74%
Commonwealth of Puerto Rico
3.095% 11/1/43 ●		4,417,758		1,905,158
3.799% 11/1/51 ●		3,469,212		1,188,205
GDB Debt Recovery Authority of Puerto Rico
(Taxable)
7.50% 8/20/40		5,178,013		4,349,531
Idaho Bond Bank Authority
Series A 4.00% 9/15/39		230,000		231,578
Idaho Housing & Finance Association Sales Tax Revenue
(Transportation Expansion And Congestion Mitigation)
5.00% 8/15/47		5,295,000		5,731,043
Series A 5.00% 8/15/42		1,325,000		1,461,435

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Idaho Water Resource Board Loan Program Revenue
(Ground Water Rights Mitigation)
Series A 5.00% 9/1/32		3,565,000	$	3,567,424
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/32		250,000		257,930
Puerto Rico Sales Tax Financing Revenue
(Capital Appreciation - Restructured)
Series A-1 5.462% 7/1/46 ^		3,320,000		850,850
Series A-1 5.732% 7/1/51 ^		9,663,000		1,823,215
(Restructured)
Series A-1 4.55% 7/1/40		875,000		817,136
Series A-1 4.75% 7/1/53		3,045,000		2,729,477
Series A-1 5.00% 7/1/58		1,181,000		1,095,732
Series A-2 4.329% 7/1/40		730,000		663,351
				26,672,065
State General Obligation Bond — 0.16%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		221,605		183,059
				183,059
Transportation Revenue Bonds — 4.71%
Boise City, Idaho Airport Revenue
(Employee Parking Facilities Project)
Series B 4.00% 9/1/51 (AMT)		1,955,000		1,758,053
(Public Parking Facilities Project)
Series A 5.00% 9/1/51		1,500,000		1,594,830
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		2,340,000		2,170,350
				5,523,233
Water & Sewer Revenue Bond — 1.84%
City of Boise City, Idaho Water Renewal Revenue
5.00% 9/1/51		2,000,000		2,158,240
				2,158,240
Total Municipal Bonds (cost $124,051,517)				115,200,138

Table of Contents

Schedules of investments

Delaware Tax-Free Idaho Fund

	Number of shares		Value (US $)
Short-Term Investments — 0.78%
Money Market Mutual Funds — 0.78%
Dreyfus Tax Exempt Cash Management - Institutional
Shares (seven-day effective yield 3.15%)		919,227	$	919,227
Total Short-Term Investments (cost $919,227)				919,227
Total Value of Securities—99.00%
(cost $124,970,744)			$	116,119,365

	°	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, 2023, the aggregate value of Rule 144A securities was $8,873,414, which represents 7.57% of the Fund’s net assets. See Note 6 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 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Table of Contents

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.39%
Corporate Revenue Bonds — 3.02%
New York City, New York Industrial Development Agency
(Queens Baseball Stadium Project)
Series A 3.00% 1/1/46 (AGM)		2,000,000	$	1,476,960
(Yankee Stadium Project)
Series A 3.00% 3/1/40 (AGM)		1,000,000		813,030
Series A 4.00% 3/1/45 (AGM)		1,000,000		930,620
New York Transportation Development Special Facilities Revenue
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)
5.00% 1/1/36 (AMT)		2,015,000		2,048,026
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/37 (AMT)		340,000		353,117
				5,621,753
Education Revenue Bonds — 20.78%
Buffalo & Erie County, New York Industrial Land Development
(Tapestry Charter School Project)
Series A 5.00% 8/1/52		500,000		452,300
Build NYC, New York Resource
(East Harlem Scholars Academy Charter School Project)
144A 5.75% 6/1/62 #		1,000,000		1,006,960
(Inwood Academy for Leadership Charter School Project)
Series A 144A 5.50% 5/1/48 #		500,000		493,250
(KIPP NYC Public School Facilities - Canal West Project)
5.00% 7/1/35		530,000		560,767
5.00% 7/1/42		1,365,000		1,390,498
(Manhattan College Project)
5.00% 8/1/47		500,000		509,935
(Metropolitan College of New York Project)
5.50% 11/1/44		600,000		516,414
(Metropolitan Lighthouse Charter School Project)
Series A 144A 5.00% 6/1/52 #		250,000		225,535
(New Dawn Charter Schools Project)
144A 5.75% 2/1/49 #		500,000		500,500
(New World Preparatory Charter School Project)
Series A 4.00% 6/15/51		315,000		235,560
Series A 4.00% 6/15/56		450,000		326,993

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Build NYC, New York Resource
(The Packer Collegiate Institute Project)
5.00% 6/1/40		750,000	$	761,197
Dutchess County, New York Local Development
(Vassar College Project)
5.00% 7/1/36		1,000,000		1,060,880
5.00% 7/1/37		1,000,000		1,055,630
Hempstead Town, New York Local Development
(Hofstra University Project)
5.00% 7/1/42		500,000		515,080
Madison County, New York Capital Resource Revenue
(Colgate University Refunding Project)
Series B 5.00% 7/1/39		1,000,000		1,024,670
Monroe County, New York Industrial Development Revenue
(St. John Fisher College Project)
Series A 5.50% 6/1/39		300,000		305,385
(True North Rochester Preparatory Charter School Project)
Series A 144A 5.00% 6/1/40 #		1,000,000		1,003,330
(University of Rochester Project)
Series A 5.00% 7/1/37		1,000,000		1,069,280
Series C 4.00% 7/1/43		500,000		469,690
New York City, New York Trust for Cultural Resources
(Alvin Ailey Dance Foundation)
Series A 4.00% 7/1/46		1,000,000		924,250
New York State Dormitory Authority
(Columbia University)
Series A 5.00% 10/1/50		2,325,000		2,616,136
(Fordham University)
5.00% 7/1/44		650,000		657,794
(New York University)
5.50% 7/1/40 (AMBAC)		740,000		876,256
New York State Dormitory Authority Revenue Non-State Supported Debt
(Hudson City School District)
Unrefunded Series A 5.625% 10/1/29 (AGC)		375,000		375,776
(New York State University Dormitory Facilities)
Series A 5.00% 7/1/37		2,200,000		2,356,882
(New York University)
Series A 5.00% 7/1/36		2,000,000		2,107,280
Series A 5.00% 7/1/39		2,000,000		2,097,620

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
New York State Dormitory Authority Revenue Non-State Supported Debt
(School Districts Financing Program)
Series B 5.00% 10/1/42 (AGM)		3,565,000	$	3,830,165
(Vaughn College of Aeronautics and Technology)
Series A 144A 5.50% 12/1/46 #		300,000		278,250
Saratoga County, New York Capital Resource Revenue
(Skidmore College Project)
5.00% 7/1/43		3,570,000		3,760,031
5.00% 7/1/48		1,000,000		1,048,150
St. Lawrence County, New York Industrial Development Agency Civic Development Revenue
(St. Lawrence University Project)
Series A 4.00% 7/1/43		1,000,000		926,700
Tompkins County, New York Development
(Ithaca College Project)
5.00% 7/1/34		750,000		769,808
Westchester County, New York Local Development
(Pace University)
Series A 5.00% 5/1/34		1,725,000		1,739,369
Yonkers, New York Economic Development Educational Revenue
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)
Series A 5.00% 10/15/49		640,000		573,338
Series A 5.00% 10/15/50		250,000		223,237
				38,644,896
Electric Revenue Bonds — 7.76%
Build NYC, New York Resource
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
144A 5.25% 12/31/33 (AMT) #		1,000,000		917,630
Guam Power Authority
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/35		1,310,000		1,400,796
Long Island, New York Power Authority Electric System Revenue
5.00% 9/1/37		450,000		484,650
5.00% 9/1/39		2,000,000		2,140,180
5.00% 9/1/47		1,500,000		1,550,730
Series A 5.00% 9/1/37		425,000		474,304
Series B 5.00% 9/1/41		2,065,000		2,131,865

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
New York State Power Authority Revenue
Series A 4.00% 11/15/50		1,000,000	$	955,310
(Green Transmission Project)
4.00% 11/15/42 (AGM)		1,000,000		951,600
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		65,000		45,338
Series A 6.75% 7/1/36 ‡		625,000		450,000
Series AAA 5.25% 7/1/25 ‡		35,000		24,369
Series TT 5.00% 7/1/32 ‡		1,120,000		781,200
Series WW 5.25% 7/1/33 ‡		195,000		136,987
Series WW 5.50% 7/1/17 ‡		420,000		288,750
Series WW 5.50% 7/1/19 ‡		330,000		226,875
Series XX 4.75% 7/1/26 ‡		40,000		27,700
Series XX 5.25% 7/1/40 ‡		1,430,000		1,004,575
Series ZZ 4.75% 7/1/27 ‡		30,000		20,775
Series ZZ 5.00% 7/1/19 ‡		570,000		388,312
Series ZZ 5.25% 7/1/24 ‡		50,000		34,813
				14,436,759
Healthcare Revenue Bonds — 9.02%
Buffalo & Erie County, New York Industrial Land Development
(Catholic Health System Project)
Series N 5.25% 7/1/35		250,000		218,543
Build NYC, New York Resource
(The Children’s Aid Society Project)
4.00% 7/1/49		1,000,000		892,040
Dutchess County, New York Local Development
(Nuvance Health)
Series B 4.00% 7/1/49		1,000,000		841,320
Guilderland, New York Industrial Development Agency
(Albany Place Development Project)
Series A 144A 5.875% 1/1/52 #, ‡		500,000		375,000
Monroe County, New York Industrial Development Revenue
(Rochester General Hospital Project)
5.00% 12/1/36		405,000		414,485
5.00% 12/1/46		540,000		527,207
(Rochester Regional Health Project)
Series D 4.00% 12/1/38		2,550,000		2,306,399

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Nassau County, New York Local Economic Assistance
(Catholic Health Services of Long Island Obligated Group Project)
5.00% 7/1/33		725,000	$	740,189
New York State Dormitory Authority
(Montefiore Obligated Group)
Series A 4.00% 8/1/38		1,000,000		881,750
Series A 4.00% 9/1/50		2,500,000		2,030,875
(Northwell Health Obligated Group)
Series A 5.00% 5/1/52		3,000,000		3,081,030
New York State Dormitory Authority Revenue Non-State Supported Debt
(NYU Hospitals Center)
Series A 4.00% 7/1/40		465,000		453,310
(Orange Regional Medical Center Obligated Group)
144A 5.00% 12/1/34 #		800,000		799,200
144A 5.00% 12/1/45 #		700,000		666,351
Orange County, New York Funding Assisted Living Residence Revenue
(The Hamlet at Wallkill Assisted Living Project)
6.50% 1/1/46		300,000		239,919
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue
(Hospital Auxilio Mutuo Obligated Group Project)
4.00% 7/1/36		400,000		366,888
Southold, New York Local Development Revenue
(Peconic Landing at Southold Project)
5.00% 12/1/45		750,000		717,532
Westchester County, New York Local Development
(Purchase Senior Learning Community, Inc. Project)
Series A 144A 5.00% 7/1/46 #		615,000		478,021
Series A 144A 5.00% 7/1/56 #		1,000,000		739,000
				16,769,059
Industrial Development Revenue/Pollution Control Revenue Bonds — 4.69%
Erie County, New York Tobacco Asset Securitization
(Asset-Backed)
Series A 144A 5.84% 6/1/60 #, ^		65,350,000		3,581,834
New York Counties Tobacco Trust V Pass-Through
(Subordinate Turbo CABs)
Series S4B 144A 1.63% 6/1/60 #, ♦ , ^		30,000,000		1,069,500

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Suffolk, New York Tobacco Asset Securitization
Senior Series A-2 4.00% 6/1/50		1,595,000	$	1,391,111
TSASC, New York
Fiscal 2017 Senior Series A 5.00% 6/1/41		1,900,000		1,934,751
Westchester, New York Tobacco Asset Securitization
Subordinate Series C 5.00% 6/1/45		750,000		750,435
				8,727,631
Lease Revenue Bonds — 8.08%
Hudson Yards, New York Infrastructure Revenue
(Tax-Exempt)
Series A 4.00% 2/15/44		2,875,000		2,688,384
New York City, New York Industrial Development Agency
(Senior Trips)
Series A 5.00% 7/1/28 (AMT)		1,500,000		1,500,375
New York Liberty Development Revenue
(4 World Trade Center - Green Bond)
Series A 3.00% 11/15/51 (BAM)		1,620,000		1,146,960
(Class 1 - 3 World Trade Center Project)
144A 5.00% 11/15/44 #		4,000,000		3,851,000
(Class 2 - 3 World Trade Center Project)
144A 5.375% 11/15/40 #		500,000		486,875
(Class 3 - 3 World Trade Center Project)
144A 7.25% 11/15/44 #		1,500,000		1,515,480
New York State Dormitory Authority Revenue Non-State Supported Debt
(Court Facility)
Series A 5.50% 5/15/27 (AMBAC)		2,500,000		2,757,400
New York State Environmental Facilities Clean Water and Drinking Water Revenue
(New York City Municipal Water Finance Authority Projects - Second Resolution)
Series B 5.00% 6/15/43		1,000,000		1,068,090
				15,014,564
Local General Obligation Bonds — 2.57%
New York City, New York
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35		1,895,000		2,054,464
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39		1,000,000		1,064,260
Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47		1,500,000		1,650,780
				4,769,504

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds — 1.11%
Dutchess County, New York Local Development
(Health Quest Systems Project)
Series A 5.00% 7/1/44-24 §		1,000,000	$	1,024,290
New York State Dormitory Authority
(Touro College & University)
Series A 5.50% 1/1/44-24 §		1,000,000		1,030,750
				2,055,040
Resource Recovery Revenue Bond — 0.70%
Niagara Area, New York Development Revenue
(Covanta Project)
Series A 144A 4.75% 11/1/42 (AMT) #		1,500,000		1,302,270
				1,302,270
Special Tax Revenue Bonds — 25.40%
Commonwealth of Puerto Rico
3.799% 11/1/51 ●		995,550		340,976
(Restructured)
3.171% 11/1/43 ●		7,154,450		3,085,357
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		8,152,255		6,847,894
Glen Cove, New York Local Economic Assistance
(Garvies Point Public Improvement Project)
Series A 5.00% 1/1/56		250,000		213,977
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/32		500,000		515,860
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		1,078,770
New York City, New York Transitional Finance Authority Future Tax Secured Revenue
Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42		2,000,000		2,032,660
Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42		500,000		486,100
Fiscal 2020 Subordinate Series A-3 3.00% 5/1/45		2,000,000		1,562,200
New York Convention Center Development Revenue
(Hotel Unit Fee Secured)
5.00% 11/15/35		1,000,000		1,026,980
5.00% 11/15/40		1,000,000		1,022,340
New York Metropolitan Transportation Authority Revenue
(Climate Bond Certified - Green Bonds)
Subordinate Series B-2 5.00% 11/15/36		1,500,000		1,568,640

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 4.00% 3/15/49		1,000,000	$	939,580
Series A 5.00% 3/15/40		5,000,000		5,316,100
Series E 3.00% 3/15/50		1,500,000		1,109,730
Series E 4.00% 3/15/48		1,000,000		941,500
New York State Dormitory Authority Revenue Non-State Supported Debt
(New York State University Dormitory Facilities)
Series A 5.00% 7/1/42		1,300,000		1,370,226
New York State Thruway Authority State Personal Income Tax Revenue
(Climate Bond Certified - Green Bonds)
Series C 5.00% 3/15/55		1,000,000		1,072,150
New York Triborough Bridge & Tunnel Authority Sales Tax Revenue
(TBTA Capital Lockbox - City Sales Tax)
Series A 4.00% 5/15/57		1,000,000		903,600
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 0.396% 7/1/51 ^		4,555,000		859,437
Series A-1 4.55% 7/1/40		425,000		396,895
Series A-1 4.75% 7/1/53		6,805,000		6,099,866
Series A-1 5.00% 7/1/58		3,665,000		3,400,387
Series A-1 5.791% 7/1/46 ^		13,880,000		3,557,167
Series A-2 4.329% 7/1/40		370,000		336,219
Series A-2 4.536% 7/1/53		1,330,000		1,150,157
				47,234,768
State General Obligation Bonds — 0.74%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		1,445,926		1,194,421
Series A-1 4.00% 7/1/46		230,000		183,149
				1,377,570
Transportation Revenue Bonds — 11.50%
New York Metropolitan Transportation Authority Revenue
Series A-2 4.00% 11/15/43		2,500,000		2,221,150
(Climate Bond Certified - Green Bonds)
Series 1 4.00% 11/15/46		3,250,000		2,825,355
Series B 4.00% 11/15/50		1,000,000		852,720

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Metropolitan Transportation Authority Revenue
(Climate Bond Certified - Green Bonds)
Series E 4.00% 11/15/45		1,500,000	$	1,312,455
Subordinate Series C-1 5.25% 11/15/55		1,500,000		1,536,630
New York State Thruway Authority General Revenue
Series B 4.00% 1/1/50		1,000,000		915,550
(Junior Indebtedness Obligation)
Series B 4.00% 1/1/45		1,500,000		1,397,100
New York Transportation Development Special Facilities Revenue
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)
4.00% 1/1/36 (AMT)		750,000		697,740
(LaGuardia Airport Terminal B Redevelopment Project)
Series A 5.25% 1/1/50 (AMT)		1,000,000		997,560
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/32 (AMT)		2,000,000		2,172,080
Series A 4.00% 12/1/40 (AMT)		335,000		299,312
New York Triborough Bridge & Tunnel Authority
(MTA Bridges and Tunnels Climate Bond Certified - Green Bonds)
Series D-2 5.50% 5/15/52		1,000,000		1,133,860
(MTA Bridges and Tunnels)
Series A 5.00% 11/15/41		2,000,000		2,067,500
Niagara, New York Frontier Transportation Authority Revenue
(Buffalo Niagara International Airport)
Series A 5.00% 4/1/35 (AMT)		775,000		816,780
Series A 5.00% 4/1/37 (AMT)		750,000		780,465
Series A 5.00% 4/1/39 (AMT)		350,000		361,956
Port Authority of New York & New Jersey
Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT)		1,130,000		988,061
				21,376,274
Water & Sewer Revenue Bonds — 3.02%
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(Second General Resolution)
Fiscal 2017 Series DD 5.00% 6/15/47		1,000,000		1,034,040
Fiscal 2018 Series EE 5.00% 6/15/40		2,500,000		2,667,725
Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49		1,000,000		949,710

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
New York State Environmental Facilities Clean Water and Drinking Water Revenue
(New York City Municipal Water Finance Authority Projects - Second Resolution Bonds)
Series A 4.00% 6/15/47		1,000,000	$	964,150
				5,615,625
Total Municipal Bonds (cost $192,718,280)				182,945,713

Short-Term Investments — 0.81%
Variable Rate Demand Notes — 0.81%¤
New York City, New York
Fiscal 2014 Subordinate
Series D-4 2.45% 8/1/40
(LOC - TD Bank, N.A.)		200,000		200,000
Fiscal 2018 Subordinate
Series E-5 2.45% 3/1/48
(LOC - TD Bank, N.A.)		300,000		300,000
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(Second Resolution)
Fiscal 2023 Subordinate
Series BB-2 2.55% 6/15/44
(SPA - Mizuho Bank)		900,000		900,000
New York Metropolitan Transportation Authority Revenue
Series A-1 2.45% 11/1/31
(LOC - TD Bank, N.A.)		110,000		110,000
Total Short-Term Investments (cost $1,510,000)				1,510,000
Total Value of Securities—99.20%
(cost $194,228,280)			$	184,455,713

	°	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, 2023, the aggregate value of Rule 144A securities was $19,289,986, which represents 10.37% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
	♦	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.

Table of Contents

Schedules of investments

Delaware Tax-Free New York Fund

	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2023.

Table of Contents

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

February 28, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.28%
Corporate Revenue Bonds — 0.88%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(United States Steel Corporation Project)
4.875% 11/1/24		2,650,000	$	2,664,310
5.125% 5/1/30		750,000		770,062
				3,434,372
Education Revenue Bonds — 10.88%
Allegheny County, Pennsylvania Higher Education Building Authority Revenue
(Robert Morris University)
5.00% 10/15/47		1,500,000		1,407,570
Bucks County, Pennsylvania Industrial Development Authority Revenue
(School Lane Charter School Project)
Series A 5.125% 3/15/46		2,500,000		2,533,650
Chester County, Pennsylvania Industrial Development Authority Revenue
(Avon Grove Charter School Project)
Series A 5.00% 12/15/47		1,160,000		1,155,430
Series A 5.00% 12/15/51		770,000		759,428
(Renaissance Academy Charter School Project)
5.00% 10/1/34		1,000,000		1,002,040
5.00% 10/1/39		1,250,000		1,193,812
5.00% 10/1/44		1,000,000		937,150
(Westtown School)
Series A 4.00% 1/1/52		2,250,000		1,998,607
City of Erie, Pennsylvania Higher Education Building Authority Revenue
(AICUP Financing Program - Gannon University Project)
Series TT1 4.00% 5/1/41		475,000		398,254
Huntingdon County, Pennsylvania General Authority Revenue
(AICUP Financing Program - Juniata College Project)
Series TT3 5.00% 10/1/51		2,500,000		2,504,925
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue
(AICUP Financing Program - Gwynedd Mercy University Project)
5.00% 5/1/42		2,500,000		2,384,500
(Arcadia University)
5.75% 4/1/40		2,000,000		2,020,200

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Germantown Academy Project)
Series A 4.00% 10/1/51		1,430,000	$	1,125,968
Northeastern Pennsylvania Hospital and Education Authority Revenue
(King’s College Project)
5.00% 5/1/44		1,000,000		984,440
Pennsylvania Higher Educational Facilities Authority Revenue
(Ursinus College Project)
Series A 5.00% 11/1/32		1,130,000		1,208,840
Pennsylvania State University
Series A 5.25% 9/1/52		2,000,000		2,198,580
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(First Philadelphia Preparatory Charter School Project)
Series A 7.25% 6/15/43		2,870,000		2,971,282
(International Apartments of Temple University)
Series A 5.375% 6/15/30		1,270,000		1,265,720
Series A 5.625% 6/15/42		3,000,000		2,829,660
(Saint Joseph’s University Project)
5.50% 11/1/60		6,000,000		6,422,460
(Tacony Academy Charter School Project)
Series A-1 7.00% 6/15/43		1,535,000		1,547,188
(Tacony Academy Charter School Project)
Series A-1 6.75% 6/15/33		1,020,000		1,028,385
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue
(Pennsylvania Steam Academy Charter School Project)
Series A 144A 6.25% 7/1/57 #		2,500,000		2,317,850
Series B 144A 6.00% 7/1/29 #		235,000		223,828
				42,419,767
Electric Revenue Bonds — 1.99%
City of Philadelphia, Pennsylvania Gas Works Revenue
(1998 General Ordinance)
Sixteenth Series A 4.00% 8/1/45 (AGM)		1,950,000		1,800,415
Sixteenth Series B 4.00% 8/1/37 (AGM)		2,000,000		2,023,620
Sixteenth Series B 4.00% 8/1/39 (AGM)		1,300,000		1,294,709
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡		1,110,000		774,225

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series A 5.05% 7/1/42 ‡		400,000	$	279,000
Series WW 5.25% 7/1/33 ‡		1,055,000		741,138
Series WW 5.50% 7/1/38 ‡		1,190,000		841,925
				7,755,032
Healthcare Revenue Bonds — 33.70%
Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Allegheny Health Network Obligated Group Issue)
Series A 4.00% 4/1/44		2,300,000		2,103,120
Series A 5.00% 4/1/47		16,240,000		16,466,386
(University of Pittsburgh Medical Center)
Series A 4.00% 7/15/38		1,125,000		1,087,200
Series A 4.00% 7/15/39		2,000,000		1,922,240
Berks County, Pennsylvania Industrial Development Authority Revenue
(The Highlands at Wyomissing)
5.00% 5/15/38		415,000		399,147
5.00% 5/15/43		500,000		468,530
5.00% 5/15/48		1,000,000		914,370
Series A 5.00% 5/15/37		1,365,000		1,319,095
Series A 5.00% 5/15/42		470,000		434,957
Series A 5.00% 5/15/47		600,000		542,982
Series C 5.00% 5/15/42		1,000,000		942,210
Series C 5.00% 5/15/47		1,000,000		917,200
Bucks County, Pennsylvania Industrial Development Authority Revenue
(Saint Luke’s University Health Network Project)
4.00% 8/15/44		2,400,000		2,165,208
4.00% 8/15/50		3,000,000		2,629,050
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project)
Series A 5.00% 7/1/39		1,625,000		1,585,253
Centre County, Pennsylvania Hospital Authority Revenue
(Mount Nittany Medical Center Project)
Series A 4.00% 11/15/47		1,400,000		1,281,056
Chester County, Pennsylvania Health and Education Facilities Authority Revenue
(Main Line Health System)
Series A 4.00% 9/1/50		2,060,000		1,831,834

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Chester County, Pennsylvania Industrial Development Authority Revenue
(Longwood Gardens, Inc. Project)
4.00% 12/1/46		1,330,000	$	1,209,276
4.00% 12/1/51		2,635,000		2,370,894
Cumberland County, Pennsylvania Municipal Authority Revenue
(Asbury Pennsylvania Obligated Group)
5.00% 1/1/45		3,000,000		2,601,210
(Diakon Lutheran Social Ministries)
5.00% 1/1/38		995,000		999,418
(Penn State Health)
Series A 4.00% 11/1/44		5,000,000		4,610,000
DuBois, Pennsylvania Hospital Authority Revenue
(Penn Highlands Healthcare)
4.00% 7/15/45		1,495,000		1,314,180
4.00% 7/15/48		2,000,000		1,728,100
Geisinger Authority, Pennsylvania Health System Revenue
(Geisinger Health System)
Series A-1 5.00% 2/15/45		2,000,000		2,035,940
Series A-2 5.00% 2/15/39		1,150,000		1,185,109
Lancaster County, Pennsylvania Hospital Authority Revenue
(Brethren Village Project)
5.00% 7/1/31		130,000		124,436
5.25% 7/1/35		250,000		242,910
5.50% 7/1/45		1,000,000		944,700
(Landis Homes Retirement Community Project)
Series A 5.00% 7/1/45		2,000,000		1,838,420
(Masonic Villages Project)
5.00% 11/1/35		1,000,000		1,030,120
5.00% 11/1/36		510,000		522,612
5.00% 11/1/37		250,000		255,290
Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue
(Lehigh Valley Health Network)
Series A 4.00% 7/1/49		11,105,000		10,059,242
Maxatawny Township, Pennsylvania Municipal Authority Revenue
(Diakon Lutheran Social Ministries Project)
Series A 4.50% 1/1/45		2,000,000		1,766,000

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Monroe County, Pennsylvania Hospital Authority Revenue
(Pocono Medical Center)
5.00% 7/1/41		1,000,000	$	1,007,940
Monroeville, Pennsylvania Finance Authority Revenue
Series B 4.00% 2/15/41		2,100,000		1,999,641
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue
(Thomas Jefferson University)
Series A 4.00% 9/1/49		2,500,000		2,235,800
Series B 4.00% 5/1/47		4,000,000		3,615,400
Series B 4.00% 5/1/52		5,950,000		5,280,030
Series B 4.00% 5/1/56		2,550,000		2,224,875
Series B 5.00% 5/1/57		3,000,000		3,008,790
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Foulkeways at Gwynedd Project)
5.00% 12/1/46		1,500,000		1,447,335
(Waverly Heights Project)
5.00% 12/1/44		500,000		508,430
5.00% 12/1/49		1,250,000		1,265,987
(Whitemarsh Continuing Care Retirement Community Project)
4.00% 1/1/25		145,000		141,007
5.375% 1/1/50		4,000,000		3,378,400
Series A 5.25% 1/1/48		1,000,000		837,210
Series A 5.375% 1/1/51		1,500,000		1,262,130
Moon, Pennsylvania Industrial Development Authority Revenue
(Baptist Homes Society)
6.125% 7/1/50		4,090,000		3,394,986
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Morningstar Senior Living, Inc. Project)
5.00% 11/1/44		1,000,000		872,980
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #, ‡		715,000		272,594
Series A 144A 6.75% 12/1/53 #, ‡		5,400,000		2,058,750

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Pennsylvania Economic Development Financing Authority Revenue
(University of Pittsburgh Medical Center)
Series A 4.00% 2/1/40		265,000	$	253,496
Series A 4.00% 11/15/42		5,200,000		4,921,644
Series A 5.00% 7/1/43		1,265,000		1,225,102
Pennsylvania Higher Educational Facilities Authority Revenue
(Thomas Jefferson University)
Series A 5.00% 9/1/45		5,000,000		5,037,950
Series A 5.25% 9/1/50		2,500,000		2,527,025
(University of Pennsylvania Health System)
4.00% 8/15/49		110,000		101,356
Series A 4.00% 8/15/42		4,000,000		3,823,040
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(Thomas Jefferson University)
Series A 5.00% 9/1/47		2,500,000		2,529,075
(Wesley Enhanced Living Obligated Group)
Series A 5.00% 7/1/49		2,500,000		2,023,100
Pocono Mountains, Pennsylvania Industrial Park Authority Revenue
(St. Luke’s Hospital - Monroe Project)
Series A 5.00% 8/15/40		2,245,000		2,266,305
				131,368,073
Industrial Development Revenue/Pollution Control Revenue Bonds — 5.69%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(United States Steel Corporation Project)
5.75% 8/1/42 (AMT)		725,000		726,254
Pennsylvania Commonwealth Financing Authority Revenue
(Tobacco Master Settlement Payment Revenue)
4.00% 6/1/39 (AGM)		5,045,000		4,912,973
Pennsylvania Economic Development Financing Authority Revenue
(National Gypsum)
5.50% 11/1/44 (AMT)		4,000,000		4,017,280

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue
(Proctor & Gamble Paper Project)
5.375% 3/1/31 (AMT)		11,000,000	$	12,536,810
				22,193,317
Lease Revenue Bonds — 1.18%
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue
(Pennsylvania Rapid Bridge Replacement Project)
5.00% 12/31/29 (AMT)		500,000		509,995
Philadelphia, Pennsylvania Municipal Authority Revenue
(Juvenile Justice Services Center)
5.00% 4/1/37		1,250,000		1,333,700
5.00% 4/1/38		1,000,000		1,063,170
5.00% 4/1/39		1,600,000		1,698,368
				4,605,233
Local General Obligation Bonds — 3.38%
Allegheny County, Pennsylvania
Series C-77 5.00% 11/1/43		4,535,000		4,839,798
City of Philadelphia, Pennsylvania
5.00% 8/1/41		1,260,000		1,323,101
Series A 5.00% 8/1/37		1,750,000		1,842,155
Marple Newtown, Pennsylvania School District
3.00% 6/1/40		3,740,000		3,141,899
Punxsutawney Area, Pennsylvania School District
2.00% 10/15/28 (AGM)		225,000		204,527
2.00% 10/15/29 (AGM)		700,000		623,658
2.00% 10/15/30 (AGM)		190,000		165,393
Township of Lower Paxton, Pennsylvania
Series A 4.00% 4/1/50		1,100,000		1,033,384
				13,173,915
Pre-Refunded/Escrowed to Maturity Bonds — 1.66%
City of Philadelphia, Pennsylvania
Series A 5.25% 7/15/29-24 §		2,500,000		2,545,725
Cumberland County, Pennsylvania Municipal Authority Revenue
5.00% 1/1/38-25 §		195,000		201,294
(Diakon Lutheran Social Ministries)
5.00% 1/1/38-25 §		810,000		836,147

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Pennsylvania Higher Educational Facilities Authority Revenue
(University of the Arts)
5.20% 3/15/25 (AGC)		2,825,000	$	2,878,054
Philadelphia, Pennsylvania School District
Series F 5.00% 9/1/38-26 §		5,000		5,347
				6,466,567
Special Tax Revenue Bonds — 20.03%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue
(City Center Project)
144A 5.25% 5/1/42 #		4,500,000		4,377,780
(Forward Delivery)
5.00% 5/1/26		95,000		97,560
5.00% 5/1/27		385,000		398,360
5.00% 5/1/29		600,000		627,222
5.00% 5/1/31		670,000		704,284
5.00% 5/1/34		750,000		783,412
5.00% 5/1/42		2,000,000		1,971,020
Chester County, Pennsylvania Industrial Development Authority Revenue
(Woodlands at Greystone Project)
144A 5.125% 3/1/48 #		900,000		827,442
Commonwealth of Puerto Rico
2.476% 11/1/51 ●		8,059,513		2,760,383
(Restructured)
2.949% 11/1/43 ●		11,308,420		4,876,756
GDB Debt Recovery Authority
(Taxable)
7.50% 8/20/40		21,235,650		17,837,946
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/39		5,040,000		4,963,241
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Route 33 Project)
7.00% 7/1/32		1,805,000		1,816,913
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 3.338% 7/1/51 ^		17,409,000		3,284,730
Series A-1 3.993% 7/1/46 ^		29,660,000		7,601,265
Series A-1 4.75% 7/1/53		7,958,000		7,133,392
Series A-1 5.00% 7/1/58		7,510,000		6,967,778

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-2 4.329% 7/1/40		8,701,000	$	7,906,599
Series A-2 4.329% 7/1/40		1,449,000		1,316,706
Series A-2 4.536% 7/1/53		1,000,000		864,780
Washington County, Pennsylvania Redevelopment Authority Revenue
(Victory Centre Tax Increment Financing Project)
5.00% 7/1/35		1,000,000		973,020
				78,090,589
State General Obligation Bonds — 1.55%
Commonwealth of Pennsylvania
4.00% 10/1/39		1,000,000		982,420
5.00% 9/15/26		2,000,000		2,143,340
Series D 4.00% 8/15/34		1,370,000		1,395,208
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		1,169,072		965,724
Series A-1 4.00% 7/1/46		670,000		533,521
				6,020,213
Transportation Revenue Bonds — 16.44%
Allegheny County, Pennsylvania Airport Authority Revenue
(Pittsburgh International Airport)
Series A 5.00% 1/1/56 (AMT)		3,000,000		3,050,550
Delaware River Joint Toll Bridge Commission
(Pennsylvania - New Jersey)
5.00% 7/1/42		5,000,000		5,196,950
Pennsylvania Economic Development Financing Authority
Series B-2 4.859% 1/1/45 (BAM) ^		3,345,000		1,039,091
Series B-2 5.52% 1/1/46 (BAM) ^		1,885,000		551,815
Series B-2 5.54% 1/1/47 (BAM) ^		2,050,000		565,574
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue
(Pennsylvania Rapid Bridge Replacement Project)
5.00% 12/31/34 (AMT)		2,115,000		2,136,129
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue
Series A 5.00% 12/1/46		2,750,000		2,912,828
Pennsylvania Turnpike Commission Revenue
Series A 4.00% 12/1/38		2,250,000		2,254,500

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Pennsylvania Turnpike Commission Revenue
Series A 5.00% 12/1/44		2,000,000	$	2,110,980
Series A 5.00% 12/1/49		1,000,000		1,039,270
Series A-1 5.00% 12/1/45		1,000,000		1,021,920
Series B 3.00% 12/1/51		3,050,000		2,175,382
Series C 3.00% 12/1/51		2,825,000		2,041,543
Series C 5.00% 12/1/44		2,500,000		2,542,850
Subordinate Series A 4.00% 12/1/50		1,000,000		907,900
Subordinate Series B 4.00% 12/1/51		1,200,000		1,096,320
Philadelphia, Pennsylvania Airport Revenue
4.00% 7/1/46 (AGM) (AMT)		3,125,000		2,840,031
Series A 4.00% 7/1/33		11,420,000		11,731,652
Series B 5.00% 7/1/47 (AMT)		3,000,000		3,034,980
Puerto Rico Highway & Transportation Authority
(Restructured)
Series A 5.00% 7/1/62		3,165,000		2,935,537
Southeastern Pennsylvania Transportation Authority Revenue
(Asset Improvement Program)
5.25% 6/1/52		10,000,000		11,027,500
Susquehanna Area, Pennsylvania Regional Airport Authority Revenue
5.00% 1/1/35 (AMT)		800,000		832,640
5.00% 1/1/38 (AMT)		1,000,000		1,023,580
				64,069,522
Water & Sewer Revenue Bonds — 0.90%
Allegheny County, Pennsylvania Sanitary Authority
5.00% 6/1/53		1,750,000		1,849,540
Pennsylvania Economic Development Financing Authority
(Pennsylvania-American Water Company Project)
3.00% 4/1/39		2,000,000		1,663,480
				3,513,020
Total Municipal Bonds (cost $401,145,357)				383,109,620
Total Value of Securities—98.28%
(cost $401,145,357)			$	383,109,620

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

Table of Contents

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

	#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2023, the aggregate value of Rule 144A securities was $10,078,244, which represents 2.59% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
	‡	Non-income producing security. Security is currently in default.
	§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
	●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
	^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

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

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

February 28, 2023 (Unaudited)

	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund
Assets:
Investments, at value*	$	62,482,731		$	178,488,497		$	211,135,584
Cash		—			153,641			478,170
Receivable for fund shares sold		774,897			695,921			139,129
Dividend and interest receivable		575,125			1,730,774			2,187,903
Prepaid expenses		2,023			9,911			1,178
Receivable from investment manager		1,063			—			—
Other assets		617			958			1,742
Total Assets		63,836,456			181,079,702			213,943,706
Liabilities:
Due to custodian		20,138			—			—
Payable for fund shares redeemed		842,143			204,779			311,236
Other accrued expenses		87,487			80,806			145,173
Distribution payable		13,706			51,027			43,831
Administration expenses payable to affiliates		10,431			13,047			18,372
Distribution fees payable to affiliates		10,389			15,031			28,848
Investment management fees payable to affiliates		—			33,436			35,616
Total Liabilities		984,294			398,126			583,076
Total Net Assets	$	62,852,162		$	180,681,576		$	213,360,630

Net Assets Consist of:
Paid-in capital	$	70,747,278		$	193,655,770		$	234,541,815
Total distributable earnings (loss)		(7,895,116	)		(12,974,194	)		(21,181,185	)
Total Net Assets	$	62,852,162		$	180,681,576		$	213,360,630

Table of Contents

Statements of assets and liabilities

		Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund
Net Asset Value

Class A:
Net assets		$	48,503,634		$	69,214,115		$	132,122,019
Shares of beneficial interest outstanding, unlimited authorization, no par			4,857,716			6,469,357			13,198,449
Net asset value per share		$	9.98		$	10.70		$	10.01
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.45		$	11.20		$	10.48

Class C:
Net assets		$	909,900		$	2,004,855		$	3,682,201
Shares of beneficial interest outstanding, unlimited authorization, no par			90,895			187,005			366,900
Net asset value per share		$	10.01		$	10.72		$	10.04

Institutional Class:
Net assets		$	13,438,628		$	109,462,606		$	77,556,410
Shares of beneficial interest outstanding, unlimited authorization, no par			1,345,988			10,229,252			7,747,520
Net asset value per share		$	9.98		$	10.70		$	10.01

*	Investments, at cost	$	69,194,617		$	189,103,167		$	225,203,653

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

Table of Contents

	Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Assets:
Investments, at value*	$	116,119,365		$	184,455,713		$	383,109,620
Cash		172,417			70,984			2,919,121
Receivable for securities sold		4,291,123			—			4,387,059
Dividend and interest receivable		1,425,361			2,039,078			4,557,419
Receivable for fund shares sold		50,397			93,725			503,525
Prepaid expenses		11,354			14,404			1,353
Other assets		967			1,461			3,180
Total Assets		122,070,984			186,675,365			395,481,277
Liabilities:
Payable for securities purchased		4,447,628			—			4,462,051
Payable for fund shares redeemed		158,327			454,454			733,676
Other accrued expenses		113,437			137,125			209,646
Distribution fees payable to affiliates		16,035			26,218			66,894
Investment management fees payable to affiliates		14,391			24,745			92,578
Distribution payable		13,261			76,543			102,449
Administration expenses payable to affiliates		12,940			16,290			15,792
Total Liabilities		4,776,019			735,375			5,683,086
Total Net Assets	$	117,294,965		$	185,939,990		$	389,798,191

Net Assets Consist of:
Paid-in capital	$	134,464,613		$	197,817,745		$	420,440,131
Total distributable earnings (loss)		(17,169,648	)		(11,877,755	)		(30,641,940	)
Total Net Assets	$	117,294,965		$	185,939,990		$	389,798,191

Table of Contents

Statements of assets and liabilities

		Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Net Asset Value

Class A:
Net assets		$	63,755,847		$	122,038,589		$	312,820,695
Shares of beneficial interest outstanding, unlimited authorization, no par			6,265,695			11,882,042			44,092,239
Net asset value per share		$	10.18		$	10.27		$	7.09
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.66		$	10.75		$	7.42

Class C:
Net assets		$	4,679,025		$	2,741,090		$	9,177,037
Shares of beneficial interest outstanding, unlimited authorization, no par			460,105			267,511			1,293,171
Net asset value per share		$	10.17		$	10.25		$	7.10

Institutional Class:
Net assets		$	48,860,093		$	61,160,311		$	67,800,459
Shares of beneficial interest outstanding, unlimited authorization, no par			4,800,656			5,959,668			9,563,545
Net asset value per share		$	10.18		$	10.26		$	7.09

*	Investments, at cost	$	124,970,744		$	194,228,280		$	401,145,357

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

Table of Contents

Statements of operations

Six months ended February 28, 2023 (Unaudited)

	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund
Investment Income:
Interest	$	1,405,372		$	3,442,063		$	4,474,751

Expenses:
Management fees		172,146			436,276			592,162
Distribution expenses — Class A		65,570			85,089			166,988
Distribution expenses — Class C		4,842			11,196			21,266
Dividend disbursing and transfer agent fees and expenses		30,607			39,248			78,472
Accounting and administration expenses		24,294			29,772			34,326
Audit and tax fees		20,145			20,145			20,145
Registration fees		10,051			12,721			6,581
Reports and statements to shareholders expenses		7,034			7,942			12,241
Legal fees		2,695			4,006			7,209
Trustees’ fees and expenses		1,794			2,834			4,996
Custodian fees		1,403			1,826			3,562
Other		10,785			14,441			15,510
		351,366			665,496			963,458
Less expenses waived		(77,757	)		(122,906	)		(161,328	)
Less expenses paid indirectly		(4	)		(12	)		(11	)
Total operating expenses		273,605			542,578			802,119
Net Investment Income (Loss)		1,131,767			2,899,485			3,672,632

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(776,952	)		(1,026,452	)		(3,486,976	)
Net change in unrealized appreciation (depreciation) on investments		(2,172,118	)		(3,748,242	)		(3,180,868	)
Net Realized and Unrealized Gain (Loss)		(2,949,070	)		(4,774,694	)		(6,667,844	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,817,303	)	$	(1,875,209	)	$	(2,995,212	)

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

Table of Contents

Statements of operations

	Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Investment Income:
Interest	$	2,327,612		$	3,982,767		$	8,763,480

Expenses:
Management fees		314,408			510,617			1,072,663
Distribution expenses — Class A		77,982			153,334			384,221
Distribution expenses — Class C		24,159			15,513			47,455
Dividend disbursing and transfer agent fees and expenses		50,898			57,710			135,215
Accounting and administration expenses		27,447			32,111			46,536
Audit and tax fees		20,145			20,145			20,145
Reports and statements to shareholders expenses		7,662			11,407			23,621
Registration fees		4,987			12,424			9,555
Legal fees		3,897			6,429			13,729
Trustees’ fees and expenses		2,865			4,076			9,135
Custodian fees		1,964			3,227			6,460
Other		11,672			17,264			18,536
		548,086			844,257			1,787,271
Less expenses waived		(97,142	)		(164,617	)		(204,576	)
Less expenses paid indirectly		(4	)		(33	)		(34	)
Total operating expenses		450,940			679,607			1,582,661
Net Investment Income (Loss)		1,876,672			3,303,160			7,180,819

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(1,910,066	)		(1,413,340	)		(7,564,936	)
Net change in unrealized appreciation (depreciation) on investments		(1,408,785	)		(4,350,847	)		(5,249,083	)
Net Realized and Unrealized Gain (Loss)		(3,318,851	)		(5,764,187	)		(12,814,019	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,442,179	)	$	(2,461,027	)	$	(5,633,200	)

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Arizona Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,131,767		$	2,351,650
Net realized gain (loss)		(776,952	)		(457,665	)
Net change in unrealized appreciation (depreciation)		(2,172,118	)		(11,758,111	)
Net increase (decrease) in net assets resulting from operations		(1,817,303	)		(9,864,126	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(856,470	)		(2,089,058	)
Class C		(12,171	)		(33,764	)
Institutional Class		(271,366	)		(767,658	)
		(1,140,007	)		(2,890,480	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,213,077			3,450,236
Class C		62,026			265,951
Institutional Class		2,324,322			11,245,008

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		771,709			1,904,687
Class C		12,169			32,694
Institutional Class		262,294			736,314
		4,645,597			17,634,890

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Arizona Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(8,191,957	)	$	(5,846,661	)
Class C		(238,708	)		(514,815	)
Institutional Class		(7,281,795	)		(12,026,164	)
		(15,712,460	)		(18,387,640	)
Decrease in net assets derived from capital share transactions		(11,066,863	)		(752,750	)
Net Decrease in Net Assets		(14,024,173	)		(13,507,356	)

Net Assets:
Beginning of period		76,876,335			90,383,691
End of period	$	62,852,162		$	76,876,335

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free California Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,899,485		$	4,229,613
Net realized gain (loss)		(1,026,452	)		(1,460,722	)
Net change in unrealized appreciation (depreciation)		(3,748,242	)		(18,215,437	)
Net increase (decrease) in net assets resulting from operations		(1,875,209	)		(15,446,546	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,180,946	)		(2,432,541	)
Class C		(30,419	)		(76,340	)
Institutional Class		(1,643,747	)		(1,926,235	)
		(2,855,112	)		(4,435,116	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		7,101,352			20,137,487
Class C		329,408			454,010
Institutional Class		57,215,268			71,643,689

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,078,837			2,220,247
Class C		29,967			73,058
Institutional Class		1,437,421			1,525,423
		67,192,253			96,053,914

Table of Contents

Statements of changes in net assets

Delaware Tax-Free California Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(8,467,770	)	$	(25,977,701	)
Class C		(767,663	)		(1,431,105	)
Institutional Class		(26,231,484	)		(30,974,449	)
		(35,466,917	)		(58,383,255	)
Increase in net assets derived from capital share transactions		31,725,336			37,670,659
Net Increase in Net Assets		26,995,015			17,788,997

Net Assets:
Beginning of period		153,686,561			135,897,564
End of period	$	180,681,576		$	153,686,561

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Colorado Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,672,632		$	6,853,984
Net realized gain (loss)		(3,486,976	)		(2,049,598	)
Net change in unrealized appreciation (depreciation)		(3,180,868	)		(28,878,750	)
Net increase (decrease) in net assets resulting from operations		(2,995,212	)		(24,074,364	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,179,525	)		(4,285,002	)
Class C		(53,353	)		(121,908	)
Institutional Class		(1,361,524	)		(2,423,301	)
		(3,594,402	)		(6,830,211	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,501,077			14,671,622
Class C		238,508			624,715
Institutional Class		18,846,127			48,683,482

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,002,791			3,898,619
Class C		52,305			120,257
Institutional Class		1,275,035			2,295,028
		25,915,843			70,293,723

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Colorado Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(12,258,776	)	$	(20,207,612	)
Class C		(1,322,122	)		(1,856,539	)
Institutional Class		(22,565,137	)		(34,252,508	)
		(36,146,035	)		(56,316,659	)
Increase (decrease) in net assets derived from capital share transactions		(10,230,192	)		13,977,064
Net Decrease in Net Assets		(16,819,806	)		(16,927,511	)

Net Assets:
Beginning of period		230,180,436			247,107,947
End of period	$	213,360,630		$	230,180,436

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Idaho Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,876,672		$	3,528,605
Net realized gain (loss)		(1,910,066	)		(2,007,208	)
Net change in unrealized appreciation (depreciation)		(1,408,785	)		(15,656,297	)
Net increase (decrease) in net assets resulting from operations		(1,442,179	)		(14,134,900	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(979,805	)		(1,825,616	)
Class C		(57,818	)		(112,483	)
Institutional Class		(799,106	)		(1,570,088	)
		(1,836,729	)		(3,508,187	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		10,491,339			13,572,945
Class C		434,438			873,521
Institutional Class		13,493,409			28,883,730

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		938,987			1,745,380
Class C		57,726			109,662
Institutional Class		761,656			1,491,925
		26,177,555			46,677,163

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Idaho Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(13,132,174	)	$	(10,298,057	)
Class C		(681,068	)		(1,623,624	)
Institutional Class		(13,427,190	)		(24,398,399	)
		(27,240,432	)		(36,320,080	)
Increase (decrease) in net assets derived from capital share transactions		(1,062,877	)		10,357,083
Net Decrease in Net Assets		(4,341,785	)		(7,286,004	)

Net Assets:
Beginning of period		121,636,750			128,922,754
End of period	$	117,294,965		$	121,636,750

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free New York Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,303,160		$	5,752,659
Net realized gain (loss)		(1,413,340	)		(413,164	)
Net change in unrealized appreciation (depreciation)		(4,350,847	)		(26,046,535	)
Net increase (decrease) in net assets resulting from operations		(2,461,027	)		(20,707,040	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,086,579	)		(4,051,766	)
Class C		(41,026	)		(86,390	)
Institutional Class		(1,094,245	)		(1,607,905	)
		(3,221,850	)		(5,746,061	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		8,274,468			10,730,406
Class C		327,694			727,697
Institutional Class		22,180,005			46,697,915

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,754,494			3,353,448
Class C		32,814			60,731
Institutional Class		948,674			1,436,549
		33,518,149			63,006,746

Table of Contents

Statements of changes in net assets

Delaware Tax-Free New York Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(15,046,847	)	$	(25,585,926	)
Class C		(1,319,708	)		(1,126,545	)
Institutional Class		(24,514,976	)		(28,165,210	)
		(40,881,531	)		(54,877,681	)
Increase (decrease) in net assets derived from capital share transactions		(7,363,382	)		8,129,065
Net Decrease in Net Assets		(13,046,259	)		(18,324,036	)

Net Assets:
Beginning of period		198,986,249			217,310,285
End of period	$	185,939,990		$	198,986,249

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

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	7,180,819		$	12,352,695
Net realized gain (loss)		(7,564,936	)		(4,807,510	)
Net change in unrealized appreciation (depreciation)		(5,249,083	)		(52,099,049	)
Net increase (decrease) in net assets resulting from operations		(5,633,200	)		(44,553,864	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(5,794,429	)		(11,150,166	)
Class C		(139,501	)		(292,574	)
Institutional Class		(1,327,359	)		(2,439,217	)
		(7,261,289	)		(13,881,957	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		73,920,310			109,442,517
Class C		1,091,108			1,733,363
Institutional Class		24,670,265			41,965,797

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,186,685			10,037,495
Class C		134,319			285,547
Institutional Class		1,295,783			2,360,450
		106,298,470			165,825,169

Table of Contents

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund

	Six months ended 2/28/23 (Unaudited)			Year ended 8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(94,707,037	)	$	(118,594,370	)
Class C		(2,264,726	)		(3,825,938	)
Institutional Class		(28,314,795	)		(34,576,771	)
		(125,286,558	)		(156,997,079	)
Increase (decrease) in net assets derived from capital share transactions		(18,988,088	)		8,828,090
Net Decrease in Net Assets		(31,882,577	)		(49,607,731	)

Net Assets:
Beginning of period		421,680,768			471,288,499
End of period	$	389,798,191		$	421,680,768

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

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Table of Contents

Financial highlights

Delaware Tax-Free Arizona Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.40		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48


	0.16			0.30			0.31			0.33			0.37			0.36
	(0.42	)		(1.61	)		0.55			(0.13	)		0.46			(0.24	)
	(0.26	)		(1.31	)		0.86			0.20			0.83			0.12


	(0.16	)		(0.30	)		(0.31	)		(0.35	)		(0.37	)		(0.36	)
	—	³		(0.08	)		(0.01	)		—			—			—
	(0.16	)		(0.38	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)

$	9.98		$	10.40		$	12.09		$	11.55		$	11.70		$	11.24

	(2.46	)%		(11.06	)%		7.51	%		1.79	%		7.51	%		1.11	%


$	48,504		$	56,882		$	66,710		$	62,186		$	62,033		$	63,327
	0.84	%		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
	1.07	%		1.01	%		1.00	%		1.01	%		1.02	%		1.00	%
	3.24	%		2.70	%		2.60	%		2.87	%		3.29	%		3.23	%
	3.01	%		2.53	%		2.44	%		2.70	%		3.11	%		3.07	%
	8	%		30	%		19	%		36	%		31	%		6	%

Table of Contents

Financial highlights

Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.43		$	12.12		$	11.58		$	11.73		$	11.27		$	11.51


	0.12			0.22			0.22			0.24			0.28			0.28
	(0.42	)		(1.61	)		0.55			(0.12	)		0.46			(0.24	)
	(0.30	)		(1.39	)		0.77			0.12			0.74			0.04


	(0.12	)		(0.22	)		(0.22	)		(0.27	)		(0.28	)		(0.28	)
	—	³		(0.08	)		(0.01	)		—			—			—
	(0.12	)		(0.30	)		(0.23	)		(0.27	)		(0.28	)		(0.28	)

$	10.01		$	10.43		$	12.12		$	11.58		$	11.73		$	11.27

	(2.82	)%		(11.70	)%		6.70	%		1.03	%		6.70	%		0.36	%


$	910		$	1,119		$	1,527		$	2,561		$	3,100		$	3,122
	1.59	%		1.59	%		1.59	%		1.59	%		1.59	%		1.59	%
	1.82	%		1.76	%		1.75	%		1.76	%		1.77	%		1.75	%
	2.49	%		1.95	%		1.85	%		2.12	%		2.54	%		2.48	%
	2.26	%		1.78	%		1.69	%		1.95	%		2.36	%		2.32	%
	8	%		30	%		19	%		36	%		31	%		6	%

Table of Contents

Financial highlights

Delaware Tax-Free Arizona Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.40		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48


	0.17			0.33			0.34			0.36			0.39			0.39
	(0.42	)		(1.61	)		0.55			(0.13	)		0.46			(0.24	)
	(0.25	)		(1.28	)		0.89			0.23			0.85			0.15


	(0.17	)		(0.33	)		(0.34	)		(0.38	)		(0.39	)		(0.39	)
	—	³		(0.08	)		(0.01	)		—			—			—
	(0.17	)		(0.41	)		(0.35	)		(0.38	)		(0.39	)		(0.39	)

$	9.98		$	10.40		$	12.09		$	11.55		$	11.70		$	11.24

	(2.34	)%		(10.84	)%		7.78	%		2.05	%		7.78	%		1.36	%


$	13,438		$	18,875		$	22,147		$	15,072		$	14,136		$	10,097
	0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
	0.82	%		0.76	%		0.75	%		0.76	%		0.77	%		0.75	%
	3.49	%		2.95	%		2.85	%		3.12	%		3.54	%		3.48	%
	3.26	%		2.78	%		2.69	%		2.95	%		3.36	%		3.32	%
	8	%		30	%		19	%		36	%		31	%		6	%

Table of Contents

Financial highlights

Delaware Tax-Free California Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.97		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26


	0.18			0.35			0.37			0.38			0.40			0.40
	(0.27	)		(1.65	)		0.46			(0.20	)		0.53			(0.28	)
	(0.09	)		(1.30	)		0.83			0.18			0.93			0.12


	(0.18	)		(0.35	)		(0.37	)		(0.38	)		(0.40	)		(0.40	)
	—			(0.02	)		—			(0.11	)		(0.02	)		—
	(0.18	)		(0.37	)		(0.37	)		(0.49	)		(0.42	)		(0.40	)

$	10.70		$	10.97		$	12.64		$	12.18		$	12.49		$	11.98

	(0.75	)%		(10.48	)%		6.88	%		1.59	%		7.99	%		1.00	%


$	69,214		$	71,308		$	86,059		$	44,059		$	42,203		$	53,171
	0.81	%		0.82	%		0.86	%		0.82	%		0.82	%		0.82	%
	0.96	%		0.99	%		1.06	%		1.03	%		1.03	%		1.02	%
	3.53	%		2.94	%		2.95	%		3.17	%		3.36	%		3.30	%
	3.38	%		2.77	%		2.75	%		2.96	%		3.15	%		3.10	%
	9	%		31	%		14	%		36	%		32	%		16	%

Table of Contents

Financial highlights

Delaware Tax-Free California Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

100

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.00		$	12.66		$	12.21		$	12.52		$	12.00		$	12.28


	0.14			0.26			0.27			0.29			0.32			0.31
	(0.28	)		(1.64	)		0.45			(0.20	)		0.54			(0.28	)
	(0.14	)		(1.38	)		0.72			0.09			0.86			0.03


	(0.14	)		(0.26	)		(0.27	)		(0.29	)		(0.32	)		(0.31	)
	—			(0.02	)		—			(0.11	)		(0.02	)		—
	(0.14	)		(0.28	)		(0.27	)		(0.40	)		(0.34	)		(0.31	)

$	10.72		$	11.00		$	12.66		$	12.21		$	12.52		$	12.00

	(1.21	)%		(11.05	)%		5.99	%		0.83	%		7.26	%		0.25	%


$	2,005		$	2,479		$	3,843		$	6,829		$	11,551		$	13,015
	1.56	%		1.57	%		1.61	%		1.57	%		1.57	%		1.57	%
	1.71	%		1.74	%		1.81	%		1.78	%		1.78	%		1.77	%
	2.78	%		2.19	%		2.20	%		2.42	%		2.61	%		2.55	%
	2.63	%		2.02	%		2.00	%		2.21	%		2.40	%		2.35	%
	9	%		31	%		14	%		36	%		32	%		16	%

101

Table of Contents

Financial highlights

Delaware Tax-Free California Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

102

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.97		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26


	0.20			0.38			0.40			0.41			0.43			0.43
	(0.27	)		(1.65	)		0.46			(0.20	)		0.53			(0.28	)
	(0.07	)		(1.27	)		0.86			0.21			0.96			0.15


	(0.20	)		(0.38	)		(0.40	)		(0.41	)		(0.43	)		(0.43	)
	—			(0.02	)		—			(0.11	)		(0.02	)		—
	(0.20	)		(0.40	)		(0.40	)		(0.52	)		(0.45	)		(0.43	)

$	10.70		$	10.97		$	12.64		$	12.18		$	12.49		$	11.98

	(0.63	)%		(10.26	)%		7.14	%		1.84	%		8.25	%		1.26	%


$	109,463		$	79,900		$	45,996		$	34,098		$	44,646		$	32,953
	0.56	%		0.57	%		0.61	%		0.57	%		0.57	%		0.57	%
	0.71	%		0.74	%		0.81	%		0.78	%		0.78	%		0.77	%
	3.78	%		3.19	%		3.20	%		3.42	%		3.61	%		3.55	%
	3.63	%		3.02	%		3.00	%		3.21	%		3.40	%		3.35	%
	9	%		31	%		14	%		36	%		32	%		16	%

103

Table of Contents

Financial highlights

Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

104

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.30		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28


	0.16			0.30			0.29			0.33			0.37			0.37
	(0.29	)		(1.40	)		0.34			(0.12	)		0.44			(0.24	)
	(0.13	)		(1.10	)		0.63			0.21			0.81			0.13


	(0.16	)		(0.30	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)
	(0.16	)		(0.30	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)

$	10.01		$	10.30		$	11.70		$	11.36		$	11.48		$	11.04

	(1.22	)%		(9.49	)%		5.64	%		1.88	%		7.48	%		1.22	%


$	132,122		$	142,904		$	164,258		$	162,955		$	167,136		$	164,087
	0.82	%		0.82	%		0.83	%		0.84	%		0.84	%		0.84	%
	0.97	%		0.96	%		0.96	%		0.96	%		0.97	%		0.97	%
	3.34	%		2.76	%		2.54	%		2.91	%		3.31	%		3.36	%
	3.19	%		2.62	%		2.41	%		2.79	%		3.18	%		3.23	%
	18	%		24	%		10	%		18	%		16	%		6	%

105

Table of Contents

Financial highlights

Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

106

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.32		$	11.73		$	11.39		$	11.51		$	11.07		$	11.31


	0.13			0.22			0.21			0.24			0.29			0.29
	(0.28	)		(1.41	)		0.34			(0.12	)		0.44			(0.24	)
	(0.15	)		(1.19	)		0.55			0.12			0.73			0.05


	(0.13	)		(0.22	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)
	(0.13	)		(0.22	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)

$	10.04		$	10.32		$	11.73		$	11.39		$	11.51		$	11.07

	(1.49	)%		(10.22	)%		4.85	%		1.12	%		6.67	%		0.47	%


$	3,683		$	4,845		$	6,758		$	8,121		$	10,364		$	10,923
	1.57	%		1.57	%		1.58	%		1.59	%		1.59	%		1.59	%
	1.72	%		1.71	%		1.71	%		1.71	%		1.72	%		1.72	%
	2.59	%		2.01	%		1.79	%		2.16	%		2.56	%		2.61	%
	2.44	%		1.87	%		1.66	%		2.04	%		2.43	%		2.48	%
	18	%		24	%		10	%		18	%		16	%		6	%

107

Table of Contents

Financial highlights

Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

108

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.30		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28


	0.18			0.33			0.32			0.36			0.40			0.40
	(0.29	)		(1.40	)		0.34			(0.12	)		0.44			(0.24	)
	(0.11	)		(1.07	)		0.66			0.24			0.84			0.16


	(0.18	)		(0.33	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)
	(0.18	)		(0.33	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)

$	10.01		$	10.30		$	11.70		$	11.36		$	11.48		$	11.04

	(1.10	)%		(9.27	)%		5.91	%		2.14	%		7.74	%		1.47	%


$	77,556		$	82,431		$	76,092		$	51,941		$	42,317		$	27,433
	0.57	%		0.57	%		0.58	%		0.59	%		0.59	%		0.59	%
	0.72	%		0.71	%		0.71	%		0.71	%		0.72	%		0.72	%
	3.59	%		3.01	%		2.79	%		3.16	%		3.56	%		3.61	%
	3.44	%		2.87	%		2.66	%		3.04	%		3.43	%		3.48	%
	18	%		24	%		10	%		18	%		16	%		6	%

109

Table of Contents

Financial highlights

Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

110

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.44		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49


	0.16			0.30			0.30			0.33			0.35			0.34
	(0.26	)		(1.47	)		0.39			(0.13	)		0.44			(0.28	)
	(0.10	)		(1.17	)		0.69			0.20			0.79			0.06


	(0.16	)		(0.30	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)
	(0.16	)		(0.30	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)

$	10.18		$	10.44		$	11.91		$	11.52		$	11.65		$	11.21

	(0.95	)%		(10.00	)%		6.03	%		1.77	%		7.19	%		0.56	%


$	63,756		$	67,247		$	71,345		$	60,667		$	55,480		$	59,425
	0.86	%		0.86	%		0.86	%		0.86	%		0.86	%		0.86	%
	1.03	%		1.01	%		1.01	%		1.02	%		1.03	%		1.01	%
	3.21	%		2.62	%		2.53	%		2.87	%		3.11	%		3.04	%
	3.04	%		2.47	%		2.38	%		2.71	%		2.94	%		2.89	%
	17	%		38	%		17	%		22	%		14	%		11	%

111

Table of Contents

Financial highlights

Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

112

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.44		$	11.90		$	11.51		$	11.64		$	11.20		$	11.48


	0.12			0.21			0.21			0.24			0.27			0.26
	(0.27	)		(1.46	)		0.39			(0.13	)		0.44			(0.28	)
	(0.15	)		(1.25	)		0.60			0.11			0.71			(0.02	)


	(0.12	)		(0.21	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)
	(0.12	)		(0.21	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)

$	10.17		$	10.44		$	11.90		$	11.51		$	11.64		$	11.20

	(1.41	)%		(10.59	)%		5.24	%		1.00	%		6.40	%		(0.19	)%


$	4,679		$	4,997		$	6,453		$	8,819		$	12,875		$	17,597
	1.61	%		1.61	%		1.61	%		1.61	%		1.61	%		1.61	%
	1.78	%		1.76	%		1.76	%		1.77	%		1.78	%		1.76	%
	2.46	%		1.87	%		1.78	%		2.12	%		2.36	%		2.29	%
	2.29	%		1.72	%		1.63	%		1.96	%		2.19	%		2.14	%
	17	%		38	%		17	%		22	%		14	%		11	%

113

Table of Contents

Financial highlights

Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

	¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
	²	Calculated using average shares outstanding.
	³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
	⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

114

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.44		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49


	0.17			0.32			0.33			0.36			0.38			0.37
	(0.26	)		(1.47	)		0.39			(0.13	)		0.44			(0.28	)
	(0.09	)		(1.15	)		0.72			0.23			0.82			0.09


	(0.17	)		(0.32	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)
	(0.17	)		(0.32	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)

$	10.18		$	10.44		$	11.91		$	11.52		$	11.65		$	11.21

	(0.83	)%		(9.77	)%		6.29	%		2.02	%		7.46	%		0.82	%


$	48,860		$	49,393		$	51,125		$	36,057		$	35,157		$	21,310
	0.61	%		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
	0.78	%		0.76	%		0.76	%		0.77	%		0.78	%		0.76	%
	3.46	%		2.87	%		2.78	%		3.12	%		3.36	%		3.29	%
	3.29	%		2.72	%		2.63	%		2.96	%		3.19	%		3.14	%
	17	%		38	%		17	%		22	%		14	%		11	%

115

Table of Contents

Financial highlights

Delaware Tax-Free New York Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

116

Table of Contents

Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.56		$	12.06		$	11.66		$	11.86		$	11.33		$	11.62


	0.17			0.31			0.29			0.33			0.36			0.36
	(0.29	)		(1.50	)		0.45			(0.14	)		0.53			(0.29	)
	(0.12	)		(1.19	)		0.74			0.19			0.89			0.07


	(0.17	)		(0.31	)		(0.29	)		(0.33	)		(0.36	)		(0.36	)
	—			—	³		(0.05	)		(0.06	)		—			—
	(0.17	)		(0.31	)		(0.34	)		(0.39	)		(0.36	)		(0.36	)

$	10.27		$	10.56		$	12.06		$	11.66		$	11.86		$	11.33

	(1.08	)%		(9.96	)%		6.46	%		1.68	%		8.00	%		0.60	%


$	122,039		$	130,721		$	161,593		$	42,514		$	36,058		$	38,139
	0.80	%		0.80	%		0.83	%		0.80	%		0.80	%		0.80	%
	0.98	%		0.97	%		1.01	%		1.05	%		1.07	%		1.08	%
	3.49	%		2.78	%		2.47	%		2.86	%		3.12	%		3.10	%
	3.31	%		2.61	%		2.29	%		2.61	%		2.85	%		2.82	%
	16	%		30	%		13	%		31	%		21	%		10	%

117

Table of Contents

Financial highlights

Delaware Tax-Free New York Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

118

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.53		$	12.03		$	11.63		$	11.83		$	11.30		$	11.59


	0.13			0.23			0.21			0.24			0.27			0.27
	(0.28	)		(1.50	)		0.45			(0.14	)		0.53			(0.29	)
	(0.15	)		(1.27	)		0.66			0.10			0.80			(0.02	)


	(0.13	)		(0.23	)		(0.21	)		(0.24	)		(0.27	)		(0.27	)
	—			—	³		(0.05	)		(0.06	)		—			—
	(0.13	)		(0.23	)		(0.26	)		(0.30	)		(0.27	)		(0.27	)

$	10.25		$	10.53		$	12.03		$	11.63		$	11.83		$	11.30

	(1.36	)%		(10.66	)%		5.68	%		0.92	%		7.20	%		(0.16	)%


$	2,741		$	3,818		$	4,720		$	7,037		$	13,459		$	14,941
	1.55	%		1.55	%		1.58	%		1.55	%		1.55	%		1.55	%
	1.73	%		1.72	%		1.76	%		1.80	%		1.82	%		1.83	%
	2.74	%		2.02	%		1.72	%		2.11	%		2.37	%		2.35	%
	2.56	%		1.85	%		1.54	%		1.86	%		2.10	%		2.07	%
	16	%		30	%		13	%		31	%		21	%		10	%

119

Table of Contents

Financial highlights

Delaware Tax-Free New York Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	10.55		$	12.06		$	11.66		$	11.85		$	11.33		$	11.61


	0.19			0.34			0.32			0.36			0.38			0.39
	(0.29	)		(1.51	)		0.45			(0.13	)		0.52			(0.28	)
	(0.10	)		(1.17	)		0.77			0.23			0.90			0.11


	(0.19	)		(0.34	)		(0.32	)		(0.36	)		(0.38	)		(0.39	)
	—			—	³		(0.05	)		(0.06	)		—			—
	(0.19	)		(0.34	)		(0.37	)		(0.42	)		(0.38	)		(0.39	)

$	10.26		$	10.55		$	12.06		$	11.66		$	11.85		$	11.33

	(0.96	)%		(9.82	)%		6.73	%		2.03	%		8.17	%		0.93	%


$	61,160		$	64,447		$	50,997		$	38,394		$	39,363		$	32,981
	0.55	%		0.55	%		0.58	%		0.55	%		0.55	%		0.55	%
	0.73	%		0.72	%		0.76	%		0.80	%		0.82	%		0.83	%
	3.74	%		3.03	%		2.72	%		3.11	%		3.37	%		3.35	%
	3.56	%		2.86	%		2.54	%		2.86	%		3.10	%		3.07	%
	16	%		30	%		13	%		31	%		21	%		10	%

121

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Financial highlights

Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

122

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	7.31		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14


	0.13			0.22			0.23			0.25			0.28			0.28
	(0.22	)		(1.00	)		0.32			(0.11	)		0.32			(0.20	)
	(0.09	)		(0.78	)		0.55			0.14			0.60			0.08


	(0.13	)		(0.22	)		(0.23	)		(0.25	)		(0.28	)		(0.28	)
	—			(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.13	)		(0.25	)		(0.27	)		(0.33	)		(0.28	)		(0.29	)

$	7.09		$	7.31		$	8.34		$	8.06		$	8.25		$	7.93

	(1.20	)%		(9.59	)%		7.04	%		1.72	%		7.72	%		0.93	%


$	312,821		$	338,811		$	384,915		$	364,480		$	376,965		$	378,038
	0.84	%		0.84	%		0.83	%		0.83	%		0.85	%		0.88	%
	0.94	%		0.94	%		0.92	%		0.92	%		0.93	%		0.93	%
	3.66	%		2.75	%		2.86	%		3.09	%		3.49	%		3.48	%
	3.56	%		2.65	%		2.77	%		3.00	%		3.41	%		3.43	%
	24	%		47	%		32	%		40	%		23	%		19	%

123

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Financial highlights

Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	7.31		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14


	0.10			0.16			0.17			0.19			0.22			0.22
	(0.21	)		(1.00	)		0.32			(0.11	)		0.32			(0.20	)
	(0.11	)		(0.84	)		0.49			0.08			0.54			0.02


	(0.10	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.22	)
	—			(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.10	)		(0.19	)		(0.21	)		(0.27	)		(0.22	)		(0.23	)

$	7.10		$	7.31		$	8.34		$	8.06		$	8.25		$	7.93

	(1.43	)%		(10.27	)%		6.24	%		0.95	%		6.91	%		0.16	%


$	9,177		$	10,540		$	14,040		$	19,009		$	25,065		$	26,376
	1.59	%		1.59	%		1.59	%		1.59	%		1.61	%		1.64	%
	1.69	%		1.69	%		1.68	%		1.68	%		1.69	%		1.69	%
	2.90	%		1.99	%		2.10	%		2.33	%		2.73	%		2.72	%
	2.80	%		1.89	%		2.01	%		2.24	%		2.65	%		2.67	%
	24	%		47	%		32	%		40	%		23	%		19	%

125

Table of Contents

Financial highlights

Delaware Tax-Free Pennsylvania Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

126

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Six months ended 2/28/23¹			Year ended
(Unaudited)			8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	7.31		$	8.33		$	8.05		$	8.25		$	7.92		$	8.13


	0.14			0.24			0.25			0.27			0.30			0.30
	(0.22	)		(0.99	)		0.32			(0.12	)		0.33			(0.20	)
	(0.08	)		(0.75	)		0.57			0.15			0.63			0.10


	(0.14	)		(0.24	)		(0.25	)		(0.27	)		(0.30	)		(0.30	)
	—			(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.14	)		(0.27	)		(0.29	)		(0.35	)		(0.30	)		(0.31	)

$	7.09		$	7.31		$	8.33		$	8.05		$	8.25		$	7.92

	(1.08	)%		(9.26	)%		7.31	%		1.84	%		8.12	%		1.16	%


$	67,800		$	72,330		$	72,333		$	55,919		$	47,241		$	41,427
	0.59	%		0.59	%		0.59	%		0.59	%		0.61	%		0.64	%
	0.69	%		0.69	%		0.68	%		0.68	%		0.69	%		0.69	%
	3.90	%		2.99	%		3.10	%		3.33	%		3.73	%		3.72	%
	3.80	%		2.89	%		3.01	%		3.24	%		3.65	%		3.67	%
	24	%		47	%		32	%		40	%		23	%		19	%

127

Table of Contents

Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

February 28, 2023 (Unaudited)

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group^® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares 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

128

Table of Contents

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Funds’ Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

129

Table of Contents

Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

1. Significant Accounting Policies (continued)

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

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

	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund			Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
On the first $500 million		0.5000	%		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	%

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but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from September 1, 2022 through February 28, 2023.* 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 (per annum) September 1, 2022- December 28, 2022			Operating expense limitation as a percentage of average daily net assets (per annum) December 29, 2022- February 28, 2023
Delaware Tax-Free Arizona Fund		0.59	%		0.59	%
Delaware Tax-Free California Fund		0.57	%		0.55	%
Delaware Tax-Free Colorado Fund		0.57	%		0.57	%
Delaware Tax-Free Idaho Fund		0.61	%		0.61	%
Delaware Tax-Free New York Fund		0.55	%		0.55	%
Delaware Tax-Free Pennsylvania Fund		0.59	%		0.59	%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	5,846
Delaware Tax-Free California Fund		7,918
Delaware Tax-Free Colorado Fund		8,963
Delaware Tax-Free Idaho Fund		6,963
Delaware Tax-Free New York Fund		8,768
Delaware Tax-Free Pennsylvania Fund		11,360

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

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

$20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	10,240
Delaware Tax-Free California Fund		32,570
Delaware Tax-Free Colorado Fund		38,310
Delaware Tax-Free Idaho Fund		23,186
Delaware Tax-Free New York Fund		26,002
Delaware Tax-Free Pennsylvania Fund		85,353

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

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

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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	859
Delaware Tax-Free California Fund		1,670
Delaware Tax-Free Colorado Fund		2,581
Delaware Tax-Free Idaho Fund		1,348
Delaware Tax-Free New York Fund		2,194
Delaware Tax-Free Pennsylvania Fund		4,670

For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax-Free Arizona Fund	$	125
Delaware Tax-Free California Fund		994
Delaware Tax-Free Colorado Fund		528
Delaware Tax-Free Idaho Fund		2,174
Delaware Tax-Free New York Fund		1,586
Delaware Tax-Free Pennsylvania Fund		3,235

Fund	Class A		Class C
Delaware Tax-Free Arizona Fund	$	2,872	$	—
Delaware Tax-Free California Fund		108		323
Delaware Tax-Free Colorado Fund		21,766		26
Delaware Tax-Free Idaho Fund		478		520
Delaware Tax-Free New York Fund		90		340
Delaware Tax-Free Pennsylvania Fund		7,146		26

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

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

investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2023, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free Arizona Fund	$	1,000,000	$	—	$	—
Delaware Tax-Free California Fund		1,000,022		2,300,266		—
Delaware Tax-Free Colorado Fund		100,003		—		—
Delaware Tax-Free New York Fund		—		850,107		—

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds including exchange-traded funds (ETFs) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023.

3. Investments

For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Arizona Fund	$	5,253,852	$	16,188,210
Delaware Tax-Free California Fund		48,049,448		14,216,944
Delaware Tax-Free Colorado Fund		38,546,313		45,719,284
Delaware Tax-Free Idaho Fund		21,120,953		19,301,428
Delaware Tax-Free New York Fund		28,944,114		33,054,754
Delaware Tax-Free Pennsylvania Fund		92,757,024		116,796,642

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Fund	Cost of investments		Aggregate unrealized appreciation of investments		Aggregate unrealized depreciation of investments			Net unrealized appreciation (depreciation) of investments
Delaware Tax-Free Arizona Fund	$	69,194,617	$	241,842	$	(6,953,728	)	$	(6,711,886	)
Delaware Tax-Free California Fund		189,103,167		1,423,395		(12,038,065	)		(10,614,670	)
Delaware Tax-Free Colorado Fund		225,203,653		927,269		(14,995,338	)		(14,068,069	)
Delaware Tax-Free Idaho Fund		124,970,744		338,468		(9,189,847	)		(8,851,379	)
Delaware Tax-Free New York Fund		194,228,280		1,744,247		(11,516,814	)		(9,772,567	)
Delaware Tax-Free Pennsylvania Fund		401,145,357		5,158,356		(23,194,093	)		(18,035,737	)

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Notes to financial statements

Delaware Funds by Macquarie^® 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 −

Level 3 −

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2023:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	61,932,731
Short-Term Investments		550,000
Total Value of Securities	$	62,482,731

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	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	172,838,497
Short-Term Investments		5,650,000
Total Value of Securities	$	178,488,497

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	210,109,155	$	210,109,155
Short-Term Investments¹		26,429		1,000,000		1,026,429
Total Value of Securities	$	26,429	$	211,109,155	$	211,135,584

	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	115,200,138	$	115,200,138
Short-Term Investments		919,227		—		919,227
Total Value of Securities	$	919,227	$	115,200,138	$	116,119,365

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	182,945,713
Short-Term Investments		1,510,000
Total Value of Securities	$	184,455,713

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

3. Investments (continued)

	Delaware Tax-Free Pennsylvania Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	383,109,620

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Delaware Tax-Free Colorado Fund
	Level 1			Level 2			Total
Short-Term Investments		2.57	%		97.43	%		100.00	%

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4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free						Delaware Tax-Free						Delaware Tax-Free
	Arizona Fund						California Fund						Colorado Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	2/28/23			8/31/22			2/28/23			8/31/22			2/28/23			8/31/22
Shares sold:
Class A		120,523			300,220			668,226			1,745,483			350,066			1,335,477
Class C		6,018			24,116			30,145			38,036			23,722			55,260
Institutional Class		233,729			1,007,938			5,287,468			6,229,536			1,881,365			4,468,748

Shares issued upon reinvestment of dividends and distributions:
Class A		77,479			168,065			101,730			187,969			201,035			355,561
Class C		1,219			2,871			2,823			6,147			5,241			10,933
Institutional Class		26,371			64,976			135,303			130,790			128,010			209,604
		465,339			1,568,186			6,225,695			8,337,961			2,589,439			6,435,583

Shares redeemed:
Class A		(808,216	)		(519,951	)		(798,929	)		(2,244,604	)		(1,230,804	)		(1,850,043	)
Class C		(23,702	)		(45,692	)		(71,397	)		(122,243	)		(131,375	)		(172,957	)
Institutional Class		(728,678	)		(1,090,512	)		(2,473,789	)		(2,718,798	)		(2,267,019	)		(3,176,192	)
		(1,560,596	)		(1,656,155	)		(3,344,115	)		(5,085,645	)		(3,629,198	)		(5,199,192	)
Net increase (decrease)		(1,095,257	)		(87,969	)		2,881,580			3,252,316			(1,039,759	)		1,236,391

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

4. Capital Shares (continued)

	Delaware Tax-Free						Delaware Tax-Free						Delaware Tax-Free
	Idaho Fund						New York Fund						Pennsylvania Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	2/28/23			8/31/22			2/28/23			8/31/22			2/28/23			8/31/22
Shares sold:
Class A		1,028,909			1,222,948			799,923			967,256			10,548,100			14,365,895
Class C		42,559			74,579			31,154			65,179			153,253			217,372
Institutional Class		1,329,737			2,537,889			2,162,826			4,263,727			3,536,248			5,473,407

Shares issued upon reinvestment of dividends and distributions:
Class A		92,901			156,483			172,159			297,179			736,729			1,283,255
Class C		5,718			9,851			3,228			5,413			19,076			36,449
Institutional Class		75,385			133,514			93,115			127,769			184,104			302,064
		2,575,209			4,135,264			3,262,405			5,726,523			15,177,510			21,678,442
Shares redeemed:
Class A		(1,296,566	)		(930,517	)		(1,472,381	)		(2,279,699	)		(13,530,908	)		(15,469,049	)
Class C		(67,026	)		(147,945	)		(129,344	)		(100,403	)		(320,329	)		(495,841	)
Institutional Class		(1,333,828	)		(2,234,652	)		(2,406,035	)		(2,511,065	)		(4,056,441	)		(4,556,076	)
		(2,697,420	)		(3,313,114	)		(4,007,760	)		(4,891,167	)		(17,907,678	)		(20,520,966	)
Net increase (decrease)		(122,211	)		822,150			(745,355	)		835,356			(2,730,168	)		1,157,476

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and above and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:

Exchange Redemptions

Exchange Subscriptions

Institutional

Class A

Class C

Class

Class A

Class

Value

Delaware Tax-Free Arizona Fund

Six months ended

2/28/23

—

29,308

—

287,804

Year ended

8/31/22

8,660

4,736

—

13,404

157,073

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	Exchange Redemptions						Exchange Subscriptions
					Institutional				Institutional
	Class A		Class C		Class		Class A		Class
	Shares		Shares		Shares		Shares		Shares		Value
Delaware Tax-Free California Fund
Six months ended
2/28/23		1,689		—		—		—		1,689	$	18,697

Delaware Tax-Free Colorado Fund
Six months ended
2/28/23		66,136		—		—		—		66,136		662,289
Year ended
8/31/22		28,759		29,958		—		—		58,786		624,114

Delaware Tax-Free Idaho Fund
Year ended
8/31/22		—		2,774		—		868		1,906		31,924

Delaware Tax-Free New York Fund
Six months ended
2/28/23		20,232		34		—		34		20,252		203,047
Year ended
8/31/22		2,825		299		—		298		2,833		37,182

Delaware Tax-Free Pennsylvania Fund
Six months ended
2/28/23		90,599		11,421		—		11,431		90,672		725,715
Year ended
8/31/22		59,419		9,495		—		9,502		59,480		539,221

Delaware Tax-Free Idaho Fund did not have any exchange transactions for the six months ended February 28, 2023.

5. Line of Credit

On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

5. Line of Credit (continued)

operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

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

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance

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reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

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

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

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Notes to financial statements

Delaware Funds by Macquarie^® state tax-free funds

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

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

7. Contractual Obligations

8. Recent Accounting Pronouncements

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9. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^® state tax-free funds

Form N-PORT and proxy voting information

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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities

Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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

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

Not applicable.

Item 13. Exhibits

(a)

(1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

VOYAGEUR MUTUAL FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 28, 2023

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 28, 2023


/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	April 28, 2023