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Experience Delaware Funds^® by Macquarie

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		5
Schedules of investments		11
Statements of assets and liabilities		71
Statements of operations		75
Statements of changes in net assets		77
Financial highlights		90
Notes to financial statements		126
About the organization		144

Unless otherwise noted, views expressed herein are current as of February 28, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

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Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (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.

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, 2020 to February 28, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1

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Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)

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

		Beginning					Ending										Expenses
		Account Value					Account Value					Annualized					Paid During Period
		9/1/20					2/28/21					Expense Ratio					9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,032.90				0.84	%				$	4.23
Class C				1,000.00					1,029.00				1.59	%					8.00
Institutional Class				1,000.00					1,035.00				0.59	%					2.98
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,020.63				0.84	%				$	4.21
Class C				1,000.00					1,016.91				1.59	%					7.95
Institutional Class				1,000.00					1,021.87				0.59	%					2.96
Delaware Tax-Free California Fund Expense analysis of an investment of $1,000
		Beginning					Ending										Expenses
		Account Value					Account Value					Annualized					Paid During Period
		9/1/20					2/28/21					Expense Ratio					9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,030.50				0.86	%				$	4.33
Class C				1,000.00					1,025.80				1.61	%					8.09
Institutional Class				1,000.00					1,031.80				0.61	%					3.07
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

2

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

		Beginning					Ending										Expenses
		Account Value					Account Value					Annualized					Paid During Period
		9/1/20					2/28/21					Expense Ratio					9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,022.20				0.83	%				$	4.16
Class C				1,000.00					1,018.40				1.58	%					7.91
Institutional Class				1,000.00					1,023.50				0.58	%					2.91
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,020.68				0.83	%				$	4.16
Class C				1,000.00					1,016.96				1.58	%					7.90
Institutional Class				1,000.00					1,021.92				0.58	%					2.91
Delaware Tax-Free Idaho Fund Expense analysis of an investment of $1,000
		Beginning					Ending										Expenses
		Account Value					Account Value					Annualized					Paid During Period
		9/1/20					2/28/21					Expense Ratio					9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,025.80				0.86	%				$	4.32
Class C				1,000.00					1,022.00				1.61	%					8.07
Institutional Class				1,000.00					1,027.10				0.61	%					3.07
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

3

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Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)

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

		Beginning Account Value 9/1/20					Ending Account Value 2/28/21					Annualized Expense Ratio		Expenses Paid During Period 9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,023.40			0.83%			$	4.16
Class C				1,000.00					1,019.60			1.58%				7.91
Institutional Class				1,000.00					1,023.80			0.58%				2.91
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,020.68			0.83%			$	4.16
Class C				1,000.00					1,016.96			1.58%				7.90
Institutional Class				1,000.00					1,021.92			0.58%				2.91

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

		Beginning Account Value 9/1/20					Ending Account Value 2/28/21					Annualized Expense Ratio		Expenses Paid During Period 9/1/20 to 2/28/21*
Actual Fund return†
Class A			$	1,000.00				$	1,029.00			0.83%			$	4.18
Class C				1,000.00					1,026.40			1.59%				7.99
Institutional Class				1,000.00					1,031.60			0.59%				2.97
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,020.68			0.83%			$	4.16
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, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.

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Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.08	%
Corporate Revenue Bonds		4.87	%
Education Revenue Bonds		20.84	%
Electric Revenue Bonds		7.19	%
Healthcare Revenue Bonds		23.64	%
Lease Revenue Bonds		5.30	%
Local General Obligation Bonds		4.08	%
Pre-Refunded Bonds		3.56	%
Special Tax Revenue Bonds		14.43	%
State General Obligation Bonds		2.92	%
Transportation Revenue Bonds		5.39	%
Water & Sewer Revenue Bonds		5.86	%
Short-Term Investments		1.30	%
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 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		80.74	%
Guam		0.34	%
Puerto Rico		18.30	%
Total Value of Securities		99.38	%

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Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.16	%
Corporate Revenue Bonds		9.69	%
Education Revenue Bonds		22.75	%
Electric Revenue Bonds		3.27	%
Healthcare Revenue Bonds		9.50	%
Housing Revenue Bonds		3.42	%
Lease Revenue Bonds		6.15	%
Local General Obligation Bonds		3.74	%
Pre-Refunded/Escrowed to Maturity Bonds		10.19	%
Special Tax Revenue Bonds		12.61	%
State General Obligation Bonds		7.84	%
Transportation Revenue Bonds		11.00	%
Total Value of Securities		100.16	%
Liabilities Net of Receivables and Other Assets		(0.16	%)
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		83.75	%
Guam		0.36	%
Puerto Rico		15.86	%
US Virgin Islands		0.19	%
Total Value of Securities		100.16	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.71	%
Corporate Revenue Bonds		2.99	%
Education Revenue Bonds		13.48	%
Electric Revenue Bonds		5.22	%
Healthcare Revenue Bonds		23.78	%
Housing Revenue Bonds		0.08	%
Lease Revenue Bonds		1.99	%
Local General Obligation Bonds		10.50	%
Pre-Refunded Bonds		11.07	%
Special Tax Revenue Bonds		15.98	%
State General Obligation Bonds		2.67	%
Transportation Revenue Bonds		6.96	%
Water & Sewer Revenue Bonds		3.99	%
Short-Term Investments		1.06	%
Total Value of Securities		99.77	%
Receivables and Other Assets Net of Liabilities		0.23	%
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		85.64	%
Guam		1.90	%
Idaho		1.06	%
Puerto Rico		10.72	%
US Virgin Islands		0.45	%
Total Value of Securities		99.77	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.02	%
Corporate Revenue Bonds		2.87	%
Education Revenue Bonds		17.52	%
Electric Revenue Bonds		4.52	%
Healthcare Revenue Bonds		10.02	%
Housing Revenue Bonds		3.53	%
Lease Revenue Bonds		12.96	%
Local General Obligation Bonds		18.97	%
Pre-Refunded Bonds		7.27	%
Special Tax Revenue Bonds		14.68	%
State General Obligation Bonds		3.81	%
Transportation Revenue Bonds		2.01	%
Water & Sewer Revenue Bonds		0.86	%
Short-Term Investments		0.04	%
Total Value of Securities		99.06	%
Receivables and Other Assets Net of Liabilities		0.94	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		3.25	%
Idaho		80.90	%
Puerto Rico		14.91	%
Total Value of Securities		99.06	%

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Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector		Percentage of net assets
Municipal Bonds*			99.10	%
Corporate Revenue Bonds			6.33	%
Education Revenue Bonds			21.77	%
Electric Revenue Bonds			8.28	%
Healthcare Revenue Bonds			5.88	%
Housing Revenue Bond			0.89	%
Lease Revenue Bonds			6.27	%
Local General Obligation Bonds			3.41	%
Pre-Refunded/Escrowed to Maturity Bonds			4.49	%
Resource Recovery Revenue Bond			0.75	%
Special Tax Revenue Bonds			20.60	%
State General Obligation Bonds			2.85	%
Transportation Revenue Bonds			12.00	%
Water & Sewer Revenue Bonds			5.58	%
Total Value of Securities			99.10	%
Receivables and Other Assets Net of Liabilities			0.90	%
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			0.88	%
New York			85.91	%
Puerto Rico			12.23	%
US Virgin Islands			0.08	%
Total Value of Securities			99.10	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector		Percentage of net assets
Municipal Bonds*			100.14	%
Corporate Revenue Bonds			7.07	%
Education Revenue Bonds			11.16	%
Electric Revenue Bonds			2.80	%
Healthcare Revenue Bonds			32.44	%
Housing Revenue Bond			0.44	%
Lease Revenue Bonds			1.13	%
Local General Obligation Bonds			7.21	%
Pre-Refunded/Escrowed to Maturity Bonds			8.39	%
Special Tax Revenue Bonds			14.53	%
State General Obligation Bonds			4.94	%
Transportation Revenue Bonds			8.78	%
Water & Sewer Revenue Bonds			1.25	%
Total Value of Securities			100.14	%
Liabilities Net of Receivables and Other Assets			(0.14	%)
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			82.36	%
Puerto Rico			17.78	%
Total Value of Securities			100.14	%

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Schedules of investments
Delaware Tax-Free Arizona Fund	February 28, 2021 (Unaudited)

				Principal amount°		Value (US $)
Municipal Bonds – 98.08%
Corporate Revenue Bonds – 4.87%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 7.75% 7/1/50 #		285,000		$	307,521
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) •		1,000,000			1,050,890
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37		2,000,000			2,762,840
							4,121,251
Education Revenue Bonds – 20.84%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51		1,000,000			1,142,930
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #		350,000			380,859
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #		250,000			303,868
		144A 6.00% 7/1/47 #		400,000			477,864
		(Doral Academy of Nevada - Fire Mesa and Red
		Rock Campus Projects)
		Series A 144A 5.00% 7/15/49 #		375,000			416,797
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #		500,000			542,005
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49		1,600,000			1,767,808
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #		375,000			405,019
		(Pinecrest Academy of Nevada-Horizon, Inspirada
		and St. Rose Campus Projects)
		Series A 144A 5.75% 7/15/48 #		250,000			283,188
		(Somerset Academy of Las Vegas - Lone
		Mountain Campus Project)
		Series A 144A 5.00% 12/15/49 #		500,000			538,080
	Arizona State University Energy Management
		Revenue
		(Arizona State University Tempe Campus II
		Project)
		4.50% 7/1/24		1,000,000			1,003,120
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31		645,000			670,348

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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 Industrial Development Authority
		Revenue
		(Creighton University Project)
		4.00% 7/1/50		1,000,000		$	1,122,020
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52		725,000			839,652
		(Reid Traditional Schools Projects)
		5.00% 7/1/47		785,000			858,091
	Maricopa County, Arizona Industrial Development
		Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #		250,000			279,565
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic
		Village Project)
		5.00% 7/1/31		500,000			591,785
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42		1,250,000			1,287,850
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43		500,000			511,215
		(Great Hearts Academic Project)
		5.00% 7/1/46		1,000,000			1,089,590
		(Rowan University Project)
		5.00% 6/1/42		2,000,000			2,069,740
	Pima County Industrial Development Authority
		Education Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #		500,000			523,575
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44		475,000			537,809
							17,642,778
Electric Revenue Bonds – 7.19%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡		450,000			406,125
		Series A 5.05% 7/1/42 ‡		55,000			49,638
		Series AAA 5.25% 7/1/25 ‡		35,000			31,675
		Series WW 5.00% 7/1/28 ‡		450,000			406,125
		Series WW 5.25% 7/1/33 ‡		430,000			389,150
		Series WW 5.50% 7/1/38 ‡		620,000			562,650
		Series XX 4.75% 7/1/26 ‡		35,000			31,500
		Series XX 5.25% 7/1/40 ‡		355,000			321,275

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.75% 7/1/36 ‡		125,000		$	113,750
		Series ZZ 4.75% 7/1/27 ‡		30,000			27,000
		Series ZZ 5.25% 7/1/24 ‡		45,000			40,725
	Salt River Project Agricultural Improvement & Power
		District Electric System Revenue
		Series A 5.00% 1/1/39		2,000,000			2,450,460
		Series A 5.00% 1/1/47		1,000,000			1,257,630
							6,087,703
Healthcare Revenue Bonds – 23.64%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Phoenix Children’s Hospital)
		Series A 5.00% 2/1/34		995,000			1,028,303
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42		1,000,000			1,124,540
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC
		Project First Tier)
		Series A 5.00% 1/1/54		145,000			130,390
		(Great Lakes Senior Living Communities LLC
		Project Second Tier)
		Series B 5.00% 1/1/49		55,000			41,488
		Series B 5.125% 1/1/54		65,000			48,938
		(Great Lakes Senior Living Communities LLC
		Project Third Tier)
		Series C 144A 5.00% 1/1/49 #		500,000			360,615
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50		2,040,000			2,277,640
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36		270,000			272,781
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56		1,000,000			1,114,200
		(Sun Health Services)
		Series A 5.00% 11/15/48		1,000,000			1,151,930
		(The Beatitudes Campus Project)
		5.00% 11/15/45		200,000			213,714

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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
		(Glencroft Retirement Community Project)
		5.25% 11/15/46		415,000		$	417,403
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48		375,000			389,812
	Maricopa County Industrial Development Authority
		Health Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/41		1,000,000			1,128,100
		Series A 4.00% 1/1/44		1,500,000			1,714,425
	Maricopa County Industrial Development Authority
		Hospital Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51		500,000			513,840
		Series A 4.00% 9/1/51		250,000			289,398
	Maricopa County Industrial Development Authority
		Senior Living Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #		405,000			412,727
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		Series A 6.00% 7/1/33		790,000			799,559
	Tempe Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/42		1,200,000			1,221,108
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #		800,000			849,904
	Yavapai County Industrial Development Authority
		Hospital Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43		1,500,000			1,670,295
		Series A 5.25% 8/1/33		2,000,000			2,175,920
	Yuma Industrial Development Authority Hospital
		Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32		295,000			329,078
		Series A 5.25% 8/1/32		300,000			338,208
							20,014,316

14

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Table of Contents

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 5.30%
	Arizona Game & Fish Department & Community
		Beneficial Interest Certificates
		(Administration Building Project)
		5.00% 7/1/32		1,000,000		$	1,003,430
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36		350,000			363,405
	Maricopa County Industrial Development Authority
		Correctional Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)		685,000			686,863
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49		2,000,000			2,428,660
							4,482,358
Local General Obligation Bonds – 4.08%
	Maricopa County High School District No.
		214 Tolleson Union High School
		(School Improvement Project)
		Series B 4.00% 7/1/37		1,000,000			1,157,410
	Maricopa County School District No. 3 Tempe
		Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30		560,000			710,069
	Maricopa County Unified School District No.
		69 Paradise Valley
		4.00% 7/1/39		600,000			720,564
	Maricopa County Unified School District No.
		95 Queen Creek
		(School Improvement)
		4.00% 7/1/35		500,000			582,345
	Pinal County Community College District
		4.00% 7/1/31		250,000			284,755
							3,455,143
Pre-Refunded Bonds – 3.56%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Banner Health)
		Series A 5.00% 1/1/43-22 §		500,000			520,250
	Phoenix Industrial Development Authority
		(Great Hearts Academic Project)
		6.30% 7/1/42-21 §		500,000			509,750

15

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Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Phoenix Industrial Development Authority
		(Great Hearts Academic Project)
		6.40% 7/1/47-21 §		500,000		$	509,915
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §		10,000			10,581
		Series A 5.00% 6/1/38-23 §		1,000,000			1,106,850
		Unrefunded Series A 5.00% 6/1/25-22 §		335,000			354,453
							3,011,799
Special Tax Revenue Bonds – 14.43%
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40		1,548,850			1,324,267
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33		570,000			613,725
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)		1,000,000			1,175,690
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 2.592% 7/1/33 ^		237,000			168,514
		Series A-1 4.75% 7/1/53		2,485,000			2,712,204
		Series A-1 4.922% 7/1/51 ^		4,400,000			968,748
		Series A-1 5.00% 7/1/58		930,000			1,030,012
		Series A-1 5.083% 7/1/46 ^		1,970,000			605,657
		Series A-2 4.329% 7/1/40		2,825,000			3,038,711
	Regional Public Transportation Authority
		(Maricopa County Public Transportation)
		5.25% 7/1/24		500,000			580,535
							12,218,063
State General Obligation Bonds – 2.92%
	Commonwealth of Puerto Rico
		Series A 5.00% 7/1/41 ‡		235,000			183,594
		Series A 5.125% 7/1/37 ‡		1,190,000			963,900
		Series A 5.375% 7/1/33 ‡		270,000			233,212
		Series A 8.00% 7/1/35 ‡		640,000			498,400
		Series B 5.75% 7/1/38 ‡		680,000			590,750
							2,469,856

16

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Table of Contents

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 5.39%
	Arizona Department of Transportation State
		Highway Fund Revenue
		5.00% 7/1/35		500,000		$	598,795
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series B 5.00% 7/1/49 (AMT)		400,000			476,328
		(Senior Lien)
		4.00% 7/1/48 (AMT)		500,000			547,180
		5.00% 7/1/32 (AMT)		500,000			546,305
		Series A 5.00% 7/1/36 (AMT)		1,000,000			1,186,740
		Series B 5.00% 7/1/37		1,000,000			1,203,490
							4,558,838
Water & Sewer Revenue Bonds – 5.86%
	Arizona Water Infrastructure Finance Authority
		(Water Quality Revenue)
		Series A 5.00% 10/1/26		1,000,000			1,163,720
	Central Arizona Water Conservation District
		(Central Arizona Project)
		5.00% 1/1/31		600,000			715,446
	Guam Government Waterworks Authority Revenue
		5.00% 7/1/37		250,000			289,608
	Mesa Utility System Revenue
		4.00% 7/1/31		850,000			965,821
	Phoenix Civic Improvement Corporation
		(Junior Lien)
		5.00% 7/1/27		1,000,000			1,221,910
		5.00% 7/1/31		500,000			605,710
							4,962,215
Total Municipal Bonds (cost $77,847,223)							83,024,320

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Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

				Principal amount°			Value (US $)
Short-Term Investments – 1.30%
Variable Rate Demand Note – 1.30%¤
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.01% 11/15/52
		(SPA - Northern Trust Company)		1,100,000		$	1,100,000
Total Short-Term Investments (cost $1,100,000)							1,100,000
Total Value of Securities–99.38%
	(cost $78,947,223)					$	84,124,320

°	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, 2021, the aggregate value of Rule 144A securities was $6,081,587, which represents 7.18% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2021.

Summary of abbreviations:
ACA – Insured by American Capital Access
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.

18

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Table of Contents

Summary of abbreviations: (continued)
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

19

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Table of Contents

Schedules of investments
Delaware Tax-Free California Fund	February 28, 2021 (Unaudited)

		Principal amount°		Value (US $)
Municipal Bonds — 100.16%
Corporate Revenue Bonds — 9.69%
California Pollution Control Financing Authority
Solid Waste Disposal Revenue
(CalPlant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡		300,000		$	195,000
Golden State Tobacco Securitization Settlement
Revenue
(Asset-Backed)
Series A-2 5.00% 6/1/47		2,400,000			2,482,752
(Capital Appreciation Asset-Backed)
First Subordinate Series B 1.302% 6/1/47 ^		2,335,000			512,626
Inland Empire Tobacco Securitization Authority
(Capital Appreciation Turbo Asset-Backed)
Series F 144A 1.386% 6/1/57 #, ^		29,440,000			1,374,553
M-S-R Energy Authority Revenue
Series B 6.50% 11/1/39		500,000			790,620
Tobacco Securitization Authority of Northern
California
(Sacramento County)
Series A Class 1 Senior 4.00% 6/1/36		300,000			361,290
Series A Class 1 Senior 4.00% 6/1/37		300,000			359,865
Series A Class 1 Senior 4.00% 6/1/38		400,000			478,232
Series A Class 1 Senior 4.00% 6/1/39		250,000			297,985
Series A Class 1 Senior 4.00% 6/1/40		300,000			351,648
Series A Class 1 Senior 4.00% 6/1/49		1,000,000			1,147,660
Tobacco Securitization Authority of Southern
California
(San Diego County)
Capital Appreciation Second Subordinate
Series C 0.549% 6/1/46 ^		13,190,000			2,688,782
Capital Appreciation Third Subordinate
Series D 0.301% 6/1/46 ^		4,915,000			844,544
					11,885,557
Education Revenue Bonds — 22.75%
California Educational Facilities Authority
(Loma Linda University)
Series A 5.00% 4/1/47		1,000,000			1,148,690
(Stanford University)
Series U-1 5.25% 4/1/40		1,840,000			2,694,110
Series V-1 5.00% 5/1/49		1,460,000			2,190,686
California Municipal Finance Authority
(Bella Mente Montessori Academy Project)
Series A 144A 5.00% 6/1/48 #		500,000			548,945

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Table of Contents

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
	(Biola University)
	5.00% 10/1/39		1,000,000		$	1,171,340
	(California Baptist University)
	Series A 144A 5.375% 11/1/40 #		1,000,000			1,119,710
	(CHF - Davis I, LLC - West Village Student
	Housing Project)
	5.00% 5/15/48		1,000,000			1,163,480
	(Emerson College)
	Series B 5.00% 1/1/32		1,000,000			1,201,370
	(Julian Charter School Project)
	Series A 144A 5.625% 3/1/45 #		850,000			870,697
	(Literacy First Charter Schools Project)
	Series A 5.00% 12/1/49		750,000			864,668
	(Southwestern Law School)
	6.50% 11/1/41		1,140,000			1,175,750
	California School Finance Authority
	(Aspire Public Schools - Obligated Group Issue
	#3)
	Series A 144A 5.00% 8/1/40 #		1,000,000			1,189,920
	(Aspire Public Schools - Obligated Group)
	Series A 144A 5.00% 8/1/45 #		715,000			798,955
	(Encore Education Obligated Group)
	Series A 144A 5.00% 6/1/42 #		500,000			473,050
	(Escuela Popular Project)
	144A 6.50% 7/1/50 #		250,000			277,550
	(Granada Hills Charter Obligated Group)
	144A 5.00% 7/1/49 #		475,000			522,367
	(Green Dot Public Schools Project)
	Series A 144A 5.00% 8/1/35 #		1,000,000			1,110,330
	(Grimmway Schools - Obligated Group)
	Series A 144A 5.00% 7/1/36 #		500,000			550,715
	(ICEF - View Park Elementary & Middle Schools)
	Series A 5.625% 10/1/34		575,000			626,072
	(KIPP LA Projects)
	Series A 5.125% 7/1/44		1,000,000			1,097,840
	(KIPP SoCal Projects)
	Series A 144A 5.00% 7/1/49 #		1,000,000			1,201,670
	(Partnerships to Uplift Communities Valley
	Project)
	Series A 144A 6.75% 8/1/44 #		1,000,000			1,101,210
	California State University Systemwide Revenue
	Series A 5.00% 11/1/47		1,000,000			1,195,390

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Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Statewide Communities Development
	Authority Charter School Revenue
	(Green Dot Public Schools - Animo Inglewood
	Charter High School Project)
	Series A 7.25% 8/1/41		300,000		$	306,249
	California Statewide Communities Development
	Authority Revenue
	(California Baptist University)
	Series A 6.125% 11/1/33		750,000			831,285
	California Statewide Communities Development
	Authority Student Housing Revenue
	(University of California Irvine East Campus
	Apartments)
	5.375% 5/15/38		1,000,000			1,008,050
	Mt. San Antonio Community College District
	Convertible Capital Appreciation Election 2008
	Series A 0.00% 8/1/28 ~		1,000,000			1,167,790
	University of California
	Series BE 5.00% 5/15/32		220,000			291,905
						27,899,794
Electric Revenue Bonds — 3.27%
	Los Angeles Department of Water & Power Revenue
	(Power System)
	Series A 5.00% 7/1/42		1,000,000			1,192,740
	Puerto Rico Electric Power Authority Revenue
	Series A 5.00% 7/1/42 ‡		350,000			315,875
	Series A 5.05% 7/1/42 ‡		70,000			63,175
	Series A 6.75% 7/1/36 ‡		185,000			170,663
	Series AAA 5.25% 7/1/25 ‡		40,000			36,200
	Series CCC 5.25% 7/1/27 ‡		325,000			294,125
	Series TT 5.00% 7/1/32 ‡		340,000			306,850
	Series WW 5.00% 7/1/28 ‡		470,000			424,175
	Series WW 5.25% 7/1/33 ‡		335,000			303,175
	Series WW 5.50% 7/1/38 ‡		480,000			435,600
	Series XX 4.75% 7/1/26 ‡		45,000			40,500
	Series XX 5.25% 7/1/40 ‡		230,000			208,150
	Series XX 5.75% 7/1/36 ‡		150,000			136,500
	Series ZZ 4.75% 7/1/27 ‡		35,000			31,500
	Series ZZ 5.25% 7/1/24 ‡		55,000			49,775
						4,009,003

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			Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 9.50%
	ABAG Finance Authority for Nonprofit Corporations
	(Episcopal Senior Communities)
	6.125% 7/1/41		850,000		$	859,809
	California Health Facilities Financing Authority
	Revenue
	(Cedars-Sinai Medical Center)
	Series B 4.00% 8/15/36		500,000			563,940
	(Children’s Hospital Los Angeles)
	Series A 5.00% 11/15/34		500,000			527,720
	Series A 5.00% 8/15/47		500,000			581,120
	(Kaiser Permanente)
	Subordinate Series A-2 4.00% 11/1/44		1,005,000			1,141,670
	California Municipal Finance Authority Revenue
	(Community Medical Centers)
	Series A 5.00% 2/1/42		750,000			859,687
	Series A 5.00% 2/1/47		250,000			284,470
	(Goodwill Industry of Sacramento Valley &
	Northern Nevada Project)
	5.00% 1/1/35		635,000			627,247
	(Northbay Healthcare Group)
	Series A 5.25% 11/1/47		500,000			564,780
	California Statewide Communities Development
	Authority Revenue
	(Adventist Health System/West)
	Series A 4.00% 3/1/48		1,000,000			1,098,170
	(Emanate Health)
	Series A 4.00% 4/1/45		255,000			289,252
	(Episcopal Communities & Services)
	5.00% 5/15/32		600,000			622,494
	(Huntington Memorial Hospital)
	4.00% 7/1/48		500,000			548,930
	(Marin General Hospital - Green Bonds)
	Series A 4.00% 8/1/45		500,000			518,960
	(Redlands Community Hospital)
	5.00% 10/1/46		1,000,000			1,136,540
	Palomar Health
	5.00% 11/1/47 (AGM)		500,000			603,440
	San Buenaventura
	(Community Memorial Health System)
	7.50% 12/1/41		785,000			817,978
						11,646,207

23

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Schedules of investments
Delaware Tax-Free California Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 3.42%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33		491,145		$	551,566
	California Municipal Finance Authority Mobile Home
		Park Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47		250,000			261,730
	Independent Cities Finance Authority Mobile Home
		Park Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44		1,000,000			1,083,780
		Series A 5.25% 5/15/49		1,200,000			1,298,220
	Santa Clara County Multifamily Housing Authority
		Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)		1,000,000			1,003,090
							4,198,386
Lease Revenue Bonds – 6.15%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37		1,000,000			1,051,550
	California Infrastructure & Economic Development
		Bank
		(Academy of Motion Picture Arts &
		Sciences Obligated Group)
		Series A 5.00% 11/1/41		1,000,000			1,108,010
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure
		Improvement Program - Phase II)
		Series A 5.00% 6/1/43		750,000			899,947
	California State Public Works Board
		(Various Capital Projects)
		Series I 5.50% 11/1/30		1,000,000			1,131,340
	Golden State Tobacco Securitization Settlement
		Revenue
		(Enhanced Asset-Backed)
		Series A 5.00% 6/1/29		1,000,000			1,084,560
		Series A 5.00% 6/1/45		1,000,000			1,143,420
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49		1,000,000			1,124,630
							7,543,457

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 3.74%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^		1,000,000		$	950,370
	Fresno Unified School District
		Election of 2016
		Series A 5.00% 8/1/41		500,000			595,660
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40		500,000			582,970
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)		500,000			605,730
	Natomas Unified School District
		(1999 Refunding)
		5.95% 9/1/21 (NATL)		100,000			100,981
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40		1,000,000			1,159,300
	San Francisco Bay Area Rapid Transit District
		Election of 2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44		500,000			585,420
							4,580,431
Pre-Refunded/Escrowed to Maturity Bonds – 10.19%
	ABAG Finance Authority for Nonprofit Corporations
		(Sharp HealthCare)
		Series A 5.00% 8/1/28-22 §		250,000			261,115
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §		1,000,000			1,100,050
	California Educational Facilities Authority
		(Harvey Mudd College)
		5.25% 12/1/31-21 §		500,000			519,230
	California Health Facilities Financing Authority
		Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §		1,000,000			1,195,960
	California State Public Works Board
		(California State University: Various Buildings)
		Series E 5.00% 9/1/33-22 §		1,000,000			1,073,290

25

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Schedules of investments
Delaware Tax-Free California Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	California State Public Works Board
		(Department of Corrections and Rehabilitation)
		Series C 5.00% 10/1/26		1,000,000		$	1,027,830
		(Various Judicial Council Projects)
		Series D 5.00% 12/1/29		500,000			517,910
	California Statewide Communities Development
		Authority Revenue
		(Covenant Retirement Communities)
		Series C 5.625% 12/1/36-23 §		1,000,000			1,143,790
	Centinela Valley Union High School District
		Election of 2010
		Series A 5.00% 8/1/31-21 §		500,000			510,135
	La Verne
		(Brethren Hillcrest Homes)
		5.00% 5/15/36-22 §		750,000			800,797
	Pittsburg Unified School District Financing Authority
		Revenue
		(Pittsburg Unified School District Bond Program)
		5.50% 9/1/46-21 (AGM) §		800,000			821,472
	Rancho Santa Fe Community Services District
		Financing Authority Revenue
		(Superior Lien Bonds)
		Series A 5.75% 9/1/30-21 §		800,000			822,056
	San Francisco Municipal Transportation Agency
		Revenue
		5.00% 3/1/32-23 §		1,000,000			1,095,420
		Series B 5.00% 3/1/37-22 §		1,000,000			1,048,410
	San Jose Financing Authority Lease Revenue
		(Civic Center Project)
		Series A 5.00% 6/1/33-23 §		500,000			552,710
							12,490,175
Special Tax Revenue Bonds – 12.61%
	GDB Debt Recovery Authority
		7.50% 8/20/40		1,360,619			1,163,329
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53		3,105,000			3,388,890
		Series A-1 4.90% 7/1/46 ^		10,730,000			3,298,831
		Series A-1 4.91% 7/1/51 ^		2,250,000			495,382
		Series A-1 5.00% 7/1/58		2,720,000			3,012,509
		Series A-2 4.329% 7/1/40		1,235,000			1,328,428
		Series A-2 4.329% 7/1/40		250,000			268,913

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				Principal amount°			Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Sacramento Transient Occupancy Tax Revenue
		(Convention Center Complex)
		Senior Series A 5.00% 6/1/38		500,000		$	597,255
		Senior Series A 5.00% 6/1/48		1,000,000			1,172,880
	Virgin Islands Public Finance Authority Revenue
		(Virgin Islands Matching Fund Loan Note)
		Series A Senior Lien/ Working
		Capital 5.00% 10/1/29		100,000			100,233
		Series A Working Capital 4.00% 10/1/22		130,000			128,470
	Yucaipa Special Tax Community Facilities District
		No. 98-1
		(Chapman Heights)
		5.375% 9/1/30		500,000			510,580
							15,465,700
State General Obligation Bonds – 7.84%
	California
		(Various Purpose)
		5.00% 9/1/31		1,000,000			1,112,350
		5.00% 4/1/32		300,000			408,480
		5.00% 4/1/37		2,000,000			2,184,160
		5.00% 8/1/46		1,000,000			1,194,200
		5.25% 4/1/35		1,000,000			1,052,380
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡		855,000			665,831
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡		265,000			228,894
		Series A 5.00% 7/1/41 ‡		425,000			332,031
		Series A 5.125% 7/1/37 ‡		560,000			453,600
		Series A 5.25% 7/1/34 ‡		395,000			342,169
		Series A 5.375% 7/1/33 ‡		485,000			418,919
		Series B 5.75% 7/1/38 ‡		610,000			529,937
		Series C 6.00% 7/1/39 ‡		615,000			532,744
		Unrefunded Series B 5.00% 7/1/35 ‡		180,000			155,475
							9,611,170
Transportation Revenue Bonds – 11.00%
	Bay Area Toll Authority
		Series S-H 5.00% 4/1/44		1,000,000			1,230,520
	California Municipal Finance Authority Senior Lien
		(LINXS APM Project)
		Series A 5.00% 12/31/47 (AMT)		745,000			874,801

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Schedules of investments
Delaware Tax-Free California Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Long Beach Marina Revenue
		(Alamitos Bay Marina Project)
		5.00% 5/15/45		500,000		$	549,125
	Los Angeles Department of Airports
		(Los Angeles International Airport)
		Senior Series D 5.00% 5/15/36 (AMT)		1,000,000			1,153,250
		Series A Private Activity 5.00% 5/15/51 (AMT)		1,500,000			1,864,920
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48		375,000			436,373
	Riverside County Transportation Commission Senior
		Lien
		(Current Interest Obligations)
		Series A 5.75% 6/1/44		500,000			545,200
	Sacramento County Airport System Revenue
		Series C 5.00% 7/1/39 (AMT)		500,000			596,810
		Subordinate Series B 5.00% 7/1/41		500,000			582,950
	San Diego Redevelopment Agency
		(Centre City Redevelopment Project)
		Series A 6.40% 9/1/25		745,000			748,434
	San Francisco City & County Airports Commission
		(San Francisco International Airport)
		Second Series A 5.00% 5/1/34 (AMT)		1,000,000			1,242,520
		Second Series A 5.00% 5/1/49 (AMT)		1,000,000			1,199,030
		Second Series E 5.00% 5/1/50 (AMT)		500,000			598,975
	San Jose Airport Revenue
		Series B 5.00% 3/1/36		575,000			688,471
		Series B 5.00% 3/1/42		1,000,000			1,183,560
							13,494,939
Total Municipal Bonds (cost $114,130,066)							122,824,819
Total Value of Securities–100.16%
	(cost $114,130,066)					$	122,824,819

°	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, 2021, the aggregate value of Rule 144A securities was $11,334,672, which represents 9.24% of the Fund’s net assets. See Note 7 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.

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~	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, 2021.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
CHF – Collegiate Housing Foundation
ICEF – Inner City Education Foundation
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

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Schedules of investments
Delaware Tax-Free Colorado Fund	February 28, 2021 (Unaudited)

		Principal amount°		Value (US $)
Municipal Bonds – 98.71%
Corporate Revenue Bonds – 2.99%
Denver City & County
(United Airlines Project)
5.00% 10/1/32 (AMT)		415,000		$	440,763
Public Authority for Colorado Energy Natural Gas
Revenue
6.50% 11/15/38		4,250,000			6,370,835
					6,811,598
Education Revenue Bonds – 13.48%
Board of Governors of the Colorado State University
System Enterprise Revenue
Series A 5.00% 3/1/43		2,480,000			3,472,794
Board of Trustees For Colorado Mesa University
Enterprise Revenue
Series B 5.00% 5/15/44		1,000,000			1,211,300
Series B 5.00% 5/15/49		750,000			902,985
Colorado Educational & Cultural Facilities Authority
Revenue
(Alexander Dawson School-Nevada Project)
5.00% 5/15/29		1,230,000			1,449,395
(Aspen Ridge School Project)
Series A 144A 5.00% 7/1/36 #		500,000			539,885
Series A 144A 5.25% 7/1/46 #		1,350,000			1,451,412
(Atlas Preparatory Charter School)
144A 5.25% 4/1/45 #		1,300,000			1,340,326
(Charter School Project)
5.00% 7/15/37		1,150,000			1,202,612
(Community Leadership Academy, Inc. Second
Campus Project)
7.45% 8/1/48		1,000,000			1,108,510
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/50 #		1,000,000			1,052,750
(Johnson & Wales University)
Series A 5.25% 4/1/37		1,790,000			1,921,386
(Liberty Common Charter School Project)
Series A 5.00% 1/15/39		1,000,000			1,075,460
(Littleton Preparatory Charter School Project)
5.00% 12/1/33		450,000			467,528
5.00% 12/1/42		540,000			557,291
(Loveland Classical Schools Project)
144A 5.00% 7/1/36 #		625,000			682,587
144A 5.00% 7/1/46 #		500,000			536,915

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Pinnacle Charter School Project)
		5.00% 6/1/26		700,000		$	764,750
		(Science Technology Engineering and Math
		School Project)
		5.00% 11/1/44		890,000			948,954
		5.00% 11/1/54		1,500,000			1,593,960
		(Skyview Charter School)
		144A 5.375% 7/1/44 #		860,000			917,491
		144A 5.50% 7/1/49 #		870,000			930,143
		(University of Denver Project)
		Series A 4.00% 3/1/35		400,000			447,580
		Series A 4.00% 3/1/36		550,000			613,778
		(University of Lab Charter School)
		5.00% 12/15/45		500,000			540,325
		(Vail Mountain School Project)
		4.00% 5/1/46		80,000			78,926
		5.00% 5/1/31		1,000,000			1,058,590
		(Vega Collegiate Academy Project)
		Series A 144A 5.00% 2/1/34 #		200,000			223,084
		Series A 144A 5.00% 2/1/61 #		1,435,000			1,545,122
		(Windsor Charter Academy Project)
		5.00% 9/1/46		890,000			897,796
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45		1,000,000			1,146,940
							30,680,575
Electric Revenue Bonds – 5.22%
	Loveland Colorado Electric & Communications
		Enterprise Revenue
		Series A 5.00% 12/1/44		2,185,000			2,646,778
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27		3,300,000			4,015,374
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡		170,000			153,425
		Series AAA 5.25% 7/1/25 ‡		95,000			85,975
		Series CCC 5.25% 7/1/27 ‡		705,000			638,025
		Series WW 5.00% 7/1/28 ‡		660,000			595,650
		Series WW 5.25% 7/1/33 ‡		210,000			190,050
		Series WW 5.50% 7/1/17 ‡		460,000			404,800

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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 WW 5.50% 7/1/19 ‡		360,000		$	318,600
		Series XX 4.75% 7/1/26 ‡		105,000			94,500
		Series XX 5.25% 7/1/40 ‡		1,840,000			1,665,200
		Series XX 5.75% 7/1/36 ‡		365,000			332,150
		Series ZZ 4.75% 7/1/27 ‡		85,000			76,500
		Series ZZ 5.00% 7/1/19 ‡		620,000			545,600
		Series ZZ 5.25% 7/1/24 ‡		140,000			126,700
							11,889,327
Healthcare Revenue Bonds – 23.78%
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 4.00% 11/15/43		4,000,000			4,569,120
		(American Baptist)
		7.625% 8/1/33		150,000			159,792
		8.00% 8/1/43		1,000,000			1,068,890
		(Bethesda Project)
		Series A-1 5.00% 9/15/48		2,250,000			2,479,680
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #		2,070,000			2,090,286
		(Christian Living Community Project)
		5.25% 1/1/37		1,500,000			1,524,315
		6.375% 1/1/41		1,000,000			1,027,430
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39		2,000,000			2,262,840
		Series A-1 4.00% 8/1/44		2,000,000			2,219,540
		Series A-2 4.00% 8/1/49		3,000,000			3,314,490
		Series A-2 5.00% 8/1/39		1,505,000			1,847,162
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40		1,250,000			1,393,963
		(Covenant Retirement Communities)
		5.00% 12/1/35		1,000,000			1,109,920
		(Craig Hospital Project)
		5.00% 12/1/32		3,500,000			3,692,010
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48		660,000			694,399
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44		2,000,000			2,147,100

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				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		$	308,283
		(Sanford Health)
		Series A 5.00% 11/1/44		4,500,000			5,575,635
		(SCL Health System)
		Series A 4.00% 1/1/37		2,150,000			2,520,295
		Series A 4.00% 1/1/38		3,895,000			4,551,346
		Series A 5.00% 1/1/44		3,050,000			3,319,071
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #		935,000			963,854
		(Vail Valley Medical Center Project)
		5.00% 1/15/35		1,000,000			1,166,930
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35		685,000			752,657
	Denver Health & Hospital Authority Health Care
		Revenue
		Series A 4.00% 12/1/39		1,000,000			1,134,430
		Series A 4.00% 12/1/40		250,000			282,825
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33		1,945,000			1,968,534
							54,144,797
Housing Revenue Bonds – 0.08%
	Colorado Housing and Finance Authority
		(Single Family Program Class 1)
		Series AA 4.50% 5/1/23 (GNMA)		95,000			95,447
		Series AA 4.50% 11/1/23 (GNMA)		95,000			95,427
							190,874
Lease Revenue Bonds – 1.99%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34		660,000			786,925
		5.00% 6/15/36		1,055,000			1,254,321
	Denver Health & Hospital Authority
		4.00% 12/1/38		750,000			850,642

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Schedules of investments
Delaware Tax-Free Colorado Fund

		Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Regional Transportation District Certificates of
Participation
Series A 5.00% 6/1/33		1,500,000		$	1,636,140
					4,528,028
Local General Obligation Bonds – 10.50%
Adams & Weld Counties School District No. 27J
Brighton
4.00% 12/1/30		300,000			338,616
4.00% 12/1/31		1,000,000			1,125,270
Arapahoe County School District No. 6 Littleton
(Littleton Public Schools)
Series A 5.50% 12/1/33		1,000,000			1,304,860
Series A 5.50% 12/1/38		350,000			450,170
Beacon Point Metropolitan District
5.00% 12/1/30 (AGM)		1,130,000			1,325,840
Boulder Valley School District No. Re-2 Boulder
Series A 4.00% 12/1/48		1,370,000			1,572,335
Commerce City Northern Infrastructure General
Improvement District
5.00% 12/1/32 (AGM)		2,125,000			2,289,751
Denver City & County
Series B 5.00% 8/1/30		1,000,000			1,339,460
El Paso County School District No 2. Harrison
5.00% 12/1/38		1,000,000			1,254,000
Grand River Hospital District
5.25% 12/1/35 (AGM)		1,000,000			1,171,060
Jefferson County School District No. R-1
5.25% 12/15/24		1,250,000			1,475,613
Leyden Rock Metropolitan District No. 10
Series A 5.00% 12/1/45		1,000,000			1,040,310
Sierra Ridge Metropolitan District No. 2
Series A 5.50% 12/1/46		1,000,000			1,041,170
Weld County Reorganized School District No. Re-8
5.00% 12/1/31		990,000			1,211,473
5.00% 12/1/32		660,000			806,824
Weld County School District No. Re-1
5.00% 12/15/31 (AGM)		1,000,000			1,218,590
Weld County School District No. Re-2 Eaton
Series 2 5.00% 12/1/44		2,000,000			2,518,200

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		Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Weld County School District No. Re-3J
5.00% 12/15/34 (BAM)		2,000,000		$	2,423,420
					23,906,962
Pre-Refunded Bonds – 11.07%
Central Colorado Water Conservancy District
(Limited Tax)
5.00% 12/1/33-23 §		1,000,000			1,125,550
Colorado Health Facilities Authority Revenue
(Catholic Health Initiatives)
Series A 5.25% 1/1/45-23 §		2,000,000			2,180,580
(Covenant Retirement Communities)
Series A 5.00% 12/1/33-22 §		4,000,000			4,333,960
(NCMC Project)
4.00% 5/15/32-26 §		2,000,000			2,335,500
(The Evangelical Lutheran Good Samaritan
Society Project)
5.625% 6/1/43-23 §		1,150,000			1,287,597
Denver City & County Airport System Revenue
Series B 5.00% 11/15/30-22 §		250,000			270,388
Series B 5.00% 11/15/32-22 §		1,000,000			1,081,550
Series B 5.00% 11/15/37-22 §		8,000,000			8,652,399
Eaton Area Park & Recreation District
5.25% 12/1/34-22 §		360,000			390,963
5.50% 12/1/38-22 §		455,000			496,114
Tallyn’s Reach Metropolitan District No. 3
(Limited Tax Convertible)
5.125% 11/1/38-23 §		740,000			830,014
University of Colorado
Series A 5.00% 6/1/33-23 §		2,000,000			2,213,700
					25,198,315
Special Tax Revenue Bonds – 15.98%
Broomfield Colorado Sales & Use Tax Revenue
5.00% 12/1/33		1,000,000			1,225,710
Central Platte Valley Metropolitan District
5.00% 12/1/43		725,000			765,991
Commerce City
5.00% 8/1/44 (AGM)		1,500,000			1,684,230
Denver Convention Center Hotel Authority Revenue
5.00% 12/1/40		2,660,000			3,001,438

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Schedules of investments
Delaware Tax-Free Colorado Fund

		Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Fountain Urban Renewal Authority Tax Increment
Revenue
(Academy Highlands Project)
Series A 5.50% 11/1/44		1,375,000		$	1,438,649
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		1,795,000			1,835,926
Series A 5.25% 1/1/36		1,675,000			1,719,086
Lincoln Park Metropolitan District
5.00% 12/1/46 (AGM)		1,000,000			1,169,470
Plaza Metropolitan District No. 1
144A 5.00% 12/1/40 #		1,265,000			1,301,824
Prairie Center Metropolitan District No. 3
Series A 144A 5.00% 12/15/41 #		1,000,000			1,064,210
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53		4,045,000			4,414,834
Series A-1 5.00% 7/1/58		3,122,000			3,457,740
Series A-2 4.536% 7/1/53		3,000,000			3,232,890
Regional Transportation District Sales Tax Revenue
(FasTracks Project)
Series A 5.00% 11/1/30		670,000			813,246
Series A 5.00% 11/1/31		1,495,000			1,809,144
Series A 5.00% 11/1/36		2,750,000			3,294,473
Solaris Metropolitan District No. 3
Series A 5.00% 12/1/46		500,000			524,210
Southlands Metropolitan District No. 1
Series A-1 5.00% 12/1/37		300,000			338,760
Series A-1 5.00% 12/1/47		700,000			777,679
Thornton Development Authority
(East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35		485,000			556,892
Series B 5.00% 12/1/36		810,000			929,418
Virgin Islands Public Finance Authority
(Matching Fund Loan Senior Lien)
5.00% 10/1/29 (AGM)		1,000,000			1,017,600
					36,373,420
State General Obligation Bonds – 2.67%
Commonwealth of Puerto Rico
Series A 8.00% 7/1/35 ‡		1,215,000			946,181
(Public Improvement)
Series A 5.00% 7/1/41 ‡		680,000			531,250

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		Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Commonwealth of Puerto Rico
(Public Improvement)
Series A 5.375% 7/1/33 ‡		675,000		$	583,031
Series A 5.50% 7/1/39 ‡		2,950,000			2,419,000
Series B 5.75% 7/1/38 ‡		960,000			834,000
Series C 6.00% 7/1/39 ‡		890,000			770,963
					6,084,425
Transportation Revenue Bonds – 6.96%
Colorado High Performance Transportation
Enterprise Revenue
(C-470 Express Lanes)
5.00% 12/31/56		2,000,000			2,236,600
(Senior U.S. 36 & I-25 Managed Lanes)
5.75% 1/1/44 (AMT)		2,140,000			2,306,000
Denver City & County Airport System Revenue
Series A 4.00% 12/1/48 (AMT)		400,000			437,744
Series A 5.00% 11/15/30 (AMT)		1,750,000			2,133,040
Series A 5.00% 12/1/48 (AMT)		2,000,000			2,361,760
E-470 Public Highway Authority
Series A 5.00% 9/1/34		900,000			1,153,575
Series A 5.00% 9/1/35		400,000			511,388
Series A 5.00% 9/1/36		1,300,000			1,655,472
Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39		1,000,000			1,222,560
Series A 4.00% 7/15/40		1,500,000			1,836,780
					15,854,919
Water & Sewer Revenue Bonds – 3.99%
Arapahoe County Water & Wastewater Authority
4.00% 12/1/37		1,000,000			1,197,600
4.00% 12/1/38		1,845,000			2,202,948
Central Weld County Water District
4.00% 12/1/39 (AGM)		1,150,000			1,350,008
Dominion Water & Sanitation District
6.00% 12/1/46		725,000			759,931
Douglas County Centennial Water & Sanitation
District
4.00% 12/1/38		500,000			578,700
Guam Government Waterworks Authority Water &
Wastewater System Revenue
5.00% 7/1/37		675,000			781,940

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Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

		Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Metro Wastewater Reclamation District
Series A 5.00% 4/1/33		1,000,000		$	1,312,440
Morgan County Quality Water District
4.00% 12/1/50 (AGM)		790,000			909,164
					9,092,731
Total Municipal Bonds (cost $211,616,943)					224,755,971
		Number of shares
Short-Term Investments – 1.06%
Money Market Mutual Fund – 1.06%
Dreyfus AMT-Free Tax Exempt Cash Management
Fund - Institutional Shares (seven-day effective
yield 0.00%)		2,418,982			2,418,982
Total Short-Term Investments (cost $2,418,982)					2,418,982
Total Value of Securities–99.77%
(cost $214,035,925)				$	227,174,953

°	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, 2021, the aggregate value of Rule 144A securities was $14,639,889, which represents 6.43% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
GNMA – Government National Mortgage Association
USD – US Dollar

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

38

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Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund	February 28, 2021 (Unaudited)

				Principal amount°		Value (US $)
Municipal Bonds – 99.02%
Corporate Revenue Bonds – 2.87%
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24		1,250,000		$	1,287,038
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)		2,000,000			2,009,360
							3,296,398
Education Revenue Bonds – 17.52%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47		500,000			578,330
		Series A 5.00% 4/1/48		1,000,000			1,178,690
	Idaho Housing & Finance Association
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #		1,000,000			1,082,750
		Series A 144A 6.00% 7/1/39 #		370,000			440,126
		Series A 144A 6.00% 7/1/49 #		595,000			696,703
		Series A 144A 6.00% 7/1/54 #		570,000			665,412
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41		330,000			373,775
		Series A 4.00% 5/1/50		285,000			318,981
		Series A 4.00% 5/1/55		205,000			228,809
		Series A 5.00% 12/1/38		2,050,000			2,256,599
		Series A 144A 5.00% 12/1/46 #		1,000,000			1,072,460
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^		2,888,155			565,414
		Series A 6.75% 7/1/48		529,151			576,822
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50		1,055,000			1,159,930
		Series A 4.00% 5/1/55		1,000,000			1,096,440
		(Victory Charter School Project)
		Series B 5.00% 7/1/39		1,000,000			1,094,070
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50		1,275,000			1,374,131
	Idaho State University Revenue
		3.00% 4/1/49		1,700,000			1,722,049
		5.00% 4/1/40		190,000			231,139
		5.00% 4/1/43		250,000			301,665
		5.00% 4/1/44		250,000			300,985

39

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Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)		275,000		$	353,268
		Series A 5.00% 4/1/39 (AGM)		250,000			320,127
		Series A 5.00% 4/1/40 (AGM)		250,000			318,805
		Series A 5.00% 4/1/41 (AGM)		300,000			381,294
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41		340,000			409,119
		Unrefunded Series A 5.25% 4/1/41 •		1,000,000			1,004,090
							20,101,983
Electric Revenue Bonds – 4.52%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34		2,000,000			2,286,120
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡		75,000			67,688
		Series AAA 5.25% 7/1/25 ‡		45,000			40,725
		Series CCC 5.25% 7/1/27 ‡		345,000			312,225
		Series WW 5.00% 7/1/28 ‡		320,000			288,800
		Series WW 5.50% 7/1/38 ‡		1,500,000			1,361,250
		Series XX 4.75% 7/1/26 ‡		50,000			45,000
		Series XX 5.25% 7/1/40 ‡		595,000			538,475
		Series XX 5.75% 7/1/36 ‡		175,000			159,250
		Series ZZ 4.75% 7/1/27 ‡		40,000			36,000
		Series ZZ 5.25% 7/1/24 ‡		60,000			54,300
							5,189,833
Healthcare Revenue Bonds – 10.02%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37		1,350,000			1,493,613
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/27		1,000,000			1,224,650
		Series A 5.00% 3/1/37		500,000			601,915
		Series A 5.00% 3/1/47		1,500,000			1,535,370
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47		390,000			463,960
		Series ID 4.00% 12/1/43		1,000,000			1,123,290
		Series ID 5.00% 12/1/46		750,000			884,595
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27		950,000			968,468
		Series A 5.25% 11/15/37		1,005,000			1,034,065

40

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Table of Contents

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Idaho Health Facilities Authority Revenue
		(Valley Vista Care Corporation)
		Series A 5.25% 11/15/47		1,130,000		$	1,133,073
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		Series A 6.00% 7/1/33		1,020,000			1,032,342
							11,495,341
Housing Revenue Bonds – 3.53%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)		610,734			657,363
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.05% 7/1/39 (GNMA)		1,665,000			1,734,264
		Series A 3.25% 1/1/43 (GNMA)		820,000			854,743
		Series C 3.00% 1/1/43 (FHA)		785,000			807,271
							4,053,641
Lease Revenue Bonds – 12.96%
	Boise Urban Renewal Agency
		5.00% 12/15/31		750,000			865,635
		5.00% 12/15/32		750,000			862,552
	Idaho Falls Certificates of Participation
		4.00% 9/15/37		840,000			992,023
		4.00% 9/15/39		1,050,000			1,227,671
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters
		Office Project)
		4.00% 12/1/36		650,000			760,643
		4.00% 12/1/39		1,545,000			1,785,819
		4.00% 12/1/42		1,300,000			1,489,202
		4.00% 12/1/44		250,000			284,835
		(Idaho Department of Fish & Game Nampa
		Regional Office Project)
		5.00% 12/1/41		200,000			241,348
	Idaho Housing & Finance Association Economic
		Development Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26		885,000			887,974
		Series A 7.00% 2/1/36		1,500,000			1,504,590

41

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Schedules of investments
Delaware Tax-Free Idaho Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26		485,000		$	530,217
		Series A 4.50% 9/1/27		505,000			550,500
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24		1,935,000			2,088,465
		Series B 4.00% 9/1/48		750,000			807,810
							14,879,284
Local General Obligation Bonds – 18.97%
	Ada & Boise Counties Independent School District
		Boise City
		5.00% 8/1/31		1,350,000			1,724,665
		5.00% 8/1/33		1,010,000			1,217,323
		5.00% 8/1/34		1,500,000			1,803,390
		5.00% 8/1/35		1,160,000			1,391,606
		5.00% 8/1/36		500,000			598,260
	Ada & Canyon Counties Joint School District No.
		3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33		1,000,000			1,208,880
		Series B 5.00% 9/15/35		1,100,000			1,323,531
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23		1,295,000			1,431,700
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)		1,000,000			1,023,160
		Series A 5.00% 9/15/23 (AGM)		1,810,000			1,816,425
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24		1,480,000			1,587,241
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33		530,000			606,807
		Series A 4.00% 9/15/37		1,000,000			1,133,590
		Series C 5.00% 9/15/42		500,000			601,385
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25		1,080,000			1,290,028
		Series B 5.00% 8/15/26		500,000			614,805

42

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Table of Contents

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Nez Perce County Independent School District No.
		1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36		1,000,000		$	1,203,200
		Series B 5.00% 9/15/37		1,000,000			1,200,320
							21,776,316
Pre-Refunded Bonds – 7.27%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §		1,250,000			1,302,213
		Series A 5.00% 4/1/42-22 §		1,350,000			1,420,969
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §		1,000,000			1,120,280
	Idaho Health Facilities Authority Revenue
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §		1,000,000			1,060,020
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §		250,000			268,165
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §		1,000,000			1,179,610
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §		1,000,000			1,151,820
	University of Idaho
		Series A 5.00% 4/1/41-28 §		660,000			842,615
							8,345,692
Special Tax Revenue Bonds – 14.68%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40		2,406,932			2,057,926
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42		545,000			557,426
		Series A 5.25% 1/1/36		705,000			723,556
		Series B-1 5.00% 1/1/42		1,425,000			1,455,438
	Idaho Water Resource Board Loan Program
		Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32		3,565,000			3,795,299

43

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Schedules of investments
Delaware Tax-Free Idaho Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Ketchum Urban Renewal Agency Tax Increment
		Revenue
		5.50% 10/15/34		1,500,000		$	1,501,110
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40		875,000			953,794
		Series A-1 4.75% 7/1/53		2,735,000			2,985,061
		Series A-1 5.00% 7/1/58		1,831,000			2,027,906
		Series A-2 4.329% 7/1/40		730,000			785,224
							16,842,740
State General Obligation Bonds — 3.81%
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡		775,000			603,531
		Series B 5.00% 7/1/35 ‡		145,000			125,244
		Series B 5.75% 7/1/38 ‡		460,000			399,625
		Series C 6.00% 7/1/39 ‡		465,000			402,806
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡		210,000			181,388
		Series A 5.00% 7/1/41 ‡		325,000			253,906
		Series A 5.125% 7/1/37 ‡		1,645,000			1,332,450
		Series A 5.25% 7/1/34 ‡		880,000			762,300
		Series A 5.375% 7/1/33 ‡		365,000			315,269
							4,376,519
Transportation Revenue Bonds — 2.01%
	Boise City Airport Revenue
		(Parking Facilities Project)
		4.00% 9/1/32		2,180,000			2,206,247
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31		80,000			101,619
							2,307,866
Water & Sewer Revenue Bonds — 0.86%
	Guam Government Waterworks Authority
		5.00% 7/1/40		370,000			426,051
		5.00% 1/1/46		500,000			560,145
							986,196
Total Municipal Bonds (cost $107,818,221)							113,651,809

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				Number of shares			Value (US $)
Short-Term Investments — 0.04%
Money Market Mutual Fund — 0.04%
	Dreyfus AMT-Free Tax Exempt Cash Management
		Fund - Institutional Shares (seven-day effective
		yield 0.00%)		42,687		$	42,687
Total Short-Term Investments (cost $42,687)							42,687
Total Value of Securities—99.06%
	(cost $107,860,908)					$	113,694,496

°	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, 2021, the aggregate value of Rule 144A securities was $5,702,475, which represents 4.97% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
^	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, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

45

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Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

Summary of abbreviations: (continued)

USD – US Dollar

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

46

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Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund	February 28, 2021 (Unaudited)

				Principal amount°			Value (US $)
Municipal Bonds — 99.10%
Corporate Revenue Bonds — 6.33%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^		65,000,000		$	2,778,100
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/37 (AGM)		1,000,000			1,057,240
		Series A 3.00% 1/1/39 (AGM)		1,000,000			1,049,010
		Series A 3.00% 1/1/46 (AGM)		2,000,000			2,067,180
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35		1,000,000			1,401,290
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Delta Air Lines - LaGuardia Airport Terminals
		C&D Redevelopment Project)
		5.00% 1/1/34 (AMT)		1,000,000			1,180,550
		5.00% 1/1/36 (AMT)		1,000,000			1,174,830
	Suffolk Tobacco Asset Securitization
		(Asset-Backed)
		Series B 5.25% 6/1/37		700,000			723,730
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41		900,000			1,038,924
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45		750,000			785,827
							13,256,681
Education Revenue Bonds — 21.77%
	Albany Industrial Development Agency Civic
		Facilities Revenue
		(Brighter Choice Charter School)
		Series A 5.00% 4/1/37		250,000			250,440
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52		500,000			546,040
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33		500,000			526,690
		Series A 5.50% 4/1/43		500,000			527,245
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.50% 5/1/48 #		500,000			561,845

47

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Schedules of investments
Delaware Tax-Free New York Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
		(Manhattan College Project)
		5.00% 8/1/47		500,000		$	573,910
		(Metropolitan College of New York Project)
		5.50% 11/1/44		600,000			650,076
		(Metropolitan Lighthouse Charter School Project)
		Series A 144A 5.00% 6/1/52 #		250,000			274,618
		(New Dawn Charter Schools Project)
		144A 5.75% 2/1/49 #		500,000			538,895
		(The Packer Collegiate Institute Project)
		5.00% 6/1/40		750,000			823,500
	Dutchess County Local Development
		(The Culinary Institute of America Project)
		Series A-1 5.00% 7/1/46		300,000			326,895
		(Vassar College Project)
		5.00% 7/1/35		1,000,000			1,195,320
		5.00% 7/1/36		1,000,000			1,192,010
		5.00% 7/1/37		1,000,000			1,188,900
	Hempstead Town Local Development
		(Hofstra University Project)
		5.00% 7/1/42		500,000			597,245
	Madison County Capital Resource Revenue
		(Colgate University Refunding Project)
		Series A 5.00% 7/1/35		1,000,000			1,144,890
		Series B 5.00% 7/1/39		1,000,000			1,137,980
	Monroe County Industrial Development Revenue
		(St. John Fisher College Project)
		Series A 5.50% 6/1/39		300,000			332,544
		(True North Rochester Preparatory Charter School
		Project)
		Series A 144A 5.00% 6/1/40 #		1,000,000			1,163,880
		(University of Rochester Project)
		Series A 5.00% 7/1/37		1,000,000			1,196,830
		Series C 4.00% 7/1/43		500,000			555,000
	New York City Trust for Cultural Resources
		(Alvin Ailey Dance Foundation)
		Series A 4.00% 7/1/46		1,000,000			1,049,470
		(Whitney Museum of American Art)
		5.00% 7/1/31		325,000			438,929
	New York State Dormitory Authority
		(Barnard College)
		Series A 5.00% 7/1/35		400,000			462,868

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
		(Colgate University)
		6.00% 7/1/21 (NATL)		525,000		$	535,127
		(Fordham University)
		5.00% 7/1/44		650,000			724,776
		(New York University)
		5.50% 7/1/40 (AMBAC)		740,000			1,079,053
		(Touro College & University)
		Series A 5.50% 1/1/44		1,000,000			1,065,710
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(Hudson City School District)
		Unrefunded Series A 5.625% 10/1/29 (AGC)		375,000			376,474
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/35		50,000			60,983
		Series A 5.00% 7/1/37		2,200,000			2,666,906
		Series A 5.00% 7/1/42		1,645,000			1,940,080
		(New York University)
		Series A 5.00% 7/1/36		2,000,000			2,405,500
		Series A 5.00% 7/1/39		2,000,000			2,394,040
		(School Districts Financing Program)
		Series B 5.00% 10/1/42 (AGM)		3,565,000			4,257,893
		(Vaughn College of Aeronautics and Technology)
		Series A 144A 5.50% 12/1/46 #		300,000			315,954
	Onondaga Civic Development Revenue
		(Le Moyne College Project)
		Series B 4.00% 7/1/38		255,000			281,591
		Series B 4.00% 7/1/39		325,000			357,874
		Series B 4.00% 7/1/40		300,000			329,496
	Saratoga County Capital Resource Revenue
		(Skidmore College Project)
		5.00% 7/1/43		3,570,000			4,274,539
		5.00% 7/1/48		1,000,000			1,189,420
	St. Lawrence County Industrial Development
		Agency Civic Development Revenue
		(St. Lawrence University Project)
		Series A 4.00% 7/1/43		1,000,000			1,092,540
	Tompkins County Development
		(Ithaca College Project)
		5.00% 7/1/34		750,000			862,073
		5.00% 7/1/41		500,000			592,565

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Schedules of investments
Delaware Tax-Free New York Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Troy Industrial Development Authority
		(Rensselaer Polytechnic Institute Project)
		Series E 5.20% 4/1/37		500,000		$	508,010
	Yonkers Economic Development Educational
		Revenue
		(Lamartine/Warburton LLC - Charter School of
		Educational Excellence Project)
		Series A 5.00% 10/15/49		640,000			712,384
		Series A 5.00% 10/15/50		250,000			280,178
							45,559,186
Electric Revenue Bonds – 8.28%
	Build NYC Resource
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #		1,000,000			1,081,870
	Long Island Power Authority Electric System
		Revenue
		5.00% 9/1/37		450,000			557,586
		5.00% 9/1/39		2,000,000			2,466,340
		5.00% 9/1/42		2,000,000			2,410,280
		5.00% 9/1/47		500,000			598,310
		Series A 5.00% 9/1/44		1,950,000			2,190,181
		Series B 5.00% 9/1/41		1,000,000			1,179,050
	New York State Power Authority Revenue
		Series A 4.00% 11/15/50		1,000,000			1,151,350
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡		65,000			58,663
		Series A 6.75% 7/1/36 ‡		625,000			576,562
		Series AAA 5.25% 7/1/25 ‡		35,000			31,675
		Series TT 5.00% 7/1/32 ‡		1,120,000			1,010,800
		Series WW 5.00% 7/1/28 ‡		270,000			243,675
		Series WW 5.25% 7/1/33 ‡		195,000			176,475
		Series WW 5.50% 7/1/17 ‡		420,000			369,600
		Series WW 5.50% 7/1/19 ‡		330,000			292,050
		Series XX 4.75% 7/1/26 ‡		40,000			36,000
		Series XX 5.25% 7/1/40 ‡		1,430,000			1,294,150
		Series XX 5.75% 7/1/36 ‡		140,000			127,400
		Series ZZ 4.75% 7/1/27 ‡		30,000			27,000
		Series ZZ 5.00% 7/1/19 ‡		570,000			501,600
		Series ZZ 5.25% 7/1/24 ‡		50,000			45,250

50

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Table of Contents

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Utility Debt Securitization Authority
		(Restructuring Bonds)
		5.00% 12/15/37		750,000		$	891,623
							17,317,490
Healthcare Revenue Bonds – 5.88%
	Buffalo & Erie County Industrial Land Development
		(Catholic Health System Project)
		Series N 5.25% 7/1/35		250,000			285,110
	Build NYC Resource
		(The Children’s Aid Society Project)
		4.00% 7/1/49		1,000,000			1,111,910
	Dutchess County Local Development
		(Nuvance Health)
		Series B 4.00% 7/1/49		1,000,000			1,119,090
	Guilderland, Industrial Development Agency
		(Albany Place Development Project)
		Series A 144A 5.875% 1/1/52 #, ‡		500,000			375,000
	Monroe County Industrial Development
		(The Rochester General Hospital Project)
		5.00% 12/1/36		405,000			474,478
		5.00% 12/1/46		540,000			618,813
	Nassau County Local Economic Assistance
		(Catholic Health Services of Long Island Obligated
		Group Project)
		5.00% 7/1/33		725,000			802,901
	New York State Dormitory Authority
		(Montefiore Obligated Group)
		Series A 4.00% 8/1/38		1,000,000			1,112,400
		Series A 4.00% 9/1/50		2,500,000			2,775,975
		(NYU Langone Hospitals Obligated Group)
		Series A 4.00% 7/1/53		500,000			565,135
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(NYU Hospitals Center)
		Series A 4.00% 7/1/40		465,000			512,653
		(Orange Regional Medical Center Obligated
		Group)
		144A 5.00% 12/1/34 #		500,000			574,875
		144A 5.00% 12/1/45 #		700,000			771,890

51

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Schedules of investments
Delaware Tax-Free New York Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Orange County Funding Assisted Living Residence
		Revenue
		(The Hamlet at Wallkill Assisted Living Project)
		6.50% 1/1/46		400,000		$	402,756
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45		750,000			796,733
							12,299,719
Housing Revenue Bond – 0.89%
	New York City Housing Development Multi-Family
		Revenue
		Series L-1 5.00% 11/1/26		1,840,000			1,852,402
							1,852,402
Lease Revenue Bonds – 6.27%
	Hudson Yards Infrastructure
		Unrefunded Fiscal 2012 Series A 5.75% 2/15/47		1,095,000			1,099,369
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56		710,000			771,372
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)		1,500,000			1,568,175
	New York City Transitional Finance Authority
		Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00%
		7/15/45		445,000			500,371
	New York Liberty Development
		(4 World Trade Center Project)
		5.00% 11/15/31		500,000			514,825
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #		2,000,000			2,175,700
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #		500,000			555,195
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48		80,000			89,314
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)		2,500,000			3,158,525

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	New York State Environmental Facilities Clean
		Water and Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Series B 5.00% 6/15/43		2,175,000		$	2,681,384
							13,114,230
Local General Obligation Bonds – 3.41%
	New York City
		Fiscal 2017 Subordinate
		Series B-1 5.00% 12/1/34		2,500,000			3,012,700
		Fiscal 2018 Subordinate
		Series E-1 5.25% 3/1/35		500,000			617,655
		Fiscal 2018 Subordinate
		Series F-1 5.00% 4/1/35		1,895,000			2,301,098
		Fiscal 2018 Subordinate
		Series F-1 5.00% 4/1/39		1,000,000			1,198,950
							7,130,403
Pre-Refunded/Escrowed to Maturity Bonds – 4.49%
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §		1,000,000			1,150,240
	Monroe County, Industrial Development Revenue
		(Nazareth College of Rochester Project)
		5.50% 10/1/41-21 §		500,000			515,335
	New York City Municipal Water Finance Authority
		Water & Sewer System Revenue
		Series A 6.00% 6/15/21 (AGM)		1,500,000			1,525,170
	New York State Dormitory Authority
		Series A 5.00% 3/15/38-23 §		2,000,000			2,195,400
		(Pratt Institute)
		Series A 5.00% 7/1/34-24 §		500,000			576,015
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(New York University)
		Series A 5.00% 7/1/37-23 §		1,000,000			1,111,050
	Onondaga Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §		380,000			401,595
		5.00% 7/1/42-22 §		750,000			797,603

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Schedules of investments
Delaware Tax-Free New York Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Onondaga County Trust for Cultural Resources
		(Syracuse University Project)
		Series A 5.00% 12/1/30-23 §		1,000,000		$	1,130,260
							9,402,668
Resource Recovery Revenue Bond – 0.75%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #		1,500,000			1,570,680
							1,570,680
Special Tax Revenue Bonds – 20.60%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40		450,000			493,600
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56		250,000			280,103
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36		240,000			246,317
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36		3,500,000			4,148,130
	New York City Transitional Finance Authority
		Revenue
		(Building Aid)
		Fiscal 2012 Subordinate
		Series S-1A 5.25% 7/15/37		1,000,000			1,017,540
		Fiscal 2015 Subordinate
		Series S-1 5.00% 7/15/43		1,000,000			1,142,890
		Fiscal 2019 Subordinate
		Series S-3A 5.00% 7/15/37		1,000,000			1,221,620
		(Future Tax Secured)
		Fiscal 2011 Subordinate
		Series D-1 5.00% 2/1/28		2,500,000			2,508,825
		Fiscal 2014 Subordinate
		Series B-1 5.00% 11/1/40		750,000			844,267
		Fiscal 2015 Subordinate
		Series B-1 5.00% 8/1/42		2,000,000			2,262,820
		Fiscal 2015 Subordinate
		Series E-1 5.00% 2/1/41		1,000,000			1,138,910
		Fiscal 2016 Subordinate
		Series C-1 4.00% 11/1/42		500,000			562,855

54

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York City Transitional Finance Authority
		Revenue
		(Future Tax Secured)
		Fiscal 2017 Subordinate
		Series A-1 4.00% 5/1/42		500,000		$	550,980
		Fiscal 2017 Subordinate
		Series E-1 5.00% 2/1/43		1,000,000			1,190,520
		Series A-1 5.00% 11/1/42		750,000			834,585
		Unrefunded Fiscal 2011 Subordinate
		Series D-1 5.25% 2/1/29		195,000			195,716
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35		1,000,000			1,137,950
		5.00% 11/15/40		1,000,000			1,127,750
	New York State Dormitory Authority Personal
		Income Tax Revenue
		(General Purpose)
		Series A 5.00% 3/15/40		5,000,000			6,145,100
		Series C 5.00% 3/15/34		500,000			501,715
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36		500,000			559,015
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40		425,000			463,271
		Series A-1 4.75% 7/1/53		5,720,000			6,242,980
		Series A-1 5.00% 7/1/58		5,685,000			6,296,365
		Series A-2 4.329% 7/1/40		370,000			397,990
		Series A-2 4.536% 7/1/53		1,330,000			1,433,248
	Virgin Islands Public Finance Authority Revenue
		Series A 5.00% 10/1/29		170,000			170,396
							43,115,458
State General Obligation Bonds – 2.85%
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡		1,920,000			1,495,200
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡		270,000			233,212
		Series A 5.00% 7/1/41 ‡		675,000			527,344
		Series A 5.125% 7/1/37 ‡		685,000			554,850
		Series A 5.25% 7/1/34 ‡		945,000			818,606
		Series A 5.375% 7/1/33 ‡		665,000			574,394

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Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡		625,000		$	542,969
		Series C 6.00% 7/1/39 ‡		1,215,000			1,052,494
		Unrefunded Series B 5.00% 7/1/35 ‡		185,000			159,794
							5,958,863
Transportation Revenue Bonds – 12.00%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47		435,000			503,947
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32		500,000			530,520
		(Climate Bond Certified)
		Series E 4.00% 11/15/45		1,500,000			1,649,280
		(Green Bonds)
		Series B 4.00% 11/15/50		1,000,000			1,079,760
		Series C-1 5.25% 11/15/55		1,500,000			1,801,650
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50		1,000,000			1,121,500
		Series L 5.00% 1/1/35		1,535,000			1,882,923
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56		1,000,000			1,174,300
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Terminal 4 John F. Kennedy International Airport
		Project)
		Series A 4.00% 12/1/40 (AMT)		335,000			372,651
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)		715,000			856,899
		Series A 5.00% 4/1/35 (AMT)		775,000			923,033
		Series A 5.00% 4/1/37 (AMT)		750,000			887,242
		Series A 5.00% 4/1/39 (AMT)		350,000			411,835
	Port Authority of Guam
		(Governmental)
		Series A 5.00% 7/1/48		1,375,000			1,600,032
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen
		Series)
		4.00% 11/1/49		1,000,000			1,135,520

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Table of Contents

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Sixteen
		Series)
		4.00% 9/1/49		1,000,000		$	1,133,380
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42		2,500,000			2,969,425
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41		2,000,000			2,331,540
		Series A 5.00% 11/15/47		1,000,000			1,186,170
		Series A 5.00% 11/15/49		325,000			407,706
	Westchester County Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities
		Project)
		Series A 144A 7.00% 6/1/46 (AMT) #		1,100,000			1,151,161
							25,110,474
Water & Sewer Revenue Bonds – 5.58%
	New York City Municipal Water Finance Authority
		Water & Sewer System Revenue
		(Second General Resolution)
		Fiscal 2015 Series HH 5.00% 6/15/39		2,000,000			2,343,620
		Fiscal 2017 Series DD 5.00% 6/15/47		1,000,000			1,198,710
		Fiscal 2018 Series EE 5.00% 6/15/40		2,500,000			3,040,250
		Fiscal 2019 Subordinate
		Series FF-1 4.00% 6/15/49		1,000,000			1,133,020
		Fiscal 2020 Series AA 4.00% 6/15/40		1,000,000			1,158,330
		Fiscal 2021 Subordinate
		Series BB-1 4.00% 6/15/50		1,000,000			1,153,470
	New York State Environmental Facilities Clean
		Water and Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Fiscal 2011 Series B 5.00% 6/15/30		500,000			506,785
		Series B 4.00% 6/15/49		1,000,000			1,143,590
							11,677,775
Total Municipal Bonds (cost $192,543,267)							207,366,029
Total Value of Securities–99.10%
	(cost $192,543,267)					$	207,366,029

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

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Schedules of investments
Delaware Tax-Free New York Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $13,889,663, which represents 6.64% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”

Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
L.P. – Limited Partnership
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

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Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund	February 28, 2021 (Unaudited)

				Principal amount°		Value (US $)
Municipal Bonds – 100.14%
Corporate Revenue Bonds – 7.07%
	Allegheny County Industrial Development Authority
		Revenue
		(United States Steel Corporation Project)
		4.875% 11/1/24		2,650,000		$	2,839,131
		5.125% 5/1/30		750,000			849,840
	Pennsylvania Commonwealth Financing Authority
		Revenue
		(Tobacco Master Settlement Payment Revenue)
		4.00% 6/1/39 (AGM)		5,045,000			5,707,913
	Pennsylvania Economic Development Financing
		Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)		4,000,000			4,152,600
	Pennsylvania Economic Development Financing
		Authority Solid Waste Disposal Revenue
		(CarbonLite P, LLC Project)
		144A 5.25% 6/1/26 (AMT) #		1,750,000			1,561,472
		144A 5.75% 6/1/36 (AMT) #		2,375,000			2,094,774
		(Proctor & Gamble Paper Project)
		5.375% 3/1/31 (AMT)		11,000,000			14,431,780
							31,637,510
Education Revenue Bonds – 11.16%
	Allegheny County Higher Education Building
		Authority Revenue
		(Carnegie Mellon University)
		Series A 5.00% 3/1/24		1,000,000			1,046,860
		(Chatham University)
		Series A 5.00% 9/1/30		1,500,000			1,555,695
		(Robert Morris University)
		5.00% 10/15/47		1,500,000			1,660,785
	Bucks County Industrial Development Authority
		Revenue
		(George School Project)
		5.00% 9/15/36		4,455,000			4,564,148
		(School Lane Charter School Project)
		Series A 5.125% 3/15/46		2,500,000			2,771,850
	Chester County Industrial Development Authority
		Revenue
		(Avon Grove Charter School Project)
		Series A 5.00% 12/15/47		1,160,000			1,288,424
		Series A 5.00% 12/15/51		770,000			854,138

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Chester County Industrial Development Authority
		Revenue
		(Renaissance Academy Charter School Project)
		5.00% 10/1/34		1,000,000		$	1,076,990
		5.00% 10/1/39		1,250,000			1,338,650
		5.00% 10/1/44		1,000,000			1,064,260
	Delaware County Authority Revenue
		(Cabrini University)
		5.00% 7/1/47		2,000,000			2,203,540
	Montgomery County Higher Education and Health
		Authority
		(Arcadia University)
		5.75% 4/1/40		2,000,000			2,188,740
	Northeastern Pennsylvania Hospital and Education
		Authority Revenue
		(King’s College Project)
		5.00% 5/1/44		1,000,000			1,174,390
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Drexel University)
		5.00% 5/1/41		1,000,000			1,165,900
	Pennsylvania State University
		Series A 5.00% 9/1/45		5,640,000			7,066,412
		Series A 5.00% 9/1/47		2,730,000			3,395,574
	Philadelphia Authority for Industrial Development
		Revenue
		(First Philadelphia Preparatory Charter School
		Project)
		Series A 7.25% 6/15/43		2,500,000			2,862,050
		(Green Woods Charter School Project)
		Series A 5.50% 6/15/22		390,000			401,524
		Series A 5.75% 6/15/42		2,500,000			2,583,725
		(International Apartments of Temple University)
		Series A 5.375% 6/15/30		1,500,000			1,503,075
		Series A 5.625% 6/15/42		3,000,000			3,005,130
		(Tacony Academy Charter School Project)
		Series A-1 6.75% 6/15/33		1,020,000			1,128,671
		Series A-1 7.00% 6/15/43		1,535,000			1,693,980
State Public School Building Authority
		(Montgomery County Community College)
		5.00% 5/1/28		2,000,000			2,316,160
							49,910,671

60

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Table of Contents

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 2.80%
	City of Philadelphia Gas Works Revenue
		(1998 General Ordinance)
		Sixteenth Series A 4.00% 8/1/45 (AGM)		2,000,000		$	2,278,340
	Puerto Rico Electric Power Authority
		Series A 5.00% 7/1/42 ‡		1,110,000			1,001,775
		Series A 5.05% 7/1/42 ‡		400,000			361,000
		Series AAA 5.25% 7/1/25 ‡		225,000			203,625
		Series WW 5.00% 7/1/28 ‡		1,895,000			1,710,237
		Series WW 5.25% 7/1/33 ‡		1,055,000			954,775
		Series WW 5.50% 7/1/38 ‡		1,530,000			1,388,475
		Series XX 4.75% 7/1/26 ‡		185,000			166,500
		Series XX 5.25% 7/1/40 ‡		3,825,000			3,461,625
		Series XX 5.75% 7/1/36 ‡		655,000			596,050
		Series ZZ 4.75% 7/1/27 ‡		145,000			130,500
		Series ZZ 5.25% 7/1/24 ‡		315,000			285,075
							12,537,977
Healthcare Revenue Bonds – 32.44%
	Allegheny County Hospital Development Authority
		Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44		1,350,000			1,475,334
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/36		1,750,000			1,999,445
		Series A 4.00% 7/15/37		1,500,000			1,708,065
	Berks County Industrial Development Authority
		Revenue
		(The Highlands at Wyomissing)
		5.00% 5/15/38		415,000			460,609
		5.00% 5/15/43		500,000			550,945
		5.00% 5/15/48		1,000,000			1,098,110
		Series A 5.00% 5/15/37		1,365,000			1,544,811
		Series A 5.00% 5/15/42		500,000			559,795
		Series A 5.00% 5/15/47		600,000			667,794
		Series C 5.00% 5/15/42		1,000,000			1,093,370
		Series C 5.00% 5/15/47		1,000,000			1,089,810
	Bucks County Industrial Development Authority
		Revenue
		(Saint Luke’s University Health Network Project)
		4.00% 8/15/44		2,400,000			2,647,824
		4.00% 8/15/50		1,400,000			1,535,492

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Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

				Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Butler County Hospital Authority Revenue
		(Butler Health System Project)
		Series A 5.00% 7/1/39		1,625,000		$	1,784,234
	Centre County Hospital Authority Revenue
		(Mount Nittany Medical Center Project)
		Series A 4.00% 11/15/47		1,400,000			1,529,486
	Chester County Health and Education Facilities
		Authority
		(Main Line Health System)
		Series A 4.00% 9/1/40		785,000			917,838
		Series A 4.00% 9/1/50		2,750,000			3,160,712
	Cumberland County Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45		4,000,000			4,306,440
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38		1,805,000			1,986,150
		(Penn State Health)
		4.00% 11/1/49		9,825,000			11,115,219
	DuBois Hospital Authority
		(Penn Highlands Healthcare)
		4.00% 7/15/48		2,000,000			2,124,640
	Geisinger Authority Health System Revenue
		(Geisinger Health System)
		Series A-1 5.00% 2/15/45		5,000,000			5,888,250
		Series A-1 5.125% 6/1/41		4,000,000			4,034,880
	General Authority of Southcentral Pennsylvania
		Revenue
		(WellSpan Health Obligated Group)
		Series A 5.00% 6/1/39		5,000,000			6,212,400
	Hospitals & Higher Education Facilities Authority of
		Philadelphia
		(The Children’s Hospital of Philadelphia Project)
		Series D 5.00% 7/1/32		500,000			507,300
	Indiana County Hospital Authority Revenue
		(Indiana Regional Medical Center)
		Series A 6.00% 6/1/39		1,625,000			1,708,005
	Lancaster County Hospital Authority Revenue
		(Brethren Village Project)
		5.25% 7/1/35		250,000			265,053
		5.50% 7/1/45		1,000,000			1,055,380
		(Landis Homes Retirement Community Project)
		Series A 5.00% 7/1/45		2,000,000			2,142,740

62

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lancaster County Hospital Authority Revenue
		(Masonic Villages Project)
		5.00% 11/1/35		1,000,000		$	1,154,170
		5.00% 11/1/36		510,000			586,923
		5.00% 11/1/37		250,000			287,152
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42		1,500,000			1,539,480
	Lehigh County General Purpose Hospital Authority
		Revenue
		(Lehigh Valley Health Network)
		Series A 4.00% 7/1/49		5,000,000			5,571,500
	Monroe County Hospital Authority Revenue
		(Pocono Medical Center)
		5.00% 7/1/36		1,710,000			2,011,730
		5.00% 7/1/41		1,000,000			1,158,720
	Monroeville Finance Authority
		(University of Pittsburgh Medical Center)
		5.00% 2/15/25		1,000,000			1,168,630
	Montgomery County Higher Education and Health
		Authority
		(Thomas Jefferson University)
		5.00% 9/1/51		2,000,000			2,393,740
		Series A 4.00% 9/1/49		2,500,000			2,744,975
	Montgomery County Industrial Development
		Authority Revenue
		(Waverly Heights Project)
		5.00% 12/1/44		500,000			562,255
		5.00% 12/1/49		1,250,000			1,401,912
		(Whitemarsh Continuing Care Retirement
		Community Project)
		4.00% 1/1/25		430,000			439,611
		5.375% 1/1/50		4,000,000			4,178,840
		Series A 5.375% 1/1/51		1,500,000			1,592,205
	Moon Industrial Development Authority Revenue
		(Baptist Homes Society)
		6.125% 7/1/50		4,000,000			4,243,200
	Northampton County Industrial Development
		Authority
		(Morningstar Senior Living Project)
		5.00% 11/1/44		1,000,000			1,062,020

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Economic Development Financing
		Authority First Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #		715,000		$	536,250
		Series A 144A 6.75% 12/1/53 #		5,400,000			4,050,000
	Pennsylvania Economic Development Financing
		Authority Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43		1,265,000			1,374,435
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45		5,000,000			5,582,650
		Series A 5.25% 9/1/50		2,500,000			2,809,100
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49		6,000,000			6,752,520
		5.00% 8/15/49		5,000,000			6,115,550
		Series A 4.00% 8/15/42		4,200,000			4,715,466
	Philadelphia Authority for Industrial Development
		Revenue
		(Children’s Hospital of Philadelphia Project)
		5.00% 7/1/34		5,000,000			5,999,900
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47		2,500,000			2,924,675
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49		2,500,000			2,569,425
	Pocono Mountains Industrial Park Authority
		Revenue
		(St. Luke’s Hospital - Monroe Project)
		Series A 5.00% 8/15/40		4,000,000			4,442,560
							145,139,725
Housing Revenue Bond – 0.44%
	Philadelphia Authority for Industrial Development
		Revenue
		(The PresbyHomes Germantown Project)
		Series A 5.625% 7/1/35 (HUD)		1,950,000			1,950,936
							1,950,936

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				Principal amount°			Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 1.13%
	Pennsylvania Economic Development Financing
		Authority Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement
		Project)
		5.00% 12/31/29 (AMT)		500,000		$	592,635
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37		1,250,000			1,487,625
		5.00% 4/1/38		1,000,000			1,187,550
		5.00% 4/1/39		1,500,000			1,776,690
							5,044,500
Local General Obligation Bonds – 7.21%
	Allegheny County
		Series C-77 5.00% 11/1/43		4,535,000			5,579,139
	Chester County
		4.00% 7/15/31		250,000			302,092
		4.00% 7/15/32		1,000,000			1,203,640
		4.00% 7/15/33		300,000			359,370
		4.00% 7/15/36		500,000			591,995
		4.00% 7/15/38		455,000			534,043
		4.00% 7/15/39		500,000			584,620
		4.00% 7/15/40		500,000			583,690
	City of Philadelphia
		5.00% 8/1/41		1,260,000			1,510,576
		Series A 5.00% 8/1/37		1,750,000			2,118,480
		Series A 5.25% 7/15/29		2,500,000			2,821,725
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50		2,875,000			3,265,109
	Montgomery County
		Series A 5.00% 1/1/35		3,730,000			4,968,658
	Philadelphia School District
		Series F 5.00% 9/1/36		2,000,000			2,390,680
		Series F 5.00% 9/1/37		1,500,000			1,789,485
		Series F 5.00% 9/1/38		2,000,000			2,381,320
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)		325,000			336,573
		2.00% 10/15/29 (AGM)		700,000			721,280
		2.00% 10/15/30 (AGM)		190,000			194,938
							32,237,413

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Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

				Principal amount°			Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 8.39%
	Allegheny County
		Series C-69 5.00% 12/1/28-22 §		1,000,000		$	1,084,410
		Series C-70 5.00% 12/1/33-22 §		2,205,000			2,391,124
	Allegheny County Higher Education Building
		Authority Revenue
		(Carlow University Project)
		6.75% 11/1/31-21 §		750,000			782,318
		7.00% 11/1/40-21 §		1,000,000			1,044,740
	Central Bradford Progress Authority
		(Guthrie Health Issue)
		5.375% 12/1/41-21 §		1,000,000			1,038,850
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §		3,000,000			3,217,980
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §		195,000			227,200
	Delaware County Regional Water Quality Control
		Authority
		5.00% 5/1/32-23 §		2,000,000			2,205,800
	Monroe County Hospital Authority
		(Pocono Medical Center)
		Series A 5.00% 1/1/32-22 §		1,150,000			1,194,597
		Series A 5.00% 1/1/41-22 §		1,500,000			1,558,170
	Montgomery County Industrial Development
		Authority Retirement Community Revenue
		(ACTS Retirement Life Communities Obligated
		Group)
		5.00% 11/15/27-22 §		1,250,000			1,323,137
		5.00% 11/15/28-22 §		1,600,000			1,693,616
		5.00% 11/15/29-22 §		680,000			719,787
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(AICUP Financing Program - St. Francis University
		Project)
		Series JJ2 6.25% 11/1/41-21 §		2,355,000			2,449,624
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §		1,740,000			1,846,575
		Series A 5.00% 7/1/41-22 §		1,500,000			1,591,875
		(Philadelphia University)
		5.00% 6/1/32-23 §		2,000,000			2,211,320

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				Principal amount°			Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Shippensburg University - Student Housing
		Project)
		6.25% 10/1/43-21 §		2,000,000		$	2,070,280
		(University of the Arts)
		5.20% 3/15/25 (AGC)		4,490,000			4,910,084
	Philadelphia Authority for Industrial Development
		Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §		1,000,000			1,112,770
	Port Authority of Allegheny County
		5.75% 3/1/29		2,850,000			2,850,000
							37,524,257
Special Tax Revenue Bonds – 14.53%
	Allentown Neighborhood Improvement Zone
		Development Authority Revenue
		Series A 5.00% 5/1/42		2,500,000			2,591,475
	Allentown, Pennsylvania Neighborhood
		Improvement Zone Development Authority
		Revenue
		(City Center Project)
		144A 5.375% 5/1/42 #		2,500,000			2,876,625
	Chester County Industrial Development Authority
		Special Obligation Revenue
		(Woodlands at Greystone Project)
		144A 5.00% 3/1/38 #		560,000			578,346
		144A 5.125% 3/1/48 #		1,000,000			1,026,290
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40		8,776,308			7,503,743
	Northampton County Industrial Development
		Authority
		(Route 33 Project)
		7.00% 7/1/32		1,800,000			1,939,698
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A 4.905% 7/1/51 ^		25,000,000			5,504,250
		Series A-1 5.179% 7/1/46 ^		19,900,000			6,118,056
		(Restructured)
		Series A-1 4.75% 7/1/53		8,273,000			9,029,400
		Series A-1 5.00% 7/1/58		17,281,000			19,139,399

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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		5,585,000		$	6,007,505
		Series A-2 4.536% 7/1/53		1,000,000			1,077,630
	Washington County Redevelopment Authority
		Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35		1,500,000			1,617,615
							65,010,032
State General Obligation Bonds – 4.94%
	Commonwealth of Pennsylvania
		5.00% 9/15/26		5,840,000			7,179,521
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡		2,175,000			1,693,781
		Series B 5.00% 7/1/35 ‡		605,000			522,569
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡		890,000			768,737
		Series A 5.125% 7/1/37 ‡		8,195,000			6,637,950
		Series A 5.25% 7/1/34 ‡		725,000			628,031
		Series A 5.375% 7/1/33 ‡		600,000			518,250
		Series A 6.00% 7/1/38 ‡		880,000			767,800
		Series B 5.75% 7/1/38 ‡		2,000,000			1,737,500
		Series C 6.00% 7/1/39 ‡		1,880,000			1,628,550
							22,082,689
Transportation Revenue Bonds – 8.78%
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47		5,000,000			5,962,650
	Pennsylvania Economic Development Financing
		Authority Exempt Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)		3,500,000			3,737,055
		Series A 5.00% 11/1/41 (AMT)		5,000,000			5,315,500
	Pennsylvania Economic Development Financing
		Authority Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement
		Project)
		5.00% 12/31/34 (AMT)		2,115,000			2,472,964
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23		2,450,000			2,763,551
		Series A 5.00% 12/1/49		2,000,000			2,438,120

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				Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission Revenue
		Series C 5.00% 12/1/44		5,000,000		$	5,661,250
		Subordinate Series A 4.00% 12/1/50		1,000,000			1,122,000
	Philadelphia Airport Revenue
		Series A 5.00% 7/1/47		3,750,000			4,381,425
		Series B 5.00% 7/1/47 (AMT)		3,000,000			3,459,060
	Susquehanna Area Regional Airport Authority
		Revenue
		5.00% 1/1/35 (AMT)		800,000			879,120
		5.00% 1/1/38 (AMT)		1,000,000			1,093,160
							39,285,855
Water & Sewer Revenue Bonds – 1.25%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)		2,345,000			2,805,277
	Philadelphia Water & Wastewater Revenue
		Series A 5.00% 7/1/45		2,500,000			2,812,825
							5,618,102
Total Municipal Bonds (cost $417,664,359)							447,979,667
Total Value of Securities–100.14%
	(cost $417,664,359)					$	447,979,667

°	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, 2021, the aggregate value of Rule 144A securities was $12,723,757, which represents 2.84% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

HUD – Housing and Urban Development Section 8

LLC – Limited Liability Corporation

USD – US Dollar

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

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Statement of assets and liabilities
	February 28, 2021 (Unaudited)

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Arizona Fund			California Fund			Colorado Fund
Assets:
	Investments, at value*		$	84,124,320		$	122,824,819		$	227,174,953
	Cash			141,848			—			—
	Dividend and interest receivable			610,853			1,232,094			2,236,590
	Receivable for fund shares sold			356,434			110,461			295,857
	Prepaid expenses			—			8,195			—
	Other assets			—			2,021			—
	Total Assets			85,233,455			124,177,590			229,707,400
Liabilities:
	Due to custodian			—			1,200,585			1,395,553
	Payable for fund shares redeemed			483,088			185,870			380,728
	Audit and tax fees payable			22,570			28,070			22,570
	Investment management fees payable
	to affiliates			20,913			27,055			70,612
	Distribution payable			18,740			53,514			45,248
	Distribution fees payable to affiliates			14,244			19,739			36,817
	Accounting and administration
	expenses payable to non-affiliates			9,848			12,269			12,681
	Other accrued expenses			7,785			—			18,032
	Reports and statements to
	shareholders expenses payable to
	non-affiliates			4,748			6,135			10,046
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates			3,939			8,053			16,867
	Dividend disbursing and transfer agent
	fees and expenses payable to
	affiliates			545			789			1,471
	Accounting and administration
	expenses payable to affiliates			526			624			899
	Trustees’ fees and expenses payable			310			451			840
	Legal fees payable to affiliates			132			192			358
	Reports and statements to
	shareholders expenses payable to
	affiliates			99			144			267
	Total Liabilities			587,487			1,543,490			2,012,989
Total Net Assets			$	84,645,968		$	122,634,100		$	227,694,411

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Statements of assets and liabilities

			Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
			Arizona Fund				California Fund				Colorado Fund
Net Assets Consist of:
	Paid-in capital		$	79,166,575			$	113,827,237			$	216,290,935
	Total distributable earnings (loss)			5,479,393				8,806,863				11,403,476
Total Net Assets			$	84,645,968			$	122,634,100			$	227,694,411
Net Asset Value
Class A:
Net assets			$	65,314,966			$	82,147,729			$	161,360,153
Shares of beneficial interest outstanding,
	unlimited authorization, no par			5,552,154				6,647,388				14,083,911
Net asset value per share			$	11.76			$	12.36			$	11.46
Sales charge				4.50	%			4.50	%			4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)		$	12.31			$	12.94			$	12.00
Class C:
Net assets			$	1,852,576			$	4,612,293			$	6,631,022
Shares of beneficial interest outstanding,
	unlimited authorization, no par			157,078				372,486				577,331
Net asset value per share			$	11.79			$	12.38			$	11.49
Institutional Class:
Net assets			$	17,478,426			$	35,874,078			$	59,703,236
Shares of beneficial interest outstanding,
	unlimited authorization, no par			1,485,588				2,902,385				5,211,317
Net asset value per share			$	11.77			$	12.36			$	11.46
____________________
*  Investments, at cost			$	78,947,223			$	114,129,858			$	214,035,925

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

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			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Idaho Fund			New York Fund			Pennsylvania Fund
Assets:
	Investments, at value*		$	113,694,496		$	207,366,029		$	447,979,667
	Cash			—			96,028			—
	Dividend and interest receivable			1,272,326			2,052,809			4,639,143
	Receivable for fund shares sold			64,321			116,897			529,050
	Receivable for securities sold			—			—			467,486
	Prepaid expenses			—			2,226			—
	Other assets			—			5,720			—
	Total Assets			115,031,143			209,639,709			453,615,346
Liabilities:
	Due to custodian			21,061			—			3,803,727
	Payable for fund shares redeemed			99,207			145,367			692,558
	Investment management fees payable
	to affiliates			34,846			55,857			157,185
	Distribution payable			24,740			79,865			136,480
	Audit and tax fees payable			22,570			28,070			22,570
	Distribution fees payable to affiliates			18,252			35,549			81,121
	Other accrued expenses			12,214			—			26,961
	Accounting and administration
	expenses payable to non-affiliates			10,430			13,998			16,978
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates			6,958			13,241			28,618
	Reports and statements to
	shareholders expenses payable to
	non-affiliates			4,990			6,944			18,366
	Dividend disbursing and transfer agent
	fees and expenses payable to
	affiliates			735			1,353			2,882
	Accounting and administration
	expenses payable to affiliates			603			851			1,466
	Trustees’ fees and expenses payable			419			779			1,652
	Legal fees payable to affiliates			179			332			705
	Reports and statements to
	shareholders expenses payable to
	affiliates			134			245			524
	Payable for securities purchased			—			—			1,254,979
	Total Liabilities			257,338			382,451			6,246,772
Total Net Assets			$	114,773,805		$	209,257,258		$	447,368,574

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Statements of assets and liabilities

			Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Net Assets Consist of:
	Paid-in capital		$	113,521,010			$	194,312,839			$	418,024,419
	Total distributable earnings (loss)			1,252,795				14,944,419				29,344,155
Total Net Assets			$	114,773,805			$	209,257,258			$	447,368,574
Net Asset Value
Class A:
Net assets			$	65,838,154			$	160,795,749			$	367,835,820
Shares of beneficial interest outstanding,
	unlimited authorization, no par			5,648,237				13,711,452				45,220,098
Net asset value per share			$	11.66			$	11.73			$	8.13
Sales charge				4.50	%			4.50	%			4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)		$	12.21			$	12.28			$	8.51
Class C:
Net assets			$	6,728,119			$	5,261,889			$	13,791,031
Shares of beneficial interest outstanding,
	unlimited authorization, no par			577,652				449,754				1,694,934
Net asset value per share			$	11.65			$	11.70			$	8.14
Institutional Class:
Net assets			$	42,207,532			$	43,199,620			$	65,741,723
Shares of beneficial interest outstanding,
	unlimited authorization, no par			3,620,290				3,684,801				8,087,803
Net asset value per share			$	11.66			$	11.72			$	8.13
____________________
*Investments, at cost			$	107,860,908			$	192,543,267			$	417,664,359

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

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Statements of operations

Six months ended February 28, 2021 (Unaudited)

				Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund
Investment Income:
	Interest			$	1,449,063			$	2,018,459			$	3,937,486
	Dividends				—				—				73
					1,449,063				2,018,459				3,937,559
Expenses:
	Management fees				202,619				278,485				616,904
	Distribution expenses — Class A				78,354				75,593				201,182
	Distribution expenses — Class C				11,271				30,196				37,900
	Accounting and administration expenses				25,793				29,342				37,182
	Dividend disbursing and transfer agent
		fees and expenses			24,218				28,836				69,668
	Audit and tax fees				22,570				29,237				22,570
	Registration fees				8,635				9,909				6,135
	Reports and statements to shareholders
		expenses			8,386				8,336				14,960
	Legal fees				3,260				23,344				8,769
	Trustees’ fees and expenses				2,060				2,542				5,718
	Custodian fees				1,365				1,666				3,274
	Other				9,464				10,382				14,472
					397,995				527,868				1,038,734
	Less expenses waived				(69,315	)			(110,975	)			(145,642	)
	Less expenses paid indirectly				(16	)			(35	)			(53	)
	Total operating expenses				328,664				416,858				893,039
Net Investment Income					1,120,399				1,601,601				3,044,520
Net Realized and Unrealized Gain:
	Net realized gain on investments				395,825				377,786				248,627
	Net change in unrealized appreciation
		(depreciation) of investments			1,089,109				652,272				1,531,776
Net Realized and Unrealized Gain					1,484,934				1,030,058				1,780,403
Net Increase in Net Assets Resulting
	from Operations			$	2,605,333			$	2,631,659			$	4,824,923

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Statements of operations

				Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Investment Income:
	Interest			$	1,945,149			$	2,499,244			$	8,268,095
	Dividends				34				—				—
					1,945,183				2,499,244				8,268,095
Expenses:
	Management fees				299,144				394,107				1,209,083
	Distribution expenses — Class A				77,434				121,806				441,362
	Distribution expenses — Class C				42,535				31,484				88,924
	Accounting and administration expenses				27,993				32,648				54,293
	Dividend disbursing and transfer agent
		fees and expenses			34,516				42,005				125,958
	Audit and tax fees				22,570				29,404				22,570
	Registration fees				5,052				14,214				10,635
	Reports and statements to shareholders
		expenses			8,497				9,532				28,210
	Legal fees				4,248				24,275				19,054
	Trustees’ fees and expenses				2,757				3,519				11,220
	Custodian fees				1,576				2,445				6,031
	Other				9,986				11,258				18,692
					536,308				716,697				2,036,032
	Less expenses waived				(84,688	)			(144,456	)			(208,389	)
	Less expenses paid indirectly				(18	)			(85	)			(151	)
	Total operating expenses				451,602				572,156				1,827,492
Net Investment Income					1,493,581				1,927,088				6,440,603
Net Realized and Unrealized Gain:
	Net realized gain on investments				313,878				146,323				1,437,517
	Net change in unrealized appreciation
		(depreciation) of investments			916,142				155,586				5,021,398
Net Realized and Unrealized Gain					1,230,020				301,909				6,458,915
Net Increase in Net Assets Resulting
	from Operations			$	2,723,601			$	2,228,997			$	12,899,518

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 Arizona Fund

				Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income			$	1,120,399			$	2,279,854
	Net realized gain				395,825				142,666
	Net change in unrealized appreciation (depreciation)				1,089,109				(1,042,553	)
	Net increase in net assets resulting from operations				2,605,333				1,379,967
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A			(906,455	)			(1,860,733	)
		Class C			(24,133	)			(63,009	)
		Institutional Class			(252,480	)			(503,085	)
					(1,183,068	)			(2,426,827	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A			3,600,355				4,040,085
		Class C			93,709				475,896
		Institutional Class			3,193,864				4,314,261
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A			797,921				1,492,624
		Class C			23,707				58,762
		Institutional Class			247,821				476,431
					7,957,377				10,858,059

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

				Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A		$	(2,366,450	)		$	(4,618,457	)
		Class C			(872,447	)			(1,028,355	)
		Institutional Class			(1,314,194	)			(3,614,076	)
					(4,553,091	)			(9,260,888	)
	Increase in net assets derived from capital share transactions				3,404,286				1,597,171
Net Increase in Net Assets					4,826,551				550,311
Net Assets:
	Beginning of period				79,819,417				79,269,106
	End of period			$	84,645,968			$	79,819,417

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 California Fund

		Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	1,601,601			$	2,951,871
Net realized gain (loss)			377,786				(75,285	)
Net change in unrealized appreciation (depreciation)			652,272				(2,508,025	)
Net increase in net assets resulting from operations			2,631,659				368,561
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(933,332	)			(1,696,888	)
Class C			(71,109	)			(337,450	)
Institutional Class			(582,578	)			(1,813,306	)
			(1,587,019	)			(3,847,644	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			6,814,229				9,654,592
Class C			421,391				600,032
Institutional Class			4,176,263				21,957,497
Net assets from merger:1
Class A			34,679,243				—
Institutional Class			1,655,513				—
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			844,000				1,518,859
Class C			70,579				281,331
Institutional Class			396,792				1,276,762
			49,058,010				35,289,073

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

		Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		$	(4,712,619	)		$	(8,275,307	)
Class C			(2,811,007	)			(5,300,634	)
Institutional Class			(4,930,946	)			(31,647,616	)
			(12,454,572	)			(45,223,557	)
Increase (decrease) in net assets derived from capital share
transactions			36,603,438				(9,934,484	)
Net Increase (Decrease) in Net Assets			37,648,078				(13,413,567	)
Net Assets:
Beginning of period			84,986,022				98,399,589
End of period		$	122,634,100			$	84,986,022

1	See Note 5 in the “Notes to financial statements.”

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 Colorado Fund

		Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	3,044,520			$	6,482,950
Net realized gain			248,627				841,092
Net change in unrealized appreciation (depreciation)			1,531,776				(3,462,710	)
Net increase in net assets resulting from operations			4,824,923				3,861,332
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(2,150,595	)			(4,770,153	)
Class C			(72,977	)			(201,810	)
Institutional Class			(813,372	)			(1,499,974	)
			(3,036,944	)			(6,471,937	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			6,369,092				13,355,973
Class C			411,899				755,250
Institutional Class			10,527,757				23,852,027
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			2,021,114				4,244,536
Class C			74,306				195,451
Institutional Class			750,916				1,381,497
			20,155,084				43,784,734

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

		Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		$	(11,282,601	)		$	(19,822,488	)
Class C			(2,054,147	)			(3,060,813	)
Institutional Class			(3,928,981	)			(15,090,632	)
			(17,265,729	)			(37,973,933	)
Increase in net assets derived from capital share transactions			2,889,355				5,810,801
Net Increase in Net Assets			4,677,334				3,200,196
Net Assets:
Beginning of period			223,017,077				219,816,881
End of period		$	227,694,411			$	223,017,077

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 Idaho Fund

		Six months ended 2/28/21 (Unaudited)				Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	1,493,581			$	3,013,071
Net realized gain (loss)			313,878				(436,187	)
Net change in unrealized appreciation (depreciation)			916,142				(1,157,926	)
Net increase in net assets resulting from operations			2,723,601				1,418,958
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(838,254	)			(1,630,043	)
Class C			(83,091	)			(231,712	)
Institutional Class			(563,994	)			(1,140,918	)
			(1,485,339	)			(3,002,673	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			5,693,846				11,036,343
Class C			1,157,540				1,110,294
Institutional Class			8,118,358				12,301,476
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			805,627				1,518,853
Class C			83,932				222,405
Institutional Class			497,563				1,009,131
			16,356,866				27,198,502

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

	Six months
	ended
	2/28/21				Year ended
	(Unaudited)				8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(2,018,294	)		$	(6,770,542	)
Class C		(3,459,336	)			(5,190,934	)
Institutional Class		(2,886,413	)			(11,622,682	)
		(8,364,043	)			(23,584,158	)
Increase in net assets derived from capital share transactions		7,992,823				3,614,344
Net Increase in Net Assets		9,231,085				2,030,629
Net Assets:
Beginning of period		105,542,720				103,512,091
End of period	$	114,773,805			$	105,542,720

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 New York Fund

	Six months
	ended
	2/28/21				Year ended
	(Unaudited)				8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,927,088			$	2,506,580
Net realized gain		146,323				721,770
Net change in unrealized appreciation (depreciation)		155,586				(1,943,082	)
Net increase in net assets resulting from operations		2,228,997				1,285,268
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,444,399	)			(1,250,944	)
Class C		(87,514	)			(299,096	)
Institutional Class		(745,339	)			(1,387,966	)
		(2,277,252	)			(2,938,006	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,421,440				11,463,562
Class C		62,880				553,210
Institutional Class		5,318,582				9,818,570
Net assets from merger:1
Class A		119,588,826				—
Institutional Class		2,252,578				—
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,227,388				1,098,145
Class C		60,106				204,540
Institutional Class		676,819				1,267,893
		132,608,619				24,405,920

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Statements of changes in net assets
Delaware Tax-Free New York Fund

	Six months
	ended
	2/28/21				Year ended
	(Unaudited)				8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(5,656,313	)		$	(5,523,695	)
Class C		(1,949,871	)			(6,950,159	)
Institutional Class		(3,641,716	)			(11,214,772	)
		(11,247,900	)			(23,688,626	)
Increase in net assets derived from capital share transactions		121,360,719				717,294
Net Increase (Decrease) in Net Assets		121,312,464				(935,444	)
Net Assets:
Beginning of period		87,944,794				88,880,238
End of period	$	209,257,258			$	87,944,794

1	See Note 5 in the “Notes to financial statements.”

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 Pennsylvania Fund

	Six months
	ended
	2/28/21				Year ended
	(Unaudited)				8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,440,603			$	13,510,292
Net realized gain		1,437,517				1,773,628
Net change in unrealized appreciation (depreciation)		5,021,398				(8,662,514	)
Net increase in net assets resulting from operations		12,899,518				6,621,406
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(7,280,391	)			(14,779,475	)
Class C		(294,237	)			(710,638	)
Institutional Class		(1,254,444	)			(2,147,319	)
		(8,829,072	)			(17,637,432	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		16,330,580				34,845,316
Class C		1,047,896				2,876,652
Institutional Class		12,015,354				14,679,950
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		6,594,783				13,086,822
Class C		288,476				679,779
Institutional Class		1,105,003				1,843,684
		37,382,092				68,012,203

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

	Six months
	ended
	2/28/21				Year ended
	(Unaudited)				8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(22,921,582	)		$	(51,146,281	)
Class C		(6,773,581	)			(8,994,602	)
Institutional Class		(3,796,469	)			(6,718,565	)
		(33,491,632	)			(66,859,448	)
Increase in net assets derived from capital share transactions		3,890,460				1,152,755
Net Increase (Decrease) in Net Assets		7,960,906				(9,863,271	)
Net Assets:
Beginning of period		439,407,668				449,270,939
End of period	$	447,368,574			$	439,407,668

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

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Financial highlights
Delaware Tax-Free Arizona Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

90

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		Six months ended
		2/28/211				Year ended
		(Unaudited)					8/31/20				8/31/19			8/31/18				8/31/17				8/31/16
		$	11.55			$	11.70			$	11.24			$	11.48			$	11.83			$	11.44
			0.16				0.33				0.37				0.36				0.37				0.38
			0.22				(0.13	)			0.46				(0.24	)			(0.35	)			0.39
			0.38				0.20				0.83				0.12				0.02				0.77
			(0.16	)			(0.35	)			(0.37	)			(0.36	)			(0.37	)			(0.38	)
			(0.01	)			–				–				–				–				–
			(0.17	)			(0.35	)			(0.37	)			(0.36	)			(0.37	)			(0.38	)
		$	11.76			$	11.55			$	11.70			$	11.24			$	11.48			$	11.83
			3.29%				1.79%				7.51%				1.11%				0.24%				6.79%
		$	65,315			$	62,186			$	62,033			$	63,327			$	66,839			$	74,556
			0.84%				0.84%				0.84%				0.84%				0.84%				0.84%
			1.01%				1.01%				1.02%				1.00%				0.97%				0.96%
			2.74%				2.87%				3.29%				3.23%				3.25%				3.23%
			2.57%				2.70%				3.11%				3.07%				3.12%				3.11%
			12%				36%				31%				6%				9%				14%

91

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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 return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

92

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		Six months ended
		2/28/211				Year ended
		(Unaudited)				8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.58			$	11.73			$	11.27			$	11.51			$	11.87			$	11.47
			0.12				0.24				0.28				0.28				0.29				0.29
			0.22				(0.12	)			0.46				(0.24	)			(0.37	)			0.40
			0.34				0.12				0.74				0.04				(0.08	)			0.69
			(0.12	)			(0.27	)			(0.28	)			(0.28	)			(0.28	)			(0.29	)
			(0.01	)			–				–				–				–				–
			(0.13	)			(0.27	)			(0.28	)			(0.28	)			(0.28	)			(0.29	)
		$	11.79			$	11.58			$	11.73			$	11.27			$	11.51			$	11.87
			2.90%				1.03%				6.70%				0.36%				(0.59%	)			6.07%
		$	1,853			$	2,561			$	3,100			$	3,122			$	5,215			$	6,816
			1.59%				1.59%				1.59%				1.59%				1.59%				1.59%
			1.76%				1.76%				1.77%				1.75%				1.72%				1.71%
			1.99%				2.12%				2.54%				2.48%				2.50%				2.48%
			1.82%				1.95%				2.36%				2.32%				2.37%				2.36%
			12%				36%				31%				6%				9%				14%

93

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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 return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

94

---

Table of Contents

	Six months ended
	2/28/211						Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.55				$	11.70			$	11.24			$	11.48			$	11.84			$	11.44
			0.17					0.36				0.39				0.39				0.40				0.41
			0.24					(0.13	)			0.46				(0.24	)			(0.36	)			0.39
			0.41					0.23				0.85				0.15				0.04				0.80
			(0.18	)				(0.38	)			(0.39	)			(0.39	)			(0.40	)			(0.40	)
			(0.01	)				—				—				—				—				—
			(0.19	)				(0.38	)			(0.39	)			(0.39	)			(0.40	)			(0.40	)
		$	11.77				$	11.55			$	11.70			$	11.24			$	11.48			$	11.84
			3.50%					2.05%				7.78%				1.36%				0.40%				7.14%
		$	17,478				$	15,072			$	14,136			$	10,097			$	7,080			$	3,645
			0.59%					0.59%				0.59%				0.59%				0.59%				0.59%
			0.76%					0.76%				0.77%				0.75%				0.72%				0.71%
			2.99%					3.12%				3.54%				3.48%				3.50%				3.48%
			2.82%					2.95%				3.36%				3.32%				3.37%				3.36%
			12%					36%				31%				6%				9%				14%

95

---

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

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

96

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Table of Contents

	Six months ended
	2/28/211						Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	12.18				$	12.49			$	11.98			$	12.26			$	12.60			$	12.11
			0.19					0.38				0.40				0.40				0.41				0.43
			0.18					(0.20	)			0.53				(0.28	)			(0.34	)			0.48
			0.37					0.18				0.93				0.12				0.07				0.91
			(0.19	)				(0.38	)			(0.40	)			(0.40	)			(0.41	)			(0.42	)
			—					(0.11	)			(0.02	)			—				—				—
			(0.19	)				(0.49	)			(0.42	)			(0.40	)			(0.41	)			(0.42	)
		$	12.36				$	12.18			$	12.49			$	11.98			$	12.26			$	12.60
			3.05%					1.59%				7.99%				1.00%				0.63%				7.67%
		$	82,148				$	44,059			$	42,203			$	53,171			$	54,076			$	63,284
			0.86%					0.82%				0.82%				0.82%				0.82%				0.82%
			1.08%					1.03%				1.03%				1.02%				1.01%				1.01%
			3.13%					3.17%				3.36%				3.30%				3.36%				3.43%
			2.91%					2.96%				3.15%				3.10%				3.17%				3.24%
			9%					36%				32%				16%				27%				18%

97

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

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

98

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Table of Contents

Six months ended
	2/28/211				Year ended
	(Unaudited)				8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
	$	12.21			$	12.52			$	12.00			$	12.28			$	12.62			$	12.13
		0.14				0.29				0.32				0.31				0.32				0.33
		0.17				(0.20	)			0.54				(0.28	)			(0.34	)			0.49
		0.31				0.09				0.86				0.03				(0.02	)			0.82
		(0.14	)			(0.29	)			(0.32	)			(0.31	)			(0.32	)			(0.33	)
		—				(0.11	)			(0.02	)			—				—				—
		(0.14	)			(0.40	)			(0.34	)			(0.31	)			(0.32	)			(0.33	)
	$	12.38			$	12.21			$	12.52			$	12.00			$	12.28			$	12.62
		2.58	%			0.83	%			7.26	%			0.25	%			(0.12	%)			6.86	%
	$	4,612			$	6,829			$	11,551			$	13,015			$	16,473			$	18,827
		1.61	%			1.57	%			1.57	%			1.57	%			1.57	%			1.57	%
		1.83	%			1.78	%			1.78	%			1.77	%			1.76	%			1.76	%
		2.38	%			2.42	%			2.61	%			2.55	%			2.61	%			2.68	%
		2.16	%			2.21	%			2.40	%			2.35	%			2.42	%			2.49	%
		9	%			36	%			32	%			16	%			27	%			18	%

99

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

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

100

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Table of Contents

Six months ended
	2/28/211				Year ended
	(Unaudited)				8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
	$	12.18			$	12.49			$	11.98			$	12.26			$	12.60			$	12.11
		0.21				0.41				0.43				0.43				0.44				0.46
		0.18				(0.20	)			0.53				(0.28	)			(0.34	)			0.49
		0.39				0.21				0.96				0.15				0.10				0.95
		(0.21	)			(0.41	)			(0.43	)			(0.43	)			(0.44	)			(0.46	)
		—				(0.11	)			(0.02	)			—				—				—
		(0.21	)			(0.52	)			(0.45	)			(0.43	)			(0.44	)			(0.46	)
	$	12.36			$	12.18			$	12.49			$	11.98			$	12.26			$	12.60
		3.18	%			1.84	%			8.25	%			1.26	%			0.89	%			7.94	%
	$	35,874			$	34,098			$	44,646			$	32,953			$	28,209			$	17,410
		0.61	%			0.57	%			0.57	%			0.57	%			0.57	%			0.57	%
		0.83	%			0.78	%			0.78	%			0.77	%			0.76	%			0.76	%
		3.38	%			3.42	%			3.61	%			3.55	%			3.61	%			3.68	%
		3.16	%			3.21	%			3.40	%			3.35	%			3.42	%			3.49	%
		9	%			36	%			32	%			16	%			27	%			18	%

101

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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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

102

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Six months ended
	2/28/211				Year ended
	(Unaudited)				8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
	$	11.36			$	11.48			$	11.04			$	11.28			$	11.65			$	11.24
		0.15				0.33				0.37				0.37				0.39				0.40
		0.10				(0.12	)			0.44				(0.24	)			(0.37	)			0.41
		0.25				0.21				0.81				0.13				0.02				0.81
		(0.15	)			(0.33	)			(0.37	)			(0.37	)			(0.39	)			(0.40	)
		(0.15	)			(0.33	)			(0.37	)			(0.37	)			(0.39	)			(0.40	)
	$	11.46			$	11.36			$	11.48			$	11.04			$	11.28			$	11.65
		2.22	%			1.88	%			7.48	%			1.22	%			0.26	%			7.33	%
	$	161,360			$	162,955			$	167,136			$	164,087			$	165,554			$	182,764
		0.83	%			0.84	%			0.84	%			0.84	%			0.84	%			0.84	%
		0.96	%			0.96	%			0.97	%			0.97	%			0.96	%			0.96	%
		2.68	%			2.91	%			3.31	%			3.36	%			3.48	%			3.50	%
		2.55	%			2.79	%			3.18	%			3.23	%			3.36	%			3.38	%
		8	%			18	%			16	%			6	%			17	%			6	%

103

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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 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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

104

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Table of Contents

	Six months ended
	2/28/211					Year ended
	(Unaudited)					8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.39			$	11.51			$	11.07			$	11.31			$	11.68			$	11.27
			0.11				0.24				0.29				0.29				0.31				0.32
			0.10				(0.12	)			0.44				(0.24	)			(0.37	)			0.41
			0.21				0.12				0.73				0.05				(0.06	)			0.73
			(0.11	)			(0.24	)			(0.29	)			(0.29	)			(0.31	)			(0.32	)
			(0.11	)			(0.24	)			(0.29	)			(0.29	)			(0.31	)			(0.32	)
		$	11.49			$	11.39			$	11.51			$	11.07			$	11.31			$	11.68
			1.84%				1.12%				6.67%				0.47%				(0.48%	)			6.52%
		$	6,631			$	8,121			$	10,364			$	10,923			$	15,975			$	16,461
			1.58%				1.59%				1.59%				1.59%				1.59%				1.59%
			1.71%				1.71%				1.72%				1.72%				1.71%				1.71%
			1.93%				2.16%				2.56%				2.61%				2.73%				2.75%
			1.80%				2.04%				2.43%				2.48%				2.61%				2.63%
			8%				18%				16%				6%				17%				6%

105

---

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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

106

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	Six months ended
	2/28/211					Year ended
	(Unaudited)					8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.36			$	11.48			$	11.04			$	11.28			$	11.65			$	11.24
			0.17				0.36				0.40				0.40				0.42				0.43
			0.10				(0.12	)			0.44				(0.24	)			(0.37	)			0.41
			0.27				0.24				0.84				0.16				0.05				0.84
			(0.17	)			(0.36	)			(0.40	)			(0.40	)			(0.42	)			(0.43	)
			(0.17	)			(0.36	)			(0.40	)			(0.40	)			(0.42	)			(0.43	)
		$	11.46			$	11.36			$	11.48			$	11.04			$	11.28			$	11.65
			2.35%				2.14%				7.74%				1.47%				0.51%				7.60%
		$	59,703			$	51,941			$	42,317			$	27,433			$	19,788			$	12,211
			0.58%				0.59%				0.59%				0.59%				0.59%				0.59%
			0.71%				0.71%				0.72%				0.72%				0.71%				0.71%
			2.93%				3.16%				3.56%				3.61%				3.73%				3.75%
			2.80%				3.04%				3.43%				3.48%				3.61%				3.63%
			8%				18%				16%				6%				17%				6%

107

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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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

108

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	Six months ended
	2/28/211														Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.52				$	11.65			$	11.21			$	11.49			$	11.79			$	11.51
			0.16					0.33				0.35				0.34				0.35				0.36
			0.14					(0.13	)			0.44				(0.28	)			(0.30	)			0.28
			0.30					0.20				0.79				0.06				0.05				0.64
			(0.16	)				(0.33	)			(0.35	)			(0.34	)			(0.35	)			(0.36	)
			(0.16	)				(0.33	)			(0.35	)			(0.34	)			(0.35	)			(0.36	)
		$	11.66				$	11.52			$	11.65			$	11.21			$	11.49			$	11.79
			2.58%					1.77%				7.19%				0.56%				0.47%				5.66%
		$	65,838				$	60,667			$	55,480			$	59,425			$	67,907			$	70,306
			0.86%					0.86%				0.86%				0.86%				0.86%				0.86%
			1.02%					1.02%				1.03%				1.01%				1.00%				0.99%
			2.72%					2.87%				3.11%				3.04%				3.03%				3.11%
			2.56%					2.71%				2.94%				2.89%				2.89%				2.98%
			11%					22%				14%				11%				10%				11%

109

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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 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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

110

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	Six months ended
	2/28/211														Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.51				$	11.64			$	11.20			$	11.48			$	11.78			$	11.50
			0.11					0.24				0.27				0.26				0.26				0.27
			0.14					(0.13	)			0.44				(0.28	)			(0.30	)			0.28
			0.25					0.11				0.71				(0.02	)			(0.04	)			0.55
			(0.11	)				(0.24	)			(0.27	)			(0.26	)			(0.26	)			(0.27	)
			(0.11	)				(0.24	)			(0.27	)			(0.26	)			(0.26	)			(0.27	)
		$	11.65				$	11.51			$	11.64			$	11.20			$	11.48			$	11.78
			2.20%					1.00%				6.40%				(0.19%	)			(0.29%	)			4.88%
		$	6,728				$	8,819			$	12,875			$	17,597			$	29,375			$	30,834
			1.61%					1.61%				1.61%				1.61%				1.61%				1.61%
			1.77%					1.77%				1.78%				1.76%				1.75%				1.74%
			1.97%					2.12%				2.36%				2.29%				2.28%				2.36%
			1.81%					1.96%				2.19%				2.14%				2.14%				2.23%
			11%					22%				14%				11%				10%				11%

111

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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	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

112

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	Six months ended
	2/28/211														Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.52				$	11.65			$	11.21			$	11.49			$	11.79			$	11.51
			0.17					0.36				0.38				0.37				0.37				0.39
			0.14					(0.13	)			0.44				(0.28	)			(0.29	)			0.28
			0.31					0.23				0.82				0.09				0.08				0.67
			(0.17	)				(0.36	)			(0.38	)			(0.37	)			(0.38	)			(0.39	)
			(0.17	)				(0.36	)			(0.38	)			(0.37	)			(0.38	)			(0.39	)
		$	11.66				$	11.52			$	11.65			$	11.21			$	11.49			$	11.79
			2.71%					2.02%				7.46%				0.82%				0.71%				5.92%
		$	42,208				$	36,057			$	35,157			$	21,310			$	12,090			$	10,248
			0.61%					0.61%				0.61%				0.61%				0.61%				0.61%
			0.77%					0.77%				0.78%				0.76%				0.75%				0.74%
			2.97%					3.12%				3.36%				3.29%				3.28%				3.36%
			2.81%					2.96%				3.19%				3.14%				3.14%				3.23%
			11%					22%				14%				11%				10%				11%

113

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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	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

114

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	Six months ended
	2/28/211					Year ended
	(Unaudited)					8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.66			$	11.86			$	11.33			$	11.62			$	11.98			$	11.48
			0.15				0.33				0.36				0.36				0.35				0.36
			0.12				(0.14	)			0.53				(0.29	)			(0.35	)			0.50
			0.27				0.19				0.89				0.07				—	3			0.86
			(0.15	)			(0.33	)			(0.36	)			(0.36	)			(0.36	)			(0.36	)
			(0.05	)			(0.06	)			—				—				—				—
			(0.20	)			(0.39	)			(0.36	)			(0.36	)			(0.36	)			(0.36	)
		$	11.73			$	11.66			$	11.86			$	11.33			$	11.62			$	11.98
			2.34%				1.68%				8.00%				0.60%				0.05%				7.57%
		$	160,796			$	42,514			$	36,058			$	38,139			$	40,647			$	55,418
			0.83%				0.80%				0.80%				0.80%				0.80%				0.80%
			1.03%				1.05%				1.07%				1.08%				1.03%				1.02%
			2.64%				2.86%				3.12%				3.10%				3.04%				3.06%
			2.44%				2.61%				2.85%				2.82%				2.81%				2.84%
			8%				31%				21%				10%				14%				8%

115

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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 return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

116

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	Six months ended
	2/28/211					Year ended
	(Unaudited)					8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.63			$	11.83			$	11.30			$	11.59			$	11.95			$	11.45
			0.11				0.24				0.27				0.27				0.26				0.27
			0.12				(0.14	)			0.53				(0.29	)			(0.35	)			0.50
			0.23				0.10				0.80				(0.02	)			(0.09	)			0.77
			(0.11	)			(0.24	)			(0.27	)			(0.27	)			(0.27	)			(0.27	)
			(0.05	)			(0.06	)			—				—				—				—
			(0.16	)			(0.30	)			(0.27	)			(0.27	)			(0.27	)			(0.27	)
		$	11.70			$	11.63			$	11.83			$	11.30			$	11.59			$	11.95
			1.96%				0.92%				7.20%				(0.16%	)			(0.71%	)			6.78%
		$	5,262			$	7,037			$	13,459			$	14,941			$	17,073			$	20,899
			1.58%				1.55%				1.55%				1.55%				1.55%				1.55%
			1.78%				1.80%				1.82%				1.83%				1.78%				1.77%
			1.89%				2.11%				2.37%				2.35%				2.29%				2.31%
			1.69%				1.86%				2.10%				2.07%				2.06%				2.09%
			8%				31%				21%				10%				14%				8%

117

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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 return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

118

---

Table of Contents

	Six months ended
	2/28/211						Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	11.66				$	11.85			$	11.33			$	11.61			$	11.97			$	11.47
			0.17					0.36				0.38				0.39				0.38				0.39
			0.11					(0.13	)			0.52				(0.28	)			(0.35	)			0.50
			0.28					0.23				0.90				0.11				0.03				0.89
			(0.17	)				(0.36	)			(0.38	)			(0.39	)			(0.39	)			(0.39	)
			(0.05	)				(0.06	)			—				—				—				—
			(0.22	)				(0.42	)			(0.38	)			(0.39	)			(0.39	)			(0.39	)
		$	11.72				$	11.66			$	11.85			$	11.33			$	11.61			$	11.97
			2.38%					2.03%				8.17%				0.93%				0.29%				7.84%
		$	43,199				$	38,394			$	39,363			$	32,981			$	32,192			$	19,929
			0.58%					0.55%				0.55%				0.55%				0.55%				0.55%
			0.78%					0.80%				0.82%				0.83%				0.78%				0.77%
			2.89%					3.11%				3.37%				3.35%				3.29%				3.31%
			2.69%					2.86%				3.10%				3.07%				3.06%				3.09%
			8%					31%				21%				10%				14%				8%

119

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Table of Contents

Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

120

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	Six months ended
	2/28/211						Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	8.06				$	8.25			$	7.93			$	8.14			$	8.39			$	8.15
			0.12					0.25				0.28				0.28				0.28				0.29
			0.11					(0.11	)			0.32				(0.20	)			(0.25	)			0.24
			0.23					0.14				0.60				0.08				0.03				0.53
			(0.12	)				(0.25	)			(0.28	)			(0.28	)			(0.28	)			(0.29	)
			(0.04	)				(0.08	)			—				(0.01	)			—				—
			(0.16	)				(0.33	)			(0.28	)			(0.29	)			(0.28	)			(0.29	)
		$	8.13				$	8.06			$	8.25			$	7.93			$	8.14			$	8.39
			2.90%					1.72%				7.72%				0.93%				0.48%				6.60%
		$	367,836				$	364,480			$	376,965			$	378,038			$	399,001			$	439,379
			0.84%					0.83%				0.85%				0.88%				0.88%				0.88%
			0.93%					0.92%				0.93%				0.93%				0.94%				0.94%
			2.92%					3.09%				3.49%				3.48%				3.51%				3.50%
			2.83%					3.00%				3.41%				3.43%				3.45%				3.44%
			17%					40%				23%				19%				15%				14%

121

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Table of Contents

Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

122

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	Six months ended
	2/28/211						Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	8.06				$	8.25			$	7.93			$	8.14			$	8.39			$	8.15
			0.09					0.19				0.22				0.22				0.22				0.23
			0.12					(0.11	)			0.32				(0.20	)			(0.25	)			0.24
			0.21					0.08				0.54				0.02				(0.03	)			0.47
			(0.09	)				(0.19	)			(0.22	)			(0.22	)			(0.22	)			(0.23	)
			(0.04	)				(0.08	)			—				(0.01	)			—				—
			(0.13	)				(0.27	)			(0.22	)			(0.23	)			(0.22	)			(0.23	)
		$	8.14				$	8.06			$	8.25			$	7.93			$	8.14			$	8.39
			2.64%					0.95%				6.91%				0.16%				(0.27%	)			5.79%
		$	13,791				$	19,009			$	25,065			$	26,376			$	33,298			$	36,215
			1.59%					1.59%				1.61%				1.64%				1.64%				1.64%
			1.68%					1.68%				1.69%				1.69%				1.70%				1.70%
			2.17%					2.33%				2.73%				2.72%				2.75%				2.74%
			2.08%					2.24%				2.65%				2.67%				2.69%				2.68%
			17%					40%				23%				19%				15%				14%

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

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

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	Six months ended
	2/28/211														Year ended
	(Unaudited)						8/31/20				8/31/19				8/31/18				8/31/17				8/31/16
		$	8.05				$	8.25			$	7.92			$	8.13			$	8.38			$	8.14
			0.13					0.27				0.30				0.30				0.30				0.31
			0.12					(0.12	)			0.33				(0.20	)			(0.25	)			0.24
			0.25					0.15				0.63				0.10				0.05				0.55
			(0.13	)				(0.27	)			(0.30	)			(0.30	)			(0.30	)			(0.31	)
			(0.04	)				(0.08	)			—				(0.01	)			—				—
			(0.17	)				(0.35	)			(0.30	)			(0.31	)			(0.30	)			(0.31	)
		$	8.13				$	8.05			$	8.25			$	7.92			$	8.13			$	8.38
			3.16%					1.84%				8.12%				1.16%				0.73%				6.86%
		$	65,742				$	55,919			$	47,241			$	41,427			$	33,373			$	26,372
			0.59%					0.59%				0.61%				0.64%				0.64%				0.64%
			0.68%					0.68%				0.69%				0.69%				0.70%				0.70%
			3.17%					3.33%				3.73%				3.72%				3.75%				3.74%
			3.08%					3.24%				3.65%				3.67%				3.69%				3.68%
			17%					40%				23%				19%				15%				14%

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Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds	February 28, 2021 (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 together, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

Security Valuation – Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems,

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which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.

Federal Income Taxes – No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur any interest or tax penalties.

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

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

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

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

1. Significant Accounting Policies (continued)

Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no earnings credits for the six months ended February 28, 2021 for each Fund.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:

Fund		Earnings Credits
Delaware Tax-Free Arizona Fund			$	16
Delaware Tax-Free California Fund				35
Delaware Tax-Free Colorado Fund				53
Delaware Tax-Free Idaho Fund				18
Delaware Tax-Free New York Fund				85
Delaware Tax-Free Pennsylvania Fund				151

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			Delaware			Delaware						Delaware			Delaware
		Tax-Free			Tax-Free			Tax-Free			Delaware			Tax-Free			Tax-Free
		Arizona			California			Colorado			Tax-Free			New York			Pennsylvania
		Fund			Fund			Fund			Idaho Fund			Fund			Fund
On the first $500 million		0.5000	%		0.5500	%		0.5500	%		0.5500	%		0.5500	%		0.5500	%
On the next $500 million		0.4750	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%
On the next $1.5 billion		0.4500	%		0.4500	%		0.4500	%		0.4500	%		0.4500	%		0.4500	%
In excess of $2.5 billion		0.4250	%		0.4250	%		0.4250	%		0.4250	%		0.4250	%		0.4250	%

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

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expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

		Operating expense		Operating expense
		limitation as		limitation as
		a percentage		a percentage
		of average		of average
		daily net assets		daily net assets
		(per annum)		(per annum)
		September 1, 2020-		December 29, 2020-
Fund		December 28, 2020		February 28, 2021
Delaware Tax-Free Arizona Fund		0.59%		0.59%
Delaware Tax-Free California Fund		0.57%		0.57%
Delaware Tax-Free Colorado Fund		0.59%		0.57%
Delaware Tax-Free Idaho Fund		0.61%		0.61%
Delaware Tax-Free New York Fund		0.55%		0.55%
Delaware Tax-Free Pennsylvania Fund		0.59%		0.59%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Tax-Free Arizona Fund		$	3,346
Delaware Tax-Free California Fund			3,954
Delaware Tax-Free Colorado Fund			5,761
Delaware Tax-Free Idaho Fund			3,813
Delaware Tax-Free New York Fund			4,662
Delaware Tax-Free Pennsylvania Fund			9,390

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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)

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Tax-Free Arizona Fund		$	3,570
Delaware Tax-Free California Fund			5,083
Delaware Tax-Free Colorado Fund			9,887
Delaware Tax-Free Idaho Fund			4,790
Delaware Tax-Free New York Fund			6,244
Delaware Tax-Free Pennsylvania Fund			19,378

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, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

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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, tax, 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, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Delaware Tax-Free Arizona Fund		$	1,204
Delaware Tax-Free California Fund			4,886
Delaware Tax-Free Colorado Fund			3,294
Delaware Tax-Free Idaho Fund			1,602
Delaware Tax-Free New York Fund			5,578
Delaware Tax-Free Pennsylvania Fund			6,466

For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund		Commissions
Delaware Tax-Free Arizona Fund			$	217
Delaware Tax-Free California Fund				719
Delaware Tax-Free Colorado Fund				5,307
Delaware Tax-Free Idaho Fund				4,869
Delaware Tax-Free New York Fund				2,576
Delaware Tax-Free Pennsylvania Fund				7,884

For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund		Class A			Class C
Delaware Tax-Free California Fund		$	25		$	6
Delaware Tax-Free Colorado Fund			—			235
Delaware Tax-Free Idaho Fund			—			14
Delaware Tax-Free Pennsylvania Fund			3,209			49

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, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common

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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) 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, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

		Purchases			Sales			Net realized gain (loss)
Delaware Tax-Free Arizona Fund		$	1,200,011		$	3,534,208			$	166,595
Delaware Tax-Free California Fund			4,020,077			4,315,333				104,013
Delaware Tax-Free Colorado Fund			3,880,484			340,008				—
Delaware Tax-Free Idaho Fund			3,475,321			3,056,210				147,049
Delaware Tax-Free New York Fund			2,502,293			935,343				(712	)
Delaware Tax-Free Pennsylvania Fund			7,735,722			14,945,447				21,566

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

3. Investments

For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund		Purchases			Sales
Delaware Tax-Free Arizona Fund		$	13,122,037		$	9,491,762
Delaware Tax-Free California Fund			13,187,950			8,767,712
Delaware Tax-Free Colorado Fund			20,211,796			17,677,757
Delaware Tax-Free Idaho Fund			22,498,718			12,283,557
Delaware Tax-Free New York Fund			11,134,928			11,567,795
Delaware Tax-Free Pennsylvania Fund			82,156,656			72,506,000

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At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

					Aggregate			Aggregate
					unrealized			unrealized				Net unrealized
		Cost of			appreciation			depreciation				appreciation
Fund		investments			of investments			of investments				of investments
Delaware Tax-Free
Arizona Fund		$	78,925,430		$	5,448,667		$	(249,777	)		$	5,198,890
Delaware Tax-Free
California Fund			114,086,710			9,092,260			(354,151	)			8,738,109
Delaware Tax-Free
Colorado Fund			214,013,313			13,416,368			(254,728	)			13,161,640
Delaware Tax-Free
Idaho Fund			107,808,973			6,118,173			(232,650	)			5,885,523
Delaware Tax-Free New
York Fund			192,519,244			15,250,093			(403,308	)			14,846,785
Delaware Tax-Free
Pennsylvania Fund			417,664,359			33,201,348			(2,886,041	)			30,315,307

At August 31, 2020, capital loss carryforwards available to offset future realized capital gains, are as follows:

		Loss carryforward character
		Short-term			Long-term			Total
Delaware Tax-Free
Arizona Fund		$	86,581		$	—		$	86,581
Delaware Tax-Free
Colorado Fund			2,311,032			—			2,311,032
Delaware Tax-Free
Idaho Fund			2,504,581			2,415,214			4,919,795

At August 31, 2020, there were no capital loss carryforwards for Delaware Tax-Free California Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund.

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

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

3. Investments (continued)

circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2021:

		Delaware Tax-Free Arizona Fund
		Level 2
Securities
Assets:
Municipal Bonds			$	83,024,320
Short-Term Investments				1,100,000
Total Value of Securities			$	84,124,320

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		Delaware Tax-Free California Fund
		Level 2
Securities
Assets:
Municipal Bonds			$	122,824,819

		Delaware Tax-Free Colorado Fund
		Level 1			Level 2			Total
Securities
Assets:
Municipal Bonds		$	—		$	224,755,971		$	224,755,971
Short-Term Investments			2,418,982			—			2,418,982
Total Value of Securities		$	2,418,982		$	224,755,971		$	227,174,953

		Delaware Tax-Free Idaho Fund
		Level 1			Level 2			Total
Securities
Assets:
Municipal Bonds		$	—		$	113,651,809		$	113,651,809
Short-Term Investments			42,687			—			42,687
Total Value of Securities		$	42,687		$	113,651,809		$	113,694,496

		Delaware Tax-Free New York Fund
		Level 2
Securities
Assets:
Municipal Bonds			$	207,366,029

		Delaware Tax-Free Pennsylvania Fund
		Level 2
Securities
Assets:
Municipal Bonds			$	447,979,667

During the six months ended February 28, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2021, there were no Level 3 investments.

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free						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
		2/28/21			8/31/20			2/28/21			8/31/20			2/28/21			8/31/20
Shares sold:
Class A		304,626			349,787			545,945			798,154			552,917			1,177,515
Class C		7,855			41,794			33,752			48,347			35,633			66,422
Institutional Class		272,782			372,503			339,317			1,795,851			917,202			2,117,070
Shares from merger:
Class A		—			—			2,796,713			—			—			—
Institutional Class		—			—			133,509			—			—			—
Shares issued upon reinvestment of dividends and distributions:
Class A		68,132			130,770			68,272			125,573			176,366			378,666
Class C		2,023			5,131			5,721			23,216			6,471			17,390
Institutional Class		21,167			41,773			32,198			105,460			65,515			123,322
		676,585			941,758			3,955,427			2,896,601			1,754,104			3,880,385
Shares redeemed:
Class A		(203,023	)		(400,570	)		(379,738	)		(685,580	)		(985,493	)		(1,773,322	)
Class C		(73,934	)		(90,096	)		(226,517	)		(434,992	)		(177,622	)		(271,283	)
Institutional Class		(112,752	)		(318,049	)		(401,465	)		(2,676,045	)		(342,450	)		(1,355,362	)
		(389,709	)		(808,715	)		(1,007,720	)		(3,796,617	)		(1,505,565	)		(3,399,967	)
Net increase (decrease)		286,876			133,043			2,947,707			(900,016	)		248,539			480,418

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		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
		2/28/21			8/31/20			2/28/21			8/31/20			2/28/21			8/31/20
Shares sold:
Class A		486,521			959,882			288,465			995,411			2,004,488			4,314,169
Class C		100,168			95,887			5,353			47,380			129,418			354,617
Institutional Class		696,933			1,075,303			452,680			842,455			1,476,070			1,831,656
Shares from merger:
Class A		—			—			10,151,853			—			—			—
Institutional Class		—			—			191,220			—			—			—
Shares issued upon reinvestment of dividends and distributions:
Class A		69,354			133,062			104,069			95,051			814,962			1,636,289
Class C		7,233			19,494			5,137			17,739			35,658			84,927
Institutional Class		42,811			88,432			57,664			109,851			136,568			230,937
		1,403,020			2,372,060			11,256,441			2,107,887			4,597,164			8,452,595
Shares redeemed:
Class A		(173,427	)		(589,708	)		(478,016	)		(486,526	)		(2,825,196	)		(6,405,705	)
Class C		(295,786	)		(455,467	)		(165,666	)		(598,180	)		(828,225	)		(1,117,945	)
Institutional Class		(248,494	)		(1,052,192	)		(310,253	)		(980,134	)		(468,274	)		(847,916	)
		(717,707	)		(2,097,367	)		(953,935	)		(2,064,840	)		(4,121,695	)		(8,371,566	)
Net increase		685,313			274,693			10,302,506			43,047			475,469			81,029

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:

Exchange Redemptions

Exchange Subscriptions

Institutional

Institutional

Class A

Class C

Class

Class A

Class

Shares

Shares

Shares

Shares

Shares

Value

Delaware Tax-Free California Fund

Six months ended

2/28/21

41

8,772

—

8,791

41

$

110,208

Year ended

8/31/20

41,500

—

—

—

41,591

497,495

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

4. Capital Shares (continued)

		Exchange Redemptions						Exchange Subscriptions
						Institutional				Institutional
		Class A		Class C		Class		Class A		Class
		Shares		Shares		Shares		Shares		Shares		Value
Delaware Tax-Free Colorado Fund
Six months ended
2/28/21		363		23,555		—		23,639		363		$	277,845
Year ended
8/31/20		14,854		—		—		—		14,879			162,881
Delaware Tax-Free Idaho Fund
Six months ended
2/28/21		—		15,335		—		14,096		1,236			179,793
Year ended
8/31/20		975		47		—		47		976			11,445
Delaware Tax-Free New York Fund
Six months ended
2/28/21		—		3,108		—		3,104		—			36,804
Year ended
8/31/20		—		689		—		687		—			7,995
Delaware Tax-Free Pennsylvania Fund
Six months ended
2/28/21		18,446		79,541		647		64,255		34,494			808,716
Year ended
8/31/20		178,615		34,561		—		27,646		185,745			1,704,166

Delaware Tax-Free Arizona Fund did not have any exchange transactions for the six months ended February 28, 2021 and the year ended August 31, 2020.

5. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize Delaware Tax-Free California II Fund and Delaware Tax-Free New York II Fund, each a series of Delaware Group Limited-Term Government Funds (the “Acquired Funds”) with and into Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund (the “Acquiring Funds”), (the “Reorganization”) respectively. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial

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reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Funds’ as of the close of business on December 4, 2020 were as follows:

Fund		Cost			Market Value
Delaware Tax-Free California II Fund		$	31,985,714		$	35,005,847
Delaware Tax-Free New York II Fund		$	109,029,216		$	120,027,548

The share transactions associated with the merger are as follows:

							Shares
		Acquired			Acquired Fund		Converted
		Fund Net			Shares		to Acquiring		Acquiring Fund			Conversion
		Assets			Outstanding		Fund		Net Assets			Ratio
		Delaware Tax-Free California II Fund							Delaware Tax-Free California Fund
Class A		$	34,679,243		2,710,905		2,796,713		$	44,625,207		1.032
Class C			—		—		—			6,281,715		—
Institutional Class			1,655,513		129,715		133,509			34,207,309		1.029
		Delaware Tax-Free New York II Fund							Delaware Tax-Free New York Fund
Class A			119,588,826		8,207,503		10,151,853			42,891,574		1.237
Class C			—		—		—			6,850,309		—
Institutional Class			2,252,578		154,568		191,220			40,282,693		1.237

The net assets of the Acquiring Funds before the Reorganization was $85,114,231 and $90,024,576. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980.

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the six months ended February 28, 2021, would have been as follows:

		Delaware Tax-Free					Delaware Tax-Free
		California Fund					New York Fund
Net investment income (loss)			$	2,592,957				$	5,151,784
Net realized gain (loss) on investments				944,870					1,085,038
Net change in unrealized appreciation (depreciation)				222,347					1,055,797
Net increase (decrease) in net assets resulting from      operations			$	3,760,174				$	7,292,619

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

6. Line of Credit

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

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

The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.

7. Geographic, Credit, and Market Risks

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

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

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

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conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

At February 28, 2021, the percentages of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified on the “Schedules of investments.”

		Delaware Tax-Free					Delaware Tax-Free					Delaware Tax-Free
		Arizona Fund					California Fund					Colorado Fund
American Capital Access			0.81	%				—					—
Assured Guaranty Municipal Corporation			1.39	%				1.66	%				5.33	%
Build America Mutual Assurance			—					—					1.06	%
National Public Finance
Guarantee Corporation			—					0.86	%				—
Total			2.20	%				2.52	%				6.39	%
		Delaware Tax-Free					Delaware Tax-Free					Delaware Tax-Free
		Idaho Fund					New York Fund					Pennsylvania Fund
Assured Guaranty Corporation			—					0.18	%				1.10	%
Assured Guaranty Municipal      Corporation			3.67	%				4.76	%				2.07	%
AMBAC Assurance Corporation			—					2.03	%				—
Build America Mutual Assurance			—					—					0.63	%
National Public Finance      Guarantee Corporation			—					0.26	%				—
Total			3.67	%				7.23	%				3.80	%

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

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

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Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds

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

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.

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

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

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9. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA		Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA		Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA		Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA		Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA		Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This 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.

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

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

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