deminnesota_ncsr.htm

0001206774-11-001080.txt : 20110502 0001206774-11-001080.hdr.sgml : 20110502 20110502130722 ACCESSION NUMBER: 0001206774-11-001080 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110228 FILED AS OF DATE: 20110502 DATE AS OF CHANGE: 20110502 EFFECTIVENESS DATE: 20110502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOYAGEUR TAX FREE FUNDS CENTRAL INDEX KEY: 0000733362 IRS NUMBER: 411473323 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03910 FILM NUMBER: 11799456 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 18005231918 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR TAX FREE FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR MINNESOTA TAX FREE FUNDS INC DATE OF NAME CHANGE: 19910226 FORMER COMPANY: FORMER CONFORMED NAME: DOUBLE EXEMPT FLEX FUND INC DATE OF NAME CHANGE: 19900131

0000733362 S000002418 DELAWARE TAX-FREE MINNESOTA FUND

C000006427 DELAWARE TAX-FREE MINNESOTA FUND CLASS A DEFFX

C000006428 DELAWARE TAX-FREE MINNESOTA FUND CLASS B DMOBX

C000006429 DELAWARE TAX-FREE MINNESOTA FUND CLASS C DMOCX

N-CSR 1 deminnesota_ncsr.htm CERTIFIED SHAREHOLDER REPORT deminnesota_ncsr.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-03910

Exact name of registrant as specified in charter:		Voyageur Tax Free Funds

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

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

Date of fiscal year end:		August 31

Date of reporting period:		February 28, 2011

Item 1. Reports to Stockholders

Semiannual report

Delaware Tax-Free Minnesota Fund

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Minnesota High-Yield Municipal
Bond Fund

February 28, 2011

Fixed income mutual funds

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

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

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund at www.delawareinvestments.com.

Manage your investments online

24-hour access to your account information
Obtain share prices
Check your account balance and recent transactions
Request statements or literature
Make purchases and redemptions

Delaware Management Holdings, Inc., and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

Table of contents
Disclosure of Fund expenses		1
Sector allocations		4
Statements of net assets		7
Statements of operations		36
Statements of changes in net assets		38
Financial highlights		44
Notes to financial statements		62
Other Fund information		76
About the organization		78

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2011, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds’ distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

Disclosure of Fund expenses
For the six-month period from September 1, 2010 to February 28, 2011

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/or service (12b-1) fees; and other Fund expenses. These 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, 2010 to February 28, 2011.

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 a 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. The expenses shown in each table assume reinvestment of all dividends and distributions.

Disclosure of Fund expenses

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/10			2/28/11			Expense Ratio	9/1/10 to 2/28/11*
Actual Fund return
Class A		$	1,000.00		$	962.50	0.92%		$4.48
Class B			1,000.00			959.00	1.67%		8.11
Class C			1,000.00			958.40	1.67%		8.11
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.23	0.92%		$4.61
Class B			1,000.00			1,016.51	1.67%		8.35
Class C			1,000.00			1,016.51	1.67%		8.35

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/10			2/28/11			Expense Ratio	9/1/10 to 2/28/11*
Actual Fund return
Class A		$	1,000.00		$	971.50	0.84%		$4.11
Class B			1,000.00			966.70	1.69%		8.24
Class C			1,000.00			966.60	1.69%		8.24
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.63	0.84%		$4.21
Class B			1,000.00			1,016.41	1.69%		8.45
Class C			1,000.00			1,016.41	1.69%		8.45

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/10			2/28/11			Expense Ratio	9/1/10 to 2/28/11*
Actual Fund return
Class A		$	1,000.00		$	954.10	0.93%		$	4.51
Class B			1,000.00			950.60	1.68%			8.13
Class C			1,000.00			950.70	1.68%			8.13
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.18	0.93%		$	4.66
Class B			1,000.00			1,016.46	1.68%			8.40
Class C			1,000.00			1,016.46	1.68%			8.40

*“Expenses Paid During Period” are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Sector allocations
Delaware Tax-Free Minnesota Fund	As of February 28, 2011

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

Sector	Percentage of net assets
Municipal Bonds		99.05	%
Corporate-Backed Revenue Bonds		4.43	%
Education Revenue Bonds		9.00	%
Electric Revenue Bonds		5.22	%
Healthcare Revenue Bonds		29.22	%
Housing Revenue Bonds		7.18	%
Lease Revenue Bonds		3.48	%
Local General Obligation Bonds		16.33	%
Pre-Refunded/Escrowed to Maturity Bonds		16.25	%
Special Tax Revenue Bonds		2.34	%
State General Obligation Bonds		2.70	%
Transportation Revenue Bonds		2.69	%
Water & Sewer Revenue Bond		0.21	%
Short-Term Investments		0.37	%
Total Value of Securities		99.42	%
Receivables and Other Assets Net of Liabilities		0.58	%
Total Net Assets		100.00	%

Delaware Tax-Free Minnesota Intermediate Fund

As of February 28, 2011

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

Sector	Percentage of net assets
Municipal Bonds		98.01	%
Corporate-Backed Revenue Bonds		1.63	%
Education Revenue Bonds		11.27	%
Electric Revenue Bonds		7.21	%
Healthcare Revenue Bonds		24.33	%
Housing Revenue Bonds		2.10	%
Lease Revenue Bonds		1.88	%
Local General Obligation Bonds		24.09	%
Pre-Refunded/Escrowed to Maturity Bonds		5.58	%
Special Tax Revenue Bonds		6.73	%
State General Obligation Bonds		7.82	%
Transportation Revenue Bonds		3.92	%
Water & Sewer Revenue Bond		1.45	%
Short-Term Investments		0.83	%
Total Value of Securities		98.84	%
Receivables and Other Assets Net of Liabilities		1.16	%
Total Net Assets		100.00	%

Sector allocations
Delaware Minnesota High-Yield Municipal Bond Fund	As of February 28, 2011

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

Sector	Percentage of net assets
Municipal Bonds		98.92	%
Corporate-Backed Revenue Bonds		4.40	%
Education Revenue Bonds		8.76	%
Electric Revenue Bonds		7.29	%
Healthcare Revenue Bonds		34.90	%
Housing Revenue Bonds		11.42	%
Lease Revenue Bonds		2.78	%
Local General Obligation Bonds		11.80	%
Pre-Refunded/Escrowed to Maturity Bonds		4.79	%
Special Tax Revenue Bonds		7.82	%
State General Obligation Bond		0.81	%
Transportation Revenue Bond		1.45	%
Water & Sewer Revenue Bonds		2.70	%
Short-Term Investment		0.05	%
Total Value of Securities		98.97	%
Receivables and Other Assets Net of Liabilities		1.03	%
Total Net Assets		100.00	%

Statements of net assets
Delaware Tax-Free Minnesota Fund	February 28, 2011 (Unaudited)

		Principal amount			Value
Municipal Bonds – 99.05%
Corporate-Backed Revenue Bonds – 4.43%
	Cloquet Pollution Control Revenue Refunding
	(Potlatch Project) 5.90% 10/1/26		$	6,500,000	$	5,839,405
	Laurentian Energy Authority I Cogeneration Revenue
	Series A 5.00% 12/1/21			8,000,000		7,914,160
	Sartell Environmental Improvement Revenue Refunding
	(International Paper) Series A 5.20% 6/1/27			7,265,000		6,860,557
	Seaway Port Authority of Duluth Industrial
	Development Dock & Wharf Revenues Refunding
	(Cargill Project) Series E 6.125% 11/1/14			4,500,000		4,520,520
						25,134,642
Education Revenue Bonds – 9.00%
	Duluth Housing & Redevelopment Authority Lease Revenue
	(Public School Academy)
	Series A 5.875% 11/1/40			3,500,000		2,865,345
	Minnesota Colleges & Universities Revenue Fund Series A
	5.00% 10/1/22 (AGM)			5,135,000		5,338,911
	5.00% 10/1/28			8,900,000		9,296,583
	5.00% 10/1/29 (NATL-RE)			5,665,000		5,808,268
	Minnesota Higher Education Facilities Authority Revenue
	(Augsburg College)
	Series 6-C 5.00% 5/1/20			1,250,000		1,267,113
	Series 6-J1 5.00% 5/1/36			2,225,000		2,006,995
	(Bethel University) Series 6-R 5.50% 5/1/37			2,500,000		2,195,725
	(Carleton College)
	Series 6-T 5.00% 1/1/28			1,000,000		1,040,750
	Series 7-D
	5.00% 3/1/30			1,500,000		1,550,475
	5.00% 3/1/40			3,000,000		3,004,890
	(St. Olaf College) Series 7-F 4.50% 10/1/30			2,000,000		1,907,160
	(University of St. Thomas)
	Series 6-X 5.25% 4/1/39			5,000,000		4,945,400
	Series 7-A 5.00% 10/1/39			2,000,000		1,959,660
	(State Scholastic College) Series 7-J 6.30% 12/1/40			1,800,000		1,827,594
	St. Cloud Housing & Redevelopment Authority Revenue
	(State University Foundation Project) 5.00% 5/1/23			2,000,000		2,033,400
	University of Minnesota Special Purpose Revenue
	(State Supported Biomed Science) 5.00% 8/1/35			3,960,000		4,017,816
						51,066,085

Statements of net assets
Delaware Tax-Free Minnesota Fund

		Principal amount			Value
Municipal Bonds (continued)
Electric Revenue Bonds – 5.22%
	Chaska Electric Revenue Refunding
	(Generating Facilities) Series A 5.00% 10/1/30		$	3,000,000	$	3,007,170
	Minnesota Municipal Power Agency Electric Revenue
	5.00% 10/1/35			3,000,000		2,904,990
	Series A
	5.00% 10/1/34			6,250,000		6,072,625
	5.125% 10/1/29			3,000,000		3,028,740
	Puerto Rico Electric Power Authority Revenue
	Series WW 5.50% 7/1/38			4,800,000		4,377,312
	Series XX 5.25% 7/1/40			5,000,000		4,361,150
	Southern Minnesota Municipal Power Agency Supply
	System Revenue Series A
	5.25% 1/1/15 (AMBAC)			2,900,000		3,227,439
	^Capital Appreciation 4.44% 1/1/25 (NATL-RE)			5,000,000		2,603,700
						29,583,126
Healthcare Revenue Bonds – 29.22%
	Aitkin Health Care Facilities Revenue Refunding
	(Riverwood Health Care Center) 5.60% 2/1/32			2,100,000		1,762,047
	Alexandria Senior Housing Revenue
	(Knute Nelson Senior Living)
	6.00% 7/1/35			1,500,000		1,433,445
	6.20% 7/1/45			2,000,000		1,947,180
	Apple Valley Economic Development Authority Health
	Care Revenue (Augustana Home St. Paul Project)
	Series A 6.00% 1/1/40			2,700,000		2,379,051
	Bemidji Health Care Facilities First Mortgage Revenue
	(North Country Health Services)
	5.00% 9/1/24 (RADIAN)			740,000		712,553
	5.00% 9/1/31 (RADIAN)			500,000		447,965
	Breckenridge Catholic Health Initiatives
	Series A 5.00% 5/1/30			2,500,000		2,478,525
	Fergus Falls Health Care Facilities Revenue
	(Lake Region Health Care)
	5.15% 8/1/35			1,250,000		1,116,113
	5.40% 8/1/40			1,000,000		901,010
	Maple Grove Health Care System Revenue
	(Maple Grove Hospital) 5.25% 5/1/37			2,950,000		2,652,286
	Minneapolis Health Care Facilities Revenue
	(Jones-Harrison Residence Project) 5.60% 10/1/30			1,050,000		877,265

		Principal amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Health Care System Revenue
	(Fairview Health Services)
	Series A 6.625% 11/15/28		$	3,000,000	$	3,238,860
	Series B 6.50% 11/15/38 (ASSURED GTY)			1,140,000		1,205,995
	Series D
	5.00% 11/15/30 (AMBAC)			2,500,000		2,341,925
	5.00% 11/15/34 (AMBAC)			4,750,000		4,325,873
	Minneapolis National Marrow Donor Program
	Project Revenue 4.875% 8/1/25			4,000,000		3,816,320
	Minneapolis - St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Children’s Hospital) Series A
	5.00% 8/15/30			2,750,000		2,699,620
	5.25% 8/15/35			2,085,000		2,053,892
	(Health Partners Obligation Group Project)
	5.875% 12/1/29			1,000,000		1,002,290
	Minnesota Agricultural & Economic
	Development Board Revenue
	(Benedictine Health Systems) 5.75% 2/1/29			1,895,000		1,609,840
	(Essentia Remarketing) Series C-1
	5.00% 2/15/30 (ASSURED GTY)			5,725,000		5,577,753
	5.25% 2/15/23 (ASSURED GTY)			5,000,000		5,330,600
	5.50% 2/15/25 (ASSURED GTY)			5,120,000		5,429,811
	(Fairview Health Care System)
	Un-Refunded Balance Series A
	5.75% 11/15/26 (NATL-RE)			180,000		180,014
	6.375% 11/15/29			15,000		15,057
	Northfield Hospital Revenue 5.375% 11/1/26			3,785,000		3,569,217
	Rochester Health Care & Housing Revenue Refunding
	(Samaritan Bethany) Series A 7.375% 12/1/41			5,220,000		5,209,664
	Rochester Health Care Facilities Revenue
	(Mayo Clinic) Remarketing Series D 5.00% 11/15/38			6,405,000		6,371,182
	(Olmsted Medical Center) 5.875% 7/1/30			1,850,000		1,768,582
	Sartell Health Care Facilities Revenue
	(Country Manor Campus) Series A 6.375% 9/1/42			2,435,000		2,292,309
	Shakopee Health Care Facilities Revenue
	(St. Francis Regional Medical Center)
	5.10% 9/1/25			2,000,000		1,918,220
	5.25% 9/1/34			7,000,000		6,351,100

Statements of net assets
Delaware Tax-Free Minnesota Fund

		Principal amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Sherburne County Health Care Facilities Revenue
	(Guardian Angels Health Services) 5.55%10/1/36		$	1,500,000	$	1,200,900
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.375% 5/1/31 (ASSURED GTY)			1,000,000		1,013,780
	5.50% 5/1/39 (ASSURED GTY)			6,000,000		6,012,000
	Series A
	5.00% 5/1/25			1,035,000		1,041,241
	5.125% 5/1/30			10,350,000		10,317,914
	St. Louis Park Health Care Facilities Revenue
	(Park Nicollet Health Services)
	Refunding 5.75% 7/1/39			16,975,000		16,045,957
	Series C
	5.50% 7/1/23			3,000,000		3,065,130
	5.625% 7/1/26			1,925,000		1,911,179
	5.75% 7/1/30			5,000,000		4,936,400
	St. Paul Housing & Redevelopment Authority
	Health Care Facilities Revenue
	(Health Partners Obligation Group Project)
	5.25% 5/15/36			7,900,000		6,831,367
	(Senior Carondelet Village Project)
	Series A 6.00% 8/1/42			3,075,000		2,824,019
	St. Paul Housing & Redevelopment Authority
	Health Care Revenue (Allina Health System)
	Series A 5.00% 11/15/18 (NATL-RE)			5,720,000		6,140,592
	Series A-1 5.25% 11/15/29			5,605,000		5,627,868
	St. Paul Housing & Redevelopment Authority
	Hospital Revenue (Health East Project)
	6.00% 11/15/30			4,000,000		3,486,760
	6.00% 11/15/35			10,340,000		8,789,516
	Series A 5.70% 11/1/15			990,000		984,308
	St. Paul Housing & Redevelopment Authority
	Multifamily Housing Revenue Refunding
	(Marion Center Project) Series A
	5.30% 11/1/30			500,000		393,930
	5.375% 5/1/43			500,000		366,610

		Principal amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Stillwater Health Care Revenue (Health System
	Obligation Group) 5.00% 6/1/35		$	1,000,000	$	878,750
	Washington County Housing & Redevelopment
	Authority Hospital Facilities Revenue
	(Health East Project) 5.50% 11/15/27			1,000,000		861,390
						165,745,175
Housing Revenue Bonds – 7.18%
	Minneapolis Multifamily Housing Revenue
	(Bottineau Commons Project)
	5.45% 4/20/43 (GNMA) (AMT)			1,500,000		1,464,330
	(Grant Street Apartments Project) Refunding Series A
	7.25% 11/1/29			750,000		751,283
	(Seward Towers Project) 5.00% 5/20/36 (GNMA)			8,000,000		7,864,240
	(Sumner Field) Series A 5.50% 11/20/26 (GNMA) (AMT)			860,000		864,842
	(Trinity Apartments) Refunding Series A
	6.75% 5/1/21 (HUD)			1,450,000		1,453,364
	Minnesota Housing Finance Agency Rental Housing
	Revenue Series C-2 5.95% 2/1/15 (AMBAC)			1,410,000		1,413,581
	Minnesota Housing Finance Agency (Residential Housing)
	Series A 5.30% 7/1/19			400,000		401,508
	Series B-1 5.35% 1/1/33 (AMT)			2,305,000		2,240,345
	•Series D 4.80% 7/1/38 (AMT)			2,500,000		2,223,475
	Series I 4.85% 7/1/38 (AMT)			2,000,000		1,791,680
	Series I 5.15% 7/1/38 (AMT)			5,405,000		5,037,622
	Series L 5.10% 7/1/38 (AMT)			9,910,000		9,167,741
	Series M 4.875% 7/1/37 (AMT)			4,500,000		4,058,775
@	Washington County Housing & Redevelopment
	Authority Governmental Revenue Refunding
	(Briar Pond Project) Series C 7.25% 8/20/34			910,000		741,914
	White Bear Lake Multifamily Revenue Refunding
	(Lake Square Apartments) Series A 5.875% 2/1/15 (FHA)			565,000		566,384
	Willmar Housing & Redevelopment Authority
	Multifamily Housing Revenue
	(Highland Apartments) 5.85% 6/1/19 (HUD)			700,000		700,077
						40,741,161

Statements of net assets
Delaware Tax-Free Minnesota Fund

		Principal amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds – 3.48%
	Minneapolis Special School District #001 Series A
	5.00% 2/1/18 (AGM)		$	1,545,000	$	1,592,524
	5.00% 2/1/19 (AGM)			1,535,000		1,582,217
	5.00% 2/1/20 (AGM)			1,690,000		1,741,984
	St. Paul Port Authority Lease Revenue
	(Cedar Street Office Building Project)
	5.00% 12/1/22			2,500,000		2,561,475
	5.25% 12/1/27			3,840,000		3,888,845
	Series 3-12 5.125% 12/1/27			3,000,000		3,049,080
	(Robert Street Office Building Project)
	Series 3-11 4.75% 12/1/23			2,000,000		2,037,280
	Series 3-11 5.00% 12/1/27			2,500,000		2,532,875
	Series 9 5.25% 12/1/27			725,000		734,222
						19,720,502
Local General Obligation Bonds – 16.33%
	Anoka County Capital Improvement Series A
	5.00% 2/1/19			1,270,000		1,491,564
	5.00% 2/1/22			500,000		560,320
	Brainerd Independent School District #181 Refunding
	(School Building) Series A
	4.00% 2/1/22			3,255,000		3,355,352
	4.00% 2/1/23			5,990,000		6,100,336
	Centennial Independent School District #012
	Series A 5.00% 2/1/18 (AGM)			1,270,000		1,315,098
	Farmington Independent School District #192 Series B
	5.00% 2/1/27 (AGM)			10,705,000		10,731,012
	^Capital Appreciation 5.34% 2/1/21 (AGM)			1,500,000		914,745
	^Capital Appreciation 5.424% 2/1/20 (AGM)			1,650,000		1,061,280
	Hennepin County Series B 4.00% 12/1/20			5,255,000		5,765,050
	Lakeville Independent School District #194
	Series A 4.75% 2/1/22 (AGM)			6,850,000		7,001,454
^	Mahtomedi Independent School District #832
	Capital Appreciation Series B 5.90% 2/1/14 (NATL-RE)			1,540,000		1,472,471
	Metropolitan Council Minneapolis-St. Paul
	Metropolitan Area Waste Water Treatment
	Series B 5.00% 12/1/21			1,200,000		1,295,556
	Series C
	5.00% 3/1/16			1,440,000		1,664,899
	5.00% 3/1/28			5,000,000		5,223,750

		Principal amount			Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Minneapolis Library 5.00% 12/1/25		$	1,500,000	$	1,530,915
	Morris Independent School District #769 Building
	5.00% 2/1/24 (NATL-RE)			4,875,000		5,196,945
	Mounds View Independent School District #621 Series A
	5.00% 2/1/20 (NATL-RE)			2,970,000		3,094,532
	New Brighton Tax Increment Series A
	5.00% 2/1/27 (NATL-RE)			1,000,000		1,040,220
	Osseo Independent School District #279 Series A
	5.00% 2/1/21 (AGM)			3,570,000		3,694,093
	Prior Lake Independent School District #719 Series B
	5.00% 2/1/19 (AGM)			3,145,000		3,415,910
	Ramsey County State Aid Series C 5.00% 2/1/28			1,060,000		1,073,865
	Robbinsdale Independent School District #281
	5.00% 2/1/21 (AGM)			1,310,000		1,351,042
^	Rosemount Independent School District #196
	Capital Appreciation Series B 6.008% 4/1/13 (AGM)			1,915,000		1,870,591
^	Sartell - St. Stephen Independent School District #748
	Capital Appreciation Refunding Series B
	5.976% 2/1/13 (NATL-RE)			540,000		522,326
	6.10% 2/1/15 (NATL-RE)			1,075,000		981,841
	6.15% 2/1/16 (NATL-RE)			1,750,000		1,534,278
	South Washington County Independent School
	District #833 Series A
	4.75% 2/1/25			2,500,000		2,585,300
	4.75% 2/1/26			3,600,000		3,692,772
	4.75% 2/1/27			2,300,000		2,349,588
	St. Michael - Albertville Independent School District #885
	5.00% 2/1/20 (AGM)			1,970,000		2,039,955
	5.00% 2/1/27 (AGM)			3,435,000		3,556,977
	Todd Morrison Cass & Wadena Counties Staples United
	Hospital District (Health Care Facilities-Lakewood)
	5.00% 12/1/21			2,000,000		2,071,140
	5.125% 12/1/24			1,000,000		1,026,190
	Willmar City (Rice Memorial Hospital Project)
	5.00% 2/1/22 (AGM)			1,000,000		1,040,700
	5.00% 2/1/25 (AGM)			1,000,000		1,010,810
						92,632,877

Statements of net assets
Delaware Tax-Free Minnesota Fund

		Principal amount			Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds – 16.25%
	Dakota County Community Development Agency
	(Senior Housing Facilities) 5.00% 1/1/21-12		$	1,275,000	$	1,323,833
	Dakota-Washington Counties Housing & Redevelopment
	Authority Single Family Residential Mortgage Revenue
	8.15% 9/1/16 (GNMA) (NATL-RE) (IBC)			405,000		511,985
	(Anoka County) 8.45% 9/1/19 (GNMA) (AMT)			9,000,000		11,921,670
	(Bloomington Mortgage) Refunding Series B
	8.375% 9/1/21 (GNMA) (FHA) (VA) (AMT)			14,115,000		18,825,034
	Duluth Economic Development Authority Health
	Care Facilities Revenue
	(Benedictine Health System - St. Mary’s Hospital)
	5.25% 2/15/33-14			3,500,000		3,921,645
	5.50% 2/15/23-14			1,000,000		1,127,740
	Hopkins Housing & Redevelopment Authority
	(Public Works & Fire Station) Series A
	5.00% 2/1/23-13 (NATL-RE)			1,210,000		1,310,478
	Minneapolis Health Care System Revenue
	(Allina Health Systems) Series A 5.75% 11/15/32-12			10,000,000		10,885,700
	Minnesota State 5.00% 8/1/21-12			2,400,000		2,552,616
	Southern Minnesota Municipal Power Agency Power
	Supply Revenue Series A
	5.75% 1/1/18-13			3,790,000		4,061,250
	5.75% 1/1/18-13 (AMBAC) (TCRS)			670,000		717,952
	5.75% 1/1/18-13 (NATL-RE) (IBC)			1,000,000		1,071,570
	Refunding Series B 5.50% 1/1/15 (AMBAC)			990,000		1,021,789
	St. Louis Park Health Care Facilities Revenue
	(Park Nicollet Health Services) Series B
	5.25% 7/1/30-14			9,420,000		10,627,832
	5.50% 7/1/25-14			2,000,000		2,272,720
	University of Minnesota Series A
	5.50% 7/1/21			12,500,000		14,535,000
	5.75% 7/1/18			3,840,000		4,560,538
	Western Minnesota Municipal Power Agency Supply
	Revenue Series A 9.75% 1/1/16 (NATL-RE)			715,000		938,981
						92,188,333

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds – 2.34%
	Hennepin County Sales Tax Revenue
	(Second Lien - Ballpark Project) Series B
	5.00% 12/15/19		$	2,100,000	$	2,365,377
	5.00% 12/15/20			1,000,000		1,115,730
	5.00% 12/15/24			1,150,000		1,230,213
	Minneapolis Development Revenue
	(Limited Tax Supported Common Bond Fund)
	Series 2A 6.00% 12/1/40			3,000,000		2,968,860
	Minneapolis Tax Increment Revenue Refunding
	(St. Anthony Falls Project) 5.75% 2/1/27			1,000,000		872,390
	Puerto Rico Sales Tax Financing Corporation Revenue
	First Subordinate Series B 5.75% 8/1/37			4,760,000		4,727,774
						13,280,344
State General Obligation Bonds – 2.70%
	Minnesota State
	5.00% 10/1/15			5,000,000		5,746,050
	Series A 5.00% 12/1/21			5,000,000		5,741,300
	Minnesota State Refunding Various Purposes
	Series D 4.00% 8/1/17			1,000,000		1,112,040
	Puerto Rico Commonwealth Public Improvement
	Refunding Series C 6.00% 7/1/39			2,800,000		2,732,688
						15,332,078
Transportation Revenue Bonds – 2.69%
	Minneapolis - St. Paul Metropolitan Airports
	Commission Revenue Series A
	5.00% 1/1/15 (AMT)			3,095,000		3,325,485
	5.00% 1/1/22 (NATL-RE)			2,000,000		2,020,180
	5.00% 1/1/28			1,250,000		1,267,763
	5.25% 1/1/16 (NATL-RE)			1,460,000		1,541,249
	St. Paul Housing & Redevelopment Authority Parking
	Revenue Refunding (Parking Facilities Project)
	Series A
	5.00% 8/1/30			1,870,000		1,840,248
	5.00% 8/1/35			1,145,000		1,062,720
	Series B 5.00% 8/1/35			1,500,000		1,392,210
	St. Paul Port Authority Revenue Refunding
	(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36			3,200,000		2,809,248
						15,259,103

Statements of net assets
Delaware Tax-Free Minnesota Fund

		Principal amount			Value
Municipal Bonds (continued)
Water & Sewer Revenue Bond – 0.21%
	Minnesota Public Facilities Authority Water Pollution
	Control Revenue Refunding Series B
	5.00% 3/1/19		$	1,000,000	$	1,176,370
						1,176,370
Total Municipal Bonds (cost $559,652,298)						561,859,796

			Number of shares
Short-Term Investments – 0.37%
Money Market Instrument – 0.03%
	Federated Minnesota Municipal Cash Trust			186,397		186,397
						186,397

			Principal amount
¤Variable Rate Demand Notes – 0.34%
	Minneapolis & St. Paul Housing &
	Redevelopment Authority Health Care Revenue
	(Allina Health System) Series B-2 0.19% 11/15/35
	(LOC – JPMorgan Chase Bank)		$	1,500,000		1,500,000
	Robbinsdale Revenue Refunding (North Memorial)
	Series A-3 0.23% 5/1/33 (LOC – Wells Fargo Bank N.A)			400,000		400,000
						1,900,000
Total Short-Term Investments (cost $2,086,397)						2,086,397

Total Value of Securities – 99.42%
	(cost $561,738,695)					563,946,193
Receivables and Other Assets
	Net of Liabilities – 0.58%					3,303,629
Net Assets Applicable to 47,424,560
	Shares Outstanding – 100.00%				$	567,249,822

Net Asset Value – Delaware Tax-Free Minnesota Fund
	Class A ($528,663,950 / 44,207,171 Shares)					$11.96
Net Asset Value – Delaware Tax-Free Minnesota Fund
	Class B ($5,085,839 / 424,973 Shares)					$11.97
Net Asset Value – Delaware Tax-Free Minnesota Fund
	Class C ($33,500,033 / 2,792,416 Shares)					$12.00


Components of Net Assets at February 28, 2011:
Shares of beneficial interest (unlimited authorization – no par)	$	561,732,978
Distributions in excess of net investment income		(145,618	)
Accumulated net realized gain on investments		3,454,964
Net unrealized appreciation of investments		2,207,498
Total net assets	$	567,249,822

^	Zero coupon security. The rate shown is the yield at the time of purchase.
•	Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
@	Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $741,914, which represented 0.13% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.

Summary of abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by the Assured Guaranty Corporation
FHA — Federal Housing Administration
GNMA — Government National Mortgage Association Collateral
HUD — Housing and Urban Development Section 8
IBC — Insured Bond Certificate
LOC — Letter of Credit
NATL-RE — Insured by the National Public Finance Guarantee Corporation
RADIAN — Insured by Radian Asset Assurance
TCRS — Temporary Custodial Receipts
VA — Veterans Administration Collateral

Statements of net assets
Delaware Tax-Free Minnesota Fund


Net Asset Value and Offering Price Per Share –
Delaware Tax-Free Minnesota Fund
Net asset value Class A (A)	$	11.96
Sales charge (4.50% of offering price) (B)		0.56
Offering price	$	12.52

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $100,000 or more.

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

Delaware Tax-Free Minnesota Intermediate Fund

February 28, 2011 (Unaudited)

		Principal amount			Value
Municipal Bonds – 98.01%
Corporate-Backed Revenue Bonds – 1.63%
	Laurentian Energy Authority I Cogeneration Revenue
	Series A 5.00% 12/1/21		$	750,000	$	741,953
	Minneapolis Community Development Agency (Limited Tax
	Common Bond Fund) Series 4 6.20% 6/1/17 (AMT)			870,000		874,637
						1,616,590
Education Revenue Bonds – 11.27%
	Minnesota Colleges & Universities Revenue Fund
	Series A 5.00% 10/1/28			1,000,000		1,044,560
	Minnesota Higher Education Facilities Authority Revenue
	(Carleton College) Series 6-T 4.75% 1/1/23			1,000,000		1,060,120
	(Hamline University) Series 7-E 5.00% 10/1/29			250,000		243,205
	(Macalester College) Series 6-P 4.25% 3/1/27			750,000		715,088
	(St. Johns University) Series 6-U
	4.40% 10/1/21			325,000		338,182
	4.50% 10/1/23			265,000		270,769
	(State Scholastic College) Series H 5.125% 12/1/30			1,000,000		976,250
	(University of St. Thomas)
	Series 5-Y 5.25% 10/1/19			1,590,000		1,685,574
	Series 6-X 5.00% 4/1/24			1,000,000		1,036,580
	St. Cloud Housing & Redevelopment Authority Revenue
	(State University Foundation Project) 5.00% 5/1/23			1,000,000		1,016,700
	University of Minnesota Series A 5.00% 12/1/23			1,000,000		1,114,200
	University of Minnesota Special Purpose Revenue
	(State Supported Stadium Debt) 5.00% 8/1/18			1,500,000		1,663,005
						11,164,233
Electric Revenue Bonds – 7.21%
	Chaska Electric Revenue Refunding
	(Generating Facilities) Series A 5.25% 10/1/25			1,000,000		1,022,850
	Minnesota Municipal Power Agency Electric Revenue
	5.25% 10/1/21			1,000,000		1,062,700
	Northern Municipal Power Agency Electric
	System Revenue Series A
	5.00% 1/1/13 (ASSURED GTY)			1,200,000		1,272,828
	5.00% 1/1/14 (ASSURED GTY)			510,000		551,754
	5.00% 1/1/15 (ASSURED GTY)			1,000,000		1,092,530
	5.00% 1/1/17 (ASSURED GTY)			1,000,000		1,106,400

Statements of net assets
Delaware Tax-Free Minnesota Intermediate Fund

		Principal amount			Value
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Southern Minnesota Municipal Power Agency
	Supply System Revenue Series A 5.25% 1/1/30		$	1,000,000	$	1,031,030
						7,140,092
Healthcare Revenue Bonds – 24.33%
	Bemidji Health Care Facilities First Mortgage Revenue
	(North Country Health Services) 5.00% 9/1/31 (RADIAN)			650,000		582,355
	Fergus Falls Health Care Facilities Revenue
	(Lake Region Health Care) 4.75% 8/1/25			500,000		469,610
	Glencoe Health Care Facilities Revenue
	(Glencoe Regional Health Services Project) 5.00% 4/1/31			1,000,000		880,910
	Minneapolis Health Care System Revenue (Fairview Health
	Services) Series A 6.625% 11/15/28			1,500,000		1,619,430
	Minneapolis National Marrow Donor Program
	Project Revenue 5.00% 8/1/17			1,205,000		1,283,180
	Minneapolis-St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Children’s Hospital) Series A 5.25% 8/15/25			1,000,000		1,030,660
	(Health Partners Obligation Group Project) 6.00% 12/1/17			850,000		895,305
	Minnesota Agricultural & Economic Development Board
	Health Care Revenue (Essentia Remarketing)
	Series C-1 5.50% 2/15/25 (ASSURED GTY)			2,500,000		2,651,274
	Moorhead Economic Development Authority
	Multifamily Housing Revenue Refunding
	(Eventide Lutheran Home Project) 4.70% 6/1/18			475,000		445,702
	Rochester Health Care & Housing Revenue
	(Samaritan Bethany) Refunding Series A 6.875% 12/1/29			950,000		936,586
	Rochester Health Care Facilities Revenue
	(Olmsted Medical Center) 5.125% 7/1/20			1,000,000		1,014,020
	Sartell Health Care Facilities (Country Manor Campus)
	Series A 6.125% 9/1/30			845,000		803,975
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	Series A 5.125% 5/1/30			2,445,000		2,437,421
	St. Louis Park Health Care Facilities Revenue Refunding
	(Park Nicollet Health Services)
	5.50% 7/1/29			1,000,000		961,950
	Series C 5.625% 7/1/26			2,500,000		2,482,050

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority
	Health Care Revenue (Allina Health System)
	Series A-2 5.25% 11/15/28		$2,000,000	$	2,010,940
	St. Paul Housing & Redevelopment Authority Hospital
	Revenue (Health East Project) Series B 5.85% 11/1/17		1,160,000		1,144,804
	St. Paul Housing & Redevelopment Authority Housing &
	Health Care Facilities Revenue
	(Gillette Children’s Specialty Project)
	5.00% 2/1/20		500,000		509,150
	5.00% 2/1/27		1,000,000		952,460
	(Senior Carondelet Village Project) Series A 6.25% 8/1/30		1,000,000		997,710
					24,109,492
Housing Revenue Bonds – 2.10%
	Minneapolis Multifamily Housing Revenue Refunding
	(Trinity Apartments) Series A 6.75% 5/1/21 (HUD)		1,515,000		1,518,515
	Minnesota Housing Finance Agency Residential Housing
	Series I 5.10% 7/1/20 (AMT)		560,000		563,713
					2,082,228
Lease Revenue Bonds – 1.88%
	St. Paul Housing & Redevelopment Authority Refunding
	(Minnesota Public Radio Project) 5.00%12/1/25		1,000,000		1,019,270
	Virginia Housing & Redevelopment Authority Health
	Care Facility Lease Revenue 5.25% 10/1/25		880,000		844,017
					1,863,287
Local General Obligation Bonds – 24.09%
	Anoka County Capital Improvements
	Series A 4.00% 2/1/17		1,175,000		1,301,172
	Series C 5.00% 2/1/27		500,000		530,435
	Anoka-Hennepin Independent School District #11
	Refunding 5.00% 2/1/17		1,000,000		1,152,030
	Brainerd Independent School District #181 Refunding
	(School Building) Series A 4.00% 2/1/22		2,500,000		2,577,074
	Centennial Independent School District #012 Series A
	5.00% 2/1/18 (AGM)		1,000,000		1,035,510
	5.00% 2/1/20 (AGM)		750,000		776,633

Statements of net assets
Delaware Tax-Free Minnesota Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Duluth Independent School District #709
	Revenue Certificates of Participation
	Series A 4.25% 2/1/20 (AGM)	$	1,710,000	$	1,842,953
	Hopkins Independent School District #270 5.125% 2/1/17 (FGIC)		2,000,000		2,073,319
	Mankato Independent School District #77 (Formerly
	Blue Earth County Independent School District #10)
	4.125% 2/1/22		1,000,000		1,035,200
	Metropolitan Council Minneapolis-St. Paul Metropolitan
	Area Waste Water Treatment Series C
	5.00% 3/1/16		560,000		647,461
	5.00% 3/1/28		1,000,000		1,044,750
	Minneapolis Various Purposes 4.00% 12/1/23		1,500,000		1,529,250
	Osseo Independent School District #279
	Series A 5.00% 2/1/21 (AGM)		1,500,000		1,552,140
	Robbinsdale Independent School District #281
	Series A 5.00% 2/1/20		1,850,000		2,184,627
	South Washington County Independent School District #833
	Series A 4.00% 2/1/22		750,000		766,838
	Series B 5.00% 2/1/16 (AGM)		1,560,000		1,626,160
	St. Paul Independent School District #625 (School Building)
	Series A 4.00% 2/1/15		1,020,000		1,110,892
	White Bear Lake Independent School District #624 (Formerly
	Joint Independent Consolidated Ramsey County School
	District #39 & Washington & Anoka Counties School
	District #103) Series B 4.75% 2/1/22		1,000,000		1,076,340
					23,862,784
§Pre-Refunded/Escrowed to Maturity Bonds – 5.58%
	Edina Housing & Redevelopment Authority Public
	Project Revenue (Appropriate Lease Obligation)
	5.125% 2/1/19-12		1,000,000		1,041,650
	Minnesota Public Facilities Authority Water Pollution
	Control Revenue Refunding Series C 5.00% 3/1/18-15		1,000,000		1,139,930
	St. Louis Park Health Care Facilities Revenue
	(Park Nicollet Health Services) Series B 5.50% 7/1/25-14		1,500,000		1,704,540
	University of Minnesota Series A
	5.75% 7/1/16		1,000,000		1,170,260
	5.75% 7/1/18		400,000		475,056
					5,531,436

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds – 6.73%
	Minneapolis Art Center Facilities Revenue
	(Walker Art Center Project) 5.125% 7/1/21	$	2,250,000	$	2,278,080
@	Minneapolis Tax Increment Revenue
	(Ivy Tower Project) 5.50% 2/1/22		415,000		297,783
	Minnesota 911 Revenue (Public Safety Radio
	Communication System Project)
	4.00% 6/1/14 (ASSURED GTY)		1,370,000		1,491,971
	4.25% 6/1/18 (ASSURED GTY)		1,170,000		1,309,230
	4.50% 6/1/25 (ASSURED GTY)		1,000,000		1,034,600
	Puerto Rico Sales Tax Financing Sales Tax
	Revenue (First Subordinate)
	Series A 6.125% 8/1/29		250,000		256,938
					6,668,602
State General Obligation Bonds – 7.82%
	Minnesota State
	Refunding 5.00% 8/1/15		2,000,000		2,291,020
	Series A 5.00% 12/1/21		1,000,000		1,148,260
	Minnesota State Refunding (Various Purposes) Series D
	4.00% 8/1/17		1,395,000		1,551,296
	5.00% 8/1/16		1,475,000		1,714,422
	Puerto Rico Commonwealth Public Improvement
	Series A 5.50% 7/1/19 (NATL-RE) (IBC)		1,000,000		1,038,870
					7,743,868
Transportation Revenue Bonds – 3.92%
	Minneapolis-St. Paul Metropolitan Airports Commission
	Refunding Series A 5.00% 1/1/13 (AMT)		500,000		529,265
	Refunding Series B 5.00% 1/1/22 (AMT)		1,000,000		1,025,690
	Refunding Series D 5.00% 1/1/22 (AMT)		1,000,000		999,520
	Series A 5.00% 1/1/22 (AMBAC)		1,260,000		1,324,991
					3,879,466
Water & Sewer Revenue Bond – 1.45%
	St. Paul Sewer Revenue Series D 5.00% 12/1/20		1,275,000		1,439,003
					1,439,003
Total Municipal Bonds (cost $95,103,599)					97,101,081

Statements of net assets
Delaware Tax-Free Minnesota Intermediate Fund

	Number of shares			Value
Short-Term Investments – 0.83%
Money Market Instrument – 0.02%
	Federated Minnesota Municipal Cash Trust		18,673	$	18,673
					18,673

	Principal amount
¤Variable Rate Demand Note – 0.81%
	Minneapolis & St. Paul Housing & Redevelopment Authority
	Health Care Revenue (Allina Health System)
	Series B-2 0.19% 11/15/35 (LOC - JPMorgan Chase Bank)	$	800,000		800,000
					800,000
Total Short-Term Investments (cost $818,673)					818,673

Total Value of Securities – 98.84%
	(cost $95,922,272)				97,919,754
Receivables and Other Assets
	Net of Liabilities – 1.16%				1,150,949
Net Assets Applicable to 9,186,101
	Shares Outstanding – 100.00%			$	99,070,703

Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund
	Class A ($85,143,583 / 7,897,069 Shares)					$ 10.78
Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund
	Class B ($145,033 / 13,412 Shares)					$ 10.81
Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund
	Class C ($13,782,087 / 1,275,620 Shares)					$ 10.80

Components of Net Assets at February 28, 2011:
Shares of beneficial interest (unlimited authorization – no par)				$	97,817,996
Undistributed net investment income					2,522
Accumulated net realized loss on investments					(747,297		)
Net unrealized appreciation of investments					1,997,482
Total net assets				$	99,070,703


@	Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $297,783, which represented 0.30% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.

Summary of abbreviations:

AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY - Insured by the Assured Guaranty Corporation
FGIC — Insured by the Financial Guaranty Insurance Company
HUD — Housing and Urban Development Section 8
IBC — Insured Bond Certificate
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
RADIAN — Insured by Radian Asset Assurance

Net Asset Value and Offering Price Per Share – Delaware Tax-Free Minnesota Intermediate Fund
Net asset value Class A (A)	$	10.78
Sales charge (2.75% of offering price) (B)		0.30
Offering price	$	11.08

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $100,000 or more.

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

Statements of net assets
Delaware Minnesota High-Yield Municipal Bond Fund	February 28, 2011 (Unaudited)

		Principal amount		Value
Municipal Bonds – 98.92%
Corporate-Backed Revenue Bonds – 4.40%
	Cloquet Pollution Control Revenue (Potlatch Project)
	5.90% 10/1/26	$	1,700,000	$	1,527,229
	Laurentian Energy Authority I Cogeneration Revenue
	Series A 5.00% 12/1/21		1,750,000		1,731,222
	Puerto Rico Port Authority Revenue Special Facilities
	(American Airlines) Series A 6.25% 6/1/26 (AMT)		1,390,000		1,146,778
	Sartell Environmental Improvement Revenue Refunding
	(International Paper) Series A 5.20% 6/1/27		1,750,000		1,652,578
					6,057,807
Education Revenue Bonds – 8.76%
	Baytown Township Lease Revenue
	(St. Croix Preparatory Academy) Series A 7.00% 8/1/38		500,000		455,485
	Duluth Housing & Redevelopment Authority
	Lease Revenue (Public School Academy) Series A
	5.875% 11/1/40		1,000,000		818,670
	Minnesota Higher Education Facilities Authority Revenue
	(Augsburg College)
	Series 6-C 5.00% 5/1/23		700,000		691,159
	Series 6-J1 5.00% 5/1/36		1,000,000		902,020
	(Bethel University) Series 6-R 5.50% 5/1/37		1,500,000		1,317,435
	(Macalester College) Series 6-P 4.25% 3/1/32		1,000,000		884,700
	(St. John’s University) Series 6-U 4.75% 10/1/33		825,000		767,151
	(St. Olaf) Series 6-O
	4.50% 10/1/32		1,000,000		894,720
	5.00% 10/1/22		1,000,000		1,051,770
	(State Scholastic College) Series H 5.125% 12/1/40		750,000		693,518
	(University of St. Thomas)
	Series 6-I 5.00% 4/1/23		1,500,000		1,560,930
	Series 7-A 5.00% 10/1/39		1,000,000		979,830
	University of Minnesota Series A 5.125% 4/1/34		1,000,000		1,038,240
					12,055,628
Electric Revenue Bonds – 7.29%
	Chaska Electric Revenue Refunding
	(Generating Facilities) Series A 5.25% 10/1/25		1,000,000		1,022,850
	Minnesota Municipal Power Agency Electric Revenue
	Series A 5.00% 10/1/34		2,750,000		2,671,955

		Principal amount		Value
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Northern Municipal Power Agency Electric System
	Revenue Refunding Series A
	5.00% 1/1/16 (ASSURED GTY)	$	1,200,000	$	1,323,864
	5.00% 1/1/18 (ASSURED GTY)		1,000,000		1,105,250
	Puerto Rico Electric Power Authority Revenue
	Series XX 5.25% 7/1/40		1,665,000		1,452,263
	Southern Minnesota Municipal Power Agency Supply
	System Revenue Series A 5.25% 1/1/16 (AMBAC)		1,000,000		1,128,530
	Western Minnesota Municipal Power Agency Supply
	Revenue Series A 5.00% 1/1/30 (NATL-RE)		1,335,000		1,336,308
					10,041,020
Healthcare Revenue Bonds – 34.90%
	Aitkin Health Care Facilities Revenue Refunding
	(Riverwood Health Care Center) 5.50% 2/1/24		700,000		637,665
	Anoka County Housing & Redevelopment Authority
	Revenue Series A 6.875% 5/1/40		1,000,000		958,110
	Apple Valley Economic Development Authority Health
	Care Revenue (Augustanna Home St. Paul Project)
	Series A 5.80% 1/1/30		1,000,000		900,430
	Bemidji Health Care Facilities First Mortgage Revenue
	(North Country Health Services)
	5.00% 9/1/31 (RADIAN)		1,350,000		1,209,506
	Refunding 5.00% 9/1/20		1,150,000		1,167,124
	Breckenridge Catholic Health Initiatives
	Series A 5.00% 5/1/30		2,000,000		1,982,820
	Detroit Lakes Housing & Health Facilities Revenue
	Refunding (Mankato Lutheran Homes)
	Series D 5.50% 8/1/21		500,000		473,390
	Glencoe Health Care Facilities Revenue
	(Glencoe Regional Health Services Project)
	5.00% 4/1/20		1,100,000		1,103,575
	5.00% 4/1/31		1,965,000		1,730,988
	Mahtomedi Senior Housing Revenue Refunding
	(St. Andrews Village Project) 5.75% 12/1/40		1,000,000		800,550
	Maple Grove Health Care Facilities Revenue
	(North Memorial Health Care) 5.00% 9/1/35		1,880,000		1,644,586

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

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maple Grove Health Care System Revenue
	(Maple Grove Hospital)
	5.25% 5/1/28	$	2,200,000	$	2,087,667
	5.25% 5/1/37		1,000,000		899,080
	Minneapolis Health Care System Revenue
	(Fairview Health Services)
	Series A 6.625% 11/15/28		1,900,000		2,051,277
	Series B 6.50% 11/15/38 (ASSURED GTY)		250,000		264,473
	Series D 5.00% 11/15/34 (AMBAC)		3,000,000		2,732,129
	Minneapolis-St. Paul Housing & Redevelopment Authority
	(Health Partners Obligation Group Project)
	6.00% 12/1/17		525,000		552,983
	Minnesota Agricultural & Economic Development
	Board Revenue (Benedictine Health Systems)
	5.75% 2/1/29		1,000,000		849,520
	Moorhead Economic Development Authority
	Multifamily Housing Revenue Refunding
	(Eventide Project) Series A 5.15% 6/1/29		550,000		448,949
	Northfield Hospital Revenue 5.375% 11/1/31		1,000,000		915,370
	Oak Park Heights Housing Revenue
	(Oakgreen Commons Project) 7.00% 8/1/45		1,500,000		1,362,000
	Owatonna Senior Housing Revenue
	(Senior Living Project) Series A
	5.80% 10/1/29		400,000		360,452
	6.00% 4/1/41		1,250,000		1,070,413
	Rochester Health Care & Housing Revenue
	(Samaritan Bethany) Refunding Series A
	6.875% 12/1/29		1,000,000		985,880
	7.375% 12/1/41		375,000		374,258
	Sartell Health Care Facilities Revenue
	(Country Manor Campus) Series A 6.25% 9/1/36		925,000		872,284
	Shakopee Health Care Facilities Revenue
	(St. Francis Regional Medical Center) 5.25% 9/1/34		1,000,000		907,300
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.50% 5/1/39 (ASSURED GTY)		1,500,000		1,503,000
	Series A 5.125% 5/1/30		2,125,000		2,118,412

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Louis Park Health Care Facilities Revenue Refunding
	(Park Nicollet Health Services)
	5.75% 7/1/39	$	1,500,000	$	1,417,905
	Series C 5.50% 7/1/23		1,000,000		1,021,710
	St. Paul Housing & Redevelopment Authority
	Health Care Facilities Revenue
	(Health Partners Obligation Group Project)
	5.25% 5/15/36		1,000,000		864,730
	(Senior Carondelet Village Project) Series A
	6.00% 8/1/42		770,000		707,153
	St. Paul Housing & Redevelopment Authority Health
	Care Revenue (Allina Health System) Series A
	5.00% 11/15/18 (NATL-RE)		1,900,000		2,039,706
	St. Paul Housing & Redevelopment Authority Hospital
	Revenue (Health East Project)
	6.00% 11/15/25		1,000,000		931,480
	6.00% 11/15/30		1,000,000		871,690
	Series A 5.70% 11/1/15		600,000		596,550
	Series B 5.85% 11/1/17		250,000		246,725
	St. Paul Housing & Redevelopment Authority Multifamily
	Housing Revenue Refunding (Marion Center Project)
	Series A 5.375% 5/1/43		1,000,000		733,220
	Stillwater Health Care Revenue
	(Health System Obligation Group)
	5.00% 6/1/25		2,000,000		1,917,540
	5.00% 6/1/35		1,000,000		878,750
@	Twin Valley Congregate Housing Revenue
	(Living Options Project) 5.95% 11/1/28		1,825,000		1,553,422
	Winona Health Care Facilities Revenue Refunding
	(Winona Health Obligation Group) 5.15% 7/1/31		1,500,000		1,309,800
					48,054,572
Housing Revenue Bonds – 11.42%
	Chanhassen Multifamily Housing Revenue Refunding
	(Heritage Park Apartments Project)
	6.20% 7/1/30 (AMT) (FHA) (HUD)		300,000		300,153
	Chaska Multifamily Housing Revenue
	(West Suburban Housing Partners Project)
	5.875% 3/1/31 (AMT)		1,000,000		791,330

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

		Principal amount		Value
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Minneapolis Multifamily Housing Revenue
	(Grant Street Apartments Project) Refunding
	Series A 7.25% 11/1/29	$	2,085,000	$	2,088,565
	(Olson Townhomes Project) 6.00% 12/1/19 (AMT)		1,180,000		1,180,189
	(Trinity Apartments) Refunding
	Series A 6.75% 5/1/21 (HUD)		560,000		561,299
	Minneapolis-St. Paul Housing Finance Board Single
	Family Mortgage (City Living Project)
	Series A-2 5.00% 12/1/38 (GNMA) (FNMA) (AMT)		666,574		615,608
	Minnesota Housing Finance Agency
	(Rental Housing)
	Series A 4.875% 8/1/24 (AMT)		585,000		571,738
	Series A-1 5.00% 8/1/40 (AMT)		2,265,000		2,048,896
	(Residential Housing)
	Series G 5.00% 7/1/36 (AMT)		965,000		890,714
	Series I 4.85% 7/1/38 (AMT)		1,145,000		1,025,737
	Series L 5.10% 7/1/38 (AMT)		1,500,000		1,387,650
	Series M 4.875% 7/1/37 (AMT)		2,500,000		2,254,875
	(Single Family Mortgage) Series E 6.25% 1/1/23 (AMT)		5,000		5,006
	St. Paul Housing & Redevelopment Authority Multifamily
	Housing Revenue (Shelby Grotto Housing Project)
	5.50% 9/20/44 (AMT) (GNMA) (FHA)		750,000		736,448
	Stillwater Multifamily Housing Revenue
	(Orleans Homes Project) 5.50% 2/1/42 (AMT)		750,000		566,183
@	Washington County Housing & Redevelopment
	Authority Revenue Refunding (Briar Pond Project)
	Series B 7.125% 8/20/34		795,000		693,971
					15,718,362
Lease Revenue Bonds – 2.78%
	Hibbing Economic Development Authority Revenue
	(Public Project - Hibbing Lease Obligation)
	6.40% 2/1/12		140,000		140,147
	St. Paul Port Authority Lease Revenue (Robert Street
	Office Building Project) Series 3-11 5.00% 12/1/27		1,000,000		1,013,150
	University of Minnesota Special Purpose Revenue
	(State Supported Stadium Debt) 5.00% 8/1/29		2,660,000		2,681,253
					3,834,550

		Principal amount		Value
Municipal Bonds (continued)
Local General Obligation Bonds – 11.80%
	Chaska Independent School District #112
	Series A 4.50% 2/1/28 (NATL-RE)	$	1,000,000	$	1,004,880
	Farmington Independent School District #192
	Series B 5.00% 2/1/27 (AGM)		1,000,000		1,002,430
	Foley Independent School District #51 (School Building)
	Refunding Series A 5.00% 2/1/21		1,105,000		1,194,781
	Hopkins Independent School District #270 Facilities
	5.00% 2/1/26 (NATL-RE)		1,055,000		1,089,646
	Lakeville Independent School District #194
	Series A 4.75% 2/1/22 (AGM)		1,000,000		1,022,110
	Metropolitan Council Minneapolis-St. Paul
	Metropolitan Area Waste Water Treatment
	Series B 5.00% 12/1/21		500,000		539,815
	Series C 5.00% 3/1/28		1,000,000		1,044,750
	Minneapolis Various Purposes 4.00% 12/1/23		1,500,000		1,529,250
	Moorhead Improvement Series B 5.00% 2/1/33 (NATL-RE)		750,000		754,020
	Perham Disposal System 6.00% 5/1/22 (AMT)		1,500,000		1,501,335
	South Washington County Independent School
	District #833 Series A 4.75% 2/1/27		1,500,000		1,532,340
	Todd Morrison Cass & Wadena Counties United Hospital
	District (Health Care Facilities-Lakewood)
	5.00% 12/1/21		610,000		631,698
	5.125% 12/1/24		205,000		210,369
	5.25% 12/1/26		1,540,000		1,570,353
	White Bear Lake Independent School District #624
	(Formerly Joint Independent Consolidated Ramsey
	County School District #39 & Washington & Anoka
	Counties School District #103) Series B 4.75% 2/1/22		1,500,000		1,614,511
					16,242,288
§Pre-Refunded Bonds – 4.79%
	Andover Economic Development Authority Public
	Facilities Lease Revenue (Andover Community Center)
	5.20% 2/1/34-14		1,000,000		1,087,220
	Duluth Economic Development Authority
	Health Care Facilities Revenue
	(Benedictine Health System - St. Mary’s Hospital)
	5.25% 2/15/28-14		1,000,000		1,120,470
	5.25% 2/15/33-14		750,000		840,353

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

		Principal amount			Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
	Minneapolis Community Development Agency Supported
	Development Revenue (Limited Tax Common Bond Fund)
	Series G-3 5.45% 12/1/31-11		$	1,000,000	$	1,038,360
	Minnesota State 5.00% 8/1/21-13 (AGM)			1,250,000		1,377,487
	St. Louis Park Health Care Facilities Revenue
	(Park Nicollet Health Services) Series B 5.25% 7/1/30-14			1,000,000		1,128,220
						6,592,110
Special Tax Revenue Bonds – 7.82%
	Hennepin County Sales Tax Revenue
	(First Lien - Ball Park Project)
	Series B 5.00% 12/15/24			1,000,000		1,074,090
	(Second Lien - Ballpark Project) Series B
	5.00% 12/15/20			1,500,000		1,673,595
	5.00% 12/15/24			1,000,000		1,069,750
	Minneapolis Development Revenue
	(Limited Tax Supported Common Bond Fund)
	Series 2A 5.00% 6/1/28 (AMT)			1,170,000		1,063,928
	Minneapolis Tax Increment Revenue
	@(Ivy Tower Project) 5.70% 2/1/29			785,000		496,363
	(St. Anthony Falls Project) 5.65% 2/1/27			500,000		431,470
	Minnesota 911 Revenue (Public Safety Radio Commission
	System Project) 5.00% 6/1/24 (ASSURED GTY)			1,000,000		1,083,560
	Puerto Rico Commonwealth Infrastructure Financing
	Authority Special Tax Revenue Series B 5.00% 7/1/46			800,000		628,128
	Puerto Rico Sales Tax Financing Sales Tax Revenue
	(First Subordinate) Series B 5.75% 8/1/37			790,000		784,652
	St. Paul Port Authority (Brownsfields Redevelopment Tax)
	Series 2 5.00% 3/1/37			1,500,000		1,468,995
	Virgin Islands Public Finance Authority Revenue
	(Senior Lien Matching Fund Loan Note)
	Series A 5.25% 10/1/24			1,000,000		996,300
						10,770,831
State General Obligation Bond – 0.81%
	Minnesota State Refunding (Various Purposes)
	Series D 4.00% 8/1/17			1,000,000		1,112,040
						1,112,040

		Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bond – 1.45%
	Minneapolis - St. Paul Metropolitan Airports
	Commission Revenue Series A 5.00% 1/1/28 (NATL-RE)		$	2,000,000	$	1,990,860
						1,990,860
Water & Sewer Revenue Bonds – 2.70%
	Minnesota Public Facilities Authority Clean Water Revenue
	Series B 5.00% 3/1/18			2,000,000		2,324,920
	St. Paul Sewer Revenue Series D 5.00% 12/1/19			1,220,000		1,391,093
						3,716,013
Total Municipal Bonds (cost $140,596,256)						136,186,081

		Number of shares
Short-Term Investment – 0.05%
Money Market Instrument – 0.05%
	Federated Minnesota Municipal Cash Trust			70,855		70,855
Total Short-Term Investment (cost $70,855)						70,855

Total Value of Securities – 98.97%
	(cost $140,667,111)					136,256,936
Receivables and Other Assets
	Net of Liabilities – 1.03%					1,415,567
Net Assets Applicable to 13,753,078
	Shares Outstanding – 100.00%				$	137,672 ,503

Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund
	Class A ($108,336,246 / 10,826,775 Shares)						$10.01
Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund
	Class B ($3,414,478 / 340,764 Shares)						$10.02
Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund
	Class C ($25,921,779 / 2,585,539 Shares)						$10.03

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


Components of Net Assets at February 28, 2011:
Shares of beneficial interest (unlimited authorization – no par)	$	145,767,616
Undistributed net investment income		55
Accumulated net realized loss on investments		(3,684,993	)
Net unrealized depreciation of investments		(4,410,175	)
Total net assets	$	137,672,503

§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
@	Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $2,743,756, which represented 1.99% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

Summary of abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by the Assured Guaranty Corporation
FHA — Federal Housing Administration
FNMA — Federal National Mortgage Association Collateral
GNMA — Government National Mortgage Association Collateral
HUD — Housing and Urban Development Section 8
NATL-RE — Insured by the National Public Finance Guarantee Corporation
RADIAN — Insured by Radian Asset Assurance

Net Asset Value and Offering Price Per Share –
Delaware Minnesota High-Yield Municipal Bond Fund
Net asset value Class A (A)	$	10.01
Sales charge (4.50% of offering price) (B)		0.47
Offering price	$	10.48

(A)		Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)		See the current prospectus for purchases of $100,000 or more.

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

Statements of operations

Six Months Ended February 28, 2011 (Unaudited)

					Delaware			Delaware
		Delaware			Tax-Free			Minnesota
		Tax-Free			Minnesota			High-Yield
		Minnesota			Intermediate			Municipal
		Fund			Fund			Bond Fund
Investment Income:
	Interest	$	14,603,270		$	2,262,074		$	3,683,656

Expenses:
	Management fees		1,613,657			261,591			398,389
	Distribution expenses – Class A		692,652			112,642			142,406
	Distribution expenses – Class B		29,181			762			18,588
	Distribution expenses – Class C		181,834			72,204			136,672
	Dividend disbursing and transfer agent
	fees and expenses		156,892			35,701			54,319
	Accounting and administration expenses		117,425			20,620			28,548
	Reports and statements to shareholders		27,062			6,438			4,804
	Audit and tax		21,679			8,152			9,316
	Registration fees		20,643			13,455			6,821
	Legal fees		19,012			7,915			6,313
	Trustees’ fees		16,547			2,907			4,014
	Insurance fees		13,108			2,350			3,108
	Pricing fees		8,923			4,769			6,304
	Custodian fees		6,282			1,228			1,290
	Consulting fees		3,119			649			738
	Trustees’ expenses		1,309			207			296
	Dues and services		814			1,799			—
			2,930,139			553,389			821,926
	Less fees waived		(15,968	)		(5,117	)		(29,387	)
	Less waived distribution expenses – Class A		—			(45,057	)		—
	Less expense paid indirectly		(356	)		(77	)		(114	)
	Total operating expenses		2,913,815			503,138			792,425
Net Investment Income			11,689,455			1,758,936			2,891,231

					Delaware			Delaware
		Delaware			Tax-Free			Minnesota
		Tax-Free			Minnesota			High-Yield
		Minnesota			Intermediate			Municipal
		Fund			Fund			Bond Fund
Net Realized and Unrealized Gain (Loss)
	on Investments:
	Net realized gain (loss) on investments	$	4,182,101		$	(15,209	)	$	481,779
	Net change in unrealized appreciation/
	depreciation of investments		(40,126,016	)		(5,097,114	)		(10,680,627	)
Net Realized and Unrealized Loss
	on Investments		(35,943,915	)		(5,112,323	)		(10,198,848	)

Net Decrease in Net Assets
	Resulting from Operations	$	(24,254,460	)	$	(3,353,387	)	$	(7,307,617	)

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

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

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,689,455		$	23,696,469
Net realized gain on investments		4,182,101			1,833,214
Net change in unrealized
appreciation/depreciation of investments		(40,126,016	)		25,429,642
Net increase (decrease) in net assets
resulting from operations		(24,254,460	)		50,959,325

Dividends and Distributions to Shareholders from:
Net Investment Income:
Class A		(11,071,516	)		(22,294,999	)
Class B		(94,497	)		(258,145	)
Class C		(590,087	)		(1,147,610	)

Net realized gain on investments:
Class A		(2,377,492	)		—
Class B		(25,548	)		—
Class C		(157,451	)		—
		(14,316,591	)		(23,700,754	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		21,965,698			46,342,217
Class B		—			307
Class C		2,071,165			7,044,823

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		9,322,852			14,438,208
Class B		82,256			171,205
Class C		627,154			866,714
		34,069,125			68,863,474

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(53,478,282	)	$	(58,794,667	)
Class B		(1,843,669	)		(2,806,931	)
Class C		(5,792,366	)		(4,726,887	)
		(61,114,317	)		(66,328,485	)
Increase (decrease) in net assets derived from
capital share transactions		(27,045,192	)		2,534,989
Net Increase (Decrease) in Net Assets		(65,616,243	)		29,793,560

Net Assets:
Beginning of period		632,866,065			603,072,505
End of period	$	567,249,822		$	632,866,065

Distributions in excess of
net investment income	$	(145,618	)	$	(144,194	)

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

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

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,758,936		$	3,280,111
Net realized gain (loss) on investments		(15,209	)		269,806
Net change in unrealized
appreciation/depreciation of investments		(5,097,114	)		4,114,787
Net increase (decrease) in net assets
resulting from operations		(3,353,387	)		7,664,704

Dividends and Distributions to Shareholders from:
Net Investment Income:
Class A		(1,564,440	)		(2,934,175	)
Class B		(1,991	)		(4,488	)
Class C		(189,374	)		(334,083	)
		(1,755,805	)		(3,272,746	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		7,860,489			26,843,282
Class B		—			71,813
Class C		1,792,769			5,693,861

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		1,022,481			1,875,774
Class B		1,986			4,120
Class C		149,441			241,743
		10,827,166			34,730,593

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(15,905,138	)	$	(13,988,840	)
Class B		(20,113	)		(231,461	)
Class C		(2,109,001	)		(3,128,847	)
		(18,034,252	)		(17,349,148	)
Increase (decrease) in net assets derived from
capital share transactions		(7,207,086	)		17,381,445
Net Increase (Decrease) in Net Assets		(12,316,278	)		21,773,403

Net Assets:
Beginning of period		111,386,981			89,613,578
End of period	$	99,070,703		$	111,386,981

Undistributed net investment income	$	2,522		$	2,522

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

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

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,891,231		$	5,595,726
Net realized gain on investments		481,779			498,563
Net change in unrealized
appreciation/depreciation of investments		(10,680,627	)		10,746,599
Net increase (decrease) in net assets
resulting from operations		(7,307,617	)		16,840,888

Dividends and Distributions to Shareholders from:
Net Investment Income:
Class A		(2,356,718	)		(4,546,424	)
Class B		(62,880	)		(149,738	)
Class C		(462,933	)		(866,306	)
		(2,882,531	)		(5,562,468	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		8,076,865			14,818,477
Class B		363			157
Class C		2,326,747			4,061,927

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		1,541,174			2,929,971
Class B		52,896			104,474
Class C		377,165			629,003
		12,375,210			22,544,009

	Six Months			Year
	Ended			Ended
	2/28/11			8/31/10
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(12,322,868	)	$	(15,506,059	)
Class B		(508,769	)		(1,328,942	)
Class C		(3,575,995	)		(2,778,753	)
		(16,407,632	)		(19,613,754	)
Increase (decrease) in net assets derived from
capital share transactions		(4,032,422	)		2,930,255
Net Increase (Decrease) in Net Assets		(14,222,570	)		14,208,675

Net Assets:
Beginning of period		151,895,073			137,686,398
End of period	$	137,672,503		$	151,895,073

Undistributed net investment income	$	55		$	37

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

Financial highlights
Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued

Interest and fees on short-term floating rate notes issued

Total expenses3

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued prior to fees waived and expense paid indirectly

Interest and fees on short-term floating rate notes issued

Total expenses prior to fees waived and expense paid indirectly3

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment return during some 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$12.730		$12.180		$12.120		$12.170		$12.490		$12.690


	0.242		0.484		0.474		0.495		0.511		0.511
	(0.717	)	0.550		0.107		(0.041	)	(0.313	)	(0.172	)
	(0.475	)	1.034		0.581		0.454		0.198		0.339


	(0.243	)	(0.484	)	(0.473	)	(0.502	)	(0.507	)	(0.513	)
	(0.052	)	—		(0.048	)	(0.002	)	(0.011	)	(0.026	)
	(0.295	)	(0.484	)	(0.521	)	(0.504	)	(0.518	)	(0.539	)

	$11.960		$12.730		$12.180		$12.120		$12.170		$12.490

	(3.75%	)	8.66%		5.04%		3.77%		1.58%		2.78%


	$528,664		$586,651		$559,393		$574,914		$578,194		$381,720

	0.92%		0.93%		0.92%		0.93%		0.94%		0.93%
	—		—		0.01%		0.18%		0.29%		0.26%
	0.92%		0.93%		0.93%		1.11%		1.23%		1.19%


	0.93%		0.93%		0.94%		0.93%		0.96%		0.94%
	—		—		0.01%		0.18%		0.29%		0.26%
	0.93%		0.93%		0.95%		1.11%		1.25%		1.20%

	3.98%		3.89%		4.03%		4.05%		4.12%		4.11%

	3.97%		3.89%		4.01%		4.05%		4.10%		4.10%
	7%		20%		20%		17%		7%		13%

3 Total expenses and total expenses prior to fees waived and expense paid indirectly includes interest and related expenses which include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees in connection with the Fund’s participation in inverse floater programs. See Notes 1 and 8 in “Notes to financial statements”.

Financial highlights
Delaware Tax-Free Minnesota Fund Class B

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued

Interest and fees on short-term floating rate notes issued

Total expenses3

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued prior to fees waived and expense paid indirectly

Interest and fees on short-term floating rate notes issued

Total expenses prior to fees waived and expense paid indirectly3

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$12.740		$12.190		$12.130		$12.180		$12.500		$12.700


	0.196		0.391		0.386		0.403		0.419		0.418
	(0.716	)	0.550		0.107		(0.041	)	(0.314	)	(0.172	)
	(0.520	)	0.941		0.493		0.362		0.105		0.246


	(0.198	)	(0.391	)	(0.385	)	(0.410	)	(0.414	)	(0.420	)
	(0.052	)	—		(0.048	)	(0.002	)	(0.011	)	(0.026	)
	(0.250	)	(0.391	)	(0.433	)	(0.412	)	(0.425	)	(0.446	)

	$11.970		$12.740		$12.190		$12.130		$12.180		$12.500

	(4.10%	)	7.85%		4.26%		2.99%		0.82%		2.01%


	$5,086		$7,234		$9,506		$11,593		$15,674		$11,354

	1.67%		1.68%		1.67%		1.68%		1.69%		1.68%
	—		—		0.01%		0.18%		0.29%		0.26%
	1.67%		1.68%		1.68%		1.86%		1.98%		1.94%


	1.68%		1.68%		1.69%		1.68%		1.71%		1.69%
	—		—		0.01%		0.18%		0.29%		0.26%
	1.68%		1.68%		1.70%		1.86%		2.00%		1.95%

	3.23%		3.14%		3.28%		3.30%		3.37%		3.36%

	3.22%		3.14%		3.26%		3.30%		3.35%		3.35%
	7%		20%		20%		17%		7%		13%

Financial highlights
Delaware Tax-Free Minnesota Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued

Interest and fees on short-term floating rate notes issued

Total expenses3

Ratio of expenses to average net assets excluding interest and fees on short-term floating

rate notes issued prior to fees waived and expense paid indirectly

Interest and fees on short-term floating rate notes issued

Total expenses prior to fees waived and expense paid indirectly3

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$12.780		$12.220		$12.160		$12.200		$12.530		$12.720


	0.197		0.392		0.386		0.403		0.418		0.418
	(0.727	)	0.560		0.107		(0.031	)	(0.323	)	(0.162	)
	(0.530	)	0.952		0.493		0.372		0.095		0.256


	(0.198	)	(0.392	)	(0.385	)	(0.410	)	(0.414	)	(0.420	)
	(0.052	)	—		(0.048	)	(0.002	)	(0.011	)	(0.026	)
	(0.250	)	(0.392	)	(0.433	)	(0.412	)	(0.425	)	(0.446	)

	$12.000		$12.780		$12.220		$12.160		$12.200		$12.530

	(4.16%	)	7.91%		4.25%		3.06%		0.73%		2.08%


	$33,500		$38,981		$34,174		$27,585		$26,830		$15,125

	1.67%		1.68%		1.67%		1.68%		1.69%		1.68%
	—		—		0.01%		0.18%		0.29%		0.26%
	1.67%		1.68%		1.68%		1.86%		1.98%		1.94%


	1.68%		1.68%		1.69%		1.68%		1.71%		1.69%
	—		—		0.01%		0.18%		0.29%		0.26%
	1.68%		1.68%		1.70%		1.86%		2.00%		1.95%

	3.23%		3.14%		3.28%		3.30%		3.37%		3.36%

	3.22%		3.14%		3.26%		3.30%		3.35%		3.35%
	7%		20%		20%		17%		7%		13%

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$11.290		$10.820		$10.720		$10.610		$10.860		$11.010


	0.189		0.376		0.384		0.414		0.445		0.429
	(0.511	)	0.469		0.100		0.110		(0.250	)	(0.150	)
	(0.322	)	0.845		0.484		0.524		0.195		0.279


	(0.188	)	(0.375	)	(0.384	)	(0.414	)	(0.445	)	(0.429	)
	(0.188	)	(0.375	)	(0.384	)	(0.414	)	(0.445	)	(0.429	)

	$10.780		$11.290		$10.820		$10.720		$10.610		$10.860

	(2.85%	)	7.96%		4.67%		5.00%		1.80%		2.62%


	$85,144		$96,568		$78,021		$58,465		$48,477		$48,297
	0.84%		0.82%		0.75%		0.75%		0.76%		0.75%

	0.95%		0.96%		0.97%		0.95%		1.00%		0.97%
	3.48%		3.42%		3.62%		3.83%		4.11%		3.96%

	3.37%		3.28%		3.40%		3.63%		3.87%		3.74%
	16%		22%		12%		27%		15%		11%

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class B

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$11.330		$10.850		$10.750		$10.640		$10.890		$11.040


	0.143		0.284		0.295		0.322		0.353		0.337
	(0.520	)	0.479		0.100		0.110		(0.250	)	(0.150	)
	(0.377	)	0.763		0.395		0.432		0.103		0.187


	(0.143	)	(0.283	)	(0.295	)	(0.322	)	(0.353	)	(0.337	)
	(0.143	)	(0.283	)	(0.295	)	(0.322	)	(0.353	)	(0.337	)

	$10.810		$11.330		$10.850		$10.750		$10.640		$10.890

	(3.33%	)	7.14%		3.79%		4.10%		0.94%		1.75%


	$145		$170		$317		$908		$1,713		$1,993
	1.69%		1.67%		1.60%		1.60%		1.61%		1.60%

	1.70%		1.71%		1.72%		1.70%		1.75%		1.72%
	2.63%		2.57%		2.77%		2.98%		3.26%		3.11%

	2.62%		2.53%		2.65%		2.88%		3.12%		2.99%
	16%		22%		12%		27%		15%		11%

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$11.320		$10.840		$10.740		$10.630		$10.880		$11.030


	0.143		0.283		0.295		0.322		0.353		0.337
	(0.520	)	0.479		0.100		0.110		(0.250	)	(0.150	)
	(0.377	)	0.762		0.395		0.432		0.103		0.187


	(0.143	)	(0.282	)	(0.295	)	(0.322	)	(0.353	)	(0.337	)
	(0.143	)	(0.282	)	(0.295	)	(0.322	)	(0.353	)	(0.337	)

	$10.800		$11.320		$10.840		$10.740		$10.630		$10.880

	(3.34%	)	7.14%		3.78%		4.10%		0.94%		1.75%


	$13,782		$14,649		$11,276		$7,126		$4,936		$5,162
	1.69%		1.67%		1.60%		1.60%		1.61%		1.60%

	1.70%		1.71%		1.72%		1.70%		1.75%		1.72%
	2.63%		2.57%		2.77%		2.98%		3.26%		3.11%

	2.62%		2.53%		2.65%		2.88%		3.12%		2.99%
	16%		22%		12%		27%		15%		11%

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$10.710		$9.910		$10.000		$10.180		$10.530		$10.610


	0.212		0.415		0.422		0.418		0.430		0.445
	(0.701	)	0.798		(0.091	)	(0.180	)	(0.350	)	(0.082	)
	(0.489	)	1.213		0.331		0.238		0.080		0.363


	(0.211	)	(0.413	)	(0.421	)	(0.418	)	(0.430	)	(0.443	)
	(0.211	)	(0.413	)	(0.421	)	(0.418	)	(0.430	)	(0.443	)

	$10.010		$10.710		$9.910		$10.000		$10.180		$10.530

	(4.59%	)	12.46%		3.63%		2.35%		0.71%		3.54%


	$108,336		$119,038		$107,951		$116,999		$109,807		$87,504
	0.93%		0.93%		0.89%		0.89%		0.90%		0.89%

	0.97%		0.98%		0.97%		0.97%		1.00%		1.00%
	4.15%		4.02%		4.49%		4.11%		4.09%		4.26%

	4.11%		3.97%		4.41%		4.03%		3.99%		4.15%
	3%		11%		12%		10%		10%		4%

Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Class B

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$10.720		$9.920		$10.010		$10.190		$10.550		$10.630


	0.174		0.338		0.352		0.341		0.351		0.367
	(0.701	)	0.798		(0.091	)	(0.179	)	(0.360	)	(0.082	)
	(0.527	)	1.136		0.261		0.162		(0.009	)	0.285


	(0.173	)	(0.336	)	(0.351	)	(0.342	)	(0.351	)	(0.365	)
	(0.173	)	(0.336	)	(0.351	)	(0.342	)	(0.351	)	(0.365	)

	$10.020		$10.720		$9.920		$10.010		$10.190		$10.550

	(4.94%	)	11.62%		2.86%		1.58%		(0.13%	)	2.77%


	$3,415		$4,130		$4,995		$5,907		$7,334		$9,578
	1.68%		1.68%		1.64%		1.64%		1.65%		1.64%

	1.72%		1.73%		1.72%		1.72%		1.75%		1.75%
	3.40%		3.27%		3.74%		3.36%		3.34%		3.51%

	3.36%		3.22%		3.66%		3.28%		3.24%		3.40%
	3%		11%		12%		10%		10%		4%

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss) on investments

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment 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 investment 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.

Six Months Ended			Year Ended
2/28/111			8/31/10		8/31/09		8/31/08		8/31/07		8/31/06
(Unaudited)
	$10.730		$9.930		$10.020		$10.200		$10.550		$10.630


	0.174		0.338		0.352		0.342		0.351		0.367
	(0.701	)	0.798		(0.091	)	(0.181	)	(0.350	)	(0.082	)
	(0.527	)	1.136		0.261		0.161		0.001		0.285


	(0.173	)	(0.336	)	(0.351	)	(0.341	)	(0.351	)	(0.365	)
	(0.173	)	(0.336	)	(0.351	)	(0.341	)	(0.351	)	(0.365	)

	$10.030		$10.730		$9.930		$10.020		$10.200		$10.550

	(4.93%	)	11.61%		2.85%		1.58%		(0.04%	)	2.76%


	$25,922		$28,727		$24,740		$28,849		$26,016		$20,516
	1.68%		1.68%		1.64%		1.64%		1.65%		1.64%

	1.72%		1.73%		1.72%		1.72%		1.75%		1.75%
	3.40%		3.27%		3.74%		3.36%		3.34%		3.51%

	3.36%		3.22%		3.66%		3.28%		3.24%		3.40%
	3%		11%		12%		10%		10%		4%

Notes to financial statements

Delaware Minnesota Municipal Bond Funds

February 28, 2011 (Unaudited)

Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund and Delaware Tax-Free New York Fund. Voyageur Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Fund. Voyageur Intermediate Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Intermediate Fund. Voyageur Mutual Funds, Voyageur Tax-Free Funds and Voyageur Intermediate Tax-Free Funds are individually referred to as a “Trust” and collectively as “Trusts”. These financial statements and the related notes pertain to Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund (each referred to as a “Fund” or collectively as the “Funds”). The above Trusts are open-end investment companies. The Funds are considered diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class B, and Class C shares. Class A shares are sold with a maximum front-end sales charge of up to 4.50% for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund and up to 2.75% for Delaware Tax-Free Minnesota Intermediate Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year for the Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 0.75% for the Delaware Tax-Free Minnesota Intermediate Fund if redeemed within the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4% to zero for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and declined from 2% to zero for Delaware Tax-Free Minnesota Intermediate Fund depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund and approximately five years after purchase for Delaware Tax-Free Minnesota Intermediate Fund. Class C shares are sold with a CDSC of 1%, if redeemed during the first twelve months.

The investment objective of Delaware Tax-Free Minnesota Fund is to seek as high a level of current income exempt from federal income tax and from the Minnesota state personal income tax, as is consistent with preservation of capital.

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

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

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Funds.

Security Valuation — Debt securities are valued by an independent pricing service or broker. 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. Open-end investment companies are valued at their published net asset value. Short-term debt securities are valued at market value. 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 Fund’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.

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. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ 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 the Funds’ tax positions taken on federal income tax returns for all open tax years (August 31, 2007 – August 31, 2010), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Funds on the basis of “settled shares” of each class in relation to the net assets of the Funds. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Funds 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 U.S. GAAP requires management to make estimates and assumptions that affect 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.

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

1. Significant Accounting Policies (continued)

Interest and Related Expenses — Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees from the Funds’ participation in inverse floater programs where a Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In conveyance of the bond, the Funds receive the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Funds, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees’ expenses are recorded on the accrual basis. There were no interest and related expenses for the six months ended February 28, 2011.

Other — Expenses directly attributable to the Funds are charged directly to the Funds. Other expenses common to various funds within the Delaware Investments® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some 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 are amortized to interest income over the lives of the respective securities. Each Fund declares dividends daily from net investment income and pays such dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date. The Funds may distribute income dividends and capital gains more frequently, if necessary for tax purposes.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the six months ended February 28, 2011.

The Funds receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended February 28, 2011, the Funds earned the following under this agreement:

	Delaware Tax-Free	Delaware Minnesota
Delaware Tax-Free	Minnesota	High-Yield Municipal
Minnesota Fund	Intermediate Fund	Bond Fund
$356	$77	$114

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 Delaware Management Business Trust and the investment manager, an annual fee, which is calculated based on each Fund’s average daily net assets as follows:

		Delaware Tax-Free	Delaware Minnesota
	Delaware Tax-Free	Minnesota	High-Yield Municipal
	Minnesota Fund	Intermediate Fund	Bond Fund
On the first $500 million	0.550%	0.500%	0.550%
On the next $500 million	0.500%	0.475%	0.500%
On the next $1.5 billion	0.450%	0.450%	0.450%
In excess of $2.5 billion	0.425%	0.425%	0.425%

Effective December 29, 2010, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Funds to the extent necessary to prevent total annual fund operating expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding the following percentages of each Fund’s average daily net assets through December 29, 2011. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Funds’ Boards and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Funds. Prior to December 29, 2010, DMC had voluntarily agreed to waive that portion, if any, of its management fee and reimburse Delaware Minnesota High-Yield Municipal Bond Fund to the extent necessary to ensure that total annual operating expenses did not exceed 0.70% of average daily net assets.

		Delaware Tax-Free	Delaware Minnesota
	Delaware Tax-Free	Minnesota	High-Yield Municipal
	Minnesota Fund	Intermediate Fund	Bond Fund
Effective December 29, 2010
Operating expense limitation as a
percentage of average daily net
assets (per annum)	0.65%	0.69%	0.64%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

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

the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments® Family of Funds on a relative net asset value basis. For the six months ended February 28, 2011, each Fund was charged for these services as follows:

	Delaware Tax-Free	Delaware Minnesota
Delaware Tax-Free	Minnesota	High-Yield Municipal
Minnesota Fund	Intermediate Fund	Bond Fund
$14,799	$2,599	$3,598

DSC also provides dividend disbursing and transfer agency services. Each Fund pays DSC a monthly fee based on the number of shareholder accounts for dividend disbursing and transfer agent services.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class B and C shares. DDLP has contracted to limit Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fees through December 29, 2011 to no more than 0.15% of average daily net assets.

At February 28, 2011, each Fund had liabilities payable to affiliates as follows:

				Delaware Tax-Free			Delaware Minnesota
	Delaware Tax-Free			Minnesota			High-Yield Municipal
	Minnesota Fund			Intermediate Fund			Bond Fund
Investment management fees
payable to DMC		$	230,535		$	35,343		$	48,174
Dividend disbursing, transfer
agent and fund accounting
oversight fees and other
expenses payable to DSC			12,502			2,405			3,706
Distribution fees payable
to DDLP			130,596			20,524			43,132
Other expenses payable to
DMC and affiliates*			19,083			2,571			5,727

*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates’ employees. For the six months ended February 28, 2011, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

	Delaware Tax-Free	Delaware Minnesota
Delaware Tax-Free	Minnesota	High-Yield Municipal
Minnesota Fund	Intermediate Fund	Bond Fund
$2,169	$393	$513

For the six months ended February 28, 2011, DDLP earned commissions on sales of the Fund’s Class A shares for each Fund as follows:

	Delaware Tax-Free	Delaware Minnesota
Delaware Tax-Free	Minnesota	High-Yield Municipal
Minnesota Fund	Intermediate Fund	Bond Fund
$31,418	$7,161	$8,415

For the six months ended February 28, 2011, DDLP received gross CDSC commissions on redemption of each Fund’s Class A, Class B and Class C shares, respectively. These commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

				Delaware Tax-Free			Delaware Minnesota
	Delaware Tax-Free			Minnesota			High-Yield Municipal
	Minnesota Fund			Intermediate Fund			Bond Fund
Class A		$	0		$	0		$	0
Class B			885			20			1,634
Class C			1,020			1,373			192

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

3. Investments

For the six months ended February 28, 2011, the Funds made purchases and sales of investment securities other than short-term investments as follows:

				Delaware Tax-Free			Delaware Minnesota
	Delaware Tax-Free			Minnesota			High-Yield Municipal
	Minnesota Fund			Intermediate Fund			Bond Fund
Purchases		$	43,616,966		$	16,599,502		$	3,889,100
Sales			79,937,129			24,757,454			6,932,060

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

3. Investments (continued)

At February 28, 2011, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2011, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
Cost of investments		$	561,555,426			$	95,917,422			$	140,507,248
Aggregate unrealized appreciation		$	16,889,669			$	2,774,153			$	2,630,270
Aggregate unrealized depreciation			(14,498,902	)			(771,821	)			(6,880,582	)
Net unrealized
appreciation (depreciation)		$	2,390,767			$	2,002,332			$	(4,250,312	)

U.S. GAAP defines fair value as the price that the Funds 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 developed based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3 –	inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of the each Fund’s investments by fair value hierarchy levels as of February 28, 2011:

	Delaware Tax-Free Minnesota Fund
	Level 1		Level 2		Total
Municipal Bonds	$	—	$	561,859,796	$	561,859,796
Short-Term Investments		186,397		1,900,000		2,086,397
Total	$	186,397	$	563,759,796	$	563,946,193

	Delaware Tax-Free Minnesota Intermediate Fund
	Level 1		Level 2		Total
Municipal Bonds	$	—	$	97,101,081	$	97,101,081
Short-Term Investments		18,673		800,000		818,673
Total	$	18,673	$	97,901,081	$	97,919,754

	Delaware Minnesota High-Yield Municipal Bond Fund
	Level 1		Level 2		Total
Municipal Bonds	$	—	$	136,186,081	$	136,186,081
Short-Term Investment		70,855		—		70,855
Total	$	70,855	$	136,186,081	$	136,256,936

There were no Level 3 securities at the beginning or end of the period.

During the six months ended February 28, 2011, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Funds.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended February 28, 2011 and the year ended August 31, 2010 was as follows:

				Delaware Tax-Free			Delaware Minnesota
	Delaware Tax-Free			Minnesota			High-Yield Municipal
	Minnesota Fund			Intermediate Fund			Bond Fund
Six Months Ended 2/28/11*
Ordinary income		$	1,054,835		$	5,714		$	9,116
Tax-exempt income			11,686,069			1,750,091			2,873,415
Long-term capital gain			1,575,687			—			—
Total		$	14,316,591		$	1,755,805		$	2,882,531

Year Ended 8/31/10
Ordinary income		$	45,305		$	17,672		$	9,495
Tax-exempt income			23,655,449			3,255,074			5,552,973
Total		$	23,700,754		$	3,272,746		$	5,562,468

*Tax information for the six months ended February 28, 2011 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of February 28, 2011, the estimated components of net assets on a tax basis were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
Shares of beneficial interest		$	561,732,978			$	97,817,996			$	145,767,616
Distributions payable			(379,903	)			(54,789	)			(95,082	)
Undistributed ordinary income			13,451				—				—
Undistributed long-term capital gains			3,258,244				—				—
Undistributed tax-exempt income			234,285				57,311				95,137
Realized gains 9/1/10-2/28/11			—				224,034				481,867
Capital loss carryforward
as of 8/31/10			—				(741,082	)			(4,326,723	)
Post-October losses			—				(235,099	)			—
Unrealized appreciation (depreciation) of
investments			2,390,767				2,002,332				(4,250,312	)
Net assets		$	567,249,822			$	99,070,703			$	137,672,503

The differences between book basis and tax basis components of net assets are primarily attributable to tax treatment of market discount and premium on debt instruments and distributions payable.

Post-October losses represent losses realized on investment transactions from November 1, 2010 through February 28, 2011 that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount and premium on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended February 28, 2011, the Funds recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
Undistributed net investment income		$	65,221			$	(3,131	)		$	(8,682	)
Accumulated net realized gain (loss)			(65,221	)			3,131				8,682

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at August 31, 2010 will expire as follows:

	Delaware Tax-Free			Delaware Minnesota
	Minnesota			High-Yield Municipal
Year of Expiration	Intermediate Fund			Bond Fund
2011		$	216,009		$	243,334
2012			—			684,248
2014			81,340			—
2015			109,745			96,079
2016			—			198,826
2017			333,988			129,724
2018			—			2,974,512
Total		$	741,082		$	4,326,723

For the six months ended February 28, 2011, the Funds had capital gains which may decrease the capital loss carryforwards as follows:

	Delaware Tax-Free		Delaware Minnesota
	Minnesota		High-Yield Municipal
	Intermediate Fund		Bond Fund
	$224,034		$481,867

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

6. Capital Shares

Transactions in capital shares were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
	Six Months		Year		Six Months		Year		Six Months		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	2/28/11		8/31/10		2/28/11		8/31/10		2/28/11		8/31/10
Shares sold:
Class A	1,803,096		3,733,307		717,773		2,446,624		779,146		1,436,037
Class B	—		25		—		6,542		35		15
Class C	167,947		565,348		162,983		516,889		222,756		393,200

Shares issued upon reinvestment of dividends and distributions:
Class A	764,473		1,161,269		93,796		170,638		150,511		283,278
Class B	6,733		13,769		182		374		5,158		10,093
Class C	51,268		69,468		13,678		21,937		36,776		60,655
	2,793,517		5,543,186		988,412		3,163,004		1,194,382		2,183,278

Shares repurchased:
Class A	(4,427,967	)	(4,736,716	)	(1,464,179	)	(1,277,249	)	(1,217,930	)	(1,501,476	)
Class B	(149,450	)	(225,629	)	(1,834	)	(21,083	)	(49,565	)	(128,538	)
Class C	(478,118	)	(379,026	)	(195,284	)	(284,347	)	(351,043	)	(269,385	)
	(5,055,535	)	(5,341,371	)	(1,661,297	)	(1,582,679	)	(1,618,538	)	(1,899,399	)
Net increase (decrease)	(2,262,018	)	201,815		(672,885	)	1,580,325		(424,156	)	283,879

For the six months ended February 28, 2011 and the year ended August 31, 2010, the following shares and values were converted from Class B to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables above and the statements of changes in net assets.

	Six Months Ended				Year Ended
		2/28/11				8/31/10
	Class B	Class A			Class B	Class A
	Shares	Shares	Value		Shares	Shares	Value
Delaware Tax-Free
Minnesota Fund	80,212	80,238	$	996,199	143,907	144,023	$	1,790,535
Delaware Tax-Free Minnesota
Intermediate Fund	1,108	1,111		12,331	16,599	16,648		182,669
Delaware Minnesota High-Yield
Municipal Bond Fund	16,533	16,549		172,833	77,229	77,360		799,041

7. Line of Credit

The Funds, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $35,000,000 revolving line of credit with The Bank of New York Mellon (BNY Mellon) 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, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit expired on November 16, 2010.

Effective as of November 16, 2010, the Funds along with the other Participants entered into an amendment to the agreement with BNY Mellon for a $50,000,000 revolving line of credit. The agreement as amended is to be used as described above and operates in substantially the same manner as the original agreement. The new line of credit under the agreement as amended expires on November 15, 2011. The Funds had no amounts outstanding as of February 28, 2011, or at any time during the period then ended.

8. Derivatives

U.S. GAAP requires enhanced disclosures that enable investors to understand: 1) how and why an entity uses derivatives, 2) how they are accounted for, and 3) how they affect an entity’s results of operations and financial position.

Inverse Floaters — Each Fund may participate in inverse floater programs where a Fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (inverse floaters) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Funds are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Funds typically use inverse floaters to adjust the duration of their portfolio. Duration measures a portfolio’s sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that a Fund transferred to the trust, the Fund seeks to adjust its portfolio’s sensitivity to changes in interest rates. The Funds may also invest in inverse floaters to add additional income to the Funds or to adjust the Funds’ exposure to a specific segment of the yield curve. At February 28, 2011, the Funds held no investments in inverse floaters.

9. Credit and Market Risk

The Funds concentrate their investments in securities issued by municipalities, mainly in Minnesota. The value of these investments may be adversely affected by new legislation within the state, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to

Notes to financial statements
Delaware Minnesota Municipal Bond Funds

9. Credit and Market Risk (continued)

the risk that market value may fluctuate for other reasons and there is no assurance 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, 2011, the percentages of each Fund’s net assets insured by insurers are listed below and these securities have been identified in the statements of net assets.

	Delaware Tax-Free	Delaware Minnesota
Delaware Tax-Free	Minnesota	High-Yield Municipal
Minnesota Fund	Intermediate Fund	Bond Fund
21%	23%	15%

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 (S&P) and Baa3 by Moody’s Investor Services (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.

The Funds 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 and 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 of 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 Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid assets. 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. As of February 28, 2011, there were no Rule 144A securities. Illiquid securities have been identified on the statements of net assets.

10. Contractual Obligations

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

11. Subsequent Events

Management has determined no material events or transactions occurred subsequent to February 28, 2011 that would require recognition or disclosure in the Funds’ financial statements.

Other Fund information
(Unaudited)
Delaware Minnesota Municipal Bond Funds

Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Voyageur Mutual Funds, Voyageur Tax-Free Funds and Voyageur Tax-Free Intermediate Funds (the Trusts) effective May 20, 2010. At a meeting held on May 20, 2010, the Boards of Trustees of the Trusts, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Trusts for the fiscal year ending August 31, 2010. During the fiscal years ended August 31, 2009 and 2008, E&Y’s audit reports on the financial statements of the Trusts did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trusts and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trusts nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trusts ’ financial statements.

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA John A. Fry President Drexel University Philadelphia, PA	Anthony D. Knerr Founder and Managing Director Anthony Knerr & Associates New York, NY Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA	Ann R. Leven Consultant ARL Associates New York, NY Thomas F. Madison President and Chief Executive Officer MLM Partners, Inc. Minneapolis, MN	Janet L. Yeomans Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ

Affiliated officers
David F. Connor Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Senior Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

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

The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

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-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s Web site at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on each Fund’s Web site at www.delawareinvestments.com. Each Fund’s Forms N-Q 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 each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders Not applicable. Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)	(1) Code of Ethics

	Not applicable.

	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

	(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

	Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

Name of Registrant: VOYAGEUR TAX FREE FUNDS

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 2, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 2, 2011


/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 2, 2011

EX-99.CERT 2 exhibit99-cert.htm CERTIFICATION wrap.htm

EXHIBIT 99.CERT

CERTIFICATION

I, Patrick P. Coyne certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Tax Free Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 2, 2011

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Tax Free Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 2, 2011

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

EX-99.906 CERT 3 exhibit99_906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 wrap.htm

EXHIBIT 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the registrant does hereby certify, to the best of such officer’s knowledge, that:

1.		The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.		The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: May 2, 2011

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer


/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.

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