-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q0y/so6nNa9nORMo6bpd6zf1X6VG+p5aMxtbOwro+H4JBUPI/WwMqGIHQVAfFWAU z/GvNlidkJms1vWG6GDlJQ== 0001206774-08-000952.txt : 20080505 0001206774-08-000952.hdr.sgml : 20080505 20080505140710 ACCESSION NUMBER: 0001206774-08-000952 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080505 DATE AS OF CHANGE: 20080505 EFFECTIVENESS DATE: 20080505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOYAGEUR INSURED FUNDS CENTRAL INDEX KEY: 0000809064 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04973 FILM NUMBER: 08801837 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: (215) 2155-2127 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR INSURED FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR MINNESOTA INSURED FUNDS INC DATE OF NAME CHANGE: 19910926 FORMER COMPANY: FORMER CONFORMED NAME: MINNESOTA INSURED FUND INC DATE OF NAME CHANGE: 19900131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOYAGEUR MUTUAL FUNDS II CENTRAL INDEX KEY: 0000809872 IRS NUMBER: 841044878 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04989 FILM NUMBER: 08801838 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: (215) 255-2127 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR MUTUAL FUNDS INC-II DATE OF NAME CHANGE: 19940328 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR COLORADO TAX FREE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: COLORADO DOUBLE TAX EXEMPT FUND INC DATE OF NAME CHANGE: 19900625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOYAGEUR MUTUAL FUNDS CENTRAL INDEX KEY: 0000906236 IRS NUMBER: 411756458 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07742 FILM NUMBER: 08801839 BUSINESS ADDRESS: STREET 1: 90 SOUTH SEVENTH ST STREET 2: STE 4400 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4115 BUSINESS PHONE: 2152552127 MAIL ADDRESS: STREET 1: 90 SOUTH SEVENTH ST STREET 2: STE 4400 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4115 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR MUTUAL FUNDS INC DATE OF NAME CHANGE: 19930714 0000809064 S000002406 DELAWARE TAX-FREE ARIZONA FUND C000006392 DELAWARE TAX-FREE ARIZONA INSURED FUND CLASS A VAZIX C000006393 DELAWARE TAX-FREE ARIZONA INSURED FUND CLASS B DVABX C000006394 DELAWARE TAX-FREE ARIZONA INSURED FUND CLASS C DVACX 0000809872 S000002417 DELAWARE TAX-FREE COLORADO FUND C000006424 DELAWARE TAX-FREE COLORADO FUND CLASS A VCTFX C000006425 DELAWARE TAX-FREE COLORADO FUND CLASS B DVBTX C000006426 DELAWARE TAX-FREE COLORADO FUND CLASS C DVCTX 0000906236 S000002414 DELAWARE TAX-FREE CALIFORNIA FUND C000006415 DELAWARE TAX-FREE CALIFORNIA FUND CLASS A DVTAX C000006416 DELAWARE TAX-FREE CALIFORNIA FUND CLASS B DVTFX C000006417 DELAWARE TAX-FREE CALIFORNIA FUND CLASS C DVFTX 0000906236 S000002415 DELAWARE TAX-FREE IDAHO FUND C000006418 DELAWARE TAX-FREE IDAHO FUND CLASS A VIDAX C000006419 DELAWARE TAX-FREE IDAHO FUND CLASS B DVTIX C000006420 DELAWARE TAX-FREE IDAHO FUND CLASS C DVICX 0000906236 S000002416 DELAWARE TAX-FREE NEW YORK FUND C000006421 DELAWARE TAX-FREE NEW YORK FUND CLASS A FTNYX C000006422 DELAWARE TAX-FREE NEW YORK FUND CLASS B DVTNX C000006423 DELAWARE TAX-FREE NEW YORK FUND CLASS C DVFNX N-CSR 1 delawarestate_ncsr.htm CERTIFIED SHAREHOLDER REPORT

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: 811-04973
   
Exact name of registrant as specified in charter: Voyageur Insured 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 29, 2008

Item 1. Reports to Stockholders

 
 
 
 
 
 
 
 
 
Semiannual report 
 
Delaware Tax-Free Arizona Fund 
 
Delaware Tax-Free California Fund 
 
Delaware Tax-Free Colorado Fund 
 
Delaware Tax-Free Idaho Fund 
 
Delaware Tax-Free New York Fund 
 
February 29, 2008 
 
 
 
 
 
 
 
 
 
 
 
 
 

  
Fixed income mutual funds 
 
 

Table of contents

Disclosure of Fund expenses  1
 
Sector allocations and credit quality breakdowns  5
 
Statements of net assets  10
 
Statements of operations  45
 
Statements of changes in net assets  48
 
Financial highlights  58
 
Notes to financial statements  88
 
About the organization  100

 

 

 

 

 

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.
© 2008 Delaware Distributors, L.P.

Disclosure of Fund expenses
For the period September 1, 2007 to February 29, 2008

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 period September 1, 2007 to February 29, 2008.

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 the 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 Fund’s expenses shown in the tables reflect fee waivers in effect. The expenses shown in each table assume reinvestment of all dividends and distributions.

“Expenses Paid During Period” are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period, multiplied by the 182/366 (to reflect the one-half year period).

1

Disclosure of Fund expenses

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

  Beginning Ending   Expenses
  Account Value Account Value Annualized Paid During Period
    9/1/07     2/29/08     Expense Ratio     9/1/07 to 2/29/08
Actual Fund return       
Class A $1,000.00 $979.20 0.75% $3.69
Class B 1,000.00 976.40 1.50% 7.37
Class C 1,000.00 976.50 1.50% 7.37
Hypothetical 5% return (5% return before expenses)
Class A $1,000.00 $1,021.13 0.75% $3.77
Class B 1,000.00 1,017.40 1.50% 7.52
Class C 1,000.00 1,017.40 1.50% 7.52
 
Delaware Tax-Free California Fund
Expense analysis of an investment of $1,000
     
Beginning Ending   Expenses
  Account Value Account Value Annualized Paid During Period
    9/1/07     2/29/08     Expense Ratio     9/1/07 to 2/29/08
Actual Fund return       
Class A $1,000.00 $968.10 0.88% $4.31
Class B 1,000.00   963.70   1.63% 7.96
Class C 1,000.00 964.50 1.63% 7.96
Hypothetical 5% return (5% return before expenses)      
Class A $1,000.00 $1,020.49 0.88% $4.42
Class B 1,000.00 1,016.76 1.63% 8.17
Class C 1,000.00 1,016.76 1.63% 8.17


2

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

Beginning Ending   Expenses
  Account Value Account Value Annualized Paid During Period
    9/1/07     2/29/08     Expense Ratio     9/1/07 to 2/29/08
Actual Fund return       
Class A $1,000.00 $990.60 0.93% $4.60
Class B 1,000.00 987.00 1.68% 8.30
Class C 1,000.00 986.90 1.68% 8.30
Hypothetical 5% return (5% return before expenses)    
Class A $1,000.00 $1,020.24 0.93% $4.67
Class B 1,000.00 1,016.51 1.68% 8.42
Class C 1,000.00 1,016.51 1.68% 8.42
 
Delaware Tax-Free Idaho Fund       
Expense analysis of an investment of $1,000     
 
Beginning Ending   Expenses
  Account Value Account Value Annualized Paid During Period
    9/1/07     2/29/08     Expense Ratio     9/1/07 to 2/29/08
Actual Fund return       
Class A $1,000.00 $990.40 0.85% $4.21
Class B 1,000.00 986.70 1.60% 7.90  
Class C 1,000.00 987.60 1.60% 7.91
Hypothetical 5% return (5% return before expenses)    
Class A $1,000.00 $1,020.64   0.85% $4.27
Class B 1,000.00   1,016.91 1.60% 8.02
Class C 1,000.00 1,016.91 1.60% 8.02

3

Disclosure of Fund expenses

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

Beginning Ending   Expenses
  Account Value Account Value Annualized Paid During Period
    9/1/07     2/29/08     Expense Ratio     9/1/07 to 2/29/08
Actual Fund return         
Class A $1,000.00 $997.20 0.85% $4.22
Class B 1,000.00   992.50 1.60% 7.93
Class C 1,000.00 992.50 1.60% 7.93
Hypothetical 5% return (5% return before expenses)      
Class A $1,000.00 $1,020.64 0.85% $4.27
Class B 1,000.00 1,016.91 1.60% 8.02  
Class C 1,000.00 1,016.91 1.60% 8.02

4


Sector allocations and credit quality breakdowns 
    As of February 29, 2008

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

Delaware Tax-Free Arizona Fund

Sector      Percentage of net assets
Municipal Bonds  97.13 % 
Corporate Revenue Bonds  2.03 % 
Education Revenue Bonds  5.82 % 
Electric Revenue Bonds  2.59 % 
Escrowed to Maturity Bonds  0.26 % 
Health Care Revenue Bonds  4.83 % 
Housing Revenue Bonds  1.87 % 
Lease Revenue Bonds  12.61 % 
Local General Obligation Bonds  7.43 % 
Pre-Refunded Bonds  32.06 % 
Special Tax Revenue Bonds  6.16 % 
State General Obligation Bonds  5.58 % 
Transportation Revenue Bonds  7.31 % 
Water & Sewer Revenue Bonds    8.58 % 
Short-Term Investment  1.61 % 
Total Value of Securities  98.74 % 
Receivables and Other Assets Net of Liabilities  1.26 % 
Total Net Assets  100.00 % 
 
Credit quality breakdown (as a % of fixed income investments)   
AAA  67.85 % 
AA  15.87 % 
A  4.55 % 
BBB  11.73 % 
Total  100.00 % 

5


Sector allocations and credit quality breakdowns 
    As of February 29, 2008

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

Delaware Tax-Free California Fund

Sector      Percentage of net assets
Municipal Bonds  96.54 % 
Education Revenue Bonds  11.23 % 
Electric Revenue Bond  0.91 % 
Health Care Revenue Bonds  6.46 % 
Housing Revenue Bonds  6.34 % 
Lease Revenue Bonds  7.23 % 
Local General Obligation Bonds  14.63 % 
Pre-Refunded Bonds  25.12 % 
Resource Recovery Revenue Bonds  4.28 % 
Special Tax Revenue Bonds  3.26 % 
State General Obligation Bonds  8.31 % 
Transportation Revenue Bonds  5.42 % 
Water & Sewer Revenue Bonds  3.35 % 
Short-Term Investments  0.62 % 
Money Market Instrument  0.51 % 
Variable Rate Demand Note  0.11 % 
Total Value of Securities  97.16 % 
Receivables and Other Assets Net of Liabilities  2.84 % 
Total Net Assets  100.00 % 
 
Credit quality breakdown (as a % of fixed income investments)   
AAA  47.17 % 
AA  9.55 % 
A    19.37 % 
BBB  14.17 % 
Non Rated  9.74 % 
Total  100.00 % 

6

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

Delaware Tax-Free Colorado Fund

Sector      Percentage of net assets
Municipal Bonds  96.66 % 
Education Revenue Bonds  13.99 % 
Electric Revenue Bonds  1.93 % 
Escrowed to Maturity Bonds  2.24 % 
Health Care Revenue Bonds  12.80 % 
Housing Revenue Bonds  1.49 % 
Lease Revenue Bonds  3.95 % 
Local General Obligation Bonds    15.98 % 
Pre-Refunded Bonds  32.95 % 
Special Tax Revenue Bonds  2.96 % 
State General Obligation Bonds  4.45 % 
Transportation Revenue Bonds  2.28 % 
Water & Sewer Revenue Bonds  1.64 % 
Short-Term Investment  0.29 % 
Total Value of Securities  96.95 % 
Receivables and Other Assets Net of Liabilities  3.05 % 
Total Net Assets  100.00 % 
 
Credit quality breakdown (as a % of fixed income investments)   
AAA  39.80 % 
AA  20.61 % 
A  10.87 % 
BBB  17.43 % 
B  0.74 % 
Non Rated  10.55 % 
Total  100.00 % 

7


Sector allocations and credit quality breakdowns 
    As of February 29, 2008

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

Delaware Tax-Free Idaho Fund

Sector      Percentage of net assets
Municipal Bonds  96.92 % 
Corporate Revenue Bonds  7.22 % 
Education Revenue Bonds  11.91 % 
Escrowed to Maturity Bonds  2.16 % 
Health Care Revenue Bonds  4.04 % 
Housing Revenue Bonds    6.80 % 
Lease Revenue Bonds  7.35 % 
Local General Obligation Bonds  28.76 % 
Pre-Refunded Bonds  14.39 % 
Special Tax Revenue Bonds  4.93 % 
State General Obligation Bonds  3.66 % 
Transportation Revenue Bonds  3.10 % 
Water & Sewer Revenue Bonds  2.60 % 
Short-Term Investment  0.25 % 
Total Value of Securities  97.17 % 
Receivables and Other Assets Net of Liabilities  2.83 % 
Total Net Assets  100.00 % 
 
Credit quality breakdown (as a % of fixed income investments)   
AAA  51.40 % 
AA  22.18 % 
A  4.00 % 
BBB  17.84 % 
BB  2.85 % 
Non Rated  1.73 % 
Total  100.00 % 

8

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

Delaware Tax-Free New York Fund

Sector Percentage of net assets
Municipal Bonds    96.70 % 
Corporate Revenue Bonds 6.21 %
Education Revenue Bonds 13.17 %
Health Care Revenue Bonds 8.67 %
Housing Revenue Bonds 1.21 %
Lease Revenue Bonds 7.40 %
Local General Obligation Bonds 3.43 %
Pre-Refunded Bonds 23.46 %
Special Tax Revenue Bonds 17.18 %
State General Obligation Bonds 0.48 %
Transportation Revenue Bonds 12.79 %
Water & Sewer Revenue Bonds   2.70 %
Short-Term Investment    1.64 % 
Total Value of Securities    98.34 % 
Receivables and Other Assets Net of Liabilities    1.66 % 
Total Net Assets    100.00 % 
 
Credit quality breakdown (as a % of fixed income investments)    
AAA 36.89 %
AA 29.53 %
A 15.31 %
BBB 13.86 %
BB 0.68 %
Non Rated   3.73 %
Total    100.00 % 

9


Statements of net assets

Delaware Tax-Free Arizona Fund February 29, 2008 (Unaudited)

  Principal amount      Value
Municipal Bonds – 97.13%     
Corporate Revenue Bonds – 2.03%        
     Maricopa County Pollution Control    
          (Palo Verde Project) Series A 5.05% 5/1/29 (AMBAC) $ 3,000,000 $ 2,763,120
      2,763,120
Education Revenue Bonds – 5.82%    
     Arizona State Board of Regents    
          (University of Arizona) 5.00% 6/1/21 1,255,000 1,266,546
     Arizona State University Certificates of    
          Participation (Research Infrastructure Project)    
          5.00% 9/1/30 (AMBAC) 3,000,000 2,844,750
     Glendale Industrial Development Authority Revenue    
          (Midwestern University) 5.00% 5/15/31 1,050,000 971,198
     Pima County Industrial Development    
          Authority Educational Revenue    
          (Tucson Country Day School Project) 5.00% 6/1/37 1,000,000 776,250
     South Campus Group Student Housing Revenue    
          (University of Arizona - South Campus Project)    
          5.625% 9/1/35 (MBIA) 1,000,000 1,000,700
     Tucson Industrial Development Authority    
          (University of Arizona - Marshall Foundation)    
          Series B 5.00% 7/15/27 (AMBAC) 1,000,000 959,200
     University of Arizona Certificates of Participation    
          (University of Arizona Project) Series A    
          5.125% 6/1/21 (AMBAC) 85,000   85,899
      7,904,543
Electric Revenue Bonds – 2.59%    
     Energy Management Services (University of Arizona -    
          Main Campus) 5.25% 7/1/17 (MBIA) 1,500,000 1,582,980
     Salt River Project Agricultural Improvement &    
          Power District Electric System Revenue Series B    
          5.00% 1/1/31 (MBIA) 2,000,000   1,933,780
      3,516,760
Escrowed to Maturity Bonds – 0.26%    
     Phoenix Street & Highway User Revenue (Senior Lien)    
          6.50% 7/1/09 (AMBAC) 350,000   355,086
      355,086

10


  Principal amount      Value
Municipal Bonds (continued)     
Health Care Revenue Bonds – 4.83%        
     Glendale Industrial Development Authority Hospital    
          Revenue (John C. Lincoln Health)    
          5.00% 12/1/42 $ 2,500,000 $ 2,049,925
     Maricopa County Industrial Development Authority    
          Health Facilities Revenue (Catholic Healthcare West)    
          Series A 5.50% 7/1/26 1,000,000 990,240
     University Medical Center Hospital Revenue    
          5.00% 7/1/24 800,000 722,760
          5.00% 7/1/35 1,000,000 845,140
     Yavapai County Industrial Development Authority    
          Revenue (Yavapai Regional Medical Center)    
          Series A 5.25% 8/1/21 (RADIAN) 2,000,000   1,952,880
      6,560,945
Housing Revenue Bonds – 1.87%    
     Pima County Industrial Development Authority Single    
          Family Housing Revenue    
          Series A-1 6.125% 11/1/33    
          (GNMA) (FNMA) (FHLMC) (AMT) 20,000 20,249
          Series B-1 6.10% 5/1/31 (GNMA) (AMT) 50,000 50,612
     Yuma Industrial Development Authority Multifamily    
          Housing Revenue    
          Series A 6.10% 9/20/19 (GNMA) (AMT) 2,340,000   2,469,074
      2,539,935
Lease Revenue Bonds – 12.61%    
     Arizona Game & Fish Department & Community    
          Beneficial Interest Certificates    
          (Administration Building Project)    
          5.00% 7/1/32 1,300,000 1,169,870
     Marana Municipal Property Facilities Revenue    
          5.00% 7/1/28 (AMBAC) 575,000 555,726
     Maricopa County Industrial Development Authority    
          Correctional Contract Revenue (Phoenix West Prison)    
          Series B 5.375% 7/1/22 (ACA) 1,000,000 913,850
     Phoenix Industrial Development Authority Lease    
          Revenue (Capitol Mall II, LLC Project)    
          5.00% 9/15/28 (AMBAC) 4,000,000 3,758,799
     Pinal County Certificates of Participation    
          5.00% 12/1/29 1,300,000 1,218,009
          5.125% 6/1/21 (AMBAC) 4,675,000 4,705,667

11

Statements of net assets
Delaware Tax-Free Arizona Fund

  Principal amount      Value
Municipal Bonds (continued)     
Lease Revenue Bonds (continued)        
     Puerto Rico Public Buildings Authority Revenue    
          (Guaranteed Government Facilities)    
          Series D 5.25% 7/1/27 $ 470,000 $ 436,536
          Series D 5.25% 7/1/36 270,000 248,387
          Series I 5.25% 7/1/33 495,000 459,043
     Salt River Project Arizona Agricultural Improvement    
          & Power District Certificates of Participation    
          5.00% 12/1/18 (MBIA) 1,500,000 1,533,960
     University of Arizona Certificates of Participation    
          Series B 5.00% 6/1/31 (AMBAC) 2,250,000   2,125,733
      17,125,580
Local General Obligation Bonds – 7.43%    
     Chandler 5.00% 7/1/17 1,935,000 2,052,687
     Cochise County Unified School District #68 Sierra Vista    
          7.50% 7/1/10 (FGIC) 1,000,000 1,102,880
     Coconino & Yavapai Counties Joint Unified School    
          District #9 (Sedona Oak Creek Project of 2007)    
          Series A 4.50% 7/1/18 (FSA) 1,520,000 1,546,357
     DC Ranch Community Facilities    
          5.00% 7/15/27 (AMBAC) 1,000,000 968,580
     Flagstaff Aspen Place Sawmill Improvement District    
          5.00% 1/1/32 1,350,000 1,237,383
   fGila County Unified School District #10    
          (Payson Step Coupon Project of 2006)    
          Series A 1.00% 7/1/27 (AMBAC) 1,000,000 892,280
     Marana Tangerine Farm Road Improvement District    
          Revenue 4.60% 1/1/26 1,000,000 865,640
     Maricopa County Unified School District #41 (Gilbert    
          School Improvement Projects of 2005 & 2007)    
          3.25% 7/1/15 1,500,000   1,421,670
      10,087,477
§Pre-Refunded Bonds – 32.06%    
     Arizona State Board of Regents Certificates of    
          Participation (University of Arizona - Main Campus)    
          Series 2000 A-1 5.125% 6/1/25-11 (AMBAC) 1,250,000 1,325,038
     Glendale Industrial Development Authority Revenue    
          (Midwestern University) Series A 5.875% 5/15/31-11 1,000,000 1,089,830

12


  Principal amount      Value
Municipal Bonds (continued)     
§Pre-Refunded Bonds (continued)        
     Mesa Industrial Development Authority    
          Revenue (Discovery Health Systems) Series A    
          5.625% 1/1/29-10 (MBIA) $ 9,000,000 $ 9,498,599
     Mohave County Community College District Revenue    
          (State Board of Directors) 6.00% 3/1/20-10 (MBIA) 1,000,000 1,060,220
     Phoenix Industrial Development Authority    
          Lease Revenue (Capitol Mall, LLC Project)    
          5.50% 9/15/27-10 (AMBAC) 5,000,000 5,311,249
     Phoenix Industrial Development Authority Multifamily    
          Housing Revenue (Ventana Palms Apartments Project)    
          Series A    
          6.15% 10/1/29-09 (MBIA) 510,000 546,154
          6.20% 10/1/34-09 (MBIA) 940,000 1,007,370
     Phoenix Variable Purpose Series B 5.00% 7/1/27-12 2,435,000 2,399,230
     Puerto Rico Commonwealth Highway & Transportation    
          Authority Revenue Series K 5.00% 7/1/35-15 750,000 811,373
     Puerto Rico Commonwealth Public Improvement Revenue    
          5.125% 7/1/30-11 (FSA) 770,000 817,678
          Series A 5.00% 7/1/27-12 1,000,000 1,066,280
          Series A 5.125% 7/1/31-11 1,705,000 1,810,574
     Puerto Rico Electric Power Authority Revenue    
          Series NN 5.00% 7/1/32-13 (MBIA) 1,750,000 1,878,940
          Series RR 5.00% 7/1/35-15 (FGIC) 1,545,000 1,671,427
     Puerto Rico Public Buildings Authority Revenue    
          (Guaranteed Government Facilities)    
          Series D 5.25% 7/1/27-12 1,280,000 1,366,989
          Series I 5.25% 7/1/33-14 5,000 5,415
     Scottsdale Municipal Property Corporation Excise Tax    
          Revenue 5.00% 7/1/21-16 1,505,000 1,623,474
     Scottsdale Industrial Development Authority Hospital    
          Revenue (Scottsdale Healthcare) 5.70% 12/1/21-11 500,000 547,105
     Southern Arizona Capital Facilities Finance Revenue    
          (University of Arizona Project)    
          5.10% 9/1/33-12 (MBIA) 3,250,000 3,486,307
     Surprise Municipal Property Excise Tax Revenue    
          5.70% 7/1/20-09 (FGIC) 3,000,000 3,140,909

13

Statements of net assets
Delaware Tax-Free Arizona Fund

  Principal amount      Value
Municipal Bonds (continued)       
§Pre-Refunded Bonds (continued)        
     University of Arizona Certificates of Participation      
          (University of Arizona Parking & Student Housing)      
          5.75% 6/1/19-09 (AMBAC) $ 1,000,000 $ 1,035,370
          (University of Arizona Project)      
          Series A 5.125% 6/1/21-12 (AMBAC) 915,000   976,177
          Series B 5.125% 6/1/22-12 (AMBAC) 1,000,000   1,069,310
      43,545,018
Special Tax Revenue Bonds – 6.16%      
     Arizona Tourism & Sports Authority Tax Revenue      
          (Multipurpose Stadium Facilities)      
          Series A 5.00% 7/1/28 (MBIA) 2,500,000   2,395,150
     Arizona State Transportation Board Excise Tax Revenue      
          (Maricopa County Regional Area Road Foundation)      
          5.00% 7/1/19 1,500,000   1,551,960
     Peoria Municipal Development Authority Transition      
          Sales Tax (Excise Tax & State Shared Revenue Senior      
          Lien and Sub Lien) 4.50% 1/1/16 (FGIC) 1,000,000   1,029,240
     Phoenix Civic Improvement Transition Excise Tax      
         Revenue (Light Rail Project) 5.00% 7/1/20 (AMBAC) 2,270,000   2,298,126
  ΩPhoenix Civic Improvement Distribution Revenue      
          (Civic Plaza) Series B 5.50% 7/1/31 (FGIC) 1,500,000    1,089,630
       8,364,106
State General Obligation Bonds – 5.58%      
     Puerto Rico Commonwealth Public      
          Improvement Refunding Series A      
          5.50% 7/1/17 1,765,000   1,829,423
          5.50% 7/1/19 1,300,000   1,320,735
          Unrefunded Balance Series A      
          5.125% 7/1/30 (FSA) 480,000   465,984
          5.125% 7/1/31 3,370,000   3,076,776
     Virgin Islands Public Finance Authority      
          (Gross Receipts Taxes) 5.00% 10/1/31 (ACA) 1,000,000    891,930
       7,584,848

14


  Principal amount      Value
Municipal Bonds (continued)      
Transportation Revenue Bonds – 7.31%        
     Arizona State Transportation Board Highway Revenue      
          Series A 5.00% 7/1/23 $ 1,000,000 $ 1,003,170
     Arizona State Transportation Board Grant Anticipation      
          Notes 5.00% 7/1/14 500,000   538,745
     Phoenix Civic Improvement Airport Revenue Series B      
          5.25% 7/1/27 (FGIC) (AMT) 1,000,000   941,460
          5.25% 7/1/32 (FGIC) (AMT) 3,000,000   2,786,010
     Tucson Airport Authority Revenue (Senior Lien)      
          Series 2001 5.35% 6/1/31 (AMBAC) (AMT) 5,000,000   4,654,000
      9,923,385
Water & Sewer Revenue Bonds – 8.58%      
     Glendale Water & Sewer Revenue (Senior Lien)      
          5.00% 7/1/28 (AMBAC) 2,000,000   1,923,320
     Phoenix Civic Improvement Corporation      
          Wastewater Systems Revenue      
          5.00% 7/1/19 2,750,000   2,836,790
          (Junior Lien)      
          5.00% 7/1/24 (FGIC) 1,000,000   988,930
          5.00% 7/1/26 (FGIC) 3,750,000   3,648,788
     Scottsdale Water & Sewer Revenue      
          4.00% 7/1/14 175,000   179,428
          4.00% 7/1/15 500,000   508,580
          4.00% 7/1/16 375,000   377,366
          5.25% 7/1/22 1,150,000   1,197,058
      11,660,260
Total Municipal Bonds (cost $134,303,874)     131,931,063
 
  Number of shares    
Short-Term Investment – 1.61%      
Money Market Instrument – 1.61%      
     Federated Arizona Municipal Cash Trust 2,181,543   2,181,543
Total Short-Term Investment (cost $2,181,543)     2,181,543

15

Statements of net assets
Delaware Tax-Free Arizona Fund

   
Total Value of Securities – 98.74% (cost $136,485,417) $ 134,112,606  
Receivables and Other Assets   
     Net of Liabilities – 1.26%    1,718,431  
Net Assets Applicable to 12,783,763   
     Shares Outstanding – 100.00%  $ 135,831,037  
 
Net Asset Value – Delaware Tax-Free Arizona Fund    
     Class A ($117,640,712 / 11,073,934 Shares)   $10.62  
Net Asset Value – Delaware Tax-Free Arizona Fund    
     Class B ($10,462,309 / 984,159 Shares) $10.63  
Net Asset Value – Delaware Tax-Free Arizona Fund    
     Class C ($7,728,016 / 725,670 Shares)   $10.65  
 
Components of Net Assets at February 29, 2008:   
Shares of beneficial interest  
     (unlimited authorization – no par) $ 140,397,883  
Accumulated net realized loss on investments (2,194,035 )
Net unrealized depreciation of investments   (2,372,811 )
Total net assets $ 135,831,037  

f Step coupon bond. Coupon increases periodically based on a predetermined schedule. Stated rate in effect at February 29, 2008.
§ Pre-Refunded Bonds. Municipals 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 8 in “Notes to financial statements.”
Ω Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.

16


 

Summary of abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by the Financial Guaranty Insurance Company
FHLMC — Insured by the Federal Home Loan Mortgage Corporation
FNMA — Insured by Federal National Mortgage Association
FSA — Insured by Financial Security Assurance
GNMA — Insured by Government National Mortgage Association
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance


Net Asset Value and Offering Price Per Share –   
     Delaware Tax-Free Arizona Fund   
Net asset value Class A (A) $ 10.62
Sales charge (4.50% of offering price) (B)   0.50
Offering price $ 11.12

(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

17


Statements of net assets
Delaware Tax-Free California Fund February 29, 2008 (unaudited)

  Principal amount      Value
Municipal Bonds – 96.54%     
Education Revenue Bonds – 11.23%        
     California Educational Facilities Authority Revenue    
          (University of the Pacific) 5.25% 5/1/34 $ 1,000,000 $ 957,440
          (Un-Refunded Balance) 5.75% 11/1/30 (MBIA) 310,000 313,329
          (Woodbury University) 5.00% 1/1/36 1,000,000 811,860
     California Municipal Finance Authority Educational Revenue    
          (American Heritage Foundation Project)    
          Series A 5.25% 6/1/36 1,000,000 820,890
          (University Students Co-op Association) 5.00% 4/1/37 1,000,000 808,940
     California Statewide Communities Development    
          Authority Revenue    
          (California Baptist University Project)    
          Series A 5.50% 11/1/38 1,000,000 853,090
          (Viewpoint School Project) 5.75% 10/1/33 (ACA) 1,000,000 912,210
          (Windrush School Project) 5.50% 7/1/37 1,000,000 839,460
     California Statewide Communities Development    
          Authority Student Housing Revenue    
          (East Campus Apartments, LLC)    
          Series A 5.625% 8/1/34 (ACA) 1,000,000 841,700
          (Irvine, LLC-UCI East) 5.00% 5/15/38 1,000,000 836,360
     San Diego County Certificates of Participation    
          (University of San Diego) 5.375% 10/1/41 1,000,000 957,320
     University of California Revenue Series L    
          5.00% 5/15/16 225,000 241,776
          5.00% 5/15/19 850,000   887,307
      10,081,682
Electric Revenue Bonds – 0.91%    
     Chino Basin Regional Financing Authority Revenue    
          Series A 5.00% 11/1/24 (AMBAC) 845,000   819,836
      819,836
Health Care Revenue Bonds – 6.46%    
     Association Bay Area Governments Finance Authority    
          for California Nonprofit Corporations (San Diego    
          Hospital Association) Series A 6.125% 8/15/20 1,250,000 1,276,325
     California Health Facilities Financing Authority Revenue    
          (Catholic Healthcare West) Series G 5.25% 7/1/23 1,000,000 977,790
          (The Episcopal Home) Series A 5.30% 2/1/32 (RADIAN) 1,000,000 939,390
     California Infrastructure & Economic Development Bank    
          Revenue (Kaiser Hospital Associates I, LLC) Series A    
          5.55% 8/1/31 1,000,000 981,320

18


  Principal amount      Value
Municipal Bonds (continued)       
Health Care Revenue Bonds (continued)        
     California Statewide Communities Development      
          Authority Revenue Series A      
          (Presbyterian Homes) 4.875% 11/15/36 $ 1,000,000 $ 807,340
          (Valleycare Health Systems) 5.125% 7/15/31 1,000,000   820,800
      5,802,965
Housing Revenue Bonds – 6.34%      
     California Statewide Communities Development      
          Authority Multifamily Housing Revenue      
          (Citrus Gardens Apartments) Series D-1 5.375% 7/1/32 1,800,000   1,708,614
          (Silver Ridge Apartments) Series H 5.80% 8/1/33      
          (FNMA) (AMT) 1,000,000   1,017,690
     Palm Springs Mobile Home Park Revenue (Sahara      
          Mobile Home Park) Series A 5.75% 5/15/37 1,000,000   935,050
     Santa Clara County Multifamily Housing Authority      
          Revenue (Rivertown Apartments Project)      
          Series A 5.85% 8/1/31 (AMT) 1,000,000   1,004,180
     Ventura County Area Multifamily Housing Authority      
          Revenue (Glen Oaks Apartments)      
          Series A 6.35% 7/20/34 (GNMA) 976,000   1,021,413
      5,686,947
Lease Revenue Bonds – 7.23%      
     California Public Works Board Lease Revenue      
          (Department of Corrections)      
          Series A 5.00% 3/1/27 (AMBAC) 1,000,000   953,970
          Series C 5.25% 6/1/28 1,500,000   1,429,755
     Franklin-McKinley School District Certificates of      
          Participation (Financing Project)      
          Series B 5.00% 9/1/27 (AMBAC) 1,060,000   998,287
     Puerto Rico Public Buildings Authority Revenue      
          (Government Facilities)      
          Series B 5.50% 7/1/35 (AMBAC) 700,000   731,388
     San Diego County Certificates of Participation      
          5.75% 7/1/31 (MBIA) 1,000,000   1,012,910
     San Juan Basin Authority (Ground Water Recovery      
          Project) 5.00% 12/1/34 (AMBAC) 1,000,000   950,840
    ^San Mateo Union High School District Certificates of      
          Participation Capital Appreciation (Partnership      
          Phase I Projects) Series B 5.00% 12/15/43 (AMBAC) 1,000,000   411,220
      6,488,370

19

Statements of net assets
Delaware Tax-Free California Fund

  Principal amount      Value
Municipal Bonds (continued)     
Local General Obligation Bonds – 14.63%        
    ^Anaheim School District Election 2002 Capital    
          Appreciation 4.58% 8/1/25 (MBIA) $ 1,250,000 $ 440,425
     Commerce Joint Powers Financing Authority Revenue    
          Un-Refunded Balance Series A (Redevelopment    
          Projects) 5.00% 8/1/28 (RADIAN) 940,000 866,473
     Culver City Redevelopment Agency Refunding    
          (Tax Allocation Redevelopment Project)    
          Series A 5.00% 11/1/25 (AMBAC) 1,000,000 947,330
     Fairfield-Suisun Unified School District Election 2002    
          5.50% 8/1/28 (MBIA) 500,000 501,850
     Fremont Community Facilities District #1    
          (Special Tax Pacific Commons) 5.375% 9/1/36 1,000,000 837,420
     Grossmont Union High School District Election 2004    
          5.00% 8/1/23 (MBIA) 1,000,000 1,001,800
     Lake Elsinore Public Financing Authority    
          (Tax Allocation) Series A 5.50% 9/1/30 1,000,000 956,510
     Lammersville School District Community    
          Facilities District #2002 (Mountain House)    
          5.125% 9/1/35 500,000 407,255
     Lawndale Elementary School District    
          Series B 5.00% 8/1/32 (FSA) 1,000,000 966,840
     Los Angeles Unified School District Refunding    
          Series B 4.75% 7/1/19 (FSA) 1,000,000 1,019,610
     Modesto Special Tax Community Facilities District #04-1    
          Village 2 5.15% 9/1/36 (MBIA) 1,000,000 792,890
     Monterey Peninsula Community College District    
          Election 2002 Series C 4.50% 8/1/19 (FSA) 1,000,000 1,000,280
     Poway Redevelopment Agency Tax Allocation    
          Refunding 5.75% 6/15/33 (MBIA) 270,000 275,519
     Poway Unified School District Special Tax Community    
          Facilities District #6 5.60% 9/1/33 1,000,000 926,620
     Roseville Westpark Special Tax Public Community    
          Facilities District #1 5.25% 9/1/37 500,000 393,730
     San Bernardino County Special Tax Community    
          Facilities District #2002-1 5.90% 9/1/33 2,000,000   1,793,340
      13,127,892

20


  Principal amount      Value
Municipal Bonds (continued)       
§Pre-Refunded Bonds – 25.12%        
     California Educational Facilities Authority Revenue      
          (Pepperdine University) Series A 5.50% 8/1/32-09 $ 1,000,000 $ 1,037,720
          (University of the Pacific) 5.75% 11/1/30-10 (MBIA) 690,000   740,405
     California Department of Water Resources Power Supply      
          Revenue Series A 5.375% 5/1/21-12 2,000,000   2,185,900
     California State      
          5.00% 2/1/33-14 1,000,000   1,074,150
          5.00% 2/1/33-14 (MBIA) 1,000,000   1,074,150
     Commerce Joint Powers Financing Authority Revenue      
          (Redevelopment Projects) Series A      
          5.00% 8/1/28-13 (RADIAN) 60,000   64,479
     Golden State Tobacco Securitization Settlement      
          Revenue (Asset-Backed Senior Notes)      
          5.50% 6/1/43-13 (RADIAN) 1,000,000   1,078,750
          5.625% 6/1/33-13 1,000,000   1,084,650
     Oakland Industrial Revenue (1800 Harrison Foundation)      
          Series B 6.00% 1/1/29-10 (AMBAC) 1,300,000   1,376,999
     Poway Redevelopment Agency Tax Allocation      
          5.75% 6/15/33-10 (MBIA) 1,130,000   1,236,875
     Puerto Rico Commonwealth Highway & Transportation      
          Authority Revenue Series K 5.00% 7/1/45-15 1,500,000   1,622,745
     Puerto Rico Commonwealth Series B 5.00% 7/1/35-16 1,000,000   1,078,720
     Puerto Rico Public Buildings Authority Revenue      
          (Guaranteed Government Facilities)      
          Series I 5.50% 7/1/23-14 1,000,000   1,096,980
     Riverside County Redevelopment Agency Tax Allocation      
          (Jurupa Valley Project)      
          5.25% 10/1/35-11 (AMBAC) 1,590,000   1,732,846
     San Diego County Certificates of Participation (The      
          Burnham Institute) 6.25% 9/1/29-09 1,000,000   1,059,420
     San Diego Unified School District Series E      
          5.00% 7/1/28-13 (FSA) 2,000,000   2,000,140
     San Francisco Bay Area Transit Financing Authority Sales      
          Tax Revenue 5.125% 7/1/36-11 (AMBAC) 740,000   787,271
     Sequoia Union High School District Election 2001      
          5.125% 7/1/31-11 (FSA) 1,000,000   1,081,930
     Southern California Logistics Airport Authority Tax      
          Allocation 6.50% 12/1/31-11 1,000,000   1,130,730
      22,544,860

21

Statements of net assets
Delaware Tax-Free California Fund

  Principal amount      Value
Municipal Bonds (continued)     
Resource Recovery Revenue Bonds – 4.28%        
     Salinas Valley Solid Waste Authority Revenue    
          5.25% 8/1/27 (AMBAC) (AMT) $ 2,000,000 $ 1,922,240
          5.25% 8/1/31 (AMBAC) (AMT) 2,000,000 1,916,740
    3,838,980
Special Tax Revenue Bonds – 3.26%    
     Palm Drive Health Care District Parcel Tax Revenue    
          5.25% 4/1/30 2,000,000 1,657,000
     Puerto Rico Commonwealth Government Development    
          Bank Senior Notes Series B 5.00% 12/1/15 1,000,000 1,015,270
     San Francisco Bay Area Rapid Transit Financing    
          Authority Tax Revenue Un-Refunded Balance    
          5.125% 7/1/36 (AMBAC) 260,000 250,029
    2,922,299
State General Obligation Bonds – 8.31%    
     California State    
          Refunding 5.00% 8/1/18 1,500,000 1,533,195
          Refunding 5.00% 11/1/21 1,500,000 1,479,735
          Variable Purposes 5.50% 11/1/33 2,000,000 2,007,560
   ŸCalifornia State Veterans Series BJ 5.70% 12/1/32 (AMT) 640,000 628,115
     Puerto Rico Commonwealth Public Improvement    
          Refunding Series A 5.25% 7/1/15 1,750,000 1,807,400
    7,456,005
Transportation Revenue Bonds – 5.42%    
     Bay Area Toll Authority Bridge Revenue Series F    
          5.00% 4/1/22 1,000,000 1,007,950
     Port of Oakland Revenue Series L 5.375% 11/1/27    
          (FGIC) (AMT) 1,000,000 941,490
     Sacramento County Airport System Revenue Series A    
          5.00% 7/1/32 (FSA) 1,000,000 963,140
     San Diego Redevelopment Agency (Centre City    
          Redevelopment Project) Series A 6.40% 9/1/25 1,000,000 1,003,310
     San Jose Airport Revenue Series A 5.00% 3/1/31 (FGIC) 1,000,000 948,930
    4,864,820
Water & Sewer Revenue Bonds – 3.35%    
     California Department of Water Resources Systems    
          Revenue (Central Valley Project)    
          Series X 5.00% 12/1/29 (FGIC) 1,000,000 958,960
     Glendale Water Revenue 4.00% 2/1/18 (FSA) 1,120,000 1,088,382

22


  Principal amount      Value
Municipal Bonds (continued)       
Water & Sewer Revenue Bonds (continued)          
     Metropolitan Water District of Southern California      
          Waterworks Authority Revenue Series B-1      
          5.00% 10/1/36 (FGIC) $ 1,000,000 $ 957,450
        3,004,792
Total Municipal Bonds (cost $90,194,181)       86,639,448
 
  Number of shares    
Short-Term Investments – 0.62%           
Money Market Instrument – 0.51%      
     Federated California Municipal Cash Trust 456,185     456,185
        456,185
 
  Principal amount    
ŸVariable Rate Demand Note – 0.11%      
     California State Kindergarten (University Public Project)      
          Series A 3.00% 5/1/34 $ 100,000     100,000
        100,000
Total Short-Term Investments (cost $556,185)       556,185
 
Total Value of Securities – 97.16% (cost $90,750,366)     87,195,633
Receivables and Other Assets       
     Net of Liabilities – 2.84%        2,547,772
Net Assets Applicable to 8,591,656       
     Shares Outstanding – 100.00%    $ 89,743,405
 
Net Asset Value – Delaware Tax-Free California Fund      
     Class A ($68,777,431 / 6,588,237 Shares)         $10.44
Net Asset Value – Delaware Tax-Free California Fund      
     Class B ($7,647,006 / 729,553 Shares)       $10.48
Net Asset Value – Delaware Tax-Free California Fund      
     Class C ($13,318,968 / 1,273,866 Shares)       $10.46

23

Statements of net assets
Delaware Tax-Free California Fund

 
Components of Net Assets at February 29, 2008:     
Shares of beneficial interest    
     (unlimited authorization – no par) $ 94,575,736  
Undistributed net investment income 1,300  
Accumulated net realized loss on investments (1,278,898 )
Net unrealized depreciation of investments   (3,554,733 )
Total net assets $ 89,743,405  

^ Zero coupon security. The rate shown is the yield at the time of purchase.
§ Pre-Refunded Bonds. Municipals 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 8 in “Notes to financial statements.”
Ÿ Variable rate security. The rate shown is the rate as of February 29, 2008.

Summary of abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by the Financial Guaranty Insurance Company
FNMA — Insured by Federal National Mortgage Association
FSA — Insured by Financial Security Assurance
GNMA — Insured by Government National Mortgage Association
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance

Net Asset Value and Offering Price Per Share –     
     Delaware Tax-Free California Fund   
Net asset value Class A (A) $ 10.44
Sales charge (4.50% of offering price) (B)   0.49
Offering price $ 10.93

(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

24


Delaware Tax-Free Colorado Fund February 29, 2008 (unaudited)

  Principal amount      Value
Municipal Bonds – 96.66%       
Education Revenue Bonds – 13.99%        
     Boulder County Development Revenue      
          (University Corp. for Atmospheric Research)      
          5.00% 9/1/33 (MBIA) $ 1,000,000 $ 948,930
          5.00% 9/1/35 (AMBAC) 2,000,000   1,894,280
     Colorado Educational & Cultural Facilities      
          Authority Revenue      
          (Charter School Project) 5.50% 5/1/36 (XLCA) 2,280,000   2,250,862
          (Johnson & Wales University Project) Series A      
          5.00% 4/1/28 (XLCA) 1,000,000   931,780
          (Liberty Common Charter School Project)      
          5.125% 12/1/33 (XLCA) 2,740,000   2,577,600
          (Montessori Districts Charter School Projects)      
          6.125% 7/15/32 5,590,000   5,273,047
          (Pinnacle Charter School Project) 5.00% 6/1/33 (XLCA) 2,170,000   2,014,281
          (Renaissance Charter School Project) 6.75% 6/1/29 2,000,000   1,786,220
          (University of Northern Colorado Student      
          Housing Project) 5.125% 7/1/37 (MBIA) 7,500,000   7,186,874
          (Woodrow Wilson Charter School Project)      
          5.25% 12/1/34 (XLCA) 1,960,000   1,870,487
     Colorado School Mines Auxiliary Facilities Revenue      
          5.00% 12/1/37 (AMBAC) 425,000   401,132
     University of Colorado Enterprise System Revenue Series A      
          5.00% 6/1/30 (AMBAC) 3,155,000   3,035,899
          5.375% 6/1/26 1,000,000   1,003,610
     University of Puerto Rico Revenue Series Q 5.00% 6/1/36 3,750,000   3,359,100
      34,534,102
Electric Revenue Bonds – 1.93%      
     Colorado Springs Utilities Revenue Series A      
          5.00% 11/15/29 5,000,000   4,764,100
      4,764,100
Escrowed to Maturity Bonds – 2.24%      
     Colorado Health Facilities Authority Revenue      
          (Catholic Health Initiatives) Series A 5.50% 3/1/32 5,000,000   5,071,600
     Galleria Metropolitan District 7.25% 12/1/09 445,000   463,761
      5,535,361
Health Care Revenue Bonds – 12.80%      
     Colorado Health Facilities Authority Revenue      
        Ÿ(Adventist Health Project) Series D 5.25% 11/15/35 2,000,000   1,842,600
          (Catholic Health Initiatives) Series A 4.75% 9/1/40 1,000,000   866,480

25

Statements of net assets
Delaware Tax-Free Colorado Fund

  Principal amount      Value
Municipal Bonds (continued)       
Health Care Revenue Bonds (continued)      
     Colorado Health Facilities Authority Revenue      
          (Christian Living Community Project) Series A      
          5.75% 1/1/37 $ 1,500,000 $ 1,289,325
          (Covenant Retirement Communities) Series A      
          5.50% 12/1/33 (RADIAN) 5,000,000   4,717,400
          (Evangelical Lutheran)      
          5.00% 6/1/35 2,000,000   1,725,840
          Series A 5.25% 6/1/34 2,750,000   2,472,113
          (Parkview Medical Center) 5.00% 9/1/25 1,000,000   926,230
          (Porter Place) Series A 6.00% 1/20/36 (GNMA) 5,000,000   5,099,049
          (Vail Valley Medical Center Project) 5.80% 1/15/27 3,475,000   3,382,322
     Delta County Memorial Hospital District Enterprise      
          Revenue 5.35% 9/1/17 4,000,000   3,967,680
     Denver Health & Hospital Authority Health Care Revenue      
          Series A 4.75% 12/1/36 2,500,000   1,966,000
     Mesa County Residential Care Facilities Mortgage      
          Revenue (Hilltop Community Resources)      
          Series A 5.375% 12/1/28 (RADIAN) 2,000,000   1,909,600
     University of Colorado Hospital Authority Revenue      
          Series A 5.00% 11/15/37 1,690,000    1,426,073
      31,590,712
Housing Revenue Bonds – 1.49%      
     Colorado Housing & Finance Authority      
          (Multifamily Housing Insured Mortgage)      
          Series A-3 6.25% 10/1/26 (FHA) 140,000   142,649
          Series C-3 6.15% 10/1/41 1,590,000   1,603,674
     Denver City & County Multifamily Federal Housing      
          Authority Revenue (Insured Mortgage Loan - Garden      
          Court) 5.40% 7/1/39 (FHA) 2,000,000   1,932,480
      3,678,803
Lease Revenue Bonds – 3.95%      
     Colorado Educational & Cultural National Conference of      
          State Legislatures Office Building Facilities      
          Authority Revenue 5.25% 6/1/21 2,000,000   2,001,020
    @Conejos & Alamosa Counties School District #11J      
          Certificates of Participation 6.50% 4/1/11 820,000   821,099

26


  Principal amount      Value
Municipal Bonds (continued)       
Lease Revenue Bonds (continued)      
     El Paso County Certificates of Participation      
          (Detention Facilities Project) Series B      
          5.00% 12/1/27 (AMBAC) $ 1,500,000 $ 1,445,175
     Fremont County Certificates of Participation Refunding &      
          Improvement Series A 5.25% 12/15/24 (MBIA) 3,045,000   3,067,411
     Puerto Rico Public Buildings Authority Revenue      
          (Guaranteed Government Facilities)      
          Series I 5.25% 7/1/33 1,475,000   1,367,856
          Series M-2 5.50% 7/1/35 (AMBAC) 1,000,000    1,044,840
      9,747,401
Local General Obligation Bonds – 15.98%      
     Arapahoe County Water & Wastewater Public      
          Improvement District Revenue Series A      
          5.125% 12/1/32 (MBIA) 4,500,000   4,373,595
     Denver City & County Justice System      
          5.50% 8/1/16 5,000,000   5,556,200
          (Facilities & Zoo) 5.00% 8/1/19 1,020,000   1,054,445
     Denver West Metropolitan District      
          5.00% 12/1/33 (RADIAN) 1,400,000   1,247,638
     Douglas County School District #1 (Douglas & Elbert      
          Counties) Series B 5.125% 12/15/25 (FSA) 2,000,000   2,003,640
     El Paso County School District #2 (Harrison)      
          5.00% 12/1/27 (MBIA) 2,115,000   2,047,764
     Garfield County School District #2 5.00% 12/1/25 (FSA) 3,280,000   3,257,211
     Grand County School District #2 (East Grand)      
          5.25% 12/1/25 (FSA) 2,485,000   2,516,982
     La Plata County School District #9-R (Durango)      
          5.125% 11/1/24 (MBIA) 1,000,000   1,005,060
     Loveland Special Improvements District #1 7.50% 7/1/29 5,540,000   6,142,587
     Meridian Metropolitan District Series A      
          5.00% 12/1/31 (RADIAN) 5,750,000   5,133,140
     North Range Metropolitan      
          District #1 4.50% 12/15/31 (ACA) 1,500,000   1,069,035
          District #2 5.50% 12/15/37 1,200,000   962,640
     Saddle Rock Metropolitan District      
          5.35% 12/1/31 (RADIAN) 1,580,000   1,475,293

27

Statements of net assets
Delaware Tax-Free Colorado Fund

  Principal amount      Value
Municipal Bonds (continued)     
Local General Obligation Bonds (continued)        
     Sand Creek Metropolitan District Refunding &    
          Improvement 5.00% 12/1/31 (XLCA) $ 500,000 $ 452,300
     Weld County School District #4 5.00% 12/1/19 (FSA) 1,085,000 1,132,783
    39,430,313
§Pre-Refunded Bonds – 32.95%    
     Aurora Certificates of Participation    
          5.50% 12/1/30-10 (AMBAC) 8,000,000 8,528,720
     Boulder County Hospital Revenue (Development    
          Longmont United Hospital Project)    
          6.00% 12/1/30-10 (RADIAN) 5,000,000 5,390,600
     Burlingame Multifamily Housing Revenue Series A    
          6.00% 11/1/29-09 (MBIA) 1,250,000 1,326,675
     Colorado Educational & Cultural Facilities    
          Authority Revenue    
          (Core Knowledge Charter School Project)    
          7.00% 11/1/29-09 1,000,000 1,067,160
          (Littleton Academy Charter School Project)    
          6.125% 1/15/31-12 2,000,000 2,198,100
          (Pinnacle Charter School Project) 6.00% 12/1/21-11 1,750,000 1,919,715
          (Stargate Charter School Project) 6.125% 5/1/33-13 2,000,000 2,236,760
          (University of Denver Project)    
          5.375% 3/1/23-11 (AMBAC) 2,000,000 2,128,960
          Series A 5.00% 3/1/27-12 (MBIA) 5,000,000 5,310,300
     Colorado School Mines Auxiliary Facilities    
          5.00% 12/1/37-12 (AMBAC) 2,705,000 2,899,192
     Colorado Springs Revenue (Colorado College Project)    
          5.375% 6/1/32-09 2,570,000 2,677,143
     Denver Health & Hospital Authority Health Care Revenue    
          Series A 5.375% 12/1/28-08 (ACA) 2,770,000 2,855,510
     E-470 Public Highway Authority Revenue Series A    
          5.75% 9/1/35-10 (MBIA) 3,100,000 3,354,138
     El Paso County Certificates of Participation    
          (Judicial Building Project) Series A    
          5.00% 12/1/27-12 (AMBAC) 2,000,000 2,130,000
     El Paso County School District #49 (Falcon) 5.50%    
          12/1/21-11 (FGIC) 3,580,000 3,872,307
     Fremont County School District #1 (Canon City)    
          5.00% 12/1/24-13 (MBIA) 1,735,000 1,876,750

28


       Principal amount        Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)  
     Garfield Pitkin & Eagle County School District #1
          (Roaring Fork) Series A 5.00% 12/15/27-14 (FSA) $ 1,500,000   $ 1,621,560
     Lincoln Park Metropolitan District 7.75% 12/1/26-11 2,500,000 2,551,075
     North Range Metropolitan District #1 7.25% 12/15/31-11 3,390,000 3,829,920
     Northwest Parkway Public Highway Authority Revenue
          Series A 5.25% 6/15/41-11 (FSA) 11,100,000 11,947,041
     Pueblo County Certificates of Participation
          6.50% 12/1/24-10 5,460,000 5,958,170
     Puerto Rico Commonwealth
          Series A 5.25% 7/1/30-16  1,235,000 1,352,189
          Series B 5.00% 7/1/35-16  310,000 334,403
     Puerto Rico Public Buildings Authority Revenue 
          (Guaranteed Government Facilities) Series I
          5.25% 7/1/33-14 25,000 27,075
     University of Colorado Hospital Authority Revenue
          Series A 5.60% 11/15/31-11  3,650,000 3,936,124
81,329,587
Special Tax Revenue Bonds – 2.96%
     Baptist Road Rural Transportation Authority Sales &
          Use Tax Revenue 5.00% 12/1/26 2,000,000 1,584,700
     Park Meadows Business Improvement District Shared
          Sales Tax Revenue  
          5.30% 12/1/27 950,000 867,911
          5.35% 12/1/31 720,000 646,416
     Puerto Rico Commonwealth Government
          Development Bank (Senior Notes) Series B
          5.00% 12/1/15 1,000,000 1,015,270
     Puerto Rico Commonwealth Infrastructure Financing
          Authority Revenue Series B 5.00% 7/1/46   1,200,000 1,047,936
     Regional Transportation District Sales Tax Revenue
          Series A 5.25% 11/1/18 2,000,000 2,142,540
7,304,773
State General Obligation Bonds – 4.45%
     Puerto Rico Commonwealth
          Series A 5.25% 7/1/30 765,000 709,912
          Series B 5.00% 7/1/35 190,000 170,704

29

Statements of net assets
Delaware Tax-Free Colorado Fund

       Principal amount        Value
Municipal Bonds (continued)
State General Obligation Bonds (continued)
     Puerto Rico Commonwealth Public Improvement Series A
          5.25% 7/1/15 $ 1,650,000   $ 1,704,120
          5.25% 7/1/21 4,000,000 3,887,640
          5.50% 7/1/18 1,650,000 1,699,731
     Puerto Rico Government Development Bank (Senior
          Notes) Series B 5.00% 12/1/14 1,000,000 1,025,210
     Virgin Islands Public Finance Authority Revenue
          (Gross Receipts Taxes) 5.00% 10/1/31 (ACA) 2,000,000 1,783,860
    10,981,177
Transportation Revenue Bonds – 2.28%
     Denver City & County Airport Revenue
          Series A 5.00% 11/15/25 (FGIC) 2,000,000 1,894,280
          Series B 5.00% 11/15/33 (XLCA)   4,000,000 3,741,800
5,636,080
Water & Sewer Revenue Bonds – 1.64%
     Pueblo Board of Waterworks Revenue 5.00% 11/1/21 (FSA) 1,000,000 1,015,210
     Ute Utility Water Conservancy District Revenue
          5.75% 6/15/20 (MBIA) 2,900,000 3,040,070
4,055,280
Total Municipal Bonds (cost $239,153,765) 238,587,689
 
Short-Term Investment – 0.29%
ŸVariable Rate Demand Note – 0.29%
     Colorado Housing & Finance Authority Single Family
          Mortgage Class I-B-2 3.25% 5/1/34 700,000 700,000
Total Short-Term Investment (cost $700,000) 700,000
 
Total Value of Securities – 96.95% (cost $239,853,765) 239,287,689
Receivables and Other Assets
     Net of Liabilities – 3.05% 7,534,525
Net Assets Applicable to 23,715,958
     Shares Outstanding – 100.00% $ 246,822,214

30


 
Net Asset Value – Delaware Tax-Free Colorado Fund       
     Class A ($232,850,853 / 22,375,733 Shares) $10.41  
Net Asset Value – Delaware Tax-Free Colorado Fund  
     Class B ($4,479,337 / 430,152 Shares) $10.41
Net Asset Value – Delaware Tax-Free Colorado Fund
     Class C ($9,492,024 / 910,073 Shares) $10.43
 
Components of Net Assets at February 29, 2008:
Shares of beneficial interest (unlimited authorization - no par) $ 255,312,421
Undistributed net investment income 1,649
Accumulated net realized loss on investments (7,925,780 )
Net unrealized depreciation of investments (566,076 )
Total net assets $ 246,822,214

Ÿ

Variable rate security. The rate shown is the rate as of February 29, 2008.

 
@

Illiquid security. At February 29, 2008, the aggregate amount of illiquid securities was $821,099, which represented 0.33% of the Fund's net assets. See Note 8 in “Notes to financial statements.”

 
§ Pre-Refunded Bonds. Municipals 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 8 in “Notes to financial statements.”

Summary of abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
FGIC — Insured by the Financial Guaranty Insurance Company
FHA — Insured by the Federal Housing Administration
FSA — Insured by Financial Security Assurance
GNMA — Insured by Government National Mortgage Association
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance
XLCA — Insured by XL Capital Assurance

31

Statements of net assets
Delaware Tax-Free Colorado Fund

 
Net Asset Value and Offering Price Per Share –
     Delaware Tax-Free Colorado Fund
Net asset value Class A (A) $ 10.41
Sales charge (4.50% of offering price) (B) 0.49
Offering price $ 10.90

(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

32


Delaware Tax-Free Idaho Fund February 29, 2008 (unaudited)

       Principal amount        Value
Municipal Bonds – 96.92%
Corporate Revenue Bonds – 7.22%
     Meridian Economic Industrial Development Revenue 
          (Hi-Micro Project) 5.85% 8/15/11 (AMT)   $ 1,250,000   $ 1,252,063
     Nez Perce County Pollution Control Revenue
          (Potlatch Project) 6.00% 10/1/24 2,535,000 2,343,937
     Power County Pollution Control Revenue
          (FMC Project) 5.625% 10/1/14 2,475,000 2,470,817
6,066,817
Education Revenue Bonds – 11.91%
     Boise State University Revenue
          5.00% 4/1/17 (AMBAC) 500,000 518,370
          5.375% 4/1/22 (FGIC) 15,000 15,161
          Series A 4.25% 4/1/32 (MBIA) 1,500,000 1,289,250
          Series A 5.00% 4/1/18 (FGIC) 1,500,000 1,536,285
     Idaho State University Revenue Refunding & Improvement
          5.00% 4/1/20 (FSA) 1,130,000 1,147,436
          5.00% 4/1/23 (FSA) 2,115,000 2,120,562
     North Idaho College Dormitory Housing
          Certificates of Participation 6.45% 10/1/16 1,000,000 1,001,180
     University of Idaho
          (General Refunding) Series A 5.00% 4/1/21 (AMBAC) 1,150,000 1,154,715
          Series B 4.50% 4/1/41 (FSA) 1,000,000 1,001,980
     University of Puerto Rico Series Q 5.00% 6/1/36  250,000 223,940
10,008,879
Escrowed to Maturity Bonds – 2.16%
     Puerto Rico Commonwealth Infrastructure Financing
          Authority Revenue Series A 5.375% 10/1/24 1,750,000 1,811,880
1,811,880
Health Care Revenue Bonds – 4.04%
     Idaho Health Facilities Authority Hospital Revenue
          (Idaho Elks Rehabilitation Hospital Project)
          5.30% 7/15/18 625,000 616,144
          5.45% 7/15/23 2,000,000 1,910,860
     Idaho Health Facilities Authority Revenue
          (Portneuf Medical Center Project)
          Series A 5.00% 9/1/35 (RADIAN) 1,000,000 866,110
3,393,114

33

Statements of net assets
Delaware Tax-Free Idaho Fund

       Principal amount        Value
Municipal Bonds (continued)
Housing Revenue Bonds – 6.80%
     Idaho Housing Agency Single Family Mortgage Revenue
          Series A 6.05% 7/1/13 (AMBAC) (FHA) (VA) (AMT)   $ 35,000   $ 35,784
          Series A 6.10% 7/1/16 (FHA) (VA) (AMT) 45,000 46,053
          Series A-1 6.85% 7/1/12 (AMT) 5,000 5,085
          Series B 6.45% 7/1/15 (AMT) 15,000 15,197
          Series C-2 6.35% 7/1/15 (AMT) 15,000 15,013
          Series E 6.35% 7/1/15 (FHA) (AMT) 40,000 40,038
          Series E-1 6.60% 7/1/11  5,000 5,079
          Series G-2 6.15% 7/1/15 (FHA) (VA) (AMT) 145,000 146,775
     Idaho Housing & Finance Association Single Family
          Mortgage Revenue
          Series B Class I 5.00% 7/1/37 (AMT) 1,000,000 889,050
          Series C Class III 5.35% 1/1/25 (AMT) 300,000 283,278
          Series D Class III 5.45% 7/1/23 (AMT) 1,075,000 1,037,031
          Series E Class III 4.875% 1/1/26 (AMT) 1,445,000 1,309,474
          Series E Class III 5.00% 1/1/28 (AMT) 1,000,000 945,190
          Series I Class I 5.45% 1/1/39 (MBIA) (AMT) 1,000,000 938,350
5,711,397
Lease Revenue Bonds – 7.35%
     Blaine School District #61 Certificate of Participation
          5.00% 7/30/10 (AMBAC) 750,000 777,698
     Boise City Certificate of Participation
          5.375% 9/1/20 (FGIC) (AMT)  2,100,000 2,092,818
     Boise City Revenue Series A 5.375% 12/1/31 (MBIA) 500,000 497,630
     Idaho State Building Authority Revenue
          Series A 5.00% 9/1/21 (MBIA) 1,150,000 1,150,874
          Series A 5.00% 9/1/43 (XLCA) 1,000,000 898,060
          Series B 5.00% 9/1/21 (MBIA) 750,000 753,705
6,170,785
Local General Obligation Bonds – 28.76%
     Ada & Canyon Counties Joint School District #2 Meridian
          (School Board Guaranteed Program)
          4.75% 2/15/20 1,000,000 1,012,340
          5.00% 7/30/20 2,155,000 2,184,307
          5.125% 7/30/19 1,005,000 1,035,321
          5.50% 7/30/16 1,305,000 1,449,137
     Bannock County School District #025
          (Pocatello Idaho School Board Guaranteed Program)
          5.00% 8/15/15 1,040,000 1,116,128
          5.00% 8/15/16 1,100,000 1,170,114

34


       Principal amount        Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
     Boise City Independent School District 5.00% 8/1/24 (FSA) $ 1,500,000 $ 1,503,300
     Boise Urban Renewal Agency Parking Revenue
          (Tax Increment)
          Series A 6.125% 9/1/15 1,460,000 1,470,921
          Series B 6.125% 9/1/15 1,195,000 1,203,939
     Bonner County Local Improvement District #93-1 
          6.50% 4/30/08 110,000 110,485
          6.50% 4/30/10 60,000 60,216
     Canyon County School District #132 (Caldwell) 
          5.00% 7/30/15 (FGIC) 2,000,000 2,137,560
          Series A 5.00% 9/15/22 (FSA) 1,725,000 1,753,583
          Series A 5.00% 9/15/23 (FSA) 1,810,000 1,827,032
     Coeur D’Alene Local Improvement District #6
          Series 1995 6.00% 7/1/09  85,000 85,813
          Series 1996 6.05% 7/1/10  90,000 90,787
          Series 1997 6.10% 7/1/12  40,000 40,294
          Series 1998 6.10% 7/1/14  45,000 45,281
     Lemhi County 5.20% 8/1/27 (FSA) 2,145,000 2,139,701
     Nampa Idaho 5.00% 8/1/21 (FGIC) 2,475,000     2,508,585
     Power & Cassia Counties Joint School District #381
          (American Falls) 5.00% 8/1/17 1,155,000 1,211,410
24,156,254
§Pre-Refunded Bonds – 14.39%
     Boise State University Revenue Refunding & Improvement    
          5.125% 4/1/31-12 (FGIC)    1,000,000 1,067,860
          5.375% 4/1/22-12 (FGIC)  985,000 1,061,180
     Puerto Rico Commonwealth Highway & Transportation
          Authority Revenue
          Series D 5.25% 7/1/38-12  1,000,000 1,074,210
          Series G 5.00% 7/1/33-13  1,310,000 1,410,490
          Series Y 5.00% 7/1/36-16  1,250,000 1,348,400
     Puerto Rico Commonwealth Public Improvement Revenue
          Series A 5.125% 7/1/31-11  1,010,000 1,072,539
     Puerto Rico Electric Power Authority Revenue
          Series II 5.25% 7/1/31-12  1,000,000 1,084,960
          Series NN 5.125% 7/1/29-13  500,000 541,385
     Puerto Rico Public Buildings Authority Revenue 
          (Government Facilities) Series I 5.50% 7/1/23-14 1,000,000 1,096,980

35

Statements of net assets
Delaware Tax-Free Idaho Fund

       Principal amount        Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
     University of Idaho Revenue (Student Fee Housing
          Improvements Project) 5.25% 4/1/31-11 (FGIC)   $ 2,195,000   $ 2,330,607
12,088,611
Special Tax Revenue Bonds – 4.93%
     Idaho Board Bank Authority Revenue Series B
          4.125% 9/15/36 (MBIA) 755,000 611,731
          5.00% 9/15/30 (MBIA) 725,000 711,522
     Puerto Rico Commonwealth Highway & Transportation
          Authority Revenue Series W 5.50% 7/1/15 175,000 186,184
     Puerto Rico Sales Tax Financing Revenue
          Series A 5.25% 8/1/57 1,000,000 901,851
     Virgin Islands Public Finance Authority Revenue
          (Senior Lien-Matching Fund Loan Note) Series A
          5.25% 10/1/20 500,000 489,835
          5.25% 10/1/21 500,000 483,710
          5.25% 10/1/24 800,000 755,512
4,140,345
State General Obligation Bonds – 3.66%
     Puerto Rico Commonwealth Public Improvement
          (Unrefunded Balance) Series A 5.125% 7/1/31 2,315,000 2,113,572
          Series A 5.25% 7/1/22 1,000,000 961,920
3,075,492
Transportation Revenue Bonds – 3.10%
     Idaho Housing & Finance Association Highway Trust
          5.00% 7/15/24 (MBIA) 2,000,000 1,982,240
     Puerto Rico Commonwealth Highway & Transportation
          Authority Revenue Series G 5.00% 7/1/33 690,000 618,813
2,601,053
Water & Sewer Revenue Bonds – 2.60%
     Moscow Sewer Revenue 5.00% 11/1/22 (FSA) 2,175,000 2,187,441
2,187,441
Total Municipal Bonds (cost $82,870,398) 81,412,068

36


       Number of shares        Value
Short-Term Investment – 0.25%
Money Market Instrument – 0.25%
     Dreyfus Cash Management Fund   214,410 $ 214,410  
Total Short-Term Investment (cost $214,410) 214,410
 
Total Value of Securities – 97.17% (cost $83,084,808) 81,626,478
Receivables and Other Assets
     Net of Liabilities – 2.83% 2,373,704
Net Assets Applicable to 7,676,270
     Shares Outstanding – 100.00%     $ 84,000,182
 
Net Asset Value – Delaware Tax-Free Idaho Fund
     Class A ($67,741,016 / 6,189,206 Shares) $10.95
Net Asset Value – Delaware Tax-Free Idaho Fund
     Class B ($5,323,193 / 487,214 Shares)  $10.93
Net Asset Value – Delaware Tax-Free Idaho Fund
     Class C ($10,935,973 / 999,850 Shares)  $10.94
 
Components of Net Assets at February 29, 2008:
Shares of beneficial interest (unlimited authorization – no par) $ 85,773,213
Distributions in excess of net investment income (11,301 )
Accumulated net realized loss on investments (303,400 )
Net unrealized depreciation of investments (1,458,330 )
Total net assets $ 84,000,182

§ Pre-Refunded Bonds. Municipals 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 8 in “Notes to financial statements.”

Summary of abbreviations:
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by the Financial Guaranty Insurance Company
FHA — Insured by the Federal Housing Administration
FSA — Insured by Financial Security Assurance
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance
VA — Insured by the Veterans Administration
XLCA – Insured by XL Capital Assurance

37

Statements of net assets
Delaware Tax-Free Idaho Fund

 
Net Asset Value and Offering Price Per Share –
     Delaware Tax-Free Idaho Fund
Net asset value Class A (A) $ 10.95
Sales charge (4.50% of offering price) (B) 0.52
Offering price $ 11.47

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

See accompanying notes

38


Delaware Tax-Free New York Fund February 29, 2008 (unaudited)

    Principal amount         Value
Municipal Bonds – 96.70%           
Corporate Revenue Bonds – 6.21%      
     New York City Industrial Development Agency Revenue      
          (Brooklyn Navy Yard Cogen Partners)      
          5.75% 10/1/36 (AMT) $ 450,000 $ 402,125
     New York Energy Research & Development Authority      
          Pollution Control Revenue (Central Hudson Gas)      
          Series A 5.45% 8/1/27 (AMBAC) 500,000   501,210
     Suffolk County Industrial Development Agency Revenue      
          (Keyspan-Port Jefferson Energy Center)      
          5.25% 6/1/27 (AMT) 250,000   231,830
      1,135,165
Education Revenue Bonds – 13.17%      
     Albany Industrial Development Agency Civic Facilities      
          Revenue (Brighter Choice Charter School)      
          Series A 5.00% 4/1/37 250,000   195,485
     Amherst Industrial Development Agency Civic Facilities      
          Revenue (UBF Faculty Student Housing)      
          Series A 5.75% 8/1/30 (AMBAC) 200,000   202,790
     Dutchess County Industrial Development      
          Agency (Marist College) 5.00% 7/1/20 500,000   501,125
     New York City Industrial Development Agency Civic      
          Facilities Revenue (Vaughn College Aeronautics)      
          Series B 5.25% 12/1/36 150,000   122,157
     New York State Dormitory Authority Revenue      
          (Columbia University) Series A 5.00% 7/1/23 500,000   501,360
        DNon-State Supported Debt (University of Rochester)      
          Series A 4.375% 7/1/20 250,000   205,505
          (Pratt Institute) 6.00% 7/1/20 (RADIAN) 500,000   509,134
          Series B 7.50% 5/15/11 155,000   169,466
      2,407,022
Health Care Revenue Bonds – 8.67%      
     East Rochester Housing Authority Revenue      
          (Senior Living-Woodland Village Project)      
          5.50% 8/1/33 200,000   170,122

39

Statements of net assets
Delaware Tax-Free New York Fund

    Principal amount         Value
Municipal Bonds (continued)           
Health Care Revenue Bonds (continued)      
     New York Dormitory Authority Revenue      
          (Chapel Oaks) 5.45% 7/1/26 (LOC, Allied Irish Bank) $ 450,000 $ 450,455
          (Mental Health) Series D 5.90% 2/15/12 25,000   25,308
          (Millard Fillmore Hospital) 5.375% 2/1/32 (AMBAC) (FHA) 450,000   447,881
          (Winthrop South Nassau Hospital) Series B 5.50% 7/1/23 500,000   490,324
      1,584,090
Housing Revenue Bonds – 1.21%      
     New York City Multifamily Housing      
          Development Housing Revenue      
          Series G-1 4.875% 11/1/39 (AMT)  250,000   220,560
      220,560
Lease Revenue Bonds – 7.40%      
     Battery Park City Authority Revenue      
          Series A 5.00% 11/1/26 250,000   250,473
     Nassau County Tobacco Settlement (Asset-Backed)       
          Series A-3 5.125% 6/1/46 125,000   110,430
     New York Urban Development Correctional & Youth      
          Facilities Services Contract Revenue      
          Series A 5.50% 1/1/17 250,000   263,630
     Tobacco Settlement Financing Authority Revenue       
          (Asset-Backed) Series B-1C      
          5.50% 6/1/20 200,00   208,114
          5.50% 6/1/21 500,000   519,105
      1,351,752
Local General Obligation Bonds – 3.43%      
     New York City      
          Series D 5.00% 11/1/34 125,000   118,355
          Subordinated series C-1 5.00% 10/1/19 500,000   509,325
      627,680
§Pre-Refunded Bonds – 23.46%       
     Albany Parking Authority Revenue      
          Series A 5.625% 7/15/25-11 280,000   304,475
     Metropolitan Transportation Authority      
          Revenue (Dedicated Tax)      
          Series A 6.125% 4/1/17-10 (FGIC) 1,000,000   1,064,979
     New York City Series J 5.25% 6/1/28-13 310,000   337,215
     New York Dormitory Authority Revenue      
          (North Shore Long Island Jewish Group Project)      
          5.50% 5/1/33-13 500,000   548,770
          Series B 7.50% 5/15/11-09 130,000   139,876

40


  Principal amount         Value
Municipal Bonds (continued)           
§Pre-Refunded Bonds (continued)      
     Puerto Rico Commonwealth Highway &      
          Transportation Authority Revenue      
          Series Y 5.50% 7/1/36-16 $ 475,000 $ 529,169
     Puerto Rico Commonwealth      
          Series B 5.25% 7/1/32-16 155,000   169,708
     Puerto Rico Electric Power Authority Revenue      
          Series II 5.25% 7/1/31-12 500,000   542,480
          Series NN 5.125% 7/1/29-13 600,000   649,662
      4,286,334
Special Tax Revenue Bonds – 17.18%      
     New York City Transitional Finance Authority Revenue      
          (Subordinate Future Tax Secured)      
          Series B 5.00% 11/1/18 500,000   526,150
     New York Dormitory Authority State      
          Personal Income Tax Revenue      
          Series C 5.00% 3/15/15 250,000   268,768
     New York Dormitory Authority State Supported Debt      
          Revenue (Consolidated Services Contract)      
          5.00% 7/1/17 (FSA) 500,000   533,994
     New York Sales Tax Asset Receivables      
          Series A 5.25% 10/15/27 (AMBAC) 500,000   503,585
     New York Urban Development State      
          Personal Income Tax      
          Series A-1 5.00% 12/15/22 250,000   252,685
     Puerto Rico Commonwealth Infrastructure      
          Financing Authority Revenue      
          Series B 5.00% 7/1/15 250,000   256,860
     Puerto Rico Sales Tax Financing Revenue      
          Series A 5.25% 8/1/57 325,000   293,101
     Schenectady Metroplex Development Authority Revenue      
          Series A 5.375% 12/15/21 500,000   504,050
      3,139,193
State General Obligation Bonds – 0.48%      
     Puerto Rico Commonwealth      
          Series B 5.25% 7/1/32 95,000   88,341
      88,341

41

Statements of net assets
Delaware Tax-Free New York Fund

 Principal amount         Value
Municipal Bonds (continued)           
Transportation Revenue Bonds – 12.79%       
     Albany Parking Authority Revenue      
          Series A 5.625% 7/15/25  $ 220,000 $ 219,864
     Metropolitan Transportation Authority Revenue      
          Series A 5.00% 11/15/27  200,000   210,140
          Series F 5.00% 11/15/15  150,000   158,565
     New York City Industrial Development Agency Special      
          Airport Facilities (JFK Airis Project)       
          Series A 5.50% 7/1/28 (AMT) 500,000   437,350
     New York State Thruway Authority General Revenue        
          Series H 5.00% 1/1/14 (MBIA) 500,000   537,090
          5.00% 1/1/15 (MBIA) 250,000   268,530
     Onondaga County Industrial Development Authority      
          Revenue (Subordinated Air Cargo Project)      
          7.25% 1/1/32 (AMT) 500,000   506,010
      2,337,549
Water & Sewer Revenue Bonds – 2.70%       
     New York City Municipal Finance Authority      
          Water & Sewer System Revenue      
          Series A 5.125% 6/15/34  500,000   493,210
      493,210
Total Municipal Bonds (cost $17,668,126)     17,670,896
 
Short-Term Investment – 1.64%           
ŸVariable Rate Demand Notes – 1.64%      
     New York City Municipal Finance Authority      
          Water & Sewer System Revenue      
          Series F-1 3.05% 2/1/18  300,000   300,000
Total Short-Term Investment (cost $300,000)     300,000
 
Total Value of Securities – 98.34% (cost $17,968,126)     17,970,896
Receivables and Other Assets       
     Net of Liabilities – 1.66%      302,983
Net Assets Applicable to 1,816,202       
     Shares Outstanding – 100.00%    $ 18,273,879

42


 
Net Asset Value – Delaware Tax-Free New York Fund     
     Class A ($14,459,011 / 1,436,375 Shares)  $10.07  
Net Asset Value – Delaware Tax-Free New York Fund   
     Class B ($1,664,909 / 165,762 Shares)  $10.04  
Net Asset Value – Delaware Tax-Free New York Fund    
     Class C ($2,149,959 / 214,065 Shares)  $10.04  
 
Components of Net Assets at February 29, 2008:     
Shares of beneficial interest (unlimited authorization – no par)  $18,470,970  
Distributions in excess of net investment income  (1,752 )
Accumulated net realized loss on investments  (198,109 )
Net unrealized appreciation of investments  2,770  
Total net assets  $18,273,879  

D Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
§ Pre-Refunded Bonds. Municipals 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 8 in “Notes to financial statements.”
· Variable rate security. The rate shown is the rate as of February 29, 2008.

Summary of abbreviations:
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by the Financial Guaranty Insurance Company
FHA — Insured by the Federal Housing Administration
FSA — Insured by Financial Security Assurance
LOC — Letter of Credit
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance

43

Statements of net assets
Delaware Tax-Free New York Fund

 
Net Asset Value and Offering Price Per Share –     
     Delaware Tax-Free New York Fund   
Net asset value Class A (A)    $10.07
Sales charge (4.50% of offering price) (B)  0.47
Offering price    $10.54

(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

44

Statements of operations

Six Months Ended February 29, 2008 (Unaudited)

        Delaware Tax-Free       Delaware Tax-Free       Delaware Tax-Free
  Arizona Fund California Fund Colorado Fund
Investment Income:               
     Interest  $ 3,472,014   $ 2,436,100   $ 6,660,010  
 
Expenses:       
     Management fees  357,330   266,529   717,847  
     Distribution expenses – Class A  154,358   93,418   308,014  
     Distribution expenses – Class B  58,734   43,577   24,499  
     Distribution expenses – Class C  39,235   67,897   50,563  
     Dividend disbursing and transfer agent       
          fees and expenses  30,815   21,268   66,287  
     Accounting and administration expenses  28,579   19,379   52,194  
     Legal fees  18,208   15,132   26,249  
     Registration fees  9,938   10,263   4,080  
     Audit and tax  8,379   6,751   12,171  
     Reports and statements to shareholders  6,507   2,656   12,531  
     Trustees’ fees  3,466   2,353   6,330  
     Pricing fees  2,109   2,273   2,612  
     Custodian fees  2,082   2,231   3,313  
     Insurance fees  1,911   1,246   3,554  
     Consulting fees  1,344   941   2,409  
     Trustees’ expenses  607   417   1,140  
     Dues and services  286   209   581  
     Taxes (other than taxes on income)    69     77     202  
  723,957   556,617   1,294,576  
     Less expenses absorbed or waived    (112,280 )   (44,819 )    (20,040 ) 
     Total operating expenses    611,677     511,798     1,274,536  
Net Investment Income    2,860,337     1,924,302     5,385,474  
 
Net Realized and Unrealized Gain       
     (Loss) on Investments:       
     Net realized gain (loss) on investments  61,078   (411,624 )  (49,962 ) 
     Net change in unrealized appreciation/       
          depreciation of investments    (5,688,825 )   (4,570,549 )    (7,390,517 ) 
Net Realized and Unrealized Loss       
     on Investments    (5,627,747 )   (4,982,173 )    (7,440,479 ) 
 
Net Decrease in Net Assets       
     Resulting from Operations  $ (2,767,410 ) $ (3,057,871 )  $ (2,055,005 ) 

See accompanying notes

45

Statements of operations
Six Months Ended February 29, 2008 (Unaudited)

        Delaware Tax-Free       Delaware Tax-Free
  Idaho Fund New York Fund
Investment Income:               
     Interest  $ 2,053,585   $ 456,321  
 
Expenses:       
     Management fees  240,308     52,129  
     Distribution expenses – Class A  88,233     18,486  
     Distribution expenses – Class B  28,392     10,082  
     Distribution expenses – Class C  56,108     10,887  
     Dividend disbursing and transfer agent       
          fees and expenses  21,066     7,141  
     Accounting and administration expenses  17,473     3,790  
     Legal fees  12,648     3,269  
     Audit and tax  6,222     5,423  
     Reports and statements to shareholders  4,055     1,078  
     Pricing fees  2,738     2,472  
     Trustees’ fees  2,120     460  
     Registration fees  1,835     4,330  
     Insurance fees  1,222     262  
     Custodian fees  1,177     70  
     Consulting fees  893     177  
     Trustees’ expenses  378     82  
     Dues and services  233     35  
     Taxes (other than taxes on income)    —     4  
  485,101     120,177  
     Less expenses absorbed or waived  (48,916 )    (23,557 ) 
     Less expense paid indirectly    (63 )    (27 ) 
     Total operating expenses    436,122     96,593  
Net Investment Income    1,617,463      359,728  
 
Net Realized and Unrealized Gain       
     (Loss) on Investments:       
     Net realized gain (loss) on investments  83,789     (32,681 ) 
     Net change in unrealized appreciation/depreciation of       
          investments    (2,508,186 )    (382,406 ) 
Net Realized and Unrealized Loss       
     on Investments    (2,424,397 )     (415,087 ) 
 
Net Decrease in Net Assets       
     Resulting from Operations  $ (806,934 )  $ (55,359 ) 

See accompanying notes

46

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

    Six Months           Year  
    Ended     Ended  
    2/29/08     8/31/07  
    (Unaudited)      
Increase (Decrease) in Net Assets from Operations:         
     Net investment income  $ 2,860,337   $ 6,056,280  
     Net realized gain on investments    61,078     490,852  
     Net change in unrealized         
          appreciation/depreciation of investments    (5,688,825 )   (4,262,046 )
     Net increase (decrease) in net assets resulting         
          from operations    (2,767,410 )   2,285,086  
 
Dividends and Distributions to Shareholders from:         
     Net investment income:         
          Class A    (2,532,489 )   (5,301,244 )
          Class B    (196,740 )   (493,503 )
          Class C    (131,083 )   (261,558 )
    (2,860,312 )   (6,056,305 )
 
Capital Share Transactions:         
     Proceeds from shares sold:         
          Class A    6,218,048     14,817,310  
          Class B    112     42,624  
          Class C    984,662     1,326,619  
 
Net asset value of shares issued upon reinvestment         
     of dividends and distributions:         
          Class A    1,254,297     2,683,432  
          Class B    103,021     254,872  
          Class C    81,883     151,832  
    8,642,023     19,276,689  

48


    Six Months           Year  
    Ended     Ended  
    2/29/08     8/31/07  
    (Unaudited)      
Capital Share Transactions (continued):         
     Cost of shares repurchased:         
          Class A  $ (10,589,487 ) $ (20,096,086 )
          Class B    (1,623,946 )   (3,954,487 )
          Class C    (622,033 )   (1,800,542 )
    (12,835,466 )   (25,851,115 )
Decrease in net assets derived from         
     capital share transactions    (4,193,443 )   (6,574,426 )
Net Decrease in Net Assets    (9,821,165 )   (10,345,645 )
 
Net Assets:         
     Beginning of period    145,652,202     155,997,847  
     End of period1  $ 135,831,037   $ 145,652,202  
 
   1Including distributions in excess of         
          net investment income  $ —   $ (25 )

See accompanying notes

49

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

  Six Months  Year 
  Ended  Ended 
        2/29/08        8/31/07 
  (Unaudited)         
Increase (Decrease) in Net Assets from Operations:         
     Net investment income  $  1,924,302   $  4,052,743  
     Net realized loss on investments    (411,624 )    (115,067 ) 
     Net change in unrealized         
          appreciation/depreciation of investments    (4,570,549 )    (3,513,338 ) 
     Net increase (decrease) in net assets resulting         
          from operations    (3,057,871 )    424,338  
 
Dividends and Distributions to Shareholders from:         
     Net investment income:         
          Class A    (1,547,489 )    (3,215,450 ) 
          Class B    (147,030 )    (394,961 ) 
          Class C    (229,783 )    (442,332 ) 
    (1,924,302 )    (4,052,743 ) 
 
Capital Share Transactions:         
     Proceeds from shares sold:         
          Class A    7,593,071     22,710,407  
          Class B    39,768     156,402  
          Class C    2,275,359     3,562,422  
 
Net asset value of shares issued upon reinvestment         
     of dividends and distributions:         
          Class A    903,819     1,801,612  
          Class B    103,301       248,614  
          Class C      173,469     301,848  
    11,088,787     28,781,305  

50


  Six Months Year
  Ended Ended
        2/29/08       8/31/07
  (Unaudited)    
Capital Share Transactions (continued):         
     Cost of shares repurchased:         
          Class A  $  (12,436,203 )  $  (21,163,745 ) 
          Class B    (1,466,114 )    (5,609,946 ) 
          Class C    (1,834,683 )    (2,686,047 ) 
    (15,737,000 )    (29,459,738 ) 
Decrease in net assets derived from         
     capital share transactions    (4,648,213 )    (678,433 ) 
Net Decrease in Net Assets    (9,630,386 )    (4,306,838 ) 
 
Net Assets:         
     Beginning of period    99,373,791     103,680,629  
     End of period1  $  89,743,405   $  99,373,791  
 
    1Including undistributed         
          net investment income    $  1,300     $  1,300  

See accompanying notes

51

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

  Six Months  Year 
  Ended  Ended 
  2/29/08        8/31/07 
        (Unaudited)     
Increase (Decrease) in Net Assets from Operations:         
     Net investment income  $  5,385,474   $  11,447,349  
     Net realized gain (loss) on investments    (49,962 )    1,009,130  
     Net change in unrealized         
          appreciation/depreciation of investments    (7,390,517 )    (8,914,311 ) 
     Net increase (decrease) in net assets resulting         
          from operations    (2,055,005 )    3,542,168  
 
Dividends and Distributions to Shareholders from:         
     Net investment income:         
          Class A    (5,157,193 )    (10,862,047 ) 
          Class B    (84,156 )    (226,901 ) 
          Class C    (173,272 )    (350,030 ) 
    (5,414,621 )    (11,438,978 ) 
 
Capital Share Transactions:         
     Proceeds from shares sold:         
          Class A    5,415,270     12,562,366  
          Class B    —     21,748  
          Class C    227,248     1,895,269  
 
Net asset value of shares issued upon reinvestment         
     of dividends and distributions:         
          Class A    3,276,693     6,872,419  
          Class B    40,822     123,164  
          Class C    120,857       249,264  
      9,080,890     21,724,230  

52


  Six Months Year
  Ended Ended
  2/29/08       8/31/07
        (Unaudited)    
Capital Share Transactions (continued):         
     Cost of shares repurchased:         
          Class A  $  (15,480,077 )  $  (24,077,528 ) 
          Class B    (759,130 )    (2,883,605 ) 
          Class C    (722,648 )    (1,658,066 ) 
    (16,961,855 )    (28,619,199 ) 
Decrease in net assets derived from         
     capital share transactions    (7,880,965 )    (6,894,969 ) 
Net Decrease in Net Assets    (15,350,591 )    (14,791,779 ) 
 
Net Assets:         
     Beginning of period    262,172,805     276,964,584  
     End of period1  $  246,822,214   $  262,172,805  
 
    1Including undistributed (distributions in excess of)         
          net investment income    $  1,649     $  (46 ) 

See accompanying notes

53

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

  Six Months  Year 
  Ended  Ended 
  2/29/08        8/31/07 
        (Unaudited)     
Increase (Decrease) in Net Assets from Operations:         
     Net investment income  $  1,617,463   $  3,152,236  
     Net realized gain on investments    83,789     16,031  
     Net change in unrealized         
          appreciation/depreciation of investments    (2,508,186 )    (1,398,888 ) 
     Net increase (decrease) in net assets resulting         
          from operations    (806,934 )    1,769,379  
 
Dividends and Distributions to Shareholders from:         
     Net investment income:         
          Class A    (1,354,731 )    (2,530,731 ) 
          Class B    (87,914 )    (228,879 ) 
          Class C    (173,475 )    (389,967 ) 
    (1,616,120 )    (3,149,577 ) 
 
Capital Share Transactions:         
     Proceeds from shares sold:         
          Class A    2,804,455     14,990,872  
          Class B    —     572,489  
          Class C    743,074     887,588  
 
Net asset value of shares issued upon reinvestment         
     of dividends and distributions:         
          Class A    883,046     1,630,892  
          Class B    59,734     138,424  
          Class C      106,957     241,640  
    4,597,266       18,461,905  

54


  Six Months Year
  Ended Ended
  2/29/08       8/31/07
        (Unaudited)    
Capital Share Transactions (continued):         
     Cost of shares repurchased:         
          Class A  $  (3,924,856 )  $  (8,413,693 ) 
          Class B    (591,444 )    (2,488,934 ) 
          Class C    (1,126,359 )    (2,840,485 ) 
    (5,642,659 )    (13,743,112 ) 
Increase (decrease) in net assets derived from         
     capital share transactions    (1,045,393 )    4,718,793  
Net Increase (Decrease) in Net Assets    (3,468,447 )    3,338,595  
 
Net Assets:         
     Beginning of period    87,468,629     84,130,034  
     End of period1  $  84,000,182   $  87,468,629  
 
    1Including distributions in excess of           
          net investment income  $  (11,301 )    $  (11,253 ) 

See accompanying notes

55

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

  Six Months  Year 
  Ended  Ended 
  2/29/08        8/31/07 
        (Unaudited)     
Increase (Decrease) in Net Assets from Operations:         
     Net investment income  $  359,728   $  743,181  
     Net realized gain (loss) on investments    (32,681 )    62,452  
     Net change in unrealized         
          appreciation/depreciation of investments    (382,406 )    (521,401 ) 
     Net increase (decrease) in net assets resulting         
          from operations    (55,359 )    284,232  
 
Dividends and Distributions to Shareholders from:         
     Net investment income:         
          Class A    (293,200 )    (590,536 ) 
          Class B    (32,537 )    (85,737 ) 
          Class C    (35,088 )    (66,908 ) 
    (360,825 )    (743,181 ) 
 
Capital Share Transactions:         
     Proceeds from shares sold:         
          Class A    655,974     2,521,809  
          Class B    15,685     33,616  
          Class C    397,848     494,335  
 
Net asset value of shares issued upon reinvestment         
     of dividends and distributions:         
          Class A    172,246     415,794  
          Class B      17,347     35,753  
          Class C    14,422       26,806  
    1,273,522     3,528,113  

56


  Six Months Year
  Ended Ended
  2/29/08       8/31/07
        (Unaudited)    
Capital Share Transactions (continued):       
     Cost of shares repurchased:       
          Class A  $ (847,423 )  $  (1,282,643 ) 
          Class B  (504,121 )    (712,045 ) 
          Class C    (343,958 )    (407,314 ) 
    (1,695,502 )    (2,402,002 ) 
Increase (decrease) in net assets derived from       
     capital share transactions    (421,980 )    1,126,111  
Net Increase (Decrease) in Net Assets  (838,164 )    667,162  
 
Net Assets:       
     Beginning of period    19,112,043     18,444,881  
     End of period1  $ 18,273,879   $  19,112,043  
 
    1Including distributions in excess of             
          net investment income  $ (1,752 )  $  (655 ) 

See accompanying notes

57

Financial highlights
Delaware Tax-Free Arizona Fund Class A

 

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

Net asset value, beginning of period 
 
Income (loss) from investment operations: 
Net investment 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 
Ratio of expenses to average net assets 
       prior to expense limitation and expense paid indirectly 
Ratio of net investment income to average net assets 
Ratio of net investment income to average net assets 
       prior to expense limitation and expense paid indirectly 
Portfolio turnover 
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

58


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
  (Unaudited)                              
  $11.070     $11.350     $11.560     $11.410     $11.160     $11.530  
  
 
0.228   0.465   0.467   0.468   0.469   0.502  
(0.450 )  (0.280 )  (0.210 )  0.174   0.308   (0.253 ) 
(0.222 )  0.185   0.257   0.642   0.777   0.249  
 
 
(0.228 )  (0.465 )  (0.467 )  (0.468 )  (0.469 )  (0.502 ) 
—   —   —   (0.024 )  (0.058 )  (0.117 ) 
(0.228 )  (0.465 )  (0.467 )  (0.492 )  (0.527 )  (0.619 ) 
 
  $10.620     $11.070     $11.350     $11.560     $11.410     $11.160  
 
(2.08% )  1.63%   2.31%   5.74%   7.09%   2.17%  
 
 
  $117,641     $125,636     $131,468     $134,874     $122,436     $129,683  
0.75%   0.76%   0.76%   0.80%   0.90%   0.86%  
 
0.91%   0.91%   0.91%   0.91%   0.90%   0.91%  
4.11%   4.11%   4.12%   4.07%   4.14%   4.37%  
 
3.95%     3.96%     3.97%     3.96%   4.14%   4.32%  
  35%      9%      8%     3%      19%     29%   

59

Financial highlights
Delaware Tax-Free Arizona 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

60


Six Months Ended Year Ended
2/29/081 8/31/07   8/31/06 8/31/05 8/31/04   8/31/03
(Unaudited)    
$11.070 $11.360   $11.570   $11.420   $11.170   $11.540
 
 
0.187 0.380 0.382 0.382 0.384 0.416
(0.440 ) (0.290 ) (0.210 ) 0.174 0.308 (0.253 )
(0.253 ) 0.090 0.172 0.556 0.692 0.163
 
 
(0.187 ) (0.380 ) (0.382 ) (0.382 ) (0.384 ) (0.416 )
— — — (0.024 ) (0.058 ) (0.117 )
(0.187 ) (0.380 ) (0.382 ) (0.406 ) (0.442 ) (0.533 )
 
$10.630 $11.070 $11.360 $11.570 $11.420 $11.170
 
(2.36% ) 0.78% 1.54% 4.95% 6.28% 1.41%
 
 
$10,462 $12,407 $16,413 $19,005 $13,355 $14,666
1.50% 1.51% 1.51% 1.55% 1.65% 1.61%
 
1.66% 1.66% 1.66% 1.66% 1.65% 1.66%
3.36% 3.36% 3.37% 3.32% 3.39% 3.62%
 
3.20% 3.21% 3.22% 3.21% 3.39% 3.57%
35% 9% 8% 3% 19% 29%

61

Financial highlights
Delaware Tax-Free Arizona Fund Class C

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

62


Six Months Ended Year Ended
2/29/081 8/31/07   8/31/06   8/31/05   8/31/04   8/31/03
(Unaudited)        
$11.090 $11.380 $11.580 $11.430 $11.180 $11.550
 
 
0.186 0.380 0.381 0.382 0.384 0.415
(0.440 ) (0.290 ) (0.200 ) 0.174 0.308 (0.253 )
(0.254 ) 0.090 0.181 0.556 0.692 0.162
 
 
(0.186 ) (0.380 ) (0.381 ) (0.382 ) (0.384 ) (0.415 )
— — — (0.024 ) (0.058 ) (0.117 )
(0.186 ) (0.380 ) (0.381 ) (0.406 ) (0.442 ) (0.532 )
 
$10.650 $11.090 $11.380 $11.580 $11.430 $11.180
 
(2.35% ) 0.77% 1.63% 4.94% 6.27% 1.40%
 
 
$7,728 $7,609 $8,117 $8,591 $6,651 $8,544
1.50% 1.51% 1.51% 1.55% 1.65% 1.61%
 
1.66% 1.66% 1.66% 1.66% 1.65% 1.66%
3.36% 3.36% 3.37% 3.32% 3.39% 3.62%
 
3.20% 3.21% 3.22% 3.21% 3.39% 3.57%
35% 9% 8% 3% 19% 29%

63

Financial highlights
Delaware Tax-Free California Fund Class A

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes

64


Six Months Ended Year Ended
2/29/081 8/31/07   8/31/06   8/31/05   8/31/04   8/31/03
(Unaudited)          
$11.010 $11.400 $11.490 $11.110 $10.750 $11.010
 
 
0.229 0.454 0.450 0.462 0.518 0.537
(0.570 ) (0.390 ) (0.090 ) 0.380 0.360 (0.260 )
(0.341 ) 0.064 0.360 0.842 0.878 0.277
 
 
(0.229 ) (0.454 ) (0.450 ) (0.462 ) (0.518 ) (0.537 )
(0.229 ) (0.454 ) (0.450 ) (0.462 ) (0.518 ) (0.537 )
 
$10.440 $11.010 $11.400 $11.490 $11.110 $10.750
 
(3.19% ) 0.51% 3.24% 7.72% 8.34% 2.51%
 
 
$68,777 $76,537 $75,995 $60,744 $24,797 $22,169
0.88% 0.89% 0.88% 0.84% 0.50% 0.50%
 
0.98% 0.97% 0.97% 1.06% 0.96% 0.93%
4.16% 3.98% 3.97% 4.03% 4.72% 4.84%
 
4.06% 3.90% 3.88% 3.81% 4.26% 4.41%
42% 21% 14% 11% 48% 56%

65

Financial highlights
Delaware Tax-Free California 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes

66


Six Months Ended Year Ended
2/29/081 8/31/07   8/31/06   8/31/05   8/31/04   8/31/03
(Unaudited)        
$11.060 $11.440 $11.530 $11.160 $10.790 $11.050
 
 
0.187 0.368 0.365 0.377 0.436 0.453
(0.580 ) (0.380 ) (0.090 ) 0.370 0.370 (0.260 )
(0.393 ) (0.012 ) 0.275 0.747 0.806 0.193
 
 
(0.187 ) (0.368 ) (0.365 ) (0.377 ) (0.436 ) (0.453 )
(0.187 ) (0.368 ) (0.365 ) (0.377 ) (0.436 ) (0.453 )
 
$10.480 $11.060 $11.440 $11.530 $11.160 $10.790
 
(3.63% ) (0.15% ) 2.46% 6.80% 7.60% 1.73%
 
 
$7,647 $9,384 $14,918 $18,254 $14,530 $16,165
1.63% 1.64% 1.63% 1.59% 1.25% 1.25%
 
1.73% 1.72% 1.72% 1.81% 1.71% 1.68%
3.41% 3.23% 3.22% 3.28% 3.97% 4.09%
 
3.31% 3.15% 3.13% 3.06% 3.51% 3.66%
42% 21% 14% 11% 48% 56%

67

Financial highlights
Delaware Tax-Free California Fund Class C

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes

68


Six Months Ended Year Ended
2/29/081 8/31/07   8/31/06   8/31/05   8/31/04   8/31/03
(Unaudited)          
$11.030 $11.420 $11.500 $11.130 $10.760 $11.020
 
 
0.187 0.368 0.365 0.377 0.436 0.454
(0.570 ) (0.390 ) (0.080 ) 0.370 0.370 (0.260 )
(0.383 ) (0.022 ) 0.285 0.747 0.806 0.194
 
 
(0.187 ) (0.368 ) (0.365 ) (0.377 ) (0.436 ) (0.454 )
(0.187 ) (0.368 ) (0.365 ) (0.377 ) (0.436 ) (0.454 )
 
$10.460 $11.030 $11.420 $11.500 $11.130 $10.760
 
(3.55% ) (0.24% ) 2.56% 6.81% 7.62% 1.74%
 
 
$13,319 $13,453 $12,768 $9,756 $5,595 $7,013
1.63% 1.64% 1.63% 1.59% 1.25% 1.25%
 
1.73% 1.72% 1.72% 1.81% 1.71% 1.68%
3.41% 3.23% 3.22% 3.28% 3.97% 4.09%
 
3.31% 3.15% 3.13% 3.06% 3.51% 3.66%
42% 21% 14% 11% 48% 56%

69

Financial highlights
Delaware Tax-Free Colorado Fund Class A

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment 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
Ratio of expenses to average net assets
       prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

70


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)  
  $10.730     $11.040   $11.200   $11.070   $10.830   $11.080
 
 
0.227 0.464 0.488 0.495 0.510 0.527
(0.319 ) (0.310 ) (0.160 ) 0.130 0.240 (0.250 )
(0.092 ) 0.154 0.328 0.625 0.750 0.277
 
 
(0.228 ) (0.464 ) (0.488 ) (0.495 ) (0.510 ) (0.527 )
(0.228 ) (0.464 ) (0.488 ) (0.495 ) (0.510 ) (0.527 )
 
  $10.410   $10.730   $11.040   $11.200   $11.070   $10.830
 
(0.94% ) 1.38% 3.03% 5.78% 7.04% 2.52%
 
 
  $232,851   $246,695   $258,773   $270,149   $276,534   $299,528  
0.93% 0.94% 0.93% 0.94% 0.95%   0.99%
 
0.95% 0.96% 0.94% 0.94% 0.95% 0.99%
4.18% 4.22% 4.43% 4.46% 4.63% 4.76%
 
4.16% 4.20% 4.42% 4.46% 4.63% 4.76%
16% 12% 8% 8% 13% 30%

71

Financial highlights
Delaware Tax-Free Colorado 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
Ratio of expenses to average net assets
     prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
     prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

72


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06   8/31/05 8/31/04 8/31/03
(Unaudited)  
$10.730 $11.050 $11.200 $11.080 $10.830 $11.090
   
   
0.186 0.382 0.405 0.412 0.427 0.444
(0.319 ) (0.320 ) (0.150 ) 0.120 0.250 (0.260 )
(0.133 ) 0.062 0.255 0.532 0.677 0.184
 
 
(0.187 )   (0.382 )   (0.405 )   (0.412 )   (0.427 )   (0.444 )
(0.187 ) (0.382 ) (0.405 ) (0.412 ) (0.427 ) (0.444 )
 
$10.410 $10.730 $11.050 $11.200   $11.080 $10.830
 
(1.30% ) 0.53% 2.35% 4.89% 6.34%   1.66%
 
 
$4,479 $5,326 $8,221 $10,370 $12,411 $13,108
1.68% 1.69% 1.68% 1.69% 1.70% 1.74%
 
1.70% 1.71% 1.69% 1.69% 1.70% 1.74%
3.43% 3.47% 3.68% 3.71% 3.88% 4.01%
 
3.41% 3.45% 3.67% 3.71% 3.88% 4.01%
16% 12% 8% 8% 13% 30%

73

Financial highlights
Delaware Tax-Free Colorado Fund Class C

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income
Net realized and unrealized gain (loss) 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
Ratio of expenses to average net assets
     prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
     prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

74


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)
$10.750   $11.070 $11.220 $11.090 $10.850 $11.100
 
 
0.186 0.382 0.405 0.413 0.427 0.444
(0.319 ) (0.320 ) (0.150 ) 0.130 0.240 (0.250 )
(0.133 ) 0.062 0.255 0.543 0.667 0.194
 
 
(0.187 ) (0.382 ) (0.405 ) (0.413 ) (0.427 ) (0.444 )
(0.187 ) (0.382 ) (0.405 )   (0.413 ) (0.427 ) (0.444 )
 
$10.430 $10.750 $11.070 $11.220 $11.090 $10.850
 
(1.31% ) 0.53% 2.34% 4.99%   6.23% 1.74%
 
 
$9,492 $10,152 $9,971 $9,170 $9,579 $8,606
1.68% 1.69% 1.68% 1.69% 1.70%   1.74%  
 
1.70% 1.71% 1.69% 1.69% 1.70% 1.74%
3.43% 3.47% 3.68% 3.71% 3.88% 4.01%
 
3.41% 3.45% 3.67% 3.71% 3.88% 4.01%
16% 12% 8% 8% 13% 30%

75

Financial highlights
Delaware Tax-Free Idaho Fund Class A

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment 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
Ratio of expenses to average net assets
     prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
     prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

76


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)
$11.260 $11.450 $11.630 $11.490 $11.140 $11.320
 
 
0.218 0.448 0.449 0.452 0.478 0.497
(0.310 ) (0.190 ) (0.180 ) 0.140 0.353 (0.181 )
(0.092 ) 0.258 0.269 0.592 0.831 0.316
 
 
(0.218 )   (0.448 )   (0.449 ) (0.452 ) (0.481 ) (0.496 )
(0.218 )  (0.448 ) (0.449 )   (0.452 ) (0.481 ) (0.496 )
 
$10.950 $11.260 $11.450   $11.630   $11.490   $11.140
 
(0.96% ) 2.27% 2.40% 5.25% 7.58% 2.81%
 
 
$67,741 $69,931 $62,808 $60,554 $55,572 $51,682
0.85% 0.86% 0.85% 0.87% 0.97% 0.93%
 
0.96% 0.98% 0.98% 0.98% 0.97% 1.00%
3.86% 3.92% 3.95% 3.92% 4.21% 4.36%
 
3.75% 3.80% 3.82% 3.81% 4.21% 4.29%
16% 8% 15% 27% 13% 18%

77

Financial highlights
Delaware Tax-Free Idaho 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
Ratio of expenses to average net assets
     prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
     prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

78


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)
$11.240 $11.430 $11.610 $11.480 $11.130 $11.310
 
 
0.176 0.363 0.364 0.366 0.393 0.412
(0.310 ) (0.190 ) (0.180 ) 0.130 0.353 (0.181 )
(0.134 )   0.173 0.184   0.496 0.746 0.231
 
 
(0.176 ) (0.363 ) (0.364 ) (0.366 ) (0.396 ) (0.411 )
(0.176 ) (0.363 ) (0.364 ) (0.366 ) (0.396 ) (0.411 )
 
$10.930 $11.240   $11.430 $11.610   $11.480 $11.130
 
(1.33% ) 1.51% 1.64% 4.39% 6.79% 2.05%
 
 
$5,323 $6,003 $7,892 $10,911 $13,044 $16,801
1.60% 1.61% 1.60% 1.62% 1.72% 1.68%
 
1.71% 1.73% 1.73% 1.73% 1.72% 1.75%
3.11% 3.17% 3.20% 3.17% 3.46% 3.61%
 
3.00% 3.05% 3.07% 3.06% 3.46% 3.54%
16% 8% 15% 27% 13% 18%

79

Financial highlights
Delaware Tax-Free Idaho Fund Class C

 

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income
Net realized and unrealized gain (loss) 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
Ratio of expenses to average net assets
     prior to expense limitation and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
     prior to expense limitation and expense paid indirectly
Portfolio turnover
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

See accompanying notes

80


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)
$11.250 $11.440 $11.630 $11.490 $11.130   $11.310
 
 
0.176   0.363 0.364 0.366 0.393 0.413
(0.310 ) (0.190 )   (0.190 ) 0.140 0.362 (0.181 )
(0.134 ) 0.173 0.174 0.506 0.755 0.232
 
(0.176 ) (0.363 ) (0.364 ) (0.366 )   (0.395 ) (0.412 )
(0.176 ) (0.363 ) (0.364 ) (0.366 ) (0.395 ) (0.412 )
 
$10.940 $11.250 $11.440 $11.630 $11.490 $11.130
 
(1.24% ) 1.51% 1.56%   4.47% 6.87% 2.05%
 
 
$10,936 $11,535 $13,430 $15,678 $15,041 $16,296
1.60% 1.61% 1.60% 1.62% 1.72% 1.68%
 
1.71% 1.73% 1.73% 1.73% 1.72% 1.75%
3.11% 3.17% 3.20% 3.17% 3.46% 3.61%
 
3.00% 3.05% 3.07% 3.06% 3.46% 3.54%
16% 8% 15% 27% 13% 18%

81

Financial highlights
Delaware Tax-Free New York Fund Class A

 

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

Net asset value, beginning of period 
 
Income (loss) from investment operations: 
Net investment 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 
Ratio of expenses to average net assets 
     prior to expense limitation and expense paid indirectly 
Ratio of net investment income to average net assets 
Ratio of net investment income to average net assets 
     prior to expense limitation and expense paid indirectly 
Portfolio turnover 
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3 Ratio for the year ended August 31, 2003, including fees paid indirectly in accordance with the Securities and Exchange Commission rules were 0.51%.

See accompanying notes

82


Six Months Ended Year Ended
  2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
  (Unaudited)                              
$10.300   $10.550   $10.700   $10.470   $10.220   $10.340  
 
 
0.205   0.435   0.449   0.453   0.479   0.484  
(0.229 )   (0.250 )   (0.150 )   0.230   0.250     (0.120 )
(0.024 ) 0.185   0.299   0.683     0.729   0.364
 
 
(0.206 ) (0.435 ) (0.449 )  (0.453 ) (0.479 ) (0.484 )
(0.206 ) (0.435 ) (0.449 )  (0.453 ) (0.479 ) (0.484 )
 
$10.070   $10.300   $10.550   $10.700   $10.470   $10.220  
 
(0.28% ) 1.75% 2.90% 6.65%   7.26%   3.56%  
 
 
$14,459   $14,817   $13,519   $13,153   $11,523   $11,436  
0.85%   0.79%   0.65%   0.66% 0.50% 0.50% 3
 
1.10%   1.10%   1.09%   1.12% 1.02%   1.05%
3.97% 4.13%   4.28% 4.29% 4.60% 4.65%
 
3.72% 3.82%   3.84% 3.83% 4.08%   4.10%
  46%     14%     20%     13%     26%     64%  

83

Financial highlights
Delaware Tax-Free New York 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 
Ratio of expenses to average net assets 
   prior to expense limitation and expense paid indirectly 
Ratio of net investment income to average net assets 
Ratio of net investment income to average net assets 
   prior to expense limitation and expense paid indirectly 
Portfolio turnover 
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3 Ratio for the year ended August 31, 2003, including fees paid indirectly in accordance with the Securities and Exchange Commission rules were 1.26%.

See accompanying notes

84


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
  (Unaudited)                              
$10.280   $10.530   $10.670   $10.450   $10.200   $10.330  
 
 
0.166   0.357   0.370   0.374     0.401   0.406  
(0.239 ) (0.250 )   (0.140 )   0.220   0.250     (0.130 )
(0.073 ) 0.107   0.230   0.594   0.651   0.276  
 
 
(0.167 )   (0.357 ) (0.370 ) (0.374 ) (0.401 ) (0.406 )
  (0.167 ) (0.357 ) (0.370 ) (0.374 ) (0.401 ) (0.406 )
 
$10.040   $10.280   $10.530   $10.670   $10.450   $10.200  
 
(0.75% ) 0.99% 2.23%   5.77%   6.47% 2.69%
 
 
$1,665   $2,164   $2,858   $3,023   $2,858   $3,238  
1.60% 1.54% 1.40%   1.41%   1.25%   1.25% 3
 
1.85%   1.85%   1.84%   1.87%   1.77%   1.80%  
3.22%   3.38% 3.53%   3.54%   3.85%   3.90%  
 
2.97% 3.07% 3.09% 3.08% 3.33%   3.35%
  46%     14%     20%     13%     26%     64%  

85

Financial highlights
Delaware Tax-Free New York Fund Class C

 

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

Net asset value, beginning of period 
 
Income (loss) from investment operations: 
Net investment 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 
Ratio of expenses to average net assets 
   prior to expense limitation and expense paid indirectly 
Ratio of net investment income to average net assets 
Ratio of net investment income to average net assets 
   prior to expense limitation and expense paid indirectly 
Portfolio turnover 
1 Ratios and portfolio turnover have been annualized and total return has 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 reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3 Ratio for the year ended August 31, 2003, including fees paid indirectly in accordance with the Securities and Exchange Commission rules were 1.26%.

See accompanying notes

86


Six Months Ended Year Ended
2/29/081 8/31/07 8/31/06 8/31/05 8/31/04 8/31/03
(Unaudited)          
$10.280   $10.530   $10.670   $10.450   $10.200   $10.320  
 
 
  0.166     0.357     0.370     0.376   0.401     0.406  
(0.239 ) (0.250 ) (0.140 )   0.220     0.250   (0.120 )
(0.073 ) 0.107   0.230   0.596   0.651   0.286  
 
 
(0.167 ) (0.357 ) (0.370 ) (0.376 ) (0.401 ) (0.406 )
(0.167 ) (0.357 ) (0.370 ) (0.376 ) (0.401 ) (0.406 )
 
$10.040   $10.280   $10.530   $10.670   $10.450   $10.200  
 
(0.75% ) 0.99% 2.23% 5.80% 6.47% 2.79%  
 
 
$2,150   $2,131   $2,068   $886   $2,329   $2,828  
1.60% 1.54% 1.40%   1.41% 1.25% 1.25% 3
 
1.85%   1.85%   1.84% 1.87% 1.77%   1.80%
3.22%   3.38%   3.53% 3.54% 3.85% 3.90%
 
2.97% 3.07% 3.09% 3.08% 3.33% 3.35%
  46%     14%     20%     13%     26%     64%  

87


Notes to financial statements
Delaware Multi-state Funds February 29, 2008 (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 Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds, Voyageur Mutual Funds II, and Voyageur Insured Funds are individually referred to as a Trust and collectively as the Trusts. These financial statements and related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund and Delaware Tax-Free New York Fund (each, a Fund, or, collectively, the Funds). The above Trusts are open-end investment companies. The Funds are considered non-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 front-end sales charge of up to 4.50%. 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, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Effective June 1, 2007, Class B shares may only be purchased 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 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. Class C shares are sold with a CDSC of 1%, if redeemed during the first 12 months.

The investment objective of the Funds is to seek as high a level of current income exempt from federal income tax and personal income tax in their respective states, as is consistent with preservation of capital.

1. Significant Accounting Policies

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

Security Valuation — Long-term debt securities are valued by an independent pricing service and such prices are believed to reflect the fair value of such securities. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates market value. Open-end investment companies are valued at their published net asset value. 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. 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, aftermarket trading or significant events after local market trading (e.g., government actions or pronouncements, trading volume or volatility on markets, exchanges among dealers, or news events).

In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157 “Fair Value Measurements” (Statement 157). Statement 157 establishes a framework for measuring fair value in U.S. generally accepted accounting principles, clarifies the definition

88

1. Significant Accounting Policies (continued)

of fair value within that framework, and expands disclosures about the use of fair value measurements. Statement 157 is intended to increase consistency and comparability among fair value estimates used in financial reporting. Statement 157 is effective for fiscal years beginning after November 15, 2007. Management does not expect the adoption of Statement 157 to have a material impact on the amounts reported in the financial statements.

Federal Income Taxes — 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. Accordingly, no provision for federal income taxes has been made in the financial statements.

Effective February 29, 2008, each Fund adopted FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The adoption of FIN 48 did not result in the recording of any tax benefit or expense in the current period.

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

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of 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.

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.

89

Notes to financial statements
Delaware Multi-state Funds

1. Significant Accounting Policies (continued)

The Funds receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. The expense paid under this arrangement is included in custodian fees on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.”

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

In accordance with the terms of its respective investment management agreement, each Fund pays 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       Delaware       Delaware       Delaware       Delaware
  Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
    Arizona Fund California Fund Colorado Fund Idaho Fund New York Fund
On the first $500 million  0.500%   0.550%   0.550%   0.550%       0.550%
On the next $500 million  0.475%     0.500%     0.500% 0.500% 0.500%  
On the next $1.5 billion    0.450%     0.450%     0.450%       0.450%   0.450%
In excess of $2.5 billion  0.425% 0.425%   0.425% 0.425% 0.425%

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to ensure that annual operating expenses, exclusive any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, brokerage fees, certain insurance costs, and non-routine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, certain Trustee retirement plan expenses, conducting shareholder meetings, and liquidations (collectively, “non-routine expenses”), do not exceed specified percentages of average daily net assets as shown below. For purposes of these waivers and reimbursements, non-routine expenses may also involve such additional costs and expenses, as may be agreed upon from time to time by each Fund’s Board of Trustees and DMC.

        Delaware       Delaware       Delaware       Delaware       Delaware
  Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
    Arizona Fund California Fund Colorado Fund Idaho Fund New York Fund
Operating expense             
     limitation as a           
     percentage of average                   
     daily net assets   
     (per annum)  0.50% 0.63% 0.68% 0.60% 0.60%
Expiration date  12/31/08 12/31/08 12/31/08 12/31/08 12/31/08

Effective October 1, 2007, Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, each Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments®

90

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

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 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. Prior to October 1, 2007, DSC provided fund accounting and administrative services to each Fund and received a fee at an annual rate of 0.04% of average daily net assets. For the six months ended February 29, 2008, each Fund was charged for these services as follows:


Delaware             Delaware             Delaware             Delaware             Delaware 
Tax-Free  Tax-Free    Tax-Free  Tax-Free  Tax-Free 
Arizona Fund    California Fund  Colorado Fund    Idaho Fund    New York Fund 
$7,774  $5,300  $14,133  $4,716  $1,027 

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.

At February 29, 2008, each Fund had liabilities payable to affiliates as follows:

Delaware        Delaware        Delaware        Delaware        Delaware 
Tax-Free  Tax-Free  Tax-Free  Tax-Free  Tax-Free 
      Arizona Fund  California Fund  Colorado Fund  Idaho Fund  New York Fund 
Investment management   
     fee payable to DMC    $37,419   $35,754   $109,867   $30,694   $4,504
Dividend disbursing,               
     transfer agent fees                   
     and other expenses           
     payable to DSC    5,562   3,896 11,782 3,675   1,264
Distribution fees             
     payable to DDLP  39,285   31,929 59,587 27,311 6,086
Other expenses payable               
     to DMC and affiliates*  13,318 8,301 22,435 7,705 2,121

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

91

Notes to financial statements
Delaware Multi-state Funds

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

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 29, 2008, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

        Delaware        Delaware        Delaware        Delaware        Delaware 
  Tax-Free  Tax-Free  Tax-Free  Tax-Free  Tax-Free 
  Arizona Fund  California Fund  Colorado Fund  Idaho Fund  New York Fund 
    $5,065   $3,428   $9,256   $3,101       $673  
 
For the six months ended February 29, 2008, DDLP earned commissions on sales of Class A shares for each Fund as follows:
 
  Delaware  Delaware  Delaware  Delaware  Delaware 
  Tax-Free  Tax-Free  Tax-Free  Tax-Free  Tax-Free 
  Arizona Fund  California Fund  Colorado Fund  Idaho Fund  New York Fund 
    $8,181   $5,232   $13,719   $5,997   $1,063  
 
For the six months ended February 29, 2008, DDLP received gross CDSC commissions on redemption of each Fund’s Class A, Class B and Class C shares, and 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  Delaware  Delaware  Delaware  Delaware 
  Tax-Free  Tax-Free  Tax-Free  Tax-Free  Tax-Free 
  Arizona Fund  California Fund  Colorado Fund    Idaho Fund  New York Fund 
Class A    $   563     $17,262     $   —     $  — $  —
Class B  6,632 3,904   735 504 19
Class C  999 — — 500 —

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and per 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 each Fund.

3. Investments

For the six months ended February 29, 2008, the Funds made purchases and sales of investment securities other than short-term investments as follows:

           Delaware           Delaware           Delaware           Delaware           Delaware 
  Tax-Free  Tax-Free  Tax-Free    Tax-Free    Tax-Free 
    Arizona Fund    California Fund    Colorado Fund  Idaho Fund  New York Fund 
Purchases  $23,942,932  $19,346,030  $19,953,822  $6,953,444  $4,322,113 
Sales    29,325,590    24,093,237    31,598,630     6,690,255    4,204,410 

92

3. Investments (continued)

At February 29, 2008, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 29, 2008, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

Delaware Delaware Delaware Delaware Delaware
Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
      Arizona Fund       California Fund       Colorado Fund       Idaho Fund       New York Fund
Cost of                  
    investments $ 136,485,417   $ 90,750,366   $ 239,861,838   $ 83,053,623   $ 17,968,126  
Aggregate
   unrealized
   appeciation $ 2,830,569 $ 1,595,912 $ 8,632,713 $ 1,340,505 $ 458,846
Aggregate
   unrealized
   depreciation (5,203,380 ) (5,150,645 ) (9,206,862 ) (2,767,650 ) (456,076 )
Net unrealized
   appreciation
   (depreciation) $ (2,372,811 ) $ (3,554,733 )  $ (574,149 ) $ (1,427,145 ) $ 2,770

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. generally accepted accounting principles. Additionally, 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 29, 2008 and the year ended August 31, 2007 was as follows:

Delaware Delaware Delaware Delaware Delaware
Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
      Arizona Fund       California Fund       Colorado Fund       Idaho Fund       New York Fund
Six Months Ended 2/29/08*        
Tax-exempt        
   income     $2,860,312 $1,924,302     $ 5,387,477       $1,616,120     $360,825  
Ordinary income — —   27,144 —   —
Total $2,860,312 $1,924,302 $ 5,414,621 $1,616,120 $360,825
 
Year Ended 8/31/07
Tax-exempt
   income $6,056,305 $4,052,743 $ 11,438,978 $3,149,577 $743,181

*Tax information for the period ended February 29, 2008 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

93

Notes to financial statements
Delaware Multi-state 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 29, 2008, the estimated components of net assets on a tax basis were as follows:

Delaware Delaware Delaware Delaware Delaware
Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
      Arizona Fund       California Fund       Colorado Fund       Idaho Fund       New York Fund
Shares of beneficial          
   interest $ 140,397,883   $ 94,575,736 $ 255,312,421 $ 85,773,213   $ 18,470,970
Distributions      
   payable (106,273 ) (72,054 ) (204,099 ) (62,734 ) (13,953 )
Undistributed
   tax-exempt
   income 106,273 73,354 205,748 51,433 12,201
Realized gains
   (losses) (9/1/07 –      
   2/29/08) 193,914 (221,655 ) (40,554 ) 73,639 (14,929 )
Post-October
   losses (132,836 ) (388,963 ) — (9,487 ) (17,752 )
Capital loss
   carryforwards as
   of 8/31/07 (2,255,113 )* (668,280 ) (7,877,153 ) (398,737 ) (165,428 )
Unrealized appreciation      
   (depreciation) of      
   investments (2,372,811 ) (3,554,733 ) (574,149 ) (1,427,145 ) 2,770
Net assets $ 135,831,037 $ 89,743,405 $ 246,822,214 $ 84,000,182 $ 18,273,879

*The amount of this loss which can be utilized in subsequent years is subject to an annual limitation in accordance with the Internal Revenue Code due to a Fund merger in 2005.

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

Post-October losses represent losses realized on investment transactions from November 1, 2007 through February 29, 2008 that, in accordance with federal income tax regulations, each Fund has 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 on certain debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended February 29, 2008, the Funds recorded an estimate of these differences since the final tax characteristics cannot be determined until fiscal year end.

94

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

  Delaware Delaware
  Tax-Free Tax-Free
      Colorado Fund       Idaho Fund
Undistributed (distributions in excess of) net
    investment income $ 30,842 $ (1,391 )
Accumulated net realized gain (loss) (30,842 ) 1,391

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, 2007 will expire as follows:

Delaware Delaware Delaware Delaware Delaware
Year of Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
Expiration         Arizona Fund       California Fund       Colorado Fund       Idaho Fund       New York Fund
2008    $ 494,969         $ —          $ —     $ —          $ —     
2009 — 662,241 1,044,895 151,477 165,428
2010 — — — 166,949 —
2011 78,759 6,039 — — —
2012 1,681,385 — 4,571,043 — —
2013 — — 57,695 — —
2014 — — 2,203,520 23,435 —
2015   —   —   —   56,876   —
Total $ 2,255,113 $ 668,280 $ 7,877,153 $ 398,737 $ 165,428

For the six months ended February 29, 2008, the Funds had capital gains (losses) which may reduce (increase) the capital loss carryforwards as follows:

  Delaware Delaware Delaware Delaware Delaware
Tax-Free Tax-Free Tax-Free Tax-Free Tax-Free
Arizona Fund       California Fund       Colorado Fund       Idaho Fund       New York Fund
$193,914 $(221,655) $(40,554) $73,639 $(14,929)

95

Notes to financial statements
Delaware Multi-state Funds

6. Capital Shares

Transactions in capital shares were as follows:

Delaware Tax-Free Delaware Tax-Free Delaware Tax-Free
Arizona Fund California Fund Colorado Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
      2/29/08       8/31/07       2/29/08       8/31/07       2/29/08       8/31/07
Shares sold:  
   Class A 556,771 1,310,222 684,868 1,994,358 498,435 1,137,342
   Class B 10 3,752 3,593 13,600 — 1,966
   Class C 88,175 117,465 204,468 311,172 20,940 171,332
 
Shares issued upon reinvestment of dividends and distributions:
   Class A 112,390 237,386 81,671 158,530 301,558 624,637
   Class B 9,224 22,522 9,298 21,767 3,755 11,169
   Class C 7,318 13,407 15,662 26,532 11,097 22,616
773,888 1,704,754 999,560 2,525,959 835,785 1,969,062
 
Shares repurchased:
   Class A (948,318 ) (1,775,471 ) (1,127,237 ) (1,870,154 ) (1,425,462 ) (2,190,306 )
   Class B (145,466 ) (350,624 ) (131,904 ) (490,356 ) (69,867 ) (260,676 )
   Class C (55,720 ) (158,370 ) (165,901 ) (236,524 ) (66,360 ) (150,438 )
(1,149,504 ) (2,284,465 ) (1,425,042 ) (2,597,034 ) (1,561,689 ) (2,601,420 )
Net decrease (375,616 ) (579,711 ) (425,482 ) (71,075 ) (725,904 ) (632,358 )

Delaware Tax-Free Delaware Tax-Free
Idaho Fund New York Fund
Six Months Year Six Months Year
      Ended       Ended       Ended       Ended
2/29/08 8/31/07 2/29/08 8/31/07
Shares sold:
   Class A 246,483 1,316,463 62,689 239,258
   Class B — 49,968   1,495   3,253
   Class C 64,653 78,260 38,396 47,036
 
Shares issued upon reinvestment of dividends and distributions:
   Class A 77,469 142,848 16,520 39,485
   Class B 5,250 12,137 1,667 3,399
   Class C 9,389 21,162 1,386 2,551
403,244     1,620,838   122,153 334,982
 
Shares repurchased:
   Class A (344,088 ) (736,545 ) (81,276 ) (121,595 )
   Class B (51,972 ) (218,716 ) (47,933 ) (67,503 )
   Class C (99,042 ) (248,413 ) (33,088 ) (38,590 )
(495,102 ) (1,203,674 ) (162,297 ) (227,688 )
Net increase (decrease) (91,858 ) 417,164 (40,144 ) 107,294

96

6. Capital Shares (continued)

For the six months ended February 29, 2008 and the year ended August 31, 2007, the following shares and value were converted from Class B to Class A shares. The amounts are included in Class B redemptions and Class A subscriptions in the tables on the previous page and the statements of changes in net assets.

Six Months Ended Year Ended
2/29/08 8/31/07
Class B Class A Class B Class A
      Shares       Shares       Value       Shares       Shares       Value
Delaware Tax-Free
   Arizona Fund   23,509   23,509   $ 262,598   90,057     90,103   $ 1,014,108
Delaware Tax-Free
   California Fund 69,832 70,083 776,571   190,729 191,399 2,178,747
Delaware Tax-Free
   Colorado Fund 55,515 55,565 603,024 100,172 100,189 1,109,632
Delaware Tax-Free
   Idaho Fund 35,308 35,245 401,090   96,877   96,752 1,103,521
Delaware Tax-Free
   New York Fund   9,667   9,640 100,392   16,346   16,311 172,008

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), participates in a $225,000,000 revolving line of credit facility to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Participants are charged an annual commitment fee, which is allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants may borrow up to a maximum of one third of their net assets under the agreement. The Funds had no amounts outstanding as of February 29, 2008, or at any time during the period the ended.

8. Credit and Market Risk

The Funds concentrate their investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the states, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified on the statements of net assets.

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

97

Notes to financial statements
Delaware Multi-state Funds

8. Credit and Market Risk (continued)

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 Investors Service, Inc., Standard & Poor’s Ratings Group, 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 of Trustees 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. As of February 29, 2008, there were no Rule 144A securities. Illiquid securities have been identified on the statements of net assets.

9. 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 the Funds’ existing contracts and expects the risk of loss to be remote.

98

About the organization

This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund and the Delaware Investments® Fund Profiles 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.

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
Franklin & Marshall College
Lancaster, 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

100


Affiliated officers

      Contact information
 

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

Investment manager
Delaware Management Company, a series of
Delaware Management Business Trust
Philadelphia, PA

National distributor
Delaware Distributors, L.P.
Philadelphia, PA

Shareholder servicing, dividend disbursing,
and transfer agent
Delaware Service Company, Inc.
2005 Market Street
Philadelphia, PA 19103-7094

For shareholders
800 523-1918

For securities dealers and financial
institutions representatives only
800 362-7500

Web site
www.delawareinvestments.com

 
 
 
 
 
 

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 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 Commission’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 Commission’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 Commission’s Web site at www.sec.gov.

101


 

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SA-WEST [2/08] DG3 4/08     MF-08-03-024     PO 12796     (2928)

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 INSURED FUNDS

PATRICK P. COYNE 
By:  Patrick P. Coyne 
Title:  Chief Executive Officer 
Date:  May 5, 2008 

     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.

PATRICK P. COYNE 
By:  Patrick P. Coyne 
Title:  Chief Executive Officer 
Date:  May 5, 2008 
 
 
RICHARD SALUS 
By:  Richard Salus 
Title:  Chief Financial Officer 
Date:  May 5, 2008 

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EXHIBIT 99.CERT

CERTIFICATION

I, Patrick P. Coyne certify that:

1.       I have reviewed this report on Form N-CSR of Voyageur Insured 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 5, 2008 
 
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 Insured 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 5, 2008 
 
RICHARD SALUS 
By:  Richard Salus 
Title:  Chief Financial Officer 

EX-99.906CERT 8 exhibit99_906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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 5, 2008 
 
PATRICK P. COYNE 
By:  Patrick P. Coyne 
Title:  Chief Executive Officer 
 
 
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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