N-CSR

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 28, 2009

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 28, 2009

 
 
 
 
 
 
 
 
 
 
 
 
 

  

Fixed income mutual funds 

Table of contents

Disclosure of Fund expenses	1
Sector allocations and credit quality breakdowns	4
Statements of net assets	9
Statements of operations	44
Statements of changes in net assets	46
Financial highlights	56
Notes to financial statements	86
About the organization	99

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.

© 2009 Delaware Distributors, L.P.

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

Disclosure of Fund expenses
For the period September 1, 2008 to February 28, 2009

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, 2008 to February 28, 2009.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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
	9/1/08			2/28/09			Expense Ratio	9/1/08 to 2/28/09*
Actual Fund return
Class A		$	1,000.00		$	992.60	0.75%	$3.71
Class B			1,000.00			988.00	1.50%	7.39
Class C			1,000.00			988.00	1.50%	7.39
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.08	0.75%	$3.76
Class B			1,000.00			1,017.36	1.50%	7.50
Class C			1,000.00			1,017.36	1.50%	7.50

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/08			2/28/09			Expense Ratio	9/1/08 to 2/28/09*
Actual Fund return
Class A		$	1,000.00		$	954.60	0.88%	$4.26
Class B			1,000.00			952.20	1.63%	7.89
Class C			1,000.00			952.00	1.63%	7.89
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.43	0.88%	$4.41
Class B			1,000.00			1,016.71	1.63%	8.15
Class C			1,000.00			1,016.71	1.63%	8.15

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/08			2/28/09			Expense Ratio	9/1/08 to 2/28/09*
Actual Fund return
Class A		$	1,000.00		$	972.40	0.92%	$4.50
Class B			1,000.00			969.70	1.67%	8.16
Class C			1,000.00			968.80	1.67%	8.15
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.23	0.92%	$4.61
Class B			1,000.00			1,016.51	1.67%	8.35
Class C			1,000.00			1,016.51	1.67%	8.35

2

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/08			2/28/09			Expense Ratio	9/1/08 to 2/28/09*
Actual Fund return
Class A		$	1,000.00		$	1,004.70	0.87%	$4.32
Class B			1,000.00			1,001.00	1.62%	8.04
Class C			1,000.00			1,001.00	1.62%	8.04
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.48	0.87%	$4.36
Class B			1,000.00			1,016.76	1.62%	8.10
Class C			1,000.00			1,016.76	1.62%	8.10

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
	9/1/08			2/28/09			Expense Ratio	9/1/08 to 2/28/09*
Actual Fund return
Class A		$	1,000.00		$	990.80	0.85%	$4.20
Class B			1,000.00			988.10	1.60%	7.89
Class C			1,000.00			988.10	1.60%	7.89
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.58	0.85%	$4.26
Class B			1,000.00			1,016.86	1.60%	8.00
Class C			1,000.00			1,016.86	1.60%	8.00

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

3

Sector allocations and credit quality breakdowns
Delaware Tax-Free Arizona Fund	As of February 28, 2009

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

Sector	Percentage of net assets
Municipal Bonds		98.98%
Corporate Revenue Bonds		1.29%
Education Revenue Bonds		6.06%
Electric Revenue Bonds		5.34%
Escrowed to Maturity Bonds		0.29%
Health Care Revenue Bonds		5.44%
Housing Revenue Bonds		2.07%
Lease Revenue Bonds		10.42%
Local General Obligation Bonds		7.86%
Pre-Refunded Bonds		30.55%
Special Tax Revenue Bonds		8.64%
State General Obligation Bonds		4.75%
Transportation Revenue Bonds		4.98%
Water & Sewer Revenue Bonds		11.29%
Short-Term Investment		0.09%
Total Value of Securities		99.07%
Receivables and Other Assets Net of Liabilities		0.93%
Total Net Assets		100.00%
Credit quality breakdown (as a % of fixed income investments)*
AAA		26.97%
AA		43.78%
A		18.23%
BBB		11.02%
Total		100.00%

*Bond ratings are determined by independent, nationally recognized statistical rating organizations.

4

Delaware Tax-Free California Fund As of February 28, 2009

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

Sector	Percentage of net assets
Municipal Bonds		96.28%
Education Revenue Bonds		12.40%
Electric Revenue Bonds		3.79%
Health Care Revenue Bonds		6.47%
Housing Revenue Bonds		9.19%
Lease Revenue Bonds		7.66%
Local General Obligation Bonds		15.66%
Pre-Refunded Bonds		13.87%
Special Tax Revenue Bonds		10.98%
State General Obligation Bonds		4.83%
Transportation Revenue Bonds		3.48%
Water & Sewer Revenue Bonds		7.95%
Short-Term Investments		2.72%
Money Market Instrument		1.45%
Variable Rate Demand Note		1.27%
Total Value of Securities		99.00%
Receivables and Other Assets Net of Liabilities		1.00%
Total Net Assets		100.00%
Credit quality breakdown (as a % of fixed income investments)*
AAA		40.32%
AA		23.56%
A		17.15%
BBB		10.91%
Not Rated		8.06%
Total		100.00%

*Bond ratings are determined by independent, nationally recognized statistical rating organizations.

5

Sector allocations and credit quality breakdowns
Delaware Tax-Free Colorado Fund	As of February 28, 2009

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

Sector	Percentage of net assets
Municipal Bonds		98.47%
Education Revenue Bonds		10.48%
Electric Revenue Bonds		5.35%
Escrowed to Maturity Bonds		2.37%
Health Care Revenue Bonds		13.30%
Housing Revenue Bonds		1.56%
Lease Revenue Bonds		2.73%
Local General Obligation Bonds		14.50%
Pre-Refunded Bonds		34.21%
Special Tax Revenue Bonds		6.02%
State General Obligation Bonds		3.70%
Transportation Revenue Bonds		2.51%
Water & Sewer Revenue Bonds		1.74%
Short-Term Investment		0.14%
Total Value of Securities		98.61%
Receivables and Other Assets Net of Liabilities		1.39%
Total Net Assets		100.00%
Credit quality breakdown (as a % of fixed income investments)*
AAA		24.06%
AA		33.13%
A		19.31%
BBB		13.82%
Not Rated		9.68%
Total		100.00%

*Bond ratings are determined by independent, nationally recognized statistical rating organizations.

6

Delaware Tax-Free Idaho Fund As of February 28, 2009

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

Sector	Percentage of net assets
Municipal Bonds		97.89%
Corporate Revenue Bonds		5.45%
Education Revenue Bonds		11.20%
Electric Revenue Bonds		1.10%
Escrowed to Maturity Bonds		2.05%
Health Care Revenue Bonds		6.00%
Housing Revenue Bonds		6.86%
Lease Revenue Bonds		5.49%
Local General Obligation Bonds		25.82%
Pre-Refunded Bonds		15.75%
Special Tax Revenue Bonds		7.29%
State General Obligation Bonds		2.65%
Transportation Revenue Bonds		4.66%
Water & Sewer Revenue Bonds		3.57%
Short-Term Investment		1.99%
Total Value of Securities		99.88%
Receivables and Other Assets Net of Liabilities		0.12%
Total Net Assets		100.00%
Credit quality breakdown (as a % of fixed income investments)*
AAA		41.63%
AA		22.85%
A		18.78%
BBB		14.40%
BB		1.99%
Not Rated		0.35%
Total		100.00%

*Bond ratings are determined by independent, nationally recognized statistical rating organizations.

7

Sector allocations and credit quality breakdowns
Delaware Tax-Free New York Fund	As of February 28, 2009

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

Sector	Percentage of net assets
Municipal Bonds		96.99%
Corporate Revenue Bonds		4.48%
Education Revenue Bonds		15.75%
Electric Revenue Bonds		3.52%
Health Care Revenue Bonds		7.06%
Housing Revenue Bonds		0.95%
Lease Revenue Bonds		4.64%
Local General Obligation Bonds		2.83%
Pre-Refunded Bonds		19.84%
Special Tax Revenue Bonds		19.72%
State General Obligation Bonds		2.54%
Transportation Revenue Bonds		13.55%
Water & Sewer Revenue Bonds		2.11%
Short-Term Investment		2.23%
Total Value of Securities		99.22%
Receivables and Other Assets Net of Liabilities		0.78%
Total Net Assets		100.00%
Credit quality breakdown (as a % of fixed income investments)*
AAA		29.61%
AA		36.57%
A		18.92%
BBB		10.56%
BB		3.78%
Not Rated		0.56%
Total		100.00%

*Bond ratings are determined by independent, nationally recognized statistical rating organizations.

8

Statements of net assets
Delaware Tax-Free Arizona Fund	February 28, 2009 (Unaudited)

	Principal amount			Value
Municipal Bonds – 98.98%
Corporate Revenue Bonds – 1.29%
Maricopa County Pollution Control
(Palo Verde Project) Series A 5.05% 5/1/29 (AMBAC)		$	2,000,000	$	1,594,460
					1,594,460
Education Revenue Bonds – 6.06%
Arizona State Board of Regents
(University of Arizona) 5.00% 6/1/21			1,255,000		1,353,379
Arizona State University Certificates of Participation
(Research Infrastructure Project)
5.00% 9/1/30 (AMBAC)			2,000,000		1,926,000
Energy Management Services (University of Arizona-
Main Campus) 5.25% 7/1/17 (MBIA)			1,500,000		1,625,730
Pima County Industrial Development Authority Educational
Revenue (Tucson Country Day School Project)
5.00% 6/1/37			1,000,000		597,370
South Campus Group Student Housing Revenue
(University of Arizona-South Campus Project)
5.625% 9/1/35 (MBIA)			1,000,000		960,770
Tucson Industrial Development Authority
(University of Arizona-Marshall Foundation)
Series B 5.00% 7/15/27 (AMBAC)			1,000,000		919,760
University of Arizona Certificates of Participation
(University of Arizona Project)
Series A 5.125% 6/1/21 (AMBAC)			85,000		87,029
					7,470,038
Electric Revenue Bonds – 5.34%
Mesa Utilities System Revenue
5.00% 7/1/18 (MBIA) (FGIC)			2,150,000		2,318,754
Puerto Rico Electric Power Authority Revenue
Series WW 5.00% 7/1/28			1,430,000		1,271,999
Salt River Project Agricultural Improvement &
Power District Electric System Revenue
Series A 5.00% 1/1/22			1,000,000		1,064,620
Series B 5.00% 1/1/31 (MBIA)			2,000,000		1,922,760
					6,578,133
Escrowed to Maturity Bonds – 0.29%
Phoenix Street & Highway User Revenue (Senior Lien)
6.50% 7/1/09 (AMBAC)			350,000		357,294
					357,294

9

Statements of net assets
Delaware Tax-Free Arizona Fund

	Principal amount			Value
Municipal Bonds (continued)
Health Care Revenue Bonds – 5.44%
Glendale Industrial Development Authority Hospital
Revenue (John C. Lincoln Health) 5.00% 12/1/42		$	2,500,000	$	1,679,625
Maricopa County Industrial Development Authority Health
Facilities Revenue (Catholic Health Care West)
Series A 5.50% 7/1/26			1,000,000		923,660
Scottsdale Industrial Development Authority Hospital
Revenue (Scottsdale Health Care)
Series A 5.25% 9/1/30			1,250,000		1,041,913
University Medical Center Hospital Revenue
5.00% 7/1/24			800,000		649,256
5.00% 7/1/35			1,000,000		723,850
Yavapai County Industrial Development Authority
Revenue (Yavapai Regional Medical Center)
Series A 5.25% 8/1/21 (RADIAN)			2,000,000		1,685,280
					6,703,584
Housing Revenue Bonds – 2.07%
Pima County Industrial Development Authority
Single Family Housing Revenue
Series A-1 6.125% 11/1/33
(GNMA) (FNMA) (FHLMC) (AMT)			15,000		15,015
Series B-1 6.10% 5/1/31 (GNMA) (AMT)			45,000		45,722
Yuma Industrial Development Authority
Multifamily Housing Revenue
Series A 6.10% 9/20/19 (GNMA) (AMT)			2,340,000		2,489,643
					2,550,380
Lease Revenue Bonds – 10.42%
Arizona Game & Fish Department & Community
Beneficial Interest Certificates (Administration
Building Project) 5.00% 7/1/32			1,300,000		1,180,127
Marana Municipal Property Facilities Revenue
5.00% 7/1/28 (AMBAC)			575,000		577,409
Maricopa County Industrial Development Authority
Correctional Contract Revenue (Phoenix West Prison)
Series B 5.375% 7/1/22 (ACA)			1,000,000		826,680
Phoenix Industrial Development Authority Lease
Revenue (Capitol Mall II, LLC Project)
5.00% 9/15/28 (AMBAC)			2,000,000		1,894,820

10

		Principal amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Pinal County Certificates of Participation
	5.00% 12/1/29		$	1,300,000	$	1,115,699
	5.125% 6/1/21 (AMBAC)			4,000,000		4,054,760
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities) Series D
	5.25% 7/1/27			470,000		408,891
	5.25% 7/1/36			270,000		222,051
	Salt River Project Arizona Agricultural Improvement &
	Power District Certificates of Participation
	5.00% 12/1/18 (MBIA)			1,500,000		1,573,575
	University of Arizona Certificates of Participation
	Series B 5.00% 6/1/31 (AMBAC)			1,000,000		988,020
						12,842,032
Local General Obligation Bonds – 7.86%
	Chandler 5.00% 7/1/17			1,935,000		2,229,527
	Cochise County Unified School District #68
	(Sierra Vista) 7.50% 7/1/10 (MBIA) (FGIC)			1,000,000		1,074,100
	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		1,688,826
	Series B 5.375% 7/1/28			1,350,000		1,361,097
	DC Ranch Community Facilities 5.00% 7/15/27 (AMBAC)			1,000,000		849,890
Φ	Gila County Unified School District #10
	(Payson School Improvement-Project of 2006)
	Series A 1.00% 7/1/27 (AMBAC)			1,000,000		924,110
	Maricopa County Unified School District #41
	(Gilbert School Improvement-Projects of
	2005 & 2007) 3.25% 7/1/15			1,500,000		1,548,660
						9,676,210
§Pre-Refunded Bonds – 30.55%
	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		1,356,200
	Glendale Industrial Development Authority
	Revenue (Midwestern University)
	Series A 5.875% 5/15/31-11			1,000,000		1,102,620
	Mesa Industrial Development Authority
	Revenue (Discovery Health Systems)
	Series A 5.625% 1/1/29-10 (MBIA)			9,000,000		9,440,999

11

Statements of net assets
Delaware Tax-Free Arizona Fund

	Principal amount			Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
Phoenix Industrial Development Authority Lease
Revenue (Capitol Mall LLC Project)
5.50% 9/15/27-10 (AMBAC)		$	3,000,000	$	3,207,150
Phoenix Industrial Development Authority Multifamily
Housing Revenue (Ventana Palms Apartments Project)
Series A 6.20% 10/1/34-09 (MBIA)			940,000		990,704
Phoenix Variable Purpose Series B 5.00% 7/1/27-12			2,435,000		2,478,319
Puerto Rico Commonwealth Highway &
Transportation Authority Revenue Series K
5.00% 7/1/35-15			750,000		871,050
5.00% 7/1/40-15			590,000		685,226
Puerto Rico Commonwealth Public
Improvement Revenue Series A
5.00% 7/1/27-12			1,000,000		1,113,560
5.125% 7/1/31-11			705,000		768,513
Puerto Rico Commonwealth Revenue
Series B 5.00% 7/1/35-16			2,000,000		2,344,500
Puerto Rico Electric Power Authority Revenue
Series NN 5.00% 7/1/32-13 (MBIA)			1,750,000		1,987,283
Series RR 5.00% 7/1/35-15 (FGIC)			1,545,000		1,797,329
Puerto Rico Public Buildings Authority Revenue
(Guaranteed Government Facilities)
Series D 5.25% 7/1/27-12			1,280,000		1,402,355
Series I 5.25% 7/1/33-14			5,000		5,634
Scottsdale Industrial Development Authority Hospital
Revenue (Scottsdale Health Care) 5.70% 12/1/21-11			500,000		557,010
Scottsdale Municipal Property Corporation Excise
Tax Revenue 5.00% 7/1/21-16			1,505,000		1,755,417
Southern Arizona Capital Facilities Finance Revenue
(University of Arizona Project) 5.10% 9/1/33-12 (MBIA)			3,250,000		3,642,178
University of Arizona Certificates of Participation
(University of Arizona Project)
Series A 5.125% 6/1/21-12 (AMBAC)			915,000		1,015,366
Series B 5.125% 6/1/22-12 (AMBAC)			1,000,000		1,112,390
					37,633,803
Special Tax Revenue Bonds – 8.64%
Arizona State Transportation Board Excise Tax Revenue
(Maricopa County Regional Area Road Foundation)
5.00% 7/1/19			1,500,000		1,655,820

12

	Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Arizona Tourism & Sports Authority Tax Revenue
(Multipurpose Stadium Facilities)
Series A 5.00% 7/1/28 (MBIA)		$	2,500,000	$	2,451,250
Flagstaff Aspen Place Sawmill Improvement District
Revenue 5.00% 1/1/32			1,350,000		1,239,705
Marana Tangerine Farm Road Improvement District
Revenue 4.60% 1/1/26			963,000		686,658
Mesa Street & Highway Revenue 5.00% 7/1/20 (FSA)			1,000,000		1,098,570
Peoria Municipal Development Authority Transition
Sales Tax, Excise Tax & State Shared Revenue
(Senior Lien & Subordinated Lien) 4.50% 1/1/16			1,000,000		1,101,910
Phoenix Civic Improvement Transition Excise Tax
Revenue (Light Rail Project) 5.00% 7/1/20 (AMBAC)			2,270,000		2,403,907
					10,637,820
State General Obligation Bonds – 4.75%
Puerto Rico Commonwealth Public
Improvement Refunding Series A
5.50% 7/1/17			1,765,000		1,713,197
5.50% 7/1/19			1,300,000		1,228,786
Unrefunded Balance Series A
5.125% 7/1/30 (FSA)			480,000		459,840
5.125% 7/1/31			2,000,000		1,661,660
Virgin Islands Public Finance Authority
(Gross Receipts Taxes) 5.00% 10/1/31 (ACA)			1,000,000		783,560
					5,847,043
Transportation Revenue Bonds – 4.98%
Arizona State Transportation Board Grant Anticipation
Notes 5.00% 7/1/14			1,500,000		1,692,075
Arizona State Transportation Board Highway Revenue
Series A 5.00% 7/1/23			1,000,000		1,042,510
Phoenix Civic Improvement Corporation Airport
Revenue Series B
5.25% 7/1/27 (MBIA) (FGIC) (AMT)			1,000,000		878,760
5.25% 7/1/32 (MBIA) (FGIC) (AMT)			3,000,000		2,520,870
					6,134,215
Water & Sewer Revenue Bonds – 11.29%
Arizona Water Infrastructure Finance Authority Revenue
(Water Quality) Series A 5.00% 10/1/14			1,500,000		1,713,555

13

Statements of net assets
Delaware Tax-Free Arizona Fund

	Principal amount			Value
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Glendale Water & Sewer Revenue (Senior Lien)
5.00% 7/1/28 (AMBAC)		$	2,000,000	$	1,956,200
Phoenix Civic Improvement Corporation
Wastewater Systems Revenue
5.00% 7/1/19 (MBIA)			2,750,000		3,029,400
(Junior Lien) 5.00% 7/1/24 (MBIA) (FGIC)			1,000,000		1,004,980
Phoenix Civic Improvement Corporation Water Systems
Revenue (Junior Lien) 5.00% 7/1/26 (MBIA) (FGIC)			3,750,000		3,750,900
Scottsdale Water & Sewer Revenue
4.00% 7/1/14			175,000		190,797
4.00% 7/1/15			500,000		546,810
4.00% 7/1/16			375,000		409,624
5.25% 7/1/22			1,150,000		1,308,332
					13,910,598
Total Municipal Bonds (cost $123,687,058)					121,935,610
	Number of shares
Short-Term Investment – 0.09%
Money Market Instrument – 0.09%
Federated Arizona Municipal Cash Trust			114,789		114,789
Total Short-Term Investment (cost $114,789)					114,789
Total Value of Securities – 99.07%
(cost $123,801,847)					122,050,399
Receivables and Other Assets
Net of Liabilities – 0.93%					1,140,838
Net Assets Applicable to 11,590,105
Shares Outstanding – 100.00%				$	123,191,237
Net Asset Value – Delaware Tax-Free Arizona Fund
Class A ($108,716,317 / 10,230,203 Shares)						$10.63
Net Asset Value – Delaware Tax-Free Arizona Fund
Class B ($7,597,112 / 714,377 Shares)						$10.63
Net Asset Value – Delaware Tax-Free Arizona Fund
Class C ($6,877,808 / 645,525 Shares)						$10.65

14

Components of Net Assets at February 28, 2009:
Shares of beneficial interest (unlimited authorization – no par)	$	127,901,846
Undistributed net investment income		267
Accumulated net realized loss on investments		(2,959,428	)
Net unrealized depreciation of investments		(1,751,448	)
Total net assets	$	123,191,237

Φ	Step coupon bond. Coupon increases periodically based on a predetermined schedule. Stated rate in effect at February 28, 2009.
§	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
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by the Financial Guaranty Insurance Company
FHLMC — Insured by the Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association collateral
FSA — Insured by Financial Security Assurance
GNMA — Government National Mortgage Association collateral
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)	$	10.63
Sales charge (4.50% of offering price) (B)		0.50
Offering price	$	11.13

(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

15

Statements of net assets
Delaware Tax-Free California Fund	February 28, 2009 (Unaudited)

	Principal amount			Value
Municipal Bonds – 96.28%
Education Revenue Bonds – 12.40%
California Educational Facilities Authority Revenue
(Claremont McKenna College) 5.00% 1/1/39		$	1,000,000	$	975,700
(University of Southern California)
Series A 5.00% 10/1/39			1,000,000		999,950
(University of the Pacific) Un-Refunded Balance
5.75% 11/1/30 (MBIA)			310,000		310,363
(Woodbury University) 5.00% 1/1/36			1,000,000		637,720
California Municipal Finance Authority Educational
Revenue (American Heritage Foundation Project)
Series A 5.25% 6/1/36			1,000,000		636,800
California Statewide Communities Development
Authority Revenue
(California Baptist University Project)
Series A 5.50% 11/1/38			1,000,000		587,640
(Viewpoint School Project) 5.75% 10/1/33 (ACA)			1,000,000		790,280
(Windrush School Project) 5.50% 7/1/37			1,000,000		591,760
California Statewide Communities Development
Authority Student Housing Revenue
(East Campus Apartments, LLC)
Series A 5.625% 8/1/34 (ACA)			1,000,000		809,010
San Diego County Certificates of Participation
(University of San Diego) 5.375% 10/1/41			1,000,000		903,970
University of California Revenue (Multiple Purpose Projects)
Series L 5.00% 5/15/16			225,000		255,292
Series L 5.00% 5/15/19			850,000		930,827
Series Q 5.00% 9/1/20 (FSA)			1,290,000		1,356,705
					9,786,017
Electric Revenue Bonds – 3.79%
California Department of Water Resources Power
Supply Revenue Series H 5.00% 5/1/17			1,000,000		1,099,930
Chino Basin Regional Financing Authority Revenue
Series A 5.00% 11/1/24 (AMBAC)			845,000		858,021
Southern California Public Power Authority Revenue
(Transmission Project) Series A 5.00% 7/1/22			1,000,000		1,030,430
					2,988,381
Health Care Revenue Bonds – 6.47%
Association Bay Area Governments Finance Authority
for California Nonprofit Corporations (San Diego
Hospital Association) Series A 6.125% 8/15/20			1,250,000		1,200,300

16

	Principal amount			Value
Municipal Bonds (continued)
Health Care Revenue Bonds (continued)
California Health Facilities Financing Authority Revenue
(Catholic Health Care West) Series G 5.25% 7/1/23		$	1,000,000	$	946,390
(The Episcopal Home) Series A 5.30% 2/1/32 (RADIAN)			1,000,000		872,080
California Infrastructure & Economic Development
Bank Revenue (Kaiser Hospital Associates I, LLC)
Series A 5.55% 8/1/31			1,000,000		905,520
California Statewide Communities Development Authority
Revenue
(Presbyterian Homes Senior Living)
Series A 4.875% 11/15/36			1,000,000		622,030
(Valleycare Health Systems) Series A 5.125% 7/15/31			1,000,000		557,950
					5,104,270
Housing Revenue Bonds – 9.19%
California Housing Finance Agency
Revenue (Home Mortgage)
Series K 5.30% 8/1/23 (AMT)			1,000,000		914,050
Series M 5.95% 8/1/25 (AMT)			1,000,000		952,660
California Statewide Communities Development
Authority Multifamily Housing Revenue
(Citrus Gardens Apartments) Series D-1 5.375% 7/1/32			1,800,000		1,626,102
·(Silver Ridge Apartments) Series H
5.80% 8/1/33 (FNMA) (AMT)			1,000,000		1,029,960
Palm Springs Mobile Home Park Revenue
(Sahara Mobile Home Park) Series A 5.75% 5/15/37			1,000,000		760,540
Santa Clara County Multifamily Housing Authority
Revenue (Rivertown Apartments Project)
Series A 5.85% 8/1/31 (AMT)			1,000,000		990,090
Ventura County Area Multifamily Housing Authority
Revenue (Glen Oaks Apartments)
Series A 6.35% 7/20/34 (GNMA)			963,000		983,156
					7,256,558
Lease Revenue Bonds – 7.66%
California State Public Works Board Lease
Revenue (Department of Corrections)
Series A 5.00% 3/1/27 (AMBAC)			1,000,000		929,260
Elsinore Valley Municipal Water District Certificates of
Participation Series A 5.00% 7/1/24 (BHAC)			1,000,000		1,046,290
Franklin-McKinley School District Certificates of
Participation (Financing Project)
Series B 5.00% 9/1/27 (AMBAC)			1,060,000		991,916

17

Statements of net assets
Delaware Tax-Free California Fund

		Principal amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series M-2 5.50% 7/1/35 (AMBAC)		$	700,000	$	644,168
	San Diego County Certificates of Participation
	5.75% 7/1/31 (MBIA)			1,000,000		972,960
	San Diego County Regional Building Authority Lease
	Revenue (County Operations & Annexation Center)
	Series A 5.375% 2/1/36			1,000,000		983,880
^	San Mateo Unified High School District Certificates of
	Participation Capital Appreciation (Partnership Phase I
	Projects) Series B 5.00% 12/15/43 (AMBAC)			1,000,000		474,550
						6,043,024
Local General Obligation Bonds – 15.66%
^	Anaheim School District Election 2002
	4.58% 8/1/25 (MBIA)			1,250,000		480,525
	Central Unified School District Election 2008
	Series A 5.625% 8/1/33 (ASSURED GTY)			1,000,000		1,016,120
	Desert Community College District Election 2004
	Series C 5.00% 8/1/37 (FSA)			1,050,000		1,012,914
	Fairfield-Suisun Unified School District Election 2002
	5.50% 8/1/28 (MBIA)			500,000		510,545
	Grossmont Union High School District Election 2004
	5.00% 8/1/23 (MBIA)			1,000,000		1,029,460
	Lawndale Elementary School District
	Series B 5.00% 8/1/32 (FSA)			1,000,000		983,690
	Los Angeles Community College District Election 2001
	Series E-1 5.00% 8/1/33			1,000,000		971,130
	Los Angeles Unified School District
	Series B 4.75% 7/1/19 (FSA)			1,000,000		1,067,940
	Monterey Peninsula Community College District
	Election 2002 Series C 4.50% 8/1/19 (FSA)			1,000,000		1,073,550
	San Diego Unified School District
	Series E 5.00% 7/1/28 (FSA)			2,000,000		2,138,160
	Santa Barbara Community College
	Series A 5.25% 8/1/33			1,000,000		1,011,080
	Sierra Joint Community College Improvement District #2
	(Western Nevada) Series A 5.25% 8/1/21 (BHAC) (FGIC)			1,000,000		1,060,520
						12,355,634

18

		Principal amount			Value
Municipal Bonds (continued)
§Pre-Refunded Bonds – 13.87%
	California Department of Water Resources (Central
	Valley Project) Series X 5.00% 12/1/29-12 (FGIC)		$	5,000	$	5,639
	California State
	5.00% 2/1/33-14			1,000,000		1,145,310
	5.00% 2/1/33-14 (MBIA)			1,000,000		1,145,310
	Commerce Joint Powers Financing Authority
	Revenue (Redevelopment Projects)
	Series A 5.00% 8/1/28-13 (RADIAN)			60,000		68,267
	Golden State Tobacco Securitization Settlement
	Revenue (Asset-Backed Senior Notes) Series B
	5.50% 6/1/43-13 (RADIAN)			1,000,000		1,127,750
	5.625% 6/1/33-13			1,000,000		1,132,800
	Puerto Rico Commonwealth Highway & Transportation
	Authority Revenue Series K 5.00% 7/1/45-15			1,500,000		1,742,100
	Puerto Rico Commonwealth Series B 5.00% 7/1/35-16			1,000,000		1,172,250
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series I 5.50% 7/1/23-14			1,000,000		1,139,240
	Sacramento County Airport System Revenue
	Series A 5.00% 7/1/32-12 (FSA)			1,000,000		1,114,950
	Southern California Logistics Airport Authority
	Tax Allocation 6.50% 12/1/31-11			1,000,000		1,153,550
						10,947,166
Special Tax Revenue Bonds – 10.98%
	Commerce Joint Powers Financing Authority Revenue
	(Redevelopment Projects) Un-Refunded Balance
	Series A 5.00% 8/1/28 (RADIAN)			940,000		748,268
	Fremont Community Facilities District #1
	(Special Tax Pacific Commons) 5.375% 9/1/36			1,000,000		695,270
	Lake Elsinore Public Financing Authority Tax Allocation
	Series A 5.50% 9/1/30			1,000,000		816,840
	Lammersville School District Community Facilities
	District #2002 (Mountain House) 5.125% 9/1/35			500,000		322,385
	Modesto Special Tax Community Facilities
	District #04-1 (Village 2) 5.15% 9/1/36			1,000,000		637,290
@	Palm Drive Health Care District Parcel Tax
	Revenue 5.25% 4/1/30			2,000,000		1,198,240
	Poway Redevelopment Agency Tax Allocation
	Revenue 5.75% 6/15/33 (MBIA)			270,000		235,624

19

Statements of net assets
Delaware Tax-Free California Fund

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Poway Unified School District Community Facilities
	District #1 Special Tax Refunding 5.00% 10/1/17 (FSA)		$	1,000,000	$	1,125,650
	Puerto Rico Commonwealth Government Development
	Bank Senior Notes Series B 5.00% 12/1/15			1,000,000		953,430
	Roseville Westpark Special Tax Public Community
	Facilities District #1 5.25% 9/1/37			500,000		290,460
	San Bernardino County Special Tax Community
	Facilities District #2002-1 5.90% 9/1/33			2,000,000		1,642,540
						8,665,997
State General Obligation Bonds – 4.83%
	California State Various Purpose 5.50% 11/1/33			1,000,000		998,570
·	California State Veterans Series BJ 5.70% 12/1/32 (AMT)			640,000		577,101
	Puerto Rico Commonwealth Public Improvement Series A
	5.00% 7/1/16 (ASSURED GTY)			540,000		540,292
	5.25% 7/1/15			1,750,000		1,699,372
						3,815,335
Transportation Revenue Bonds – 3.48%
	Bay Area Toll Authority Bridge Revenue
	Series F 5.00% 4/1/22			1,000,000		1,050,040
	Port of Oakland Revenue
	Series L 5.375% 11/1/27 (FGIC) (AMT)			1,000,000		843,910
	San Diego Redevelopment Agency (Centre City
	Redevelopment Project) Series A 6.40% 9/1/25			1,000,000		850,300
						2,744,250
Water & Sewer Revenue Bonds – 7.95%
	California Department of Water Resources Systems
	Revenue (Central Valley Project)
	Series A 5.00% 12/1/22			1,000,000		1,073,020
	Series A 5.00% 12/1/24			1,000,000		1,051,540
	Un-Refunded Balance Series X 5.00% 12/1/29 (FGIC)			995,000		996,612
	Glendale Water Revenue 4.00% 2/1/18 (FSA)			1,120,000		1,185,598
	Los Angeles Department of Water & Power Systems
	Revenue Series A 5.00% 7/1/39			1,000,000		974,040
	Metropolitan Water District Southern California Waterworks
	Authority Revenue Series B-1 5.00% 10/1/36 (FGIC)			1,000,000		996,980
						6,277,790
Total Municipal Bonds (cost $82,014,562)						75,984,422

20

		Number of shares			Value
Short-Term Investments – 2.72%
Money Market Instrument – 1.45%
	Federated California Municipal Cash Trust		1,144,744	$	1,144,744
					1,144,744
		Principal amount
·Variable Rate Demand Note – 1.27%
	California State Department of Water Resources & Power
	Supply Revenue Subseries F-4 0.35% 5/1/22	$	1,000,000		1,000,000
					1,000,000
Total Short-Term Investments (cost $2,144,744)					2,144,744
Total Value of Securities – 99.00%
	(cost $84,159,306)				78,129,166
Receivables and Other Assets
	Net of Liabilities – 1.00%				792,564
Net Assets Applicable to 7,814,295
	Shares Outstanding – 100.00%			$	78,921,730
Net Asset Value – Delaware Tax-Free California Fund
	Class A ($60,647,310 / 6,008,153 Shares)					$10.09
Net Asset Value – Delaware Tax-Free California Fund
	Class B ($5,332,613 / 526,137 Shares)					$10.14
Net Asset Value – Delaware Tax-Free California Fund
	Class C ($12,941,807 / 1,280,005 Shares)					$10.11
Components of Net Assets at February 28, 2009:
Shares of beneficial interest (unlimited authorization – no par)				$	86,657,165
Undistributed net investment income					2,943
Accumulated net realized loss on investments					(1,708,238		)
Net unrealized depreciation of investments					(6,030,140		)
Total net assets				$	78,921,730

21

Statements of net assets
Delaware Tax-Free California Fund

·	Variable rate security. The rate shown is the rate as of February 28, 2009.
^	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.”
@	Illiquid security. At February 28, 2009, the aggregate amount of illiquid securities was $1,198,240, which represented 1.52% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

Summary of abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by the Assured Guaranty Corporation
BHAC — Insured by the Berkshire Hathaway Assurance Company
FGIC — Insured by the Financial Guaranty Insurance Company
FNMA — Federal National Mortgage Association collateral
FSA — Insured by Financial Security Assurance
GNMA — Government National Mortgage Association collateral
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)	$	10.09
Sales charge (4.50% of offering price) (B)		0.48
Offering price	$	10.57

(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

22

Delaware Tax-Free Colorado Fund February 28, 2009 (Unaudited)

		Principal amount				Value
Municipal Bonds – 98.47%
Education Revenue Bonds – 10.48%
	Boulder County Development Revenue
	(University Corporation for Atmospheric Research)
	5.00% 9/1/33 (MBIA)		$	1,000,000	$	952,510
	5.00% 9/1/35 (AMBAC)			1,000,000		950,710
	Colorado Educational & Cultural Facilities Authority Revenue
	(Charter School Project) 5.50% 5/1/36 (XLCA)			2,280,000		1,932,004
	(Johnson & Wales University Project)
	Series A 5.00% 4/1/28 (XLCA)			1,000,000		833,370
	(Liberty Common Charter School Project)
	5.125% 12/1/33 (XLCA)			2,740,000		2,227,236
	(Montessori Districts Charter School Projects)
	6.125% 7/15/32			5,590,000		4,198,481
	(Pinnacle Charter School Project)
	5.00% 6/1/33 (XLCA)			2,170,000		1,734,850
	(University of Northern Colorado Student Housing
	Project) 5.125% 7/1/37 (MBIA)			5,505,000		4,433,837
	(Woodrow Wilson Charter School Project)
	5.25% 12/1/34 (XLCA)			1,960,000		1,613,276
	Colorado School Mines Auxillary Facilities
	Revenue 5.00% 12/1/37 (AMBAC)			425,000		403,253
	University of Colorado Enterprise System
	Revenue Series A
	5.00% 6/1/30 (AMBAC)			2,000,000		2,005,880
	5.375% 6/1/26			1,000,000		1,008,050
	University of Puerto Rico Revenue
	Series Q 5.00% 6/1/36			2,750,000		1,987,068
						24,280,525
Electric Revenue Bonds – 5.35%
	Colorado Springs Utilities Revenue
	Series A 5.00% 11/15/29			5,000,000		5,012,200
	Platte River Power Authority Colorado Revenue Series HH
	5.00% 6/1/27			2,795,000		2,857,859
	5.00% 6/1/29			2,355,000		2,383,119
	Puerto Rico Electric Power Authority Revenue
	Series WW 5.00% 7/1/28			2,400,000		2,134,824
						12,388,002

23

Statements of net assets
Delaware Tax-Free Colorado Fund

		Principal amount				Value
Municipal Bonds (continued)
Escrowed to Maturity Bonds – 2.37%
	Colorado Health Facilities Authority Revenue
	(Catholic Health Initiatives) Series A 5.50% 3/1/32		$	5,000,000	$	5,259,450
	Galleria Metropolitan District 7.25% 12/1/09			230,000		241,459
						5,500,909
Health Care Revenue Bonds – 13.30%
	Aurora Hospital Revenue (Children’s Hospital)
	Series D 5.00% 12/1/23 (FSA)			2,775,000		2,727,048
	Colorado Health Facilities Authority Revenue
	(Adventist Health/Sunbelt) Series E 5.125% 11/15/24			1,375,000		1,260,091
	(Catholic Health Initiatives)
	Series A 4.75% 9/1/40			1,000,000		848,200
	Series D 6.25% 10/1/33			2,000,000		2,068,360
	(Christian Living Community Project)
	Series A 5.75% 1/1/37			1,500,000		965,025
	(Covenant Retirement Communities)
	Series A 5.50% 12/1/33 (RADIAN)			5,000,000		3,411,550
	(Evangelical Lutheran)
	5.00% 6/1/35			2,000,000		1,441,080
	Series A 5.25% 6/1/34			2,750,000		2,071,850
	(Parkview Medical Center) 5.00% 9/1/25			1,000,000		871,920
	(Porter Place) Series A 6.00% 1/20/36 (GNMA)			5,000,000		5,024,649
	(Vail Valley Medical Center Project) 5.80% 1/15/27			3,475,000		3,067,522
	(Valley View Hospital Association) 5.50% 5/15/28			1,000,000		825,770
	Delta County Memorial Hospital District Enterprise
	Revenue 5.35% 9/1/17			4,000,000		3,713,960
	Denver Health & Hospital Authority Health Care
	Revenue Series A 4.75% 12/1/36			1,500,000		940,470
	Mesa County Residential Care Facilities Mortgage Revenue
	(Hilltop Community Resources)
	Series A 5.375% 12/1/28 (RADIAN)			475,000		356,535
	University of Colorado Hospital Authority Revenue
	Series A 5.00% 11/15/37			1,690,000		1,218,237
						30,812,267
Housing Revenue Bonds – 1.56%
	Colorado Housing & Finance Authority
	(Multifamily Housing Insured Mortgage)
	Series C3 6.15% 10/1/41			1,590,000		1,595,883
	Puerto Rico Housing Finance Authority Subordinate
	Capital Foundation Modernization 5.125% 12/1/27			2,040,000		2,024,047
						3,619,930

24

		Principal amount				Value
Municipal Bonds (continued)
Lease Revenue Bonds – 2.73%
	Colorado Educational & Cultural National
	Conference of State Legislatures Office Building
	Facilities Authority Revenue 5.25% 6/1/21		$	2,000,000	$	2,012,320
@	Conejos & Alamosa Counties School #11J
	Certificates of Participation 6.50% 4/1/11			675,000		675,189
	El Paso County Certificates of Participation (Detention
	Facilities Project) Series B 5.00% 12/1/27 (AMBAC)			1,500,000		1,489,065
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series I 5.25% 7/1/33			1,475,000		1,227,495
	Series M-2 5.50% 7/1/35 (AMBAC)			1,000,000		920,240
						6,324,309
Local General Obligation Bonds – 14.50%
	Adams & Arapahoe Counties Joint School District
	#28J (Aurora) 6.00% 12/1/28			2,500,000		2,733,450
	Arapahoe County Water & Wastewater Public
	Improvement District Refunding
	Series A 5.125% 12/1/32 (MBIA)			2,555,000		2,402,773
	Boulder Larimer & Weld Counties (St. Vrain Valley
	School District #1J) 5.00% 12/15/33			2,500,000		2,489,250
	Denver City & County Justice System
	5.50% 8/1/16			5,000,000		5,915,399
	(Facilities & Zoo) 5.00% 8/1/19			1,020,000		1,136,668
	Denver West Metropolitan District
	5.00% 12/1/33 (RADIAN)			1,400,000		998,830
	Douglas County School District #1
	(Douglas & Elbert Counties) Series B
	5.00% 12/15/24			2,355,000		2,438,014
	5.125% 12/15/25 (FSA)			2,000,000		2,028,420
	El Paso County School District #2 (Harrison)
	5.00% 12/1/27 (MBIA)			2,115,000		2,117,707
	Garfield County School District #2
	5.00% 12/1/25 (FSA)			3,280,000		3,397,163
	Grand County School District #2 (East Grand)
	5.25% 12/1/25 (FSA)			2,485,000		2,580,424
	Gunnison Watershed Colorado School District #1J
	Series 2009 5.25% 12/1/33			1,400,000		1,428,826
	La Plata County School District #9-R (Durango)
	5.125% 11/1/24 (MBIA)			1,000,000		1,027,310

25

Statements of net assets
Delaware Tax-Free Colorado Fund

		Principal amount				Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
@	North Range Metropolitan
	District #1 4.50% 12/15/31 (ACA)		$	1,500,000	$	680,865
	District #2 5.50% 12/15/37			1,200,000		612,960
	Sand Creek Metropolitan District Refunding &
	Improvement 5.00% 12/1/31 (XLCA)			500,000		398,435
	Weld County School District #4 5.00% 12/1/19 (FSA)			1,085,000		1,216,220
						33,602,714
§Pre-Refunded Bonds – 34.21%
	Aurora Certificates of Participation
	5.50% 12/1/30-10 (AMBAC)			8,000,000		8,606,400
	Boulder County Hospital Revenue (Development Longmont
	United Hospital Project)
	6.00% 12/1/30-10 (RADIAN)			5,000,000		5,418,800
	Colorado Educational & Cultural Facilities Authority Revenue
	(Littleton Academy Charter School Project)
	6.125% 1/15/31-12			2,000,000		2,251,740
	(Renaissance Charter School Project) 6.75% 6/1/29-09			2,000,000		2,028,200
	(Stargate Charter School Project) 6.125% 5/1/33-13			2,000,000		2,324,820
	(University of Denver Project)
	5.375% 3/1/23-11 (AMBAC)			2,000,000		2,162,601
	Series A 5.00% 3/1/27-12 (MBIA)			5,000,000		5,502,150
	Colorado Health Facilities Authority Revenue (Adventist
	Health/Sunbelt) 5.125% 11/15/24-16			75,000		88,207
	Colorado School Mines Auxillary Facilities
	5.00% 12/1/37-12 (AMBAC)			2,705,000		3,035,984
	Colorado Springs Revenue (Colorado College Project)
	5.375% 6/1/32-09			2,570,000		2,628,416
	E-470 Public Highway Authority
	Series A 5.75% 9/1/35-10 (MBIA)			3,100,000		3,367,251
	El Paso County Certificates of Participation (Judicial
	Building Project) Series A 5.00% 12/1/27-12 (AMBAC)			2,000,000		2,224,580
	El Paso County School District #49 (Falcon)
	5.50% 12/1/21-11 (FGIC)			2,000,000		2,217,720
	Fremont County School District #1 (Canon City)
	5.00% 12/1/24-13 (MBIA)			1,735,000		1,984,805
	Garfield Pitkin & Eagle County School District #1
	(Roaring Fork County) Series A 5.00% 12/15/27-14 (FSA)			1,500,000		1,730,220
	Lincoln Park Metropolitan District 7.75% 12/1/26-11			2,500,000		2,908,050

26

		Principal amount				Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
	North Range Metropolitan District #1
	7.25% 12/15/31-11		$	3,390,000	$	3,878,262
	Northwest Parkway Public Highway Authority
	Series A 5.25% 6/15/41-11 (FSA)			11,100,000		12,194,126
	Pueblo County Certificates of Participation
	6.50% 12/1/24-10			5,460,000		5,964,777
	Puerto Rico Commonwealth
	Series A 5.25% 7/1/30-16			1,235,000		1,468,390
	Series B 5.00% 7/1/35-16			310,000		363,398
	Puerto Rico Commonwealth Highway & Transportation
	Authority Revenue Series K 5.00% 7/1/40-15			2,500,000		2,903,500
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series I 5.25% 7/1/33-14			25,000		28,172
	University of Colorado Hospital Authority Revenue
	Series A 5.60% 11/15/31-11			3,650,000		3,986,603
						79,267,172
Special Tax Revenue Bonds – 6.02%
	Aspen Sales Tax Revenue (Parks & Open Spaces)
	Series B 5.25% 11/1/23 (FSA)			2,040,000		2,141,062
@	Baptist Road Rural Transportation Authority Sales &
	Use Tax Revenue 5.00% 12/1/26			2,000,000		1,128,000
	Loveland Special Improvements District #1 7.50% 7/1/29			4,980,000		5,474,762
	Park Meadows Business Improvement District
	Shared Sales Tax Revenue
	5.30% 12/1/27			950,000		597,313
	5.35% 12/1/31			720,000		428,033
	Puerto Rico Commonwealth Government Development
	Bank Senior Notes Series B 5.00% 12/1/15			1,000,000		953,430
	Puerto Rico Commonwealth Infrastructure Financing
	Authority Special Tax Revenue Series B 5.00% 7/1/46			1,200,000		916,164
	Regional Transportation District Sales Tax Revenue
	Series A 5.25% 11/1/18			2,000,000		2,301,080
						13,939,844
State General Obligation Bonds – 3.70%
	Rico Commonwealth
	Series A 5.25% 7/1/30			765,000		650,686
	Series B 5.00% 7/1/35			190,000		151,056

27

Statements of net assets
Delaware Tax-Free Colorado Fund

		Principal amount				Value
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Puerto Rico Commonwealth Government Development
	Bank Senior Notes Series B 5.00% 12/1/14		$	1,000,000	$	963,520
	Puerto Rico Commonwealth Public Improvement Series A
	5.25% 7/1/15			1,650,000		1,602,266
	5.25% 7/1/21			4,000,000		3,636,599
	Virgin Islands Public Finance Authority
	(Gross Receipts Taxes) 5.00% 10/1/31 (ACA)			2,000,000		1,567,120
						8,571,247
Transportation Revenue Bonds – 2.51%
	Denver City & County Airport Revenue
	Series A 5.00% 11/15/25 (MBIA)			2,000,000		2,017,700
	Series B 5.00% 11/15/33 (XLCA)			4,000,000		3,798,440
						5,816,140
Water & Sewer Revenue Bonds – 1.74%
	Pueblo Board Waterworks Revenue
	5.00% 11/1/21 (FSA)			1,000,000		1,044,330
	Ute Water Conservancy District Revenue
	5.75% 6/15/20 (MBIA)			2,900,000		2,983,143
						4,027,473
Total Municipal Bonds (cost $234,554,990)						228,150,532
		Number of shares
Short Term-Investment – 0.14%
Money Market Instrument – 0.14%
	Dreyfus Cash Management Fund			340,264		340,264
Total Short-Term Investment (cost $340,264)						340,264
Total Value of Securities – 98.61%
	(cost $234,895,254)					228,490,796
Receivables and Other Assets
	Net of Liabilities – 1.39%					3,212,969
Net Assets Applicable to 22,893,552
	Shares Outstanding – 100.00%				$	231,703,765

28

Net Asset Value – Delaware Tax-Free Colorado Fund
Class A ($218,943,351 / 21,635,089 Shares)		$10.12
Net Asset Value – Delaware Tax-Free Colorado Fund
Class B ($3,173,111 / 313,330 Shares)		$10.13
Net Asset Value – Delaware Tax-Free Colorado Fund
Class C ($9,587,303 / 945,133 Shares)		$10.14
Components of Net Assets at February 28, 2009:
Shares of beneficial interest (unlimited authorization – no par)	$246,899,640
Undistributed net investment income	2,866
Accumulated net realized loss on investments	(8,794,283		)
Net unrealized depreciation of investments	(6,404,458		)
Total net assets	$231,703,765

@	Illiquid security. At February 28, 2009, the aggregate amount of illiquid securities was $3,097,014, which represented 1.34% 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
FSA — Insured by Financial Security Assurance
GNMA — Government National Mortgage Association collateral
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance
XLCA — Insured by XL Capital Assurance

29

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)	$	10.12
Sales charge (4.50% of offering price) (B)		0.48
Offering price	$	10.60

(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

30

Delaware Tax-Free Idaho Fund February 28, 2009 (Unaudited)

	Principal amount				Value
Municipal Bonds – 97.89%
Corporate Revenue Bonds – 5.45%
Meridian Economic Industrial Development Revenue
(Hi-Micro Project) 5.85% 8/15/11 (AMT)		$	965,000	$	966,969
Nez Perce County Pollution Control Revenue
(Potlatch Project) 6.00% 10/1/24			2,535,000		1,745,905
Power County Pollution Control Revenue
(FMC Project) 5.625% 10/1/14			2,475,000		2,236,014
					4,948,888
Education Revenue Bonds – 11.20%
Boise State University Revenue
5.00% 4/1/17 (AMBAC)			500,000		539,850
5.375% 4/1/22 (FGIC)			15,000		15,515
Series A 4.25% 4/1/32 (MBIA)			1,500,000		1,266,810
Series A 5.00% 4/1/18 (FGIC)			1,500,000		1,596,179
Series A 5.00% 4/1/39			1,000,000		973,160
Idaho State University Revenue Refunding & Improvement
5.00% 4/1/20 (FSA)			1,130,000		1,179,189
5.00% 4/1/23 (FSA)			2,115,000		2,148,522
University of Idaho (General Refunding)
Series A 5.00% 4/1/21 (AMBAC)			1,150,000		1,195,207
Series B 4.50% 4/1/41 (FSA)			1,000,000		1,085,000
University of Puerto Rico Revenue
Series Q 5.00% 6/1/36			250,000		180,643
					10,180,075
Electric Revenue Bonds – 1.10%
Boise-Kuna Irrigation District Revenue
(Arrowrock Hydroelectric Project) 6.30% 6/1/31			1,000,000		1,001,270
					1,001,270
Escrowed to Maturity Bonds – 2.05%
Puerto Rico Commonwealth Infrastructure Financing
Authority Revenue Series A 5.375% 10/1/24			1,750,000		1,860,302
					1,860,302
Health Care Revenue Bonds – 6.00%
Idaho Health Facilities Authority Hospital Revenue
(Idaho Elks Rehabilitation Hospital Project)
5.30% 7/15/18			625,000		605,438
5.45% 7/15/23			2,000,000		1,792,580

31

Statements of net assets
Delaware Tax-Free Idaho Fund

	Principal amount			Value
Municipal Bonds (continued)
Health Care Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue
(Portneuf Medical Center Project)
Series A 5.00% 9/1/35 (RADIAN)		$	1,000,000	$	1,000,740
(St. Luke’s Medical Center Project) 6.75% 11/1/37			1,000,000		1,023,760
(Trinity Health Credit Group) Series B 6.125% 12/1/28			1,000,000		1,033,270
					5,455,788
Housing Revenue Bonds – 6.86%
Idaho Housing Agency Single Family Mortgage Revenue
Series A 6.05% 7/1/13 (AMBAC) (FHA) (VA) (AMT)			25,000		25,032
Series A 6.10% 7/1/16 (FHA) (VA) (AMT)			30,000		30,046
Series A-1 6.85% 7/1/12 (AMT)			5,000		5,013
Series B 6.45% 7/1/15 (AMT)			15,000		15,019
Series C-2 6.35% 7/1/15 (AMT)			15,000		15,017
Series E 6.35% 7/1/15 (FHA) (AMT)			25,000		25,029
Series G-2 6.15% 7/1/15 (FHA) (VA) (AMT)			115,000		115,124
Idaho Housing & Finance Association
Single Family Mortgage Revenue
Series B Class I 5.00% 7/1/37 (AMT)			840,000		761,023
Series C Class III 5.35% 1/1/25 (AMT)			270,000		261,023
Series D Class III 5.45% 7/1/23 (AMT)			900,000		903,033
Series E Class III 4.875% 1/1/26 (AMT)			1,345,000		1,236,700
Series E Class III 5.00% 1/1/28 (AMT)			925,000		877,955
Series I Class I 5.45% 1/1/39 (AMT)			1,000,000		967,040
Puerto Rico Housing Finance Authority Subordinate-
Capital Foundation Modernization 5.125% 12/1/27			1,000,000		992,180
					6,229,234
Lease Revenue Bonds – 5.49%
Blaine School District #61 Certificate of Participation
5.00% 7/30/10 (AMBAC)			750,000		775,515
Boise City Certificate of Participation
5.375% 9/1/20 (FGIC) (AMT)			2,100,000		2,015,055
Boise City Revenue Series A 5.375% 12/1/31 (MBIA)			500,000		500,910
Idaho State Building Authority Revenue
Series A 5.00% 9/1/43 (XLCA)			1,000,000		933,560
Series B 5.00% 9/1/21 (MBIA)			750,000		762,900
					4,987,940

32

	Principal amount				Value
Municipal Bonds (continued)
Local General Obligation Bonds – 25.82%
Ada & Canyon Counties Joint School District #2
Meridian (School Board Guaranteed Program)
4.75% 2/15/20		$	1,000,000	$	1,069,500
5.00% 7/30/20			600,000		634,860
5.125% 7/30/19			1,005,000		1,072,305
5.50% 7/30/16			1,305,000		1,537,225
Bannock County School District #025
(Pocatello Idaho School Board Guaranteed Program)
5.00% 8/15/15			1,040,000		1,177,467
5.00% 8/15/16			1,100,000		1,233,122
Boise City Independent School District
5.00% 8/1/24 (FSA)			1,500,000		1,581,990
Canyon County Idaho School District # 132 (Caldwell)
5.00% 7/30/15 (FGIC) (MBIA)			2,000,000		2,194,380
Series A 5.00% 9/15/22 (FSA)			1,725,000		1,876,041
Series A 5.00% 9/15/23 (FSA)			1,810,000		1,940,447
Idaho Board Bank Authority Revenue
Series B 5.00% 9/15/28			1,000,000		1,010,210
Lemhi County 5.20% 8/1/27 (FSA)			2,145,000		2,170,719
Nampa Idaho 5.00% 8/1/21 (FGIC)			2,475,000		2,560,783
Power & Cassia Counties Joint School District #381
(American Falls) 5.00% 8/1/17			1,155,000		1,231,288
Twin Falls County Idaho School District #413 (Filer)
5.25% 9/15/25			2,000,000		2,167,040
					23,457,377
§Pre-Refunded Bonds – 15.75%
Ada & Canyon Counties Joint School District # 2
Meridan (School Board Guaranteed Program)
5.00% 7/30/20-12			1,555,000		1,728,585
Boise State University Revenue Refunding & Improvement
5.125% 4/1/31-12 (FGIC)			1,000,000		1,106,790
5.375% 4/1/22-12 (FGIC)			985,000		1,097,595
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue
Series D 5.25% 7/1/38-12			1,000,000		1,108,200
Series G 5.00% 7/1/33-13			1,310,000		1,485,868
Series Y 5.00% 7/1/36-16			1,250,000		1,465,313
Puerto Rico Commonwealth Public Improvement Revenue
Series A 5.125% 7/1/31-11			1,010,000		1,100,991

33

Statements of net assets
Delaware Tax-Free Idaho Fund

	Principal amount				Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series II 5.25% 7/1/31-12		$	1,000,000	$	1,131,190
Series NN 5.125% 7/1/29-13			500,000		570,069
Puerto Rico Public Buildings Authority Revenue
(Guaranteed Government Facilities)
Series I 5.50% 7/1/23-14			1,000,000		1,139,240
University of Idaho Revenue (Student Fee Housing
Improvements Project) 5.25% 4/1/31-11 (FGIC)			2,195,000		2,374,265
					14,308,106
Special Tax Revenue Bonds – 7.29%
Boise Urban Renewal Agency Parking
Revenue (Tax Increment)
Series A 6.125% 9/1/15			1,315,000		1,316,459
Series B 6.125% 9/1/15			1,075,000		1,076,193
Bonner County Local Improvement District #93-1
6.50% 4/30/10			60,000		60,127
Coeur D’Alene Local Improvement District #6
Series 1995 6.00% 7/1/09			85,000		85,921
Series 1996 6.05% 7/1/10			90,000		90,951
Series 1997 6.10% 7/1/12			40,000		40,334
Series 1998 6.10% 7/1/14			45,000		45,291
Idaho Board Bank Authority Revenue Series B
4.125% 9/15/36 (MBIA)			755,000		612,139
5.00% 9/15/30 (MBIA)			725,000		727,240
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue Series W 5.50% 7/1/15			175,000		172,232
Puerto Rico Sales Tax Financing Revenue
Series A 5.25% 8/1/57			1,000,000		835,110
Virgin Islands Public Finance Authority Revenue
(Senior Lien-Matching Fund Loan Note) Series A
5.25% 10/1/20			500,000		446,800
5.25% 10/1/21			500,000		436,820
5.25% 10/1/24			800,000		674,048
					6,619,665
State General Obligation Bonds – 2.65%
Puerto Rico Commonwealth Public Improvement Series A
5.125% 7/1/31			1,815,000		1,507,956
5.25% 7/1/22			1,000,000		901,070
					2,409,026

34

	Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds – 4.66%
Idaho Housing & Finance Association Grant Revenue
(Anticipated Federal Highway Trust)
5.00% 7/15/24 (MBIA)		$	2,000,000	$	2,083,680
5.25% 7/15/25 (ASSURED GTY)			1,500,000		1,592,925
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue Series G 5.00% 7/1/33			690,000		553,559
					4,230,164
Water & Sewer Revenue Bonds – 3.57%
Idaho Bond Bank Authority Revenue Series C
5.375% 9/1/16			1,000,000		1,022,830
Moscow Sewer Revenue 5.00% 11/1/22 (FSA)			2,175,000		2,218,739
					3,241,569
Total Municipal Bonds (cost $89,222,751)					88,929,404
	Number of shares
Short-Term Investment – 1.99%
Money Market Instrument – 1.99%
Dreyfus Cash Management Fund			1,808,356		1,808,356
Total Short-Term Investment (cost $1,808,356)					1,808,356
Total Value of Securities – 99.88%
(cost $91,031,107)					90,737,760
Receivables and Other Assets
Net of Liabilities – 0.12%					106,786
Net Assets Applicable to 8,193,690
Shares Outstanding – 100.00%				$	90,844,546
Net Asset Value – Delaware Tax-Free Idaho Fund
Class A ($74,448,311 / 6,713,603 Shares)						$11.09
Net Asset Value – Delaware Tax-Free Idaho Fund
Class B ($4,455,559 / 402,536 Shares)						$11.07
Net Asset Value – Delaware Tax-Free Idaho Fund
Class C ($11,940,676 / 1,077,551 Shares)						$11.08

35

Statements of net assets
Delaware Tax-Free Idaho Fund

Components of Net Assets at February 28, 2009:
Shares of beneficial interest (unlimited authorization – no par)	$	91,441,146
Distributions in excess of net investment income		(11,699	)
Accumulated net realized loss on investments		(291,554	)
Net unrealized depreciation of investments		(293,347	)
Total net assets	$	90,844,546

§ 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 the Alternative Minimum Tax
ASSURED GTY — Insured by the Assured Guaranty Corporation
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

Net Asset Value and Offering Price Per Share –
Delaware Tax-Free Idaho Fund
Net asset value Class A (A)	$	11.09
Sales charge (4.50% of offering price) (B)		0.52
Offering price	$	11.61

(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

36

Delaware Tax-Free New York Fund February 28, 2009 (Unaudited)

	Principal amount			Value
Municipal Bonds – 96.99%
Corporate Revenue Bonds – 4.48%
New York City Industrial Development Agency Revenue
(Brooklyn Navy Yard Cogen Partners)
5.75% 10/1/36 (AMT)		$	450,000	$	298,026
New York Energy Research & Development Authority
Pollution Control Revenue (Central Hudson Gas)
Series A 5.45% 8/1/27 (AMBAC)			500,000		502,430
Suffolk County Industrial Development Agency Revenue
(Keyspan-Port Jefferson Energy Center)
5.25% 6/1/27 (AMT)			250,000		204,485
					1,004,941
Education Revenue Bonds – 15.75%
Albany Industrial Development Agency Civic Facilities Revenue
(Brighter Choice Charter School) Series A 5.00% 4/1/37			250,000		152,063
Amherst Industrial Development Agency Civic Facilities
Revenue (UBF Faculty Student Housing) Series A
5.75% 8/1/30 (AMBAC)			200,000		200,852
Dutchess County Industrial Development Agency
(Marist College) 5.00% 7/1/20			500,000		506,290
Madison County Industrial Development Agency Civic
Facility Revenue (Colgate University Project) Series A
5.00% 7/1/39 (MBIA)			400,000		383,708
New York State Dormitory Authority Revenue
(Columbia University) Series A 5.00% 7/1/23			500,000		519,834
(Pratt Institute) 6.00% 7/1/20 (RADIAN)			500,000		485,755
Un-Refunded Series B 7.50% 5/15/11			125,000		138,618
·Series B 5.25% 11/15/23			250,000		264,813
New York State Dormitory Authority Revenue
Non-State Supported Debt
(New York University) Series A 5.25% 7/1/48			400,000		390,800
(Teachers College) 5.50% 3/1/39			250,000		252,585
D(University of Rochester) Series A-2 4.375% 7/1/20			250,000		235,540
					3,530,858
Electric Revenue Bonds – 3.52%
Long Island Power Authority Electric System Revenue
Series A 5.75% 4/1/39			350,000		361,424
Series B 5.75% 4/1/33			250,000		258,495
Puerto Rico Electric Power Authority Revenue Series WW
5.00% 7/1/28			190,000		169,007
					788,926

37

Statements of net assets
Delaware Tax-Free New York Fund

	Principal amount			Value
Municipal Bonds (continued)
Health Care Revenue Bonds – 7.06%
East Rochester Housing Authority Revenue
(Senior Living-Woodland Village Project) 5.50% 8/1/33		$	200,000	$	123,532
New York Dormitory Authority Revenue
(Chapel Oaks) 5.45% 7/1/26 (LOC, Allied Irish Bank)			450,000		451,016
(Millard Fillmore Hospital) 5.375% 2/1/32 (AMBAC) (FHA)			225,000		222,217
(Winthrop South Nassau Hospital) Series B 5.50% 7/1/23			500,000		440,365
New York Dormitory Authority Revenue
Non-State Supported Debt
(Orange Regional Medical Center) 6.125% 12/1/29			175,000		131,142
(Memorial Sloan-Kettering) Series 1 5.00% 7/1/35			225,000		215,766
					1,584,038
Housing Revenue Bonds – 0.95%
New York City Multifamily Housing Development Revenue
Series G-1 4.875% 11/1/39 (AMT)			250,000		213,845
					213,845
Lease Revenue Bonds – 4.64%
Battery Park City Authority Revenue
Series A 5.00% 11/1/26			250,000		254,255
Nassau County Tobacco Settlement (Asset-Backed)
Series A-3 5.125% 6/1/46			125,000		77,123
Tobacco Settlement Financing Authority Revenue
(Asset-Backed) Series B-1C
5.50% 6/1/20			200,000		203,648
5.50% 6/1/21			500,000		506,100
					1,041,126
Local General Obligation Bonds – 2.83%
New York City
Series D 5.00% 11/1/34			125,000		117,149
Subordinated Series C-1 5.00% 10/1/19			500,000		518,175
					635,324
§Pre-Refunded Bonds – 19.84%
Albany Parking Authority Revenue Series A
5.625% 7/15/25-11			280,000		311,847
Metropolitan Transportation Authority Revenue
(Dedicated Tax) Series A 6.125% 4/1/17-10 (FGIC)			1,000,000		1,059,889
New York City Series J 5.25% 6/1/28-13			310,000		355,840

38

	Principal amount			Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
New York Dormitory Authority Revenue
(North Shore Long Island Jewish Group Project)
5.50% 5/1/33-13		$	500,000	$	578,095
Series B 7.50% 5/15/11-09			130,000		136,500
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue Series Y 5.50% 7/1/36-16			475,000		572,708
Puerto Rico Commonwealth Series B 5.25% 7/1/32-16			155,000		184,292
Puerto Rico Electric Power Authority Revenue
Series II 5.25% 7/1/31-12			500,000		565,595
Series NN 5.125% 7/1/29-13			600,000		684,086
					4,448,852
Special Tax Revenue Bonds – 19.72%
New York City Transitional Finance Authority Revenue
(Building Aid Revenue Fiscal 2009)
Series S-3 5.25% 1/15/39			250,000		242,293
(Subordinated Future Tax Secured)
Series B 5.00% 11/1/18			500,000		554,790
New York City Trust for Cultural Resources Revenue
(Museum of Modern Art) Series 1A 5.00% 4/1/31			250,000		247,355
New York Dormitory Authority State Personal
Income Tax Revenue
Series A 5.00% 3/15/38			500,000		487,275
Series C 5.00% 3/15/15			250,000		282,250
New York Dormitory Authority Supported Debt Revenue
(Consolidated Services Contract) 5.00% 7/1/17 (FSA)			500,000		557,484
New York Sales Tax Asset Receivables Series A
5.25% 10/15/27 (AMBAC)			500,000		517,945
New York State Urban Development Revenue
State Personal Income Tax
Series A-1 5.00% 12/15/22			250,000		264,420
Series B-1 5.00% 3/15/36			250,000		244,910
Puerto Rico Commonwealth Infrastructure Financing
Authority Revenue Series B 5.00% 7/1/15			250,000		239,490
Puerto Rico Sales Tax Financing Revenue
Series A 5.25% 8/1/57			325,000		271,411
Schenectady Metroplex Development Authority Revenue
Series A 5.375% 12/15/21			500,000		511,635
					4,421,258

39

Statements of net assets
Delaware Tax-Free New York Fund

	Principal amount			Value
Municipal Bonds (continued)
State General Obligation Bonds – 2.54%
New York State Series A 5.00% 3/1/38		$	500,000	$	489,500
Puerto Rico Commonwealth Series B 5.25% 7/1/32			95,000		79,531
					569,031
Transportation Revenue Bonds – 13.55%
Albany Parking Authority Revenue Series A
5.625% 7/15/25			220,000		218,704
Metropolitan Transportation Authority Revenue
·Series A 5.00% 11/15/27			200,000		209,558
Series C 6.50% 11/15/28			200,000		220,982
Series F 5.00% 11/15/15			150,000		160,785
New York City Industrial Development Agency Special
Airport Facilities (JFK Airs Project) Series A
5.50% 7/1/28 (AMT)			500,000		331,165
New York State Thruway Authority General Revenue Series H
5.00% 1/1/14 (MBIA)			500,000		548,305
5.00% 1/1/15 (MBIA)			250,000		276,330
Onondaga County Industrial Development Authority
Revenue (Subordinated Air Cargo Project)
7.25% 1/1/32 (AMT)			500,000		397,050
Port Authority New York & New Jersey (Consolidated-One
Hundred Fifty-Third) 5.00% 7/15/35			250,000		249,260
Triborough Bridge & Tunnel Authority Revenue
Series C 5.00% 11/15/24			200,000		207,676
·Subordinated Series B-1 5.00% 11/15/25			200,000		219,214
					3,039,029
Water & Sewer Revenue Bonds – 2.11%
New York City Municipal Finance Authority Water &
Sewer System Revenue
(Fiscal 2009) Series A 5.75% 6/15/40			200,000		213,562
(Second General Resolution) Series FF-2
5.50% 6/15/40			250,000		258,828
					472,390
Total Municipal Bonds (cost $21,808,672)					21,749,618

40

	Principal amount			Value
Short-Term Investment – 2.23%
·Variable Rate Demand Note – 2.23%
New York City Industrial Development Agency Civic
Facility Revenue (New York Law School Project)
Series A 0.53% 7/1/36		$	500,000	$	500,000
Total Short-Term Investment (cost $500,000)					500,000
Total Value of Securities – 99.22%
(cost $22,308,672)					22,249,618
Receivables and Other Assets
Net of Liabilities – 0.78%					174,536
Net Assets Applicable to 2,243,570
Shares Outstanding – 100.00%				$	22,424,154
Net Asset Value – Delaware Tax-Free New York Fund
Class A ($17,688,616 / 1,768,888 Shares)						$10.00
Net Asset Value – Delaware Tax-Free New York Fund
Class B ($1,169,818 / 117,253 Shares)						$  9.98
Net Asset Value – Delaware Tax-Free New York Fund
Class C ($3,565,720 / 357,429 Shares)						$  9.98
Components of Net Assets at February 28, 2009:
Shares of beneficial interest (unlimited authorization – no par)				$	22,704,433
Distributions in excess of net investment income					(647		)
Accumulated net realized loss on investments					(220,578		)
Net unrealized depreciation of investments					(59,054		)
Total net assets				$	22,424,154

·	Variable rate security. The rate shown is the rate as of February 28, 2009.
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.”

41

Statements of net assets
Delaware Tax-Free New York Fund

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
LOC — Letter of Credit
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 New York Fund
Net asset value Class A (A)	$	10.00
Sales charge (4.50% of offering price) (B)		0.47
Offering price	$	10.47

(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

42

Statements ofoperations
	Six Months Ended February 28, 2009 (Unaudited)

	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Arizona Fund				California Fund				Colorado Fund
Investment Income:
Interest		$	3,062,690			$	2,112,163			$	6,158,132
Expenses:
Management fees			313,134				222,286				630,632
Distribution expenses – Class A			138,136				77,223				271,526
Distribution expenses – Class B			39,750				28,426				17,166
Distribution expenses – Class C			36,173				67,824				45,832
Dividend disbursing and transfer agent
fees and expenses			26,673				20,294				58,700
Accounting and administration expenses			26,451				17,301				45,864
Legal fees			13,939				8,271				17,955
Registration fees			9,171				7,298				4,274
Audit and tax			9,071				7,855				11,909
Reports and statements to shareholders			8,044				4,874				14,801
Trustees’ fees			4,112				2,654				7,489
Pricing fees			4,046				3,874				4,513
Insurance fees			2,028				1,346				3,437
Custodian fees			1,468				1,123				3,208
Consulting fees			852				556				1,544
Trustees’ expenses			379				243				684
Dues and services			258				190				635
Taxes (other than taxes on income)			251				154				509
			633,936				471,792				1,140,678
Less fees waived			(104,657	)			(42,291	)			(37,885	)
Less expense paid indirectly			(58	)			—				—
Total operating expenses			529,221				429,501				1,102,793
Net Investment Income			2,533,469				1,682,662				5,055,339
Net Realized and Unrealized Loss
on Investments:
Net realized loss on investments			(882,642	)			(379,243	)			(286,240	)
Net change in unrealized appreciation/
depreciation of investments			(3,426,863	)			(5,607,822	)			(11,921,658	)
Net Realized and Unrealized Loss
on Investments			(4,309,505	)			(5,987,065	)			(12,207,898	)
Net Decrease in Net Assets
Resulting from Operations		$	(1,776,036	)		$	(4,304,403	)		$	(7,152,559	)

See accompanying notes

44

	Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund
Investment Income:
Interest		$	2,103,030			$	488,946
Expenses:
Management fees			235,924				54,289
Distribution expenses – Class A			87,851				19,709
Distribution expenses – Class B			22,691				6,487
Distribution expenses – Class C			55,007				13,098
Dividend disbursing and transfer agent
fees and expenses			18,899				7,328
Accounting and administration expenses			17,145				3,948
Legal fees			8,250				536
Audit and tax			7,705				2,026
Reports and statements to shareholders			5,167				5,982
Pricing fees			3,826				153
Trustees’ fees			2,782				629
Registration fees			2,532				4,797
Insurance fees			1,479				2,787
Custodian fees			806				293
Consulting fees			388				120
Trustees’ expenses			288				56
Dues and services			224				39
Taxes (other than taxes on income)			—				26
			470,964				122,303
Less fees waived			(39,726	)			(23,557	)
Less expense paid indirectly			(11	)			(82	)
Total operating expenses			431,227				98,664
Net Investment Income			1,671,803				390,282
Net Realized and Unrealized Gain (Loss)
on Investments:
Net realized gain on investments			17,280				4,181
Net change in unrealized appreciation/
depreciation of investments			(1,253,968	)			(508,422	)
Net Realized and Unrealized Loss
on Investments			(1,236,688	)			(504,241	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		$	435,115			$	(113,959	)

See accompanying notes

45

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

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,533,469		$	5,547,803
Net realized loss on investments		(882,642	)		(122,728	)
Net change in unrealized
appreciation/depreciation of investments		(3,426,863	)		(1,640,599	)
Net increase (decrease) in net assets resulting
from operations		(1,776,036	)		3,784,476
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,277,390	)		(4,918,990	)
Class B		(133,961	)		(359,177	)
Class C		(121,851	)		(269,611	)
		(2,533,202	)		(5,547,778	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,670,006			14,751,087
Class B		20,166			343
Class C		484,559			2,945,439
Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		1,139,733			2,407,736
Class B		69,256			184,069
Class C		77,969			174,113
		4,461,689			20,462,787

46

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(13,428,049	)	$	(19,237,873	)
Class B		(1,808,614	)		(2,845,303	)
Class C		(2,177,769	)		(1,815,293	)
		(17,414,432	)		(23,898,469	)
Decrease in net assets derived from
capital share transactions		(12,952,743	)		(3,435,682	)
Net Decrease in Net Assets		(17,261,981	)		(5,198,984	)
Net Assets:
Beginning of period		140,453,218			145,652,202
End of period1	$	123,191,237		$	140,453,218
1Including undistributed net investment income	$	267		$	—

See accompanying notes

47

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

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,682,662		$	3,715,410
Net realized loss on investments		(379,243	)		(461,721	)
Net change in unrealized
appreciation/depreciation of investments		(5,607,822	)		(1,438,134	)
Net increase (decrease) in net assets resulting
from operations		(4,304,403	)		1,815,555
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,336,698	)		(2,975,104	)
Class B		(101,690	)		(272,986	)
Class C		(242,631	)		(467,320	)
		(1,681,019	)		(3,715,410	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,982,601			13,897,604
Class B		90,441			141,422
Class C		1,360,743			4,752,482
Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		807,913			1,795,621
Class B		69,809			191,370
Class C		182,824			353,985
		8,494,331			21,132,484

48

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(8,792,733	)	$	(23,597,793	)
Class B		(969,303	)		(2,976,125	)
Class C		(2,579,137	)		(3,278,508	)
		(12,341,173	)		(29,852,426	)
Decrease in net assets derived from
capital share transactions		(3,846,842	)		(8,719,942	)
Net Decrease in Net Assets		(9,832,264	)		(10,619,797	)
Net Assets:
Beginning of period		88,753,994			99,373,791
End of period1	$	78,921,730		$	88,753,994
1Including undistributed net investment income	$	2,943		$	1,300

See accompanying notes

49

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

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,055,339		$	10,555,283
Net realized loss on investments		(286,240	)		(620,603	)
Net change in unrealized
appreciation/depreciation of investments		(11,921,658	)		(1,307,241	)
Net increase (decrease) in net assets resulting
from operations		(7,152,559	)		8,627,439
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(4,833,338	)		(10,088,211	)
Class B		(63,498	)		(155,100	)
Class C		(169,520	)		(340,507	)
		(5,066,356	)		(10,583,818	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,308,154			10,216,326
Class B		1,085			19
Class C		857,896			1,027,663
Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		3,098,322			6,399,592
Class B		28,004			72,523
Class C		116,569			231,599
		11,410,030			17,947,722

50

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(14,551,214	)	$	(26,823,353	)
Class B		(624,343	)		(1,411,740	)
Class C		(738,738	)		(1,502,110	)
		(15,914,295	)		(29,737,203	)
Decrease in net assets derived from
capital share transactions		(4,504,265	)		(11,789,481	)
Net Decrease in Net Assets		(16,723,180	)		(13,745,860	)
Net Assets:
Beginning of period		248,426,945			262,172,805
End of period1	$	231,703,765		$	248,426,945
1Including undistributed net investment income	$	2,866		$	—

See accompanying notes

51

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

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,671,803		$	3,256,157
Net realized gain on investments		17,280			75,661
Net change in unrealized
appreciation/depreciation of investments		(1,253,968	)		(89,235	)
Net increase in net assets resulting
from operations		435,115			3,242,583
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,416,131	)		(2,732,459	)
Class B		(74,447	)		(170,938	)
Class C		(180,386	)		(349,960	)
		(1,670,964	)		(3,253,357	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,782,307			8,896,373
Class B		11,946			12
Class C		1,352,696			1,462,472
Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		923,122			1,765,961
Class B		54,496			115,322
Class C		114,189			215,873
		9,238,756			12,456,013

52

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(4,535,232	)	$	(8,346,549	)
Class B		(635,614	)		(1,000,259	)
Class C		(837,421	)		(1,717,154	)
		(6,008,267	)		(11,063,962	)
Increase in net assets derived from
capital share transactions		3,230,489			1,392,051
Net Increase in Net Assets		1,994,640			1,381,277
Net Assets:
Beginning of period		88,849,906			87,468,629
End of period1	$	90,844,546		$	88,849,906
1Including distributions in excess of
net investment income	$	(11,699	)	$	(11,301	)

See accompanying notes

53

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

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	390,282		$	718,580
Net realized gain (loss) on investments		4,181			(59,331	)
Net change in unrealized
appreciation/depreciation of investments		(508,422	)		64,192
Net increase (decrease) in net assets resulting
from operations		(113,959	)		723,441
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(324,449	)		(591,360	)
Class B		(21,855	)		(58,984	)
Class C		(43,973	)		(68,233	)
		(390,277	)		(718,577	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,545,079			1,725,009
Class B		4,280			15,697
Class C		1,916,775			773,501
Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		184,890			340,675
Class B		13,379			34,201
Class C		21,021			26,265
		6,685,424			2,915,348

54

	Six Months			Year
	Ended			Ended
	2/28/09			8/31/08
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(1,956,393	)	$	(1,537,264	)
Class B		(345,614	)		(674,159	)
Class C		(392,534	)		(883,325	)
		(2,694,541	)		(3,094,748	)
Increase (decrease) in net assets derived from
capital share transactions		3,990,883			(179,400	)
Net Increase (Decrease) in Net Assets		3,486,647			(174,536	)
Net Assets:
Beginning of period		18,937,507			19,112,043
End of period1	$	22,424,154		$	18,937,507
1Including distributions in excess of
net investment income	$	(647	)	$	(652	)

See accompanying notes

55

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

56

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.930		$11.070		$11.350		$11.560		$11.410		$11.160
	0.214		0.444		0.465		0.467		0.468		0.469
	(0.300	)	(0.140	)	(0.280	)	(0.210	)	0.174		0.308
	(0.086	)	0.304		0.185		0.257		0.642		0.777
	(0.214	)	(0.444	)	(0.465	)	(0.467	)	(0.468	)	(0.469	)
	—		—		—		—		(0.024	)	(0.058	)
	(0.214	)	(0.444	)	(0.465	)	(0.467	)	(0.492	)	(0.527	)
	$10.630		$10.930		$11.070		$11.350		$11.560		$11.410
	(0.74%	)	2.78%		1.63%		2.31%		5.74%		7.09%
	$108,716		$122,027		$125,636		$131,468		$134,874		$122,436
	0.75%		0.75%		0.76%		0.76%		0.80%		0.90%
	0.92%		0.91%		0.91%		0.91%		0.91%		0.90%
	4.13%		4.02%		4.11%		4.12%		4.07%		4.14%
	3.96%		3.86%		3.96%		3.97%		3.96%		4.14%
	2%		29%		9%		8%		3%		19%

57

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.940		$11.070		$11.360		$11.570		$11.420		$11.170
	0.175		0.361		0.380		0.382		0.382		0.384
	(0.310	)	(0.130	)	(0.290	)	(0.210	)	0.174		0.308
	(0.135	)	0.231		0.090		0.172		0.556		0.692
	(0.175	)	(0.361	)	(0.380	)	(0.382	)	(0.382	)	(0.384	)
	—		—		—		—		(0.024	)	(0.058	)
	(0.175	)	(0.361	)	(0.380	)	(0.382	)	(0.406	)	(0.442	)
	$10.630		$10.940		$11.070		$11.360		$11.570		$11.420
	(1.20%	)	2.10%		0.78%		1.54%		4.95%		6.28%
	$7,597		$9,620		$12,407		$16,413		$19,005		$13,355
	1.50%		1.50%		1.51%		1.51%		1.55%		1.65%
	1.67%		1.66%		1.66%		1.66%		1.66%		1.65%
	3.38%		3.27%		3.36%		3.37%		3.32%		3.39%
	3.21%		3.11%		3.21%		3.22%		3.21%		3.39%
	2%		29%		9%		8%		3%		19%

59

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.960		$11.090		$11.380		$11.580		$11.430		$11.180
	0.175		0.361		0.380		0.381		0.382		0.384
	(0.310	)	(0.130	)	(0.290	)	(0.200	)	0.174		0.308
	(0.135	)	0.231		0.090		0.181		0.556		0.692
	(0.175	)	(0.361	)	(0.380	)	(0.381	)	(0.382	)	(0.384	)
	—		—		—		—		(0.024	)	(0.058	)
	(0.175	)	(0.361	)	(0.380	)	(0.381	)	(0.406	)	(0.442	)
	$10.650		$10.960		$11.090		$11.380		$11.580		$11.430
	(1.20%	)	2.09%		0.77%		1.63%		4.94%		6.27%
	$6,878		$8,806		$7,609		$8,117		$8,591		$6,651
	1.50%		1.50%		1.51%		1.51%		1.55%		1.65%
	1.67%		1.66%		1.66%		1.66%		1.66%		1.65%
	3.38%		3.27%		3.36%		3.37%		3.32%		3.39%
	3.21%		3.11%		3.21%		3.22%		3.21%		3.39%
	2%		29%		9%		8%		3%		19%

61

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

62

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.800		$11.010		$11.400		$11.490		$11.110		$10.750
	0.216		0.449		0.454		0.450		0.462		0.518
	(0.710	)	(0.210	)	(0.390	)	(0.090	)	0.380		0.360
	(0.494	)	0.239		0.064		0.360		0.842		0.878
	(0.216	)	(0.449	)	(0.454	)	(0.450	)	(0.462	)	(0.518	)
	(0.216	)	(0.449	)	(0.454	)	(0.450	)	(0.462	)	(0.518	)
	$10.090		$10.800		$11.010		$11.400		$11.490		$11.110
	(4.54%	)	2.21%		0.51%		3.24%		7.72%		8.34%
	$60,647		$67,174		$76,537		$75,995		$60,744		$24,797
	0.88%		0.88%		0.89%		0.88%		0.84%		0.50%
	0.98%		0.97%		0.97%		0.97%		1.06%		0.96%
	4.33%		4.11%		3.98%		3.97%		4.03%		4.72%
	4.23%		4.02%		3.90%		3.88%		3.81%		4.26%
	20%		34%		21%		14%		11%		48%

63

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.840		$11.060		$11.440		$11.530		$11.160		$10.790
	0.178		0.367		0.368		0.365		0.377		0.436
	(0.700	)	(0.220	)	(0.380	)	(0.090	)	0.370		0.370
	(0.522	)	0.147		(0.012	)	0.275		0.747		0.806
	(0.178	)	(0.367	)	(0.368	)	(0.365	)	(0.377	)	(0.436	)
	(0.178	)	(0.367	)	(0.368	)	(0.365	)	(0.377	)	(0.436	)
	$10.140		$10.840		$11.060		$11.440		$11.530		$11.160
	(4.78%	)	1.34%		(0.15%	)	2.46%		6.80%		7.60%
	$5,333		$6,589		$9,384		$14,918		$18,254		$14,530
	1.63%		1.63%		1.64%		1.63%		1.59%		1.25%
	1.73%		1.72%		1.72%		1.72%		1.81%		1.71%
	3.58%		3.36%		3.23%		3.22%		3.28%		3.97%
	3.48%		3.27%		3.15%		3.13%		3.06%		3.51%
	20%		34%		21%		14%		11%		48%

65

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.810		$11.030		$11.420		$11.500		$11.130		$10.760
	0.178		0.367		0.368		0.365		0.377		0.436
	(0.700	)	(0.220	)	(0.390	)	(0.080	)	0.370		0.370
	(0.522	)	0.147		(0.022	)	0.285		0.747		0.806
	(0.178	)	(0.367	)	(0.368	)	(0.365	)	(0.377	)	(0.436	)
	(0.178	)	(0.367	)	(0.368	)	(0.365	)	(0.377	)	(0.436	)
	$10.110		$10.810		$11.030		$11.420		$11.500		$11.130
	(4.80%	)	1.35%		(0.24%	)	2.56%		6.81%		7.62%
	$12,942		$14,991		$13,453		$12,768		$9,756		$5,595
	1.63%		1.63%		1.64%		1.63%		1.59%		1.25%
	1.73%		1.72%		1.72%		1.72%		1.81%		1.71%
	3.58%		3.36%		3.23%		3.22%		3.28%		3.97%
	3.48%		3.27%		3.15%		3.13%		3.06%		3.51%
	20%		34%		21%		14%		11%		48%

67

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

68

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.640		$10.730		$11.040		$11.200		$11.070		$10.830
	0.223		0.448		0.464		0.488		0.495		0.510
	(0.520	)	(0.089	)	(0.310	)	(0.160	)	0.130		0.240
	(0.297	)	0.359		0.154		0.328		0.625		0.750
	(0.223	)	(0.449	)	(0.464	)	(0.488	)	(0.495	)	(0.510	)
	(0.223	)	(0.449	)	(0.464	)	(0.488	)	(0.495	)	(0.510	)
	$10.120		$10.640		$10.730		$11.040		$11.200		$11.070
	(2.76%	)	3.38%		1.38%		3.03%		5.78%		7.04%
	$218,944		$234,630		$246,695		$258,773		$270,149		$276,534
	0.92%		0.93%		0.94%		0.93%		0.94%		0.95%
	0.95%		0.95%		0.96%		0.94%		0.94%		0.95%
	4.44%		4.16%		4.22%		4.43%		4.46%		4.63%
	4.41%		4.14%		4.20%		4.42%		4.46%		4.63%
	14%		15%		12%		8%		8%		13%

69

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets
      prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.640		$10.730		$11.050		$11.200		$11.080		$10.830
	0.185		0.367		0.382		0.405		0.412		0.427
	(0.510	)	(0.089	)	(0.320	)	(0.150	)	0.120		0.250
	(0.325	)	0.278		0.062		0.255		0.532		0.677
	(0.185	)	(0.368	)	(0.382	)	(0.405	)	(0.412	)	(0.427	)
	(0.185	)	(0.368	)	(0.382	)	(0.405	)	(0.412	)	(0.427	)
	$10.130		$10.640		$10.730		$11.050		$11.200		$11.080
	(3.03%	)	2.60%		0.53%		2.35%		4.89%		6.34%
	$3,173		$3,961		$5,326		$8,221		$10,370		$12,411
	1.67%		1.68%		1.69%		1.68%		1.69%		1.70%
	1.70%		1.70%		1.71%		1.69%		1.69%		1.70%
	3.69%		3.41%		3.47%		3.68%		3.71%		3.88%
	3.66%		3.39%		3.45%		3.67%		3.71%		3.88%
	14%		15%		12%		8%		8%		13%

71

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets
      prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.660		$10.750		$11.070		$11.220		$11.090		$10.850
	0.185		0.367		0.382		0.405		0.413		0.427
	(0.520	)	(0.089	)	(0.320	)	(0.150	)	0.130		0.240
	(0.335	)	0.278		0.062		0.255		0.543		0.667
	(0.185	)	(0.368	)	(0.382	)	(0.405	)	(0.413	)	(0.427	)
	(0.185	)	(0.368	)	(0.382	)	(0.405	)	(0.413	)	(0.427	)
	$10.140		$10.660		$10.750		$11.070		$11.220		$11.090
	(3.12%	)	2.60%		0.53%		2.34%		4.99%		6.23%
	$9,587		$9,836		$10,152		$9,971		$9,170		$9,579
	1.67%		1.68%		1.69%		1.68%		1.69%		1.70%
	1.70%		1.70%		1.71%		1.69%		1.69%		1.70%
	3.69%		3.41%		3.47%		3.68%		3.71%		3.88%
	3.66%		3.39%		3.45%		3.67%		3.71%		3.88%
	14%		15%		12%		8%		8%		13%

73

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets
      prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$11.260		$11.260		$11.450		$11.630		$11.490		$11.140
	0.216		0.437		0.448		0.449		0.452		0.478
	(0.170	)	—		(0.190	)	(0.180	)	0.140		0.353
	0.046		0.437		0.258		0.269		0.592		0.831
	(0.216	)	(0.437	)	(0.448	)	(0.449	)	(0.452	)	(0.481	)
	(0.216	)	(0.437	)	(0.448	)	(0.449	)	(0.452	)	(0.481	)
	$11.090		$11.260		$11.260		$11.450		$11.630		$11.490
	0.47%		3.93%		2.27%		2.40%		5.25%		7.58%
	$74,448		$72,237		$69,931		$62,808		$60,554		$55,572
	0.87%		0.85%		0.86%		0.85%		0.87%		0.97%
	0.96%		0.96%		0.98%		0.98%		0.98%		0.97%
	4.02%		3.87%		3.92%		3.95%		3.92%		4.21%
	3.93%		3.76%		3.80%		3.82%		3.81%		4.21%
	5%		11%		8%		15%		27%		13%

75

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$11.240		$11.240		$11.430		$11.610		$11.480		$11.130
	0.176		0.353		0.363		0.364		0.366		0.393
	(0.170	)	—		(0.190	)	(0.180	)	0.130		0.353
	0.006		0.353		0.173		0.184		0.496		0.746
	(0.176	)	(0.353	)	(0.363	)	(0.364	)	(0.366	)	(0.396	)
	(0.176	)	(0.353	)	(0.363	)	(0.364	)	(0.366	)	(0.396	)
	$11.070		$11.240		$11.240		$11.430		$11.610		$11.480
	0.10%		3.17%		1.51%		1.64%		4.39%		6.79%
	$4,456		$5,123		$6,003		$7,892		$10,911		$13,044
	1.62%		1.60%		1.61%		1.60%		1.62%		1.72%
	1.71%		1.71%		1.73%		1.73%		1.73%		1.72%
	3.27%		3.12%		3.17%		3.20%		3.17%		3.46%
	3.18%		3.01%		3.05%		3.07%		3.06%		3.46%
	5%		11%		8%		15%		27%		13%

77

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$11.250		$11.250		$11.440		$11.630		$11.490		$11.130
	0.176		0.352		0.363		0.364		0.366		0.393
	(0.170	)	—		(0.190	)	(0.190	)	0.140		0.362
	0.006		0.352		0.173		0.174		0.506		0.755
	(0.176	)	(0.352	)	(0.363	)	(0.364	)	(0.366	)	(0.395	)
	(0.176	)	(0.352	)	(0.363	)	(0.364	)	(0.366	)	(0.395	)
	$11.080		$11.250		$11.250		$11.440		$11.630		$11.490
	0.10%		3.16%		1.51%		1.56%		4.47%		6.87%
	$11,941		$11,490		$11,535		$13,430		$15,678		$15,041
	1.62%		1.60%		1.61%		1.60%		1.62%		1.72%
	1.71%		1.71%		1.73%		1.73%		1.73%		1.72%
	3.27%		3.12%		3.17%		3.20%		3.17%		3.46%
	3.18%		3.01%		3.05%		3.07%		3.06%		3.46%
	5%		11%		8%		15%		27%		13%

79

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

80

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.300		$10.300		$10.550		$10.700		$10.470		$10.220
	0.200		0.411		0.435		0.449		0.453		0.479
	(0.300	)	—		(0.250	)	(0.150	)	0.230		0.250
	(0.100	)	0.411		0.185		0.299		0.683		0.729
	(0.200	)	(0.411	)	(0.435	)	(0.449	)	(0.453	)	(0.479	)
	(0.200	)	(0.411	)	(0.435	)	(0.449	)	(0.453	)	(0.479	)
	$10.000		$10.300		$10.300		$10.550		$10.700		$10.470
	(0.92%	)	4.04%		1.75%		2.90%		6.65%		7.26%
	$17,688		$15,340		$14,817		$13,519		$13,153		$11,523
	0.85%		0.85%		0.79%		0.65%		0.66%		0.50%
	1.09%		1.09%		1.10%		1.09%		1.12%		1.02%
	4.09%		3.97%		4.13%		4.28%		4.29%		4.60%
	3.85%		3.73%		3.82%		3.84%		3.83%		4.08%
	12%		28%		14%		20%		13%		26%

81

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

82

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.270		$10.280		$10.530		$10.670		$10.450		$10.200
	0.164		0.333		0.357		0.370		0.374		0.401
	(0.290	)	(0.010	)	(0.250	)	(0.140	)	0.220		0.250
	(0.126	)	0.323		0.107		0.230		0.594		0.651
	(0.164	)	(0.333	)	(0.357	)	(0.370	)	(0.374	)	(0.401	)
	(0.164	)	(0.333	)	(0.357	)	(0.370	)	(0.374	)	(0.401	)
	$9.980		$10.270		$10.280		$10.530		$10.670		$10.450
	(1.19%	)	3.17%		0.99%		2.23%		5.77%		6.47%
	$1,170		$1,549		$2,164		$2,858		$3,023		$2,858
	1.60%		1.60%		1.54%		1.40%		1.41%		1.25%
	1.84%		1.84%		1.85%		1.84%		1.87%		1.77%
	3.34%		3.22%		3.38%		3.53%		3.54%		3.85%
	3.10%		2.98%		3.07%		3.09%		3.08%		3.33%
	12%		28%		14%		20%		13%		26%

83

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 fees waived and expense paid indirectly

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

       prior to fees waived 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

84

Six Months Ended			Year Ended
2/28/091			8/31/08		8/31/07		8/31/06		8/31/05		8/31/04
(Unaudited)
	$10.270		$10.280		$10.530		$10.670		$10.450		$10.200
	0.164		0.333		0.357		0.370		0.376		0.401
	(0.290	)	(0.010	)	(0.250	)	(0.140	)	0.220		0.250
	(0.126	)	0.323		0.107		0.230		0.596		0.651
	(0.164	)	(0.333	)	(0.357	)	(0.370	)	(0.376	)	(0.401	)
	(0.164	)	(0.333	)	(0.357	)	(0.370	)	(0.376	)	(0.401	)
	$9.980		$10.270		$10.280		$10.530		$10.670		$10.450
	(1.19%	)	3.17%		0.99%		2.23%		5.80%		6.47%
	$3,566		$2,049		$2,131		$2,068		$886		$2,329
	1.60%		1.60%		1.54%		1.40%		1.41%		1.25%
	1.84%		1.84%		1.85%		1.84%		1.87%		1.77%
	3.34%		3.22%		3.38%		3.53%		3.54%		3.85%
	3.10%		2.98%		3.07%		3.09%		3.08%		3.33%
	12%		28%		14%		20%		13%		26%

85

Notes to financial statements
Delaware multi-state funds	February 28, 2009 (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 diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class B, and Class C shares. Class A shares are sold with a maximum front-end sales charge of up to 4.50%. 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. 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 or broker. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Open-end investment companies are valued at their published net asset value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’s Board of Trustees (each, a Board, and collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities at 4:00 p.m. Eastern Time. The earlier close of these

86

foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading or news events, may have occurred in the interim. To account for this, the Funds may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record 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.

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.”

87

Notes to financial statements
Delaware multi-state funds

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

In accordance with the terms of its respective investment management agreement, each Fund pays 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 total annual operating expenses (excluding 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, 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 include such additional costs and expenses, as may be agreed upon from time to time by each Fund’s Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Funds.

	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
Effective January 1, 2009,
operating expense
limitation as a
percentage of average
daily net assets
(per annum)	0.50%	0.63%	0.64%	0.65%	0.60%
Expiration date	12/31/09	12/31/09	12/31/09	12/31/09	12/31/09
Through December 31, 2008,
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

88

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^® 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. For the six months ended February 28, 2009, 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
$3,131	$2,106	$5,733	$2,145	$494

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 28, 2009, 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		$33,081		$27,890		$89,717		$34,306		$5,689
Dividend disbursing,
transfer agent and fund
accounting oversight
fees and other expenses
payable to DSC		4,847		3,588		10,584		3,540		1,404
Distribution fees
payable to DDLP		32,336		26,034		52,004		26,726		7,010
Other expenses payable to
DMC and affiliates*		11,885		7,383		21,821		8,208		3,664

*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.

89

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 28, 2009, 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
$4,828	$3,122	$8,973	$3,392	$796

For the six months ended February 28, 2009, 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
$6,902	$5,678	$6,928	$15,937	$6,127

For the six months ended February 28, 2009, 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		$	994		$	—		$	—		$	—		$	305
Class B			683			858			2,858			952			430
Class C			8,988			5,186			28			177			—

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

3. Investments

For the six months ended February 28, 2009, 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	$ 1,345,869	$ 8,025,857	$ 15,720,049	$ 7,556,190	$ 5,549,076
Sales	13,424,345	15,849,739	18,042,609	2,073,750	1,179,780

90

At February 28, 2009, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2009, 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	$	123,801,847		$	84,159,306		$	234,908,491		$	91,000,223		$	22,308,672
Aggregate
unrealized
appreciation	$	4,143,429		$	1,611,449		$	10,763,835		$	2,925,424		$	910,523
Aggregate
unrealized
depreciation		(5,894,877	)		(7,641,589	)		(17,181,530	)		(3,187,887	)		(969,577	)
Net unrealized
depreciation	$	(1,751,448	)	$	(6,030,140	)	$	(6,417,695	)	$	(262,463	)	$	(59,054	)

Effective September 1, 2008, the Funds adopted Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 defines fair value as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – inputs are quoted prices in active markets

Level 2 – inputs are observable, directly or indirectly

Level 3 – inputs are unobservable and reflect assumptions on the part of the reporting entity

91

Notes to financial statements
Delaware multi-state funds

3. Investments (continued)

The following table summarizes the valuation of the Funds’ investments by the FAS 157 fair value hierarchy levels as of February 28, 2009:

	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
Level 1	$	114,789	$	1,144,744	$	340,264	$	1,808,356	$	—
Level 2		121,935,610		76,984,422		228,150,532		88,929,404		22,249,618
Level 3		—		—		—		—		—
Total	$	122,050,399	$	78,129,166	$	228,490,796	$	90,737,760	$	22,249,618

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

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, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended February 28, 2009 and the year ended August 31, 2008 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 2/28/09*
Tax-exempt income	$	2,533,202	$	1,681,019	$	5,053,847	$	1,670,964	$	390,277
Ordinary income		—		—		12,509		—		—
Total	$	2,533,202	$	1,681,019	$	5,066,356	$	1,670,964	$	390,277
Year ended 8/31/08
Tax-exempt income	$	5,547,778	$	3,715,410	$	10,556,654	$	3,253,357	$	718,577
Ordinary income		—		—		27,164		—		—
Total	$	5,547,778	$	3,715,410	$	10,583,818	$	3,253,357	$	718,577

*Tax information for the period ended February 28, 2009 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

92

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of February 28, 2009, 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	$	127,901,846		$	86,657,165		$	246,899,640		$	91,441,146		$	22,704,433
Distributions
payable		(80,509	)		(54,699	)		(170,360	)		(56,064	)		(14,509	)
Undistributed
tax-exempt
income		80,776			57,642			173,226			44,365			13,862
Realized gains
(losses) 9/1/08 –
2/28/09		(190,453	)		(558,577	)		(802,603	)		2,660			(31,321	)
Post-October
losses		(1,008,831	)		(259,726	)		(57,112	)		—			(8,900	)
Capital loss
carryforwards as
of 8/31/08		(1,760,144	)		(889,935	)		(7,921,331	)		(325,098	)		(180,357	)
Unrealized
depreciation of
investments		(1,751,448	)		(6,030,140	)		(6,417,695	)		(262,463	)		(59,054	)
Net assets	$	123,191,237		$	78,921,730		$	231,703,765		$	90,844,546		$	22,424,154

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, 2008 through February 28, 2009 that, in accordance with federal income tax regulations, each Fund has elected to defer and treat as having arisen in the following year.

93

Notes to financial statements
Delaware multi-state funds

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount and premium on certain debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended February 28, 2009, the Funds recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

	Delaware				Delaware
	Tax-Free				Tax-Free
	Colorado Fund				Idaho Fund
Undistributed (distributions in excess of)
net investment income		$	13,883		$	(1,237	)
Accumulated net realized
gain (loss)			(13,883	)		1,237

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, 2008 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
2009	$	—		$	662,241	$	1,044,895	$	77,838		$	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			—
2016		—			221,655		44,178		—			14,929
Total	$	1,760,144		$	889,935	$	7,921,331	$	325,098		$	180,357

For the six months ended February 28, 2009, the Funds had capital gains (losses) which may reduce (increase) capital loss carryforwards.

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
$(190,453)	$(558,577)	$(802,603)	$2,660	$(31,321)

94

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
	2/28/09		8/30/08		2/28/09		8/30/08		2/28/09		8/30/08
Shares sold:
Class A	256,211		1,334,775		597,013		1,269,777		722,775		948,236
Class B	1,942		31		8,984		12,972		107		1
Class C	45,692		266,518		135,140		433,780		84,569		95,653
Shares issued upon reinvestment of dividends and distributions:
Class A	109,117		217,919		80,657		164,369		307,378		594,257
Class B	6,625		16,633		6,938		17,433		2,775		6,724
Class C	7,440		15,736		18,217		32,379		11,539		21,454
	427,027		1,851,612		846,949		1,930,710		1,129,143		1,666,325
Shares repurchased:
Class A	(1,300,805	)	(1,740,104	)	(891,097	)	(2,161,501	)	(1,451,405	)	(2,487,354	)
Class B	(173,825	)	(257,420	)	(97,629	)	(271,127	)	(61,601	)	(130,940	)
Class C	(211,246	)	(164,512	)	(259,480	)	(299,668	)	(73,471	)	(139,008	)
	(1,685,876	)	(2,162,036	)	(1,248,206	)	(2,732,296	)	(1,586,477	)	(2,757,302	)
Net decrease	(1,258,849	)	(310,424	)	(401,257	)	(801,586	)	(457,334	)	(1,090,977	)
	Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund
	Six Months		Year		Six Months		Year
	Ended		Ended		Ended		Ended
	2/28/09		8/30/08		2/28/09		8/30/08
Shares sold:
Class A	627,030		787,130		460,307		166,604
Class B	1,123		1		440		1,496
Class C	123,145		128,677		197,268		74,906
Shares issued upon reinvestment of dividends and distributions:
Class A	85,341		155,988		18,788		32,892
Class B	5,049		10,201		1,363		3,309
Class C	10,573		19,082		2,138		2,539
	852,261		1,101,079		680,304		281,746
Shares repurchased:
Class A	(414,390	)	(736,838	)	(199,771	)	(148,374	)
Class B	(59,477	)	(88,298	)	(35,344	)	(64,544	)
Class C	(77,321	)	(151,455	)	(41,395	)	(85,398	)
	(551,188	)	(976,591	)	(276,510	)	(298,316	)
Net increase
(decrease)	301,073		124,488		403,794		(16,570	)

95

Notes to financial statements
Delaware multi-state funds

6. Capital Shares (continued)

For the six months ended February 28, 2009 and the year ended August 31, 2008, the following shares and values were converted from Class B to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables on page 95 and the statements of changes in net assets.

	Six Months Ended				Year Ended
	2/28/09				8/31/08
	Class B	Class A			Class B	Class A
	Shares	Shares	Value		Shares	Shares	Value
Delaware Tax-Free
Arizona Fund	43,097	43,097	$	445,201	29,536	29,541	$	328,168
Delaware Tax-Free
California Fund	52,920	53,139		515,990	79,561	79,848		881,603
Delaware Tax-Free
Colorado Fund	10,206	10,206		99,945	88,870	88,933		958,664
Delaware Tax-Free
Idaho Fund	23,989	23,943		256,873	43,828	43,749		496,288
Delaware Tax-Free
New York Fund	14,684	14,653		140,684	14,375	14,339		148,612

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $225,000,000 revolving line of credit with The Bank of New York Mellon (BNY Mellon) to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The agreement expired on November 18, 2008.

Effective November 18, 2008, the Funds, along with the other Participants, entered into an amendment to the agreement with BNY Mellon for a $35,000,000 revolving line of credit. The agreement, as amended, is to be used as described above and operates in substantially the same manner as the original agreement. The agreement, as amended, expires on November 17, 2009. The Funds had no amounts outstanding at any time during the period ended February 28, 2009.

96

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. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Fund. At February 28, 2009, the percentage of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified in the statements of net assets.

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
59.06%	38.73%	45.25%	43.31%	21.20%

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

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

97

Notes to financial statements
Delaware multi-state funds

8. Credit and Market Risk (continued)

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. As of February 28, 2009, 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 each Fund’s 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 profile 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	Ann R. Leven
Chairman, President, and	Consultant
Chief Executive Officer	ARL Associates
Delaware Investments Family of Funds	New York, NY
Philadelphia, PA
	Thomas F. Madison
Thomas L. Bennett	President and Chief Executive Officer
Private Investor	MLM Partners, Inc.
Rosemont, PA	Minneapolis, MN
John A. Fry	Janet L. Yeomans
President	Vice President and Treasurer
Franklin & Marshall College	3M Corporation
Lancaster, PA	St. Paul, MN
Anthony D. Knerr	J. Richard Zecher
Founder and Managing Director	Founder
Anthony Knerr & Associates	Investor Analytics
New York, NY	Scottsdale, AZ
Lucinda S. Landreth
Former Chief Investment Officer
Assurant, Inc.
Philadelphia, PA

99

Affiliated officers	Contact information
David F. Connor	Investment manager
Vice President, Deputy General Counsel, and	Delaware Management Company, a series of
Secretary	Delaware Management Business Trust
Delaware Investments® Family of Funds	Philadelphia, PA
Philadelphia, PA
	National distributor
Daniel V. Geatens	Delaware Distributors, L.P.
Vice President and Treasurer	Philadelphia, PA
Delaware Investments Family of Funds
Philadelphia, PA	Shareholder servicing, dividend disbursing,
	and transfer agent
David P. O’Connor	Delaware Service Company, Inc.
Senior Vice President, General Counsel,	2005 Market Street
and Chief Legal Officer	Philadelphia, PA 19103-7094
Delaware Investments Family of Funds
Philadelphia, PA	For shareholders
	800 523-1918
Richard Salus
Senior Vice President and	For securities dealers and financial
Chief Financial Officer	institutions representatives only
Delaware Investments Family of Funds	800 362-7500
Philadelphia, PA
	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.

100

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 4, 2009

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 4, 2009
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 4, 2009

EX-99.CERT

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 4, 2009
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 4, 2009
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

EX-99.906CERT

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 4, 2009
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.