CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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Fixed income mutual funds

Delaware Tax-Free Arizona Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Colorado Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Delaware Tax-Free Pennsylvania Fund

February 28, 2018

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

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

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Experience Delaware Funds^®by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. We are active managers who prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for our clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 75 years in existence.

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

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

Manage your account online

Check your account balance and transactions

View statements and tax forms

Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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


Table of contents

Disclosure of Fund expenses			3

Security type / sector / state / territory allocations			7

Schedules of investments			13

Statements of assets and liabilities			60

Statements of operations			64

Statements of changes in net assets			66

Financial highlights			78

Notes to financial statements			114

About the organization			129

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2018, and subject to change for events occurring after such date.

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

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

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

Disclosure of Fund expenses

For the six-month period from September 1, 2017 to February 28, 2018 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Sept. 1, 2017 to Feb. 28, 2018.

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.

Disclosure of Fund expenses

For the six-month period from September 1, 2017 to February 28, 2018 (Unaudited)

Delaware Tax-Free Arizona Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$994.70		0.84%		$4.15
Class C		1,000.00		991.00		1.59%		7.85
Institutional Class		1,000.00		996.80		0.59%		2.92
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.63		0.84%		$4.21
Class C		1,000.00		1,016.91		1.59%		7.95
Institutional Class		1,000.00		1,021.87		0.59%		2.96

Delaware Tax-Free California Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$993.10		0.82%		$4.05
Class C		1,000.00		989.40		1.57%		7.74
Institutional Class		1,000.00		994.30		0.57%		2.82
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.73		0.82%		$4.11
Class C		1,000.00		1,017.01		1.57%		7.85
Institutional Class		1,000.00		1,021.97		0.57%		2.86

Delaware Tax-Free Colorado Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$997.80		0.84%		$4.16
Class C		1,000.00		994.20		1.59%		7.86
Institutional Class		1,000.00		999.10		0.59%		2.92
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.63		0.84%		$4.21
Class C		1,000.00		1,016.91		1.59%		7.95
Institutional Class		1,000.00		1,021.87		0.59%		2.96

Delaware Tax-Free Idaho Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$991.00		0.86%		$4.25
Class C		1,000.00		987.30		1.61%		7.93
Institutional Class		1,000.00		992.20		0.61%		3.01
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.53		0.86%		$4.31
Class C		1,000.00		1,016.81		1.61%		8.05
Institutional Class		1,000.00		1,021.77		0.61%		3.06

Disclosure of Fund expenses

For the six-month period from September 1, 2017 to February 28,2018 (Unaudited)

Delaware Tax-Free New York Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$992.60		0.80%		$3.95
Class C		1,000.00		988.80		1.55%		7.64
Institutional Class		1,000.00		994.70		0.55%		2.72
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.83		0.80%		$4.01
Class C		1,000.00		1,017.11		1.55%		7.75
Institutional Class		1,000.00		1,022.07		0.55%		2.76


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


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$994.10		0.88%		$4.35
Class C		1,000.00		991.60		1.64%		8.10
Institutional Class		1,000.00		996.50		0.64%		3.17
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.43		0.88%		$4.41
Class C		1,000.00		1,016.66		1.64%		8.20
Institutional Class		1,000.00		1,021.62		0.64%		3.21

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

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Security type / sector / state / territory allocations


Delaware Tax-Free Arizona Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		97.22	%
Corporate Revenue Bonds		9.52	%
Education Revenue Bonds		29.07	%
Electric Revenue Bonds		2.91	%
Healthcare Revenue Bonds		18.75	%
Lease Revenue Bonds		5.15	%
Local General Obligation Bonds		0.34	%
Pre-Refunded Bonds		8.81	%
Special Tax Revenue Bonds		8.71	%
Transportation Revenue Bonds		6.96	%
Water & Sewer Revenue Bonds		7.00	%
Short-Term Investment		1.95	%
Total Value of Securities		99.17	%
Receivables and Other Assets Net of Liabilities		0.83	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Arizona		96.07	%
Guam		2.06	%
Puerto Rico		1.04	%
Total Value of Securities		99.17	%

Security type / sector allocations


Delaware Tax-Free California Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds		98.45	%
Corporate Revenue Bonds		5.56	%
Education Revenue Bonds		19.25	%
Electric Revenue Bond		0.58	%
Healthcare Revenue Bonds		18.98	%
Housing Revenue Bonds		4.24	%
Lease Revenue Bonds		13.42	%
Local General Obligation Bonds		2.93	%
Pre-Refunded Bonds		9.01	%
Resource Recovery Revenue Bond		1.08	%
Special Tax Revenue Bonds		1.11	%
State General Obligation Bonds		10.33	%
Transportation Revenue Bonds		9.76	%
Water & Sewer Revenue Bonds		2.20	%
Short-Term Investment		0.61	%
Total Value of Securities		99.06	%
Receivables and Other Assets Net of Liabilities		0.94	%
Total Net Assets		100.00	%

Security type / sector / state / territory allocations


Delaware Tax-Free Colorado Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		97.63	%
Corporate Revenue Bonds		1.41	%
Education Revenue Bonds		11.14	%
Electric Revenue Bonds		3.19	%
Healthcare Revenue Bonds.		24.28	%
Housing Revenue Bonds		0.10	%
Lease Revenue Bonds		3.02	%
Local General Obligation Bonds		14.42	%
Pre-Refunded Bonds		8.55	%
Special Tax Revenue Bonds		18.99	%
Transportation Revenue Bonds		11.21	%
Water & Sewer Revenue Bonds		1.32	%
Short-Term Investments		0.31	%
Total Value of Securities		97.94	%
Receivables and Other Assets Net of Liabilities		2.06	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Colorado		94.57	%
Guam		1.88	%
Puerto Rico		0.97	%
US Virgin Islands		0.52	%
Total		97.94	%

Security type / sector / state / territory allocations


Delaware Tax-Free Idaho Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		99.19	%
Corporate Revenue Bonds		3.14	%
Education Revenue Bonds		13.44	%
Electric Revenue Bonds		3.21	%
Healthcare Revenue Bonds		15.81	%
Housing Revenue Bonds		1.13	%
Lease Revenue Bonds		11.13	%
Local General Obligation Bonds		28.68	%
Pre-Refunded Bonds		4.11	%
Special Tax Revenue Bonds		13.54	%
Transportation Revenue Bonds		4.26	%
Water & Sewer Revenue Bonds		0.74	%
Total Value of Securities		99.19	%
Receivables and Other Assets Net of Liabilities		0.81	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		4.50	%
Idaho		92.15	%
Puerto Rico		1.02	%
US Virgin Islands		1.52	%
Total		99.19	%

Security type / sector / state / territory allocations


Delaware Tax-Free New York Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		98.72	%
Corporate Revenue Bonds		7.00	%
Education Revenue Bonds		21.92	%
Electric Revenue Bonds		3.52	%
Healthcare Revenue Bonds		15.55	%
Lease Revenue Bonds		8.19	%
Local General Obligation Bonds		2.20	%
Pre-Refunded Bonds		12.13	%
Special Tax Revenue Bonds		16.27	%
State General Obligation Bonds		0.57	%
Transportation Revenue Bonds		8.39	%
Water & Sewer Revenue Bonds		2.98	%
Short-Term Investment		1.13	%
Total Value of Securities		99.85	%
Receivables and Other Assets Net of Liabilities		0.15	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		0.28	%
New York		99.57	%
Total Value of Securities		99.85	%

Security type / sector / state / territory allocations


Delaware Tax-Free Pennsylvania Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		98.80	%
Corporate Revenue Bonds		5.53	%
Education Revenue Bonds		17.65	%
Electric Revenue Bond		0.61	%
Healthcare Revenue Bonds		25.84	%
Housing Revenue Bond		0.47	%
Lease Revenue Bonds		3.56	%
Local General Obligation Bonds		5.24	%
Pre-Refunded/Escrowed to Maturity Bonds		22.02	%
Resource Recovery Revenue Bonds		0.64	%
Special Tax Revenue Bonds		2.88	%
State General Obligation Bond		1.25	%
Transportation Revenue Bonds		9.15	%
Water & Sewer Revenue Bonds		3.96	%
Short-Term Investment		0.24	%
Total Value of Securities		99.04	%
Receivables and Other Assets Net of Liabilities		0.96	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		0.76	%
Pennsylvania		98.28	%
Total Value of Securities		99.04	%


Schedules of investments
Delaware Tax-Free Arizona Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 97.22%
Corporate Revenue Bonds – 9.52%
Maricopa County Pollution Control
(Public Service – Palo Verde Project) Series B 5.20% 6/1/43 ●		1,500,000	$ 1,593,330
(Southern California Education Co.) Series A 5.00% 6/1/35		2,400,000	2,548,656
Pima County Industrial Development Authority Pollution Control Revenue
(Tucson Electric Power) Series A 5.25% 10/1/40		2,000,000	2,148,520
Salt Verde Financial Senior Gas Revenue
5.00% 12/1/37		870,000	1,020,710

			7,311,216

Education Revenue Bonds – 29.07%
Arizona Health Facilities Authority Healthcare Education Revenue
(Kirksville College) 5.125% 1/1/30		1,500,000	1,580,190
Arizona Industrial Development Authority Revenue
(Academies of Math & Science Projects) Series A 5.00% 7/1/51		1,000,000	1,094,300
(American Charter Schools Foundation Project) 144A
6.00% 7/1/47 #		400,000	420,068
Arizona State University Energy Management Revenue
(Arizona State University Tempe Campus II Project)
4.50% 7/1/24		1,000,000	1,036,800
Glendale Industrial Development Authority Revenue
(Midwestern University)
5.00% 5/15/31		645,000	708,655
5.125% 5/15/40		1,305,000	1,385,153
Maricopa County Industrial Development Authority Revenue
(Greathearts Arizona Projects) Series A 5.00% 7/1/52		725,000	802,379
(Paradise Schools Projects) 144A 5.00% 7/1/36 #		500,000	515,425
(Reid Traditional Schools Projects) 5.00% 7/1/47		785,000	815,356
McAllister Academic Village Revenue
(Arizona State University Hassayampa Academic Village Project) 5.00% 7/1/31		1,000,000	1,156,790
Northern Arizona University
5.00% 6/1/36		475,000	507,504
5.00% 6/1/41		1,240,000	1,323,663
Phoenix Industrial Development Authority
(Basis School Projects) 144A 5.00% 7/1/35 #		1,000,000	1,029,610
(Choice Academies Project) 5.625% 9/1/42		1,250,000	1,279,100
(Eagle College Preparatory Project) Series A 5.00% 7/1/43		500,000	499,250

Schedules of investments

Delaware Tax-Free Arizona Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Phoenix Industrial Development Authority
(Great Hearts Academic Project) 5.00% 7/1/46		1,000,000	$ 1,052,690
(Rowan University Project) 5.00% 6/1/42		2,000,000	2,169,120
Pima County Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		100,000	98,684
144A 5.00% 6/15/52 #		90,000	87,323
(Edkey Charter School Project) 6.00% 7/1/48		1,000,000	890,380
(Tucson Country Day School Project) 5.00% 6/1/37		750,000	668,100
Tucson Industrial Development Authority Lease Revenue
(University of Arizona-Marshall Foundation) Series A
5.00% 7/15/27 (AMBAC)		980,000	981,656
University of Arizona Board of Rights
Series A 5.00% 6/1/25		1,000,000	1,119,810
Series A 5.00% 6/1/38		1,000,000	1,112,820

			22,334,826

Electric Revenue Bonds – 2.91%
Salt River Project Agricultural Improvement & Power District Electric System Revenue
Series A 5.00% 12/1/30		1,000,000	1,106,230
Series A 5.00% 12/1/45		1,000,000	1,125,200

			2,231,430

Healthcare Revenue Bonds – 18.75%
Arizona Health Facilities Authority Hospital System Revenue
(Banner Health)
Series A 5.00% 1/1/43		1,500,000	1,614,900
Series A 5.00% 1/1/44		1,000,000	1,097,240
(Phoenix Children’s Hospital) Series A 5.00% 2/1/34		995,000	1,060,362
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42		1,000,000	1,103,300
Glendale Industrial Development Authority Revenue
(Glencroft Retirement Community Project) 5.00% 11/15/36		270,000	266,431
Maricopa County Industrial Development Authority Health Facilities Revenue
(Banner Health) Series A 4.00% 1/1/41		1,000,000	1,025,320
(Catholic Healthcare West) Series A 6.00% 7/1/39		2,500,000	2,620,125
Maricopa County Industrial Development Authority Senior Living Facility Revenue
(Christian Care Surprise Project) 144A 6.00% 1/1/48 #		405,000	411,618


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33		790,000	$ 799,993
Tempe Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/42		1,200,000	1,275,396
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 #		250,000	255,525
Yavapai County Industrial Development Authority Hospital Facility
(Yavapai Regional Medical Center) Series A 5.25% 8/1/33		2,000,000	2,203,320
Yuma Industrial Development Authority Hospital Revenue
(Yuma Regional Medical Center)
Series A 5.00% 8/1/32		295,000	331,565
Series A 5.25% 8/1/32		300,000	341,925

			14,407,020

Lease Revenue Bonds – 5.15%
Arizona Certificates of Participation Department Administration
Series A 5.25% 10/1/25 (AGM)		1,500,000	1,581,225
Arizona Game & Fish Department & Community Beneficial Interest Certificates
(Administration Building Project) 5.00% 7/1/32		1,000,000	1,002,600
Arizona Sports & Tourism Authority Senior Revenue
(Multipurpose Stadium Facility) Series A 5.00% 7/1/36		350,000	371,343
Maricopa County Industrial Development Authority Correctional Contract Revenue
(Phoenix West Prison) Series B 5.375% 7/1/22 (ACA)		1,000,000	1,002,500

			3,957,668

Local General Obligation Bonds – 0.34%
Pinal County Community College District
4.00% 7/1/31		250,000	263,580

			263,580

Pre-Refunded Bonds – 8.81%
Gilbert Public Facilities Municipal Property Revenue
5.00% 7/1/25-19 §		1,250,000	1,308,075
Phoenix Civic Improvement Airport Revenue
(Junior Lien) Series A 5.25% 7/1/33-20 §		1,250,000	1,353,937
Phoenix Industrial Development Authority
(Great Hearts Academic Project)
6.30% 7/1/42-21 §		500,000	572,230
6.40% 7/1/47-21 §		500,000	573,840

Schedules of investments

Delaware Tax-Free Arizona Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
Pinal County Electric District No. 3
5.25% 7/1/41-21 §		750,000	$ 835,583
University Medical Center Hospital Revenue
6.50% 7/1/39-19 §		2,000,000	2,126,800

			6,770,465

Special Tax Revenue Bonds – 8.71%
Arizona Department of Transportation State Highway Fund Revenue
5.00% 7/1/32		1,500,000	1,712,595
Flagstaff Aspen Place Sawmill Improvement District Revenue
5.00% 1/1/32		195,000	195,577
Glendale Municipal Property Excise Tax Revenue
(Senior Lien) Series B 5.00% 7/1/33		570,000	627,621
Glendale Transportation Excise Tax Revenue
5.00% 7/1/30 (AGM)		1,000,000	1,143,420
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		545,000	568,435
Series A 5.25% 1/1/36		705,000	742,527
Mesa Excise Tax Revenue
5.00% 7/1/32		1,000,000	1,107,170
Regional Public Transportation Authority
(Maricopa County Public Transportation) 5.25% 7/1/24		500,000	589,320

			6,686,665

Transportation Revenue Bonds – 6.96%
Arizona Department of Transportation State Highway Fund Revenue
5.00% 7/1/35		1,000,000	1,154,390
Phoenix Civic Improvement Airport Revenue
Series B 5.00% 7/1/37		1,000,000	1,140,700
(Junior Lien) Series A 5.00% 7/1/45		1,000,000	1,114,670
(Senior Lien) 5.00% 7/1/32 (AMT)		1,750,000	1,936,603

			5,346,363

Water & Sewer Revenue Bonds – 7.00%
Arizona Water Infrastructure Finance Authority
(Water Quality Revenue) Series A 5.00% 10/1/26		1,000,000	1,162,670
Central Arizona Water Conservation District
(Central Arizona Project) 5.00% 1/1/31		600,000	689,940
Guam Government Waterworks Authority Revenue
5.00% 7/1/37		250,000	272,140
Mesa Utility System Revenue
4.00% 7/1/31		850,000	907,689


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Phoenix Civic Improvement Corporation
(Junior Lien)
5.00% 7/1/27		1,000,000	$ 1,186,100
5.00% 7/1/31		1,000,000	1,160,810

			5,379,349

Total Municipal Bonds (cost $72,144,898)			74,688,582


Short-Term Investment – 1.95%
Variable Rate Demand Note – 1.95%¤
Phoenix Industrial Development Authority (Mayo Clinic) Series B
1.06% 11/15/52 (Wells Fargo Bank N.A.)		1,500,000	1,500,000

Total Short-Term Investment (cost $1,500,000)			1,500,000


Total Value of Securities – 99.17% (cost $73,644,898)			$ 76,188,582

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $2,818,253, which represents 3.67% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of Feb. 28, 2018.

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

Schedules of investments

Delaware Tax-Free Arizona Fund

Summary of abbreviations:

ACA – Insured by American Capital Access

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

N.A. – National Association

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

Schedules of investments


Delaware Tax-Free California Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 98.45%
Corporate Revenue Bonds – 5.56%
Chula Vista Industrial Development Revenue
(San Diego Gas & Electric) Series D 5.875% 1/1/34		1,000,000	$ 1,051,150
Golden State Tobacco Securitization Settlement Revenue
(Asset-Backed) Series A-1 5.00% 6/1/29		1,000,000	1,144,770
(Asset-Backed Senior Notes) Unrefunded 5.75% 6/1/47		2,345,000	2,362,588
(Capital Appreciation Asset – Backed) Subordinate
Series B 1.548% 6/1/47 ^		1,615,000	220,657
M-S-R Energy Authority Revenue
Series B 6.50% 11/1/39		500,000	696,215

			5,475,380

Education Revenue Bonds – 19.25%
California Educational Facilities Authority
(Chapman University) Series B 4.00% 4/1/47		1,000,000	1,019,070
(Loma Linda University) Series A 5.00% 4/1/47		1,000,000	1,115,800
California Municipal Finance Authority
(Biola University) 5.00% 10/1/39		1,000,000	1,141,280
(California Baptist University) Series A 144A 5.375% 11/1/40 #		1,000,000	1,096,850
(Creative Center of Los Altos Project) Series B 144A
4.50% 11/1/46 #		500,000	477,495
(Julian Charter School Project) Series A 144A 5.625% 3/1/45 #		500,000	501,000
(Palmdale Aerospace Academy Project) Series A 144A
5.00% 7/1/46 #		500,000	504,705
(Southwestern Law School) 6.50% 11/1/41		1,140,000	1,272,365
California Public Finance Authority University Housing Revenue
(NCCD - Claremont Properties LLC - Claremont Colleges Project) Series A 144A 5.00% 7/1/32 #		500,000	542,710
California School Finance Authority
(Aspire Public Schools – Obligated Group) Series A 144A
5.00% 8/1/45 #		715,000	771,399
(Encore Education Obligated Group) Series A 144A
5.00% 6/1/42 #		500,000	459,185
(Escuela Popular Project) 144A 6.50% 7/1/50 #		250,000	249,970
(Green Dot Public Schools Project) Series A 144A 5.00% 8/1/35 #		1,000,000	1,074,190
(Grimmway Schools – Obligated Group) Series A 144A
5.00% 7/1/36 #		500,000	504,375
(KIPP LA Projects) Series A 5.125% 7/1/44		1,000,000	1,085,010
(Partnerships to Uplift Communities Valley Project)
Series A 6.75% 8/1/44		1,000,000	1,082,210

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority
(View Park Elementary & Middle Schools) Series A
5.625% 10/1/34		575,000	$ 615,181
California State University Systemwide Revenue
Series A 5.00% 11/1/47		1,000,000	1,136,840
California Statewide Communities Development Authority Charter School Revenue
(Green Dot Public Schools) Series A 7.25% 8/1/41		800,000	907,784
California Statewide Communities Development Authority Revenue
(California Baptist University) Series A 6.125% 11/1/33		750,000	863,197
(Culinary Institute of America Project) Series B 5.00% 7/1/46		425,000	467,475
(University of California Irvine East Campus Apartments)
5.00% 5/15/24		40,000	45,613
5.375% 5/15/38		1,000,000	1,069,440
Mt. San Antonio Community College District Convertible
Capital Appreciation Election 2008
Series A 5.875% 8/1/28 W		1,000,000	956,100

			18,959,244

Electric Revenue Bond – 0.58%
Imperial Irrigation District Electric System Revenue
Series C 5.00% 11/1/36		500,000	569,195

			569,195

Healthcare Revenue Bonds – 18.98%
Abag Finance Authority for Nonprofit Corporations
(Episcopal Senior Communities) 6.125% 7/1/41		850,000	939,522
(Sharp HealthCare) Series A 5.00% 8/1/28		250,000	274,667
California Health Facilities Financing Authority Revenue
(Catholic Healthcare West) Series E 5.625% 7/1/25		1,000,000	1,047,870
(Cedars-Sinai Medical Center) Series B 4.00% 8/15/36		1,000,000	1,054,280
(Children’s Hospital Los Angeles)
Series A 5.00% 11/15/34		500,000	536,540
Series A 5.00% 8/15/47		500,000	556,080
(Kaiser Permanente) Subordinate Series A-2 4.00% 11/1/44		1,005,000	1,031,743
(Lucile Salter Packard Children’s Hospital at Stanford)
Series A 5.00% 8/15/33		1,000,000	1,156,670
Series A 5.00% 11/15/56		1,000,000	1,127,720
(St. Joseph Health System) Series A 5.75% 7/1/39		1,000,000	1,053,710
(Sutter Health) Series D 5.25% 8/15/31		1,000,000	1,111,790


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Municipal Finance Authority Revenue
(Community Medical Centers)
Series A 5.00% 2/1/42		750,000	$ 819,863
Series A 5.00% 2/1/47		250,000	271,825
(Northbay Healthcare Group) Series A 5.25% 11/1/47		500,000	546,120
California Statewide Communities Development Authority Revenue
(BE.Group) 144A 7.25% 11/15/41 #		500,000	540,635
(Covenant Retirement Communities) Series C 5.625% 12/1/36		1,000,000	1,139,280
(Episcopal Communities & Services) 5.00% 5/15/32		600,000	652,962
(Loma Linda University Medical Center) Series A 144A
5.25% 12/1/56 #		725,000	774,945
(Rady Children’s Hospital) Series B 5.00% 8/15/28		600,000	728,604
(Redlands Community Hospital) 5.00% 10/1/46		1,000,000	1,093,480
La Verne
(Brethren Hillcrest Homes) 5.00% 5/15/36		750,000	789,225
Palomar Health
5.00% 11/1/47 (AGM)		500,000	560,585
San Buenaventura
(Community Memorial Health Systems) 7.50% 12/1/41		785,000	879,074

			18,687,190

Housing Revenue Bonds – 4.24%
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects)
Series A 4.00% 8/15/42		1,270,000	1,279,944
Series A 5.50% 8/15/47		750,000	812,003
Independent Cities Finance Authority Mobile Home Park Revenue
(Pillar Ridge) Series A 5.25% 5/15/44		1,000,000	1,082,150
Santa Clara County Multifamily Housing Authority Revenue
(Rivertown Apartments Project) Series A 5.85% 8/1/31 (AMT)		1,000,000	1,000,910

			4,175,007

Lease Revenue Bonds – 13.42%
Abag Finance Authority for Nonprofit Corporations
(Jackson Laboratory) 5.00% 7/1/37		1,000,000	1,096,370
California Infrastructure & Economic Development Bank
(Academy of Motion Picture Arts & Sciences Obligated Group) Series A 5.00% 11/1/41		1,000,000	1,115,560
(Infrastructure State Revolving Fund) Series A 5.00% 10/1/29		1,000,000	1,178,450

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
California Municipal Finance Authority
(Goodwill Industry of Sacramento Valley & Northern Nevada Project) 5.00% 1/1/35		635,000	$ 623,621
California State Public Works Board Lease Revenue
Series F 5.00% 5/1/28		1,280,000	1,481,382
(California State Prisons Los Angeles) Series C 5.00% 10/1/26		1,000,000	1,106,430
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.625% 11/1/33		1,000,000	1,116,980
Golden State Tobacco Securitization Settlement Revenue
(Enhanced Asset-Backed) Series A 5.00% 6/1/29		1,000,000	1,116,450
San Diego County
(Sanford Burnham Prebys Medical Discovery Institute)
Series A 5.00% 11/1/28		500,000	572,780
Series A 5.00% 11/1/30		475,000	537,857
San Diego Public Facilities Financing Authority Lease Revenue
(Master Project) Series A 5.25% 3/1/40		1,000,000	1,079,040
San Jose Financing Authority Lease Revenue
(Civic Center Project) Series A 5.00% 6/1/33		1,000,000	1,124,810
San Mateo Joint Powers Financing Authority Lease Revenue
(Capital Projects) Series A 5.25% 7/15/26		1,000,000	1,066,750

			13,216,480

Local General Obligation Bonds – 2.93%
Anaheim School District Capital Appreciation Election 2002
4.58% 8/1/25 (NATL) ^		1,000,000	816,100
Marin Healthcare District Election 2013
Series A 4.00% 8/1/47		1,000,000	1,037,340
West Contra Costa Unified School District 2012 Election
Series C 4.00% 8/1/41		1,000,000	1,033,040

			2,886,480

Pre-Refunded Bonds – 9.01%
Abag Finance Authority for Nonprofit Corporations
(Sharp HealthCare) Series B 6.25% 8/1/39-19 §		1,000,000	1,067,360
Anaheim Public Financing Authority Revenue
(Anaheim Electric System Distribution Facilities) Series A
5.00% 10/1/25-21 §		800,000	881,432
California Department of Water Resources
(Central Valley Project) Unrefunded Series AG 5.00% 12/1/28-19 §		75,000	79,615


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
California Health Facilities Financing Authority Revenue
(Catholic Healthcare West) Series A 6.00% 7/1/39-19 §		855,000	$ 905,941
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Series A 6.40% 8/15/45-20 §		960,000	1,058,928
Imperial Irrigation District Electric System Revenue
Series B 5.00% 11/1/36-20 §		250,000	272,898
Lancaster Redevelopment Agency
(Combined Redevelopment Project Areas)
6.875% 8/1/39-19 §		285,000	306,264
Unrefunded 6.875% 8/1/39-19 §		215,000	231,041
Pittsburg Unified School District Financing Authority Revenue
(Pittsburg Unified School District Bond Program) 5.50% 9/1/46-21 (AGM) §		800,000	905,120
Rancho Santa Fe Community Services District Financing Authority Revenue
(Superior Lien Bonds) Series A 5.75% 9/1/30-21 §		800,000	910,432
Riverside County Redevelopment Agency Tax Allocation Housing
Series A 6.00% 10/1/39-20 §		1,000,000	1,114,280
San Francisco City & County Public Utilities Commission Water Revenue
(Water System Improvement Program) Subordinate
Series A 5.00% 11/1/32-21 §		1,015,000	1,135,775

			8,869,086

Resource Recovery Revenue Bond – 1.08%
South Bayside Waste Management Authority Revenue
(Shoreway Environmental Center) Series A 6.00% 9/1/36		1,000,000	1,062,690

			1,062,690

Special Tax Revenue Bonds – 1.11%
San Francisco City & County Redevelopment Successor Agency
(Mission Bay South Redevelopment Project) Series B
5.00% 8/1/43 (NATL)		500,000	558,485
Yucaipa Special Tax Community Facilities District No. 98-1
(Chapman Heights) 5.375% 9/1/30		500,000	539,320

			1,097,805

State General Obligation Bonds – 10.33% California
(Various Purpose)
5.00% 9/1/26		500,000	599,390

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
California
(Various Purpose)
5.00% 8/1/27		2,000,000	$ 2,380,580
5.00% 8/1/46		1,000,000	1,133,410
5.00% 11/1/47		1,000,000	1,149,470
5.25% 3/1/30		1,000,000	1,072,280
5.25% 4/1/35		1,000,000	1,124,640
5.25% 11/1/40		1,000,000	1,085,780
6.00% 3/1/33		1,000,000	1,086,150
6.00% 4/1/38		515,000	539,571

			10,171,271

Transportation Revenue Bonds – 9.76%
Alameda Corridor Transportation Authority
(2nd Subordinate Lien) Series B 5.00% 10/1/37		500,000	557,515
Long Beach Marina Revenue
(Alamitos Bay Marina Project) 5.00% 5/15/45		500,000	546,695
Los Angeles Department of Airports
(Los Angeles International Airport)
Senior Series D 5.00% 5/15/36 (AMT)		1,000,000	1,117,660
Subordinate Series B 5.00% 5/15/33		1,000,000	1,066,990
Riverside County Transportation Commission Senior Lien
Series A 5.75% 6/1/44		500,000	556,765
Sacramento County Airport System Revenue
Subordinate Series B 5.00% 7/1/41		500,000	562,225
San Diego Association of Governments South Bay Expressway Revenue
(1st Senior Lien) Series A 5.00% 7/1/42		1,000,000	1,144,160
San Diego County Regional Airport Authority Revenue
Subordinate Series A 5.00% 7/1/47		375,000	425,179
San Diego Redevelopment Agency
(Centre City Redevelopment Project) Series A 6.40% 9/1/25		870,000	873,715
San Francisco City & County Airports Commission
(San Francisco International Airport) Second Series B
5.00% 5/1/46 (AMT)		1,000,000	1,106,420
San Francisco Municipal Transportation Agency Revenue
Series B 5.00% 3/1/37		1,500,000	1,654,425

			9,611,749

Water & Sewer Revenue Bonds – 2.20%
San Diego Public Facilities Financing Authority Water Revenue
Subordinate Series A 5.00% 8/1/29		1,000,000	1,124,320


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
San Francisco City & County Public Utilities Commission Water Revenue
Subordinate Series A 4.00% 11/1/39		1,000,000	$ 1,044,660

			2,168,980

Total Municipal Bonds (cost $92,601,252)			96,950,557


Short-Term Investment – 0.61%
Variable Rate Demand Note – 0.61%¤
Los Angeles Department of Water & Power System Revenue
Subordinate Series B-3 0.86% 7/1/34 (SPA – Barclays Bank)		600,000	600,000

Total Short-Term Investments (cost $600,000)			600,000


Total Value of Securities – 99.06% (cost $93,201,252)			$ 97,550,557

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $7,497,459, which represents 7.61% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

W	Step coupon bond. Indicates security that has a zero coupon that remains in effect until Aug. 1, 2023 at which time the stated interest rate becomes effective.

^	Zero coupon security. The rate shown is the yield at the time of purchase.

Schedules of investments

Delaware Tax-Free California Fund

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

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

Schedules of investments


Delaware Tax-Free Colorado Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 97.63%
Corporate Revenue Bonds – 1.41%
Denver City & County
(United Airlines Project) 5.00% 10/1/32 (AMT)		415,000	$ 448,702
Public Authority for Colorado Energy Natural Gas Revenue
Series 2008 6.50% 11/15/38		1,750,000	2,407,457

			2,856,159

Education Revenue Bonds – 11.14%
Colorado Educational & Cultural Facilities Authority Revenue
144A 5.00% 7/1/36 #		500,000	503,320
5.00% 11/1/44		890,000	891,442
144A 5.25% 7/1/46 #		1,350,000	1,358,869
(Academy Charter School Project)
5.50% 5/1/36 (SGI)		2,280,000	2,285,130
7.45% 8/1/48		1,000,000	1,134,140
(Alexander Dawson School-Nevada Project) 5.00% 5/15/29		1,490,000	1,704,039
(Atlas Preparatory Charter School) 144A 5.25% 4/1/45 #		1,300,000	1,270,555
(Charter School Project) 5.00% 7/15/37		1,150,000	1,241,540
(Johnson & Wales University) Series A 5.25% 4/1/37		1,790,000	1,964,274
(Liberty Common Charter School Project) Series A
5.00% 1/15/39		1,000,000	1,074,530
(Littleton Preparatory Charter School Project)
5.00% 12/1/33		450,000	458,141
5.00% 12/1/42		540,000	539,957
(Loveland Classical Schools Project)
144A 5.00% 7/1/36 #		625,000	633,031
144A 5.00% 7/1/46 #		500,000	501,315
(Pinnacle Charter School Project) 5.00% 6/1/26		700,000	773,556
(Skyview Charter School)
144A 5.375% 7/1/44 #		860,000	869,813
144A 5.50% 7/1/49 #		870,000	881,519
(University of Denver Project)
Series A 4.00% 3/1/35		400,000	418,468
Series A 4.00% 3/1/36		550,000	574,095
(University of Lab Charter School) 5.00% 12/15/45		500,000	523,255
(Vail Mountain School Project) 4.00% 5/1/46		80,000	78,274
(Windsor Charter Academy Project) 144A 5.00% 9/1/46 #		890,000	890,000
(Woodrow Wilson Charter School Project)
5.25% 12/1/34 (SGI)		1,960,000	1,962,411

			22,531,674

Schedules of investments

Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 3.19%
Colorado Springs Utilities System Revenue
Series A 5.00% 11/15/40		1,500,000	$ 1,703,790
Series A 5.00% 11/15/45		750,000	849,143
Platte River Power Authority Revenue
Series JJ 5.00% 6/1/27		3,300,000	3,895,089

			6,448,022

Healthcare Revenue Bonds – 24.28%
Colorado Health Facilities Authority Revenue
(American Baptist)
7.625% 8/1/33		150,000	170,675
8.00% 8/1/43		1,000,000	1,150,240
(Catholic Health Initiatives)
Series A 5.00% 7/1/39		1,540,000	1,579,609
Series A 5.00% 2/1/41		2,250,000	2,338,853
Series A 5.25% 2/1/33		1,000,000	1,054,010
Series A 5.25% 1/1/45		3,000,000	3,209,250
Series D 6.25% 10/1/33		2,000,000	2,049,580
(Christian Living Community Project)
5.25% 1/1/37		1,500,000	1,553,490
6.375% 1/1/41		1,000,000	1,082,400
(Covenant Retirement Communities)
Series A 5.00% 12/1/33		4,000,000	4,274,560
Series A 5.00% 12/1/35		1,000,000	1,091,890
(Craig Hospital Project) 5.00% 12/1/32		3,500,000	3,790,535
(Evangelical Lutheran)
5.00% 12/1/42		2,500,000	2,609,525
5.625% 6/1/43		1,150,000	1,287,793
(Frasier Meadows Retirement Community Project)
Series A 5.25% 5/15/37		485,000	537,171
Series B 5.00% 5/15/48		660,000	691,951
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		2,000,000	2,220,400
(National Jewish Health Project) 5.00% 1/1/27		300,000	308,715
(NCMC Project) 4.00% 5/15/32		2,000,000	2,095,600
(SCL Health Systems) Series A 5.00% 1/1/44		3,050,000	3,326,849
(Sisters of Charity of Leavenworth Health System)
Series B 5.25% 1/1/25		2,500,000	2,650,825
(Sunny Vista Living Center)
Series A 144A 6.25% 12/1/50 #		935,000	982,863
(Vail Valley Medical Center Project) 5.00% 1/15/35		1,000,000	1,127,280
(Valley View Hospital Association Project) Series A
4.00% 5/15/35		685,000	699,262


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Denver Health & Hospital Authority Health Care Revenue
(Recovery Zone Facilities) 5.625% 12/1/40		2,500,000	$ 2,628,475
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Auxilio Mutuo) Series A 6.00% 7/1/33		1,945,000	1,969,604
University of Colorado Hospital Authority Revenue
Series A 6.00% 11/15/29		2,460,000	2,613,676

			49,095,081

Housing Revenue Bonds – 0.10%
Colorado Housing & Finance Authority
(Single Family Program Class 1)
Series AA 4.50% 5/1/23 (GNMA)		100,000	101,623
Series AA 4.50% 11/1/23 (GNMA)		100,000	100,498

			202,121

Lease Revenue Bonds – 3.02%
Aurora Certificates of Participation
Series A 5.00% 12/1/30		2,370,000	2,497,696
Colorado Department of Transportation Certificates of Participation
5.00% 6/15/34		660,000	750,473
5.00% 6/15/36		1,055,000	1,189,755
Regional Transportation District Certificates of Participation
Series A 5.00% 6/1/33		1,500,000	1,657,620

			6,095,544

Local General Obligation Bonds – 14.42%
Adams & Weld Counties School District No. 27J Brighton
4.00% 12/1/30		300,000	321,879
4.00% 12/1/31		1,000,000	1,070,060
5.00% 12/1/32		500,000	588,110
Arapahoe County School District No. 1 Englewood
4.00% 12/1/30		1,500,000	1,604,025
Beacon Point Metropolitan District
5.00% 12/1/30 (AGM)		1,130,000	1,270,188
Central Colorado Water Conservancy District
(Limited Tax) 5.00% 12/1/33		1,000,000	1,114,310
Commerce City Northern Infrastructure General Improvement District
5.00% 12/1/32 (AGM)		2,125,000	2,370,416
Denver City & County
Series A 5.00% 8/1/26		500,000	590,565
(Better Denver & Zoo) Series A 5.00% 8/1/25		3,215,000	3,371,345

Schedules of investments

Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Denver International Business Center Metropolitan District No. 1
5.00%12/1/30		350,000	$ 360,287
Douglas County School District No. 1
(Douglas & Elbert Counties) 5.00% 12/15/22		1,175,000	1,310,160
Eaton Area Park & Recreation District
5.25%12/1/34		360,000	380,056
5.50%12/1/38		455,000	484,821
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork
Series 1 4.00% 12/15/31		1,300,000	1,395,225
Grand River Hospital District
5.25%12/1/35 (AGM)		1,000,000	1,165,330
5.25%12/1/37 (AGM)		325,000	376,828
Jefferson County School District No. R-1
5.25%12/15/24		1,250,000	1,484,737
Leyden Rock Metropolitan District No 10
Series A 5.00% 12/1/45		1,000,000	1,015,370
Rangely Hospital District
6.00%11/1/26		2,250,000	2,498,130
Sierra Ridge Metropolitan District No. 2
Series A 5.50% 12/1/46		1,000,000	1,021,360
Weld County Reorganized School District No. RE-8
5.00%12/1/31		990,000	1,155,389
5.00%12/1/32		660,000	768,590
Weld County School District No. RE-1
5.00%12/15/31 (AGM)		1,000,000	1,155,090
Weld County School District No. RE-3J
5.00%12/15/34 (BAM)		2,000,000	2,295,200

			29,167,471

Pre-Refunded Bonds – 8.55%
Adams & Arapahoe Counties Joint School District No. 28J
(Aurora) 6.00% 12/1/28-18 §		2,500,000	2,585,300
Colorado Building Excellent Schools Today Certificates of Participation
Series G 5.00% 3/15/32-21 §		2,000,000	2,194,480
Colorado Health Facilities Authority Revenue
(Total Long-Term Care)
Series A 6.00% 11/15/30-20 §		2,365,000	2,630,471
Series A 6.25% 11/15/40-20 §		750,000	839,115
(Valley View Hospital Association) 5.50% 5/15/28-18 §		975,000	983,365


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
Gunnison Watershed School District No. 1J Series 2009
5.25% 12/1/33-18 §		1,400,000	$ 1,440,530
Platte River Power Authority Revenue
Series HH 5.00% 6/1/27-19 §		1,795,000	1,871,611
Series HH 5.00% 6/1/29-19 §		2,355,000	2,455,511
University of Colorado
Series A 5.00% 6/1/33-23 §		2,000,000	2,292,040

			17,292,423

Special Tax Revenue Bonds – 18.99%
Broomfield Colorado Sales & USE Tax Revenue
5.00% 12/1/33		1,000,000	1,166,980
Canyons Metropolitan District No. 5
Series A 6.125% 12/1/47		500,000	503,465
Central Platte Valley Metropolitan District
5.00% 12/1/43		725,000	765,665
Commerce City
5.00% 8/1/44 (AGM)		1,500,000	1,654,485
Denver Convention Center Hotel Authority Revenue
5.00% 12/1/40		2,660,000	2,914,163
Denver International Business Center Metropolitan District No. 1
5.375% 12/1/35		1,750,000	1,806,385
Denver Urban Renewal Authority
(Stapleton) Senior Subordinated Series B 5.00% 12/1/25		1,250,000	1,466,887
Fountain Urban Renewal Authority Tax Increment Revenue
(Academy Highlands Project) Series A 5.50% 11/1/44		2,595,000	2,658,318
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		1,250,000	1,303,750
Series A 5.25% 1/1/36		1,675,000	1,764,160
Plaza Metropolitan District No. 1
144A 5.00% 12/1/40 #		1,265,000	1,306,416
Prairie Center Metropolitan District No. 3
Series A 144A 5.00% 12/15/41 #		1,000,000	1,019,850
Regional Transportation District
(Fastracks Project)
Series A 5.00% 11/1/30		670,000	783,237
Series A 5.00% 11/1/31		1,495,000	1,742,662
Series A 5.00% 11/1/36		2,750,000	3,159,997
Series B 5.00% 11/1/33		1,865,000	2,191,226
Certificates of Participation
Series A 5.375% 6/1/31		1,540,000	1,651,142

Schedules of investments

Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Regional Transportation District Sales Revenue
(Denver Transit Partners)
6.00% 1/15/34		1,450,000	$ 1,575,787
6.00% 1/15/41		2,400,000	2,601,240
Solaris Metropolitan District No. 3
(Limited Tax Convertible) Series A 5.00% 12/1/46		500,000	514,080
Southlands Metropolitan District No. 1
Series A-1 5.00% 12/1/37		300,000	321,498
Series A-1 5.00% 12/1/47		700,000	743,218
Sterling Ranch Community Authority Board
Series A 5.00% 12/1/47		500,000	503,655
Series A 5.75% 12/1/45		975,000	991,097
Tallyns Reach Metropolitan District No. 3
(Limited Tax Convertible) 5.125% 11/1/38		740,000	778,443
Thornton Development Authority
(East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35		485,000	548,258
Series B 5.00% 12/1/36		810,000	913,000
Virgin Islands Public Finance Authority
(Matching Fund Loan Senior Lien)
5.00% 10/1/29 (AGM)		1,000,000	1,045,480

			38,394,544

Transportation Revenue Bonds – 11.21%
Colorado High Performance Transportation Enterprise Revenue
(C-470 Express Lanes) 5.00% 12/31/56		2,000,000	2,163,080
(Senior U.S. 36 & I-25 Managed Lanes)
5.75% 1/1/44 (AMT)		2,140,000	2,370,221
Denver City & County Airport System Revenue
Series A 5.00% 11/15/30 (AMT)		1,250,000	1,443,113
Series A 5.25% 11/15/36		2,500,000	2,652,625
Series B 5.00% 11/15/30		1,000,000	1,119,190
Series B 5.00% 11/15/32		1,000,000	1,116,830
Series B 5.00% 11/15/37		8,000,000	8,915,760
E-470 Public Highway Authority
Series C 5.25% 9/1/25		690,000	742,785
Series C 5.375% 9/1/26		2,000,000	2,153,980

			22,677,584


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 1.32%
Dominion Water & Sanitation District
6.00% 12/1/46		750,000	$ 783,187
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.00% 7/1/37		675,000	734,778
Parker Water & Sanitation District
5.00% 11/1/42		1,000,000	1,157,580

			2,675,545

Total Municipal Bonds (cost $189,274,355)			197,436,168


	Number of shares
Short-Term Investments – 0.31%
Money Market Mutual Fund – 0.04%
Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares (seven-day effective yield 0.88%)		86,307	86,307

			86,307

	Principal amount°
Variable Rate Demand Note – 0.27%¤
Denver City & County Series A3 1.09% 12/1/31
(SPA-JPMorgan Chase Bank N.A.)		550,000	550,000

			550,000

Total Short-Term Investments (cost $636,307)			636,307


Total Value of Securities – 97.94% (cost $189,910,662)			$ 198,072,475

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $10,217,551, which represents 5.05% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

Schedules of investments

Delaware Tax-Free Colorado Fund

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

GNMA – Government National Mortgage Association collateral

N.A. – National Association

SGI – Insured by Syncora Guarantee Inc.

SPA – Stand-by Purchase Agreement

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

Schedules of investments


Delaware Tax-Free Idaho Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 99.19%
Corporate Revenue Bonds – 3.14%
Nez Perce County, Pollution Control Revenue
(Potlatch Project) 2.75% 10/1/24		1,250,000	$ 1,230,713
Power County Industrial Development Revenue
(FMC Project) 6.45% 8/1/32 (AMT)		2,000,000	2,008,140

			3,238,853

Education Revenue Bonds – 13.44%
Boise State University Revenue
(General Project)
Series A 4.00% 4/1/37		1,250,000	1,272,113
Series A 5.00% 4/1/42		1,350,000	1,470,811
Series A 5.00% 4/1/47		500,000	568,315
Idaho Housing & Finance Association
(Idaho Arts Charter School)
Series A 5.00% 12/1/38		1,000,000	1,061,760
Series A 144A 5.00% 12/1/46 #		1,000,000	1,043,630
(North Star Charter School Project)
Capital Appreciation Subordinate Series B 144A 4.88% 7/1/49 #^		2,888,155	306,433
Series A 6.75% 7/1/48		529,151	536,755
(Victory Charter School Project) Series B 5.00% 7/1/39		1,000,000	1,059,300
(Xavier Charter School Project) Series A 5.00% 6/1/50		1,275,000	1,358,576
University of Idaho
Series 2011 5.25% 4/1/41 ●		1,795,000	1,963,353
Series A 5.00% 4/1/36		400,000	466,108
Series A 5.00% 4/1/41		1,000,000	1,154,960
Series B 5.00% 4/1/28		1,000,000	1,063,560
Series B 5.00% 4/1/32		500,000	531,255

			13,856,929

Electric Revenue Bonds – 3.21%
Boise-Kuna Irrigation District Revenue
(Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34		2,000,000	2,225,800
Guam Power Authority Revenue
Series A 5.00% 10/1/40		1,000,000	1,082,190

			3,307,990

Healthcare Revenue Bonds – 15.81%
Idaho Health Facilities Authority Revenue
(Madison Memorial Hospital Project) 5.00% 9/1/37		2,350,000	2,490,083
(St. Luke’s Health System Project)
Series A 5.00% 3/1/47		1,500,000	1,582,965
Series A 6.75% 11/1/37		1,250,000	1,288,787
(St. Luke’s Regional Medical Center Project) 5.00% 7/1/35 (AGM)		2,500,000	2,634,925

Schedules of investments

Delaware Tax-Free Idaho Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue
(Trinity Health Center Group)
Series D 4.50% 12/1/37		1,385,000	$ 1,458,793
Series D 5.00% 12/1/32		2,500,000	2,759,825
Series D 5.00% 12/1/46		750,000	834,420
(Valley Vista Care Corporation)
Series A 5.25% 11/15/37		1,005,000	1,050,788
Series A 5.25% 11/15/47		1,130,000	1,161,923
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33		1,020,000	1,032,903

			16,295,412

Housing Revenue Bonds – 1.13%
Idaho Housing & Finance Association Single Family Mortgage Revenue
Series A Class II 4.375% 7/1/32		690,000	704,925
Series C Class II 4.95% 7/1/31		450,000	458,743

			1,163,668

Lease Revenue Bonds – 11.13%
Boise Urban Renewal Agency
5.00% 12/15/27		850,000	966,339
5.00% 12/15/31		750,000	842,265
5.00% 12/15/32		750,000	840,450
Idaho Housing & Finance Association Revenue
(Grant & Revenue Anticipation Bonds) Series A 5.00% 7/15/27		1,500,000	1,772,970
(TDF Facilities Project-Recovery Zone)
Series A 6.50% 2/1/26		1,370,000	1,535,359
Series A 7.00% 2/1/36		1,500,000	1,667,940
Idaho State Building Authority Revenue
Series B 5.00% 9/1/40		1,250,000	1,382,150
(Capitol Mall Parking Project)
Series A 4.50% 9/1/25		455,000	507,407
Series A 4.50% 9/1/26		485,000	537,686
Series A 4.50% 9/1/27		505,000	557,394
(Eastern Idaho Technical College Project) Series B
5.00% 9/1/25		740,000	862,463

			11,472,423


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 28.68%
Ada & Boise Counties Independent School District Boise City
5.00% 8/1/33		1,010,000	$ 1,183,316
5.00% 8/1/34		1,500,000	1,750,965
5.00% 8/1/35		1,160,000	1,350,112
5.00% 8/1/36		500,000	580,665
Ada & Canyon Counties Joint School District No. 2 Meridian
4.50% 7/30/22		1,500,000	1,597,320
Ada & Canyon Counties Joint School District No. 3 Kuna
(Sales Tax & Credit Enhancement) 5.00% 9/15/35		1,100,000	1,272,986
Bonneville Joint School District No. 93
(School Board Guaranteed)
Series A 5.00% 9/15/30		1,515,000	1,705,542
Series A 5.00% 9/15/31		870,000	979,420
Canyon County School District No. 131 Nampa
(School Board Guaranteed)
Series B 5.00% 8/15/23		1,295,000	1,490,402
Canyon County School District No. 132 Caldwell
Series A 5.00% 9/15/22 (AGM)		1,725,000	1,729,968
Series A 5.00% 9/15/23 (AGM)		1,810,000	1,815,213
Canyon County School District No. 139 Vallivue
(School Board Guaranteed)
5.00% 9/15/33		1,000,000	1,132,360
Series B 5.00% 9/15/24		1,480,000	1,668,878
Idaho Bond Bank Authority Revenue
Series A 4.00% 9/15/33		530,000	564,752
Series A 4.00% 9/15/37		1,000,000	1,053,500
Series A 5.00% 9/15/33		1,125,000	1,245,094
Series C 5.00% 9/15/42		500,000	577,905
Madison County School District No. 321 Rexburg
(Sales Tax & Credit Enhancement)
Series B 5.00% 8/15/24		1,000,000	1,166,260
Series B 5.00% 8/15/25		1,080,000	1,271,376
Series B 5.00% 8/15/26		710,000	845,077
Nez Perce County Independent School District No. 1
(Sales Tax & Credit Enhancement)
Series B 5.00% 9/15/36		1,500,000	1,732,035
Series B 5.00% 9/15/37		1,510,000	1,739,716
Twin Falls County School District No. 411
(School Board Guaranteed) Series A 4.75% 9/15/37		1,000,000	1,102,530

			29,555,392

Schedules of investments

Delaware Tax-Free Idaho Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds – 4.11%
Boise State University Revenue
(General Project) Series A 5.00% 4/1/39-19 §		1,000,000	$ 1,038,350
Idaho Bond Bank Authority Revenue
(State Intercept)
Series A 5.25% 9/15/26-19 §		570,000	592,310
Unrefunded Series A 5.00% 9/15/28-19 §		890,000	923,028
Unrefunded Series A 5.25% 9/15/26-19 §		500,000	519,835
Idaho Health Facilities Authority Revenue
(Trinity Health Center Group) Series B 6.125% 12/1/28-18 §		1,110,000	1,149,327
Puerto Rico Sales Tax Financing Revenue First Subordinate
Series A 5.50% 8/1/28-19 §		15,000	15,827

			4,238,677

Special Tax Revenue Bonds – 13.54%
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		545,000	568,435
Series A 5.25% 1/1/36		705,000	742,527
Series B-1 5.00% 1/1/42		1,425,000	1,483,853
Idaho Water Resource Board
(Ground Water Rights Mitigation) Series A 5.00% 9/1/32		3,565,000	3,919,575
Ketchum Urban Renewal Agency Tax Increment Revenue
5.50% 10/15/34		1,500,000	1,544,445
Nampa Development Tax Increment Revenue
144A 5.00% 9/1/31 #		1,000,000	1,043,150
5.90% 3/1/30		3,000,000	3,089,190
Virgin Islands Public Finance Authority Revenue
(Senior Lien-Matching Fund Loan Note) 5.00% 10/1/29 (AGM)		1,500,000	1,568,220

			13,959,395

Transportation Revenue Bonds – 4.26%
Boise City Airport Revenue
(Air Terminal Facilities Project)
5.75% 9/1/19 (AGM) (AMT)		1,000,000	1,059,930
5.75% 9/1/20 (AGM) (AMT)		1,000,000	1,093,210
(Parking Facilities Project) 4.00% 9/1/32		2,180,000	2,235,089

			4,388,229


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 0.74%
Guam Government Waterworks Authority
5.00% 7/1/40		370,000	$ 400,954
5.00% 1/1/46		335,000	359,009

			759,963

Total Municipal Bonds (cost $99,756,572)			102,236,931


Total Value of Securities – 99.19% (cost $99,756,572)			$ 102,236,931

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $2,393,213, which represents 2.32% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

●

^	Zero coupon security. The rate shown is the yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

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

Schedules of investments


Delaware Tax-Free New York Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 98.72%
Corporate Revenue Bonds – 7.00%
Nassau County Tobacco Settlement
(Asset-Backed) Series A-3 5.125% 6/1/46		1,055,000	$ 1,027,876
New York City Industrial Development Agency
(Brooklyn Navy Yard Cogeneration Partners Project)
5.75% 10/1/36 (AMT)		350,000	347,613
New York Counties Tobacco Trust VI
(Tobacco Settlement Pass Through) Series C 5.00% 6/1/51		500,000	520,180
New York Liberty Development Revenue
(Second Priority - Bank of America Tower at One Bryant Park Project)
Class 2 5.625% 7/15/47		500,000	535,950
Class 3 6.375% 7/15/49		865,000	925,161
Niagara Area Development Revenue
(Covanta Energy Project) Series B 144A 4.00% 11/1/24 #		1,060,000	1,060,583
Suffolk Tobacco Asset Securitization
Series B 5.25% 6/1/37		700,000	762,041
TSASC Revenue
(Senior) Series A 5.00% 6/1/41		900,000	992,358

			6,171,762

Education Revenue Bonds – 21.92%
Albany Industrial Development Agency Civic Facilities Revenue
(Brighter Choice Charter School) Series A 5.00% 4/1/37		250,000	215,940
Buffalo & Erie County Industrial Land Development
(Buffalo State College Foundation Housing Project)
Series A 6.00% 10/1/31		525,000	590,783
(Tapestry Charter School Project) Series A 5.00% 8/1/52		500,000	518,605
Build NYC Resource
(Bronx Charter School for Excellence Project)
Series A 5.00% 4/1/33		500,000	523,935
Series A 5.50% 4/1/43		500,000	512,875
(Manhattan College Project) 5.00% 8/1/47		500,000	557,150
(Metropolitan College of New York Project) 5.50% 11/1/44		1,100,000	1,143,395
(Metropolitan Lighthouse Charter School Project) Series A 144A 5.00% 6/1/52 #		250,000	261,665
(The Packer Collegiate Institute Project) 5.00% 6/1/40		750,000	822,427


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Dutchess County Local Development
(The Culinary Institute of America Project)
Series A-1 5.00% 7/1/41		200,000	$	220,898
Series A-1 5.00% 7/1/46		300,000		330,210
Hempstead Town Local Development
(Hofstra University Project) 5.00% 7/1/42		500,000		561,780
Madison County Capital Resource Revenue
(Colgate University Project) Series A 5.00% 7/1/28		400,000		429,836
Monroe County Industrial Development Revenue
(Nazareth College of Rochester Project)
Series A 5.00% 10/1/22		340,000		375,326
Series A 5.00% 10/1/23		470,000		524,868
(St. John Fisher College) Series A 5.50% 6/1/39		300,000		343,524
(University of Rochester Project) Series C 4.00% 7/1/43		500,000		516,515
New York City Trust for Cultural Resources
(Alvin Ailey Dance Foundation) Series A 4.00% 7/1/46		1,000,000		1,019,140
(Whitney Museum of American Art) 5.00% 7/1/31		500,000		538,485
New York State Dormitory Authority
(Barnard College) Series A 5.00% 7/1/35		400,000		453,968
(Brooklyn Law School) 5.75% 7/1/33		340,000		353,902
(Cornell University) Series A 5.00% 7/1/34		170,000		177,599
(Fordham University) 5.00% 7/1/44		650,000		723,632
(Marymount Manhattan College) 5.00% 7/1/24		350,000		362,208
(Pratt Institute) Series A 5.00% 7/1/34		1,000,000		1,114,490
(Rockefeller University) Series A 5.00% 7/1/27		250,000		261,580
(Skidmore College) Series A 5.00% 7/1/21		325,000		358,911
(Touro College & University) Series A 5.50% 1/1/44		1,000,000		1,106,670
(University of Rochester Project) Unrefunded Series A
5.125% 7/1/39		20,000		20,902
Onondaga Civic Development Revenue
(Le Moyne College Project) 5.20% 7/1/29		500,000		521,805
St. Lawrence County Industrial Development Agency Civic Development Revenue
(St. Lawrence University Project) Series A 4.00% 7/1/43		1,000,000		1,026,350
Tompkins County Development
(Ithaca College Project)
5.00% 7/1/34		750,000		839,640
5.00% 7/1/41		750,000		845,520
Troy Industrial Development Authority
(Rensselaer Polytechnic Institute Project) Series E 5.20% 4/1/37		500,000		544,065

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Yonkers Economic Development Educational Revenue
(Charter School of Educational Excellence Project)
Series A 6.25% 10/15/40		600,000	$ 619,350

			19,337,949

Electric Revenue Bonds – 3.52%
Long Island Power Authority Electric System Revenue
5.00% 9/1/47		500,000	564,035
Series A 5.00% 9/1/44		750,000	834,675
New York State Power Authority Revenue
Series A 5.00% 11/15/38		500,000	552,700
Utility Debt Securitization Authority
(Restructuring Bonds) 5.00% 12/15/37		1,000,000	1,151,400

			3,102,810

Healthcare Revenue Bonds – 15.55%
Buffalo & Erie County Industrial Land Development
(Catholic Health System Project) 5.25% 7/1/35		250,000	277,207
Dutchess County Local Development
(Health Quest Systems Project)
Series A 5.00% 7/1/34		350,000	386,887
Series A 5.00% 7/1/44		1,000,000	1,090,990
East Rochester Housing Authority Revenue
(Senior Living-Woodland Village Project) 5.50% 8/1/33		485,000	485,946
Guilderland Industrial Development Agency
Series A 144A 5.875% 1/1/52 #		500,000	491,655
Monroe County Industrial Development
(The Rochester General Hospital Project)
5.00% 12/1/36		405,000	450,809
5.00% 12/1/46		540,000	590,835
Series A 5.00% 12/1/27		330,000	361,347
Series A 5.00% 12/1/28		655,000	715,614
(The Unity Hospital of Rochester Project) 5.50% 8/15/40 (FHA)		585,000	643,769
Nassau County Local Economic Assistance
(Catholic Health Services of Long Island Obligated Group Project)
5.00% 7/1/29		375,000	415,654
5.00% 7/1/33		725,000	791,403
New York City Health & Hospital Revenue
(Health System) Series A 5.00% 2/15/30		500,000	525,825


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New York State Dormitory Authority Revenue Non-State Supported Debt
(Memorial Sloan-Kettering)
Series 1 5.00% 7/1/23		600,000	$ 665,106
Subordinate Series A2 5.00% 7/1/26		500,000	505,600
(Mt. Sinai Hospital) Series A 5.00% 7/1/26		600,000	638,832
(New York University Hospital Center) Series A 4.00% 7/1/40		465,000	477,281
(Orange Regional Medical Center Obligated Group)
144A 5.00% 12/1/34 #		500,000	542,325
144A 5.00% 12/1/45 #		700,000	744,527
Orange County Funding Assisted Living Residence Revenue
(The Hamlet at Wallkill Assisted Living Project) 6.50% 1/1/46		400,000	401,100
Saratoga County Capital Resource Revenue
(The Saratoga Hospital Project) Series A 5.00% 12/1/26		500,000	561,180
Southold Local Development Revenue
(Peconic Landing at Southold Project) 5.00% 12/1/45		750,000	780,863
Suffolk County Economic Development Revenue
(Catholic Health Services) Unrefunded 5.00% 7/1/28		430,000	466,344
(Peconic Landing at Southhold Project) 6.00% 12/1/40		650,000	702,988

			13,714,087

Lease Revenue Bonds – 8.19%
Hudson Yards Infrastructure
Unrefunded Fiscal 2012 Series A 5.75% 2/15/47		385,000	421,548
MTA Hudson Rail Yards Trust Obligations
(The Metropolitan Transportation Authority) Series A
5.00% 11/15/56		710,000	788,611
New York City Industrial Development Agency
(Senior Trips)
Series A 5.00% 7/1/22 (AMT)		1,085,000	1,193,771
Series A 5.00% 7/1/28 (AMT)		1,500,000	1,610,190
New York Liberty Development
(4 World Trade Center Project) 5.00% 11/15/31		500,000	550,630
(Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 #		1,500,000	1,587,345
(Class 2 - 3 World Trade Center Project) 144A 5.375% 11/15/40 #		500,000	547,110
United Nations Development Revenue
Series A 5.00% 7/1/26		500,000	522,010

			7,221,215

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 2.20%
New York City
Fiscal 2011 Series E 5.00% 8/1/28		125,000	$ 134,651
Fiscal 2014 Subordinate Series D-1 5.00% 8/1/31		1,000,000	1,129,070
Subordinate Series E-1 5.25% 3/1/35		500,000	594,395
Unrefunded Subordinate Series I-1 5.375% 4/1/36		25,000	26,007
New York State Dormitory Authority
(School District Financing Program)
Unrefunded Series A 5.00% 10/1/23		25,000	27,743
Unrefunded Series A 5.00% 10/1/25 (AGM)		30,000	32,378

			1,944,244

Pre-Refunded Bonds – 12.13%
Brooklyn Arena Local Development
(Barclays Center Project)
6.25% 7/15/40-20 §		500,000	542,640
6.375% 7/15/43-20 §		500,000	543,790
6.50% 7/15/30-20 §		500,000	544,450
Hudson Yards Infrastructure
Fiscal 2012 Series A 5.75% 2/15/47-21 §		615,000	685,301
Long Island Power Authority Electric System Revenue
Series A 5.75% 4/1/39-19 §		350,000	366,072
Series B 5.75% 4/1/33-19 §		250,000	261,205
Metropolitan Transportation Authority Revenue
Series C 5.00% 11/15/32-22 §		500,000	570,130
Series C 6.50% 11/15/28-18 §		150,000	155,447
Series C 2016 6.50% 11/15/28-18 §		5,000	5,181
Series D 5.25% 11/15/27-20 §		500,000	548,630
Monroe County Industrial Development Revenue
(Nazareth College of Rochester Project)
5.25% 10/1/31-21 §		500,000	559,550
5.50% 10/1/41-21 §		500,000	563,865
New York City
Subordinate Series I-1 5.375% 4/1/36-19 §		475,000	494,651
New York City Municipal Finance Authority Water & Sewer System Revenue
Fiscal 2009 Series A 5.75% 6/15/40-18 §		75,000	75,965
New York City Transitional Finance Authority Revenue
(Future Tax Secured)
Fiscal 2011 Subordinate Series C 5.25% 11/1/25-20 §		190,000	207,438
Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29-21 §		305,000	334,646
New York State Dormitory Authority
(School District Financing Program)
Series A 5.00% 10/1/23-21 §		475,000	528,347


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
New York State Dormitory Authority
(School District Financing Program)
Series A 5.00% 10/1/25-20 (AGM) §		470,000	$ 510,857
New York State Dormitory Authority Revenue Non-State Supported Debt
(Teachers College) 5.50% 3/1/39-19 §		250,000	260,065
(The Northwell Health Obligated Group)
Series A 5.00% 5/1/41-21 §		500,000	549,470
Series A 5.50% 5/1/37-19 §		500,000	522,625
Onondaga Civic Development Revenue
(St. Joseph’s Hospital Health Center Project)
4.50% 7/1/32-22 §		380,000	421,211
5.00% 7/1/42-22 §		750,000	846,863
5.125% 7/1/31-19 §		500,000	523,780
Suffolk County Economic Development Revenue
(Catholic Health Services) 5.00% 7/1/28-21 §		70,000	77,255

			10,699,434

Special Tax Revenue Bonds – 16.27%
Build NYC Resource
(YMCA of Greater New York Project) 5.00% 8/1/40		450,000	491,580
Glen Cove Local Economic Assistance
(Garvies Point Public Improvement Project) Series A
5.00% 1/1/56		250,000	259,010
Guam Government Business Privilege Tax Revenue
Series A 5.25% 1/1/36		240,000	252,775
New York City Transitional Finance Authority Revenue
(Building Aid)
Fiscal 2012 Subordinate Series S-1A 5.25% 7/15/37		1,000,000	1,108,470
Fiscal 2015 Series S-1 5.00% 7/15/43		1,000,000	1,119,990
(Future Tax Secured)
Fiscal 2011 Subordinate Series D-1 5.00% 2/1/26		250,000	272,160
Fiscal 2014 Subordinate Series A-1 5.00% 11/1/42		750,000	845,467
Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40		750,000	841,883
Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41		1,000,000	1,122,030
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/33		670,000	767,083
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/34		1,500,000	1,711,965
Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42		500,000	514,375
Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43		1,000,000	1,131,980
Unrefunded Fiscal 2011 Subordinate Series C 5.25% 11/1/25		310,000	339,131
Unrefunded Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29		195,000	213,546

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
New York Convention Center Development Revenue
(Hotel Unit Fee Secured) 5.00% 11/15/35		1,000,000	$ 1,134,390
New York State Dormitory Authority Revenue
(General Purpose)
Series C 5.00% 3/15/34		500,000	543,815
Series E 5.00% 3/15/32		1,000,000	1,158,090
New York State Urban Development Revenue
(General Purpose) Series A 4.00% 3/15/36		500,000	523,085

			14,350,825

State General Obligation Bonds – 0.57%
New York State
Series A 5.00% 3/1/38		500,000	501,520

			501,520

Transportation Revenue Bonds – 8.39%
Buffalo & Fort Erie Public Bridge Authority
5.00% 1/1/47		435,000	487,335
Metropolitan Transportation Authority Revenue
Series D 5.00% 11/15/32		500,000	556,290
Unrefunded Series C 6.50% 11/15/28		45,000	46,624
New York State Thruway Authority General Revenue
Series H 5.00% 1/1/30 (NATL)		750,000	751,995
Series I 5.00% 1/1/32		700,000	770,252
(Junior Indebtedness Obligation) Series A 5.25% 1/1/56		1,000,000	1,126,200
Port Authority of New York & New Jersey
Series 153 5.00% 7/15/35		250,000	253,385
Series 186 5.00% 10/15/22 (AMT)		750,000	841,395
(JFK International Air Terminal Project)
Series 8 6.00% 12/1/42		700,000	768,341
Series 8 6.50% 12/1/28		550,000	577,940
Triborough Bridge & Tunnel Authority
Unrefunded Series C 5.00% 11/15/24		80,000	82,022
(MTA Bridges and Tunnels) Series A 5.00% 11/15/47		1,000,000	1,136,480

			7,398,259

Water & Sewer Revenue Bonds – 2.98%
New York City Municipal Water Finance Authority Water & Sewer System Revenue
Unrefunded Fiscal 2009 Series A 5.75% 6/15/40		125,000	126,496
(Second General Resolution)
Fiscal 2009 Series FF-2 5.50% 6/15/40		250,000	262,553
Fiscal 2012 Series BB 5.25% 6/15/44		500,000	555,475
Fiscal 2017 Series DD 5.00% 6/15/47		1,000,000	1,133,590


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
New York State Environmental Facilities Revenue
(New York City Municipal Water Finance Authority Projects – Second Resolution) Series B 5.00% 6/15/30		500,000	$ 550,315

			2,628,429

Total Municipal Bonds (cost $84,389,248)			87,070,534


Short-Term Investment – 1.13%
Variable Rate Demand Note – 1.13%¤
New York City Municipal Water Finance Authority Water & Sewer System Revenue (Second General Resolution)
Fiscal 2015 Series BB-4
1.08% 6/15/50 (SPA-Wells Fargo Bank N.A.)		1,000,000	1,000,000


Total Short-Term Investment (cost $1,000,000)			1,000,000

Total Value of Securities – 99.85% (cost $85,389,248)			$ 88,070,534

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $5,235,210, which represents 5.94% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

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

Schedules of investments


Delaware Tax-Free Pennsylvania Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 98.80%
Corporate Revenue Bonds – 5.53%
Pennsylvania Commonwealth Financing Authority Revenue
(Tobacco Master Settlement Payment Revenue)
4.00% 6/1/39 (AGM)		5,045,000	$ 5,076,582
Pennsylvania Economic Development Financing Authority
(National Gypsum) 5.50% 11/1/44 (AMT)		4,000,000	4,220,760
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue
(Proctor & Gamble Paper Project) 5.375% 3/1/31 (AMT)		11,000,000	13,190,100
Pennsylvania Economic Development Financing Authority Water Facility Revenue
(Pennsylvania-American Water Project) 6.20% 4/1/39		2,850,000	2,981,670

			25,469,112

Education Revenue Bonds – 17.65%
Allegheny County Higher Education Building Authority Revenue
(Carlow University Project)
6.75% 11/1/31		750,000	823,883
7.00% 11/1/40		1,000,000	1,101,940
(Carnegie Mellon University)
5.00% 3/1/28		3,000,000	3,366,750
Series A 5.00% 3/1/24		1,000,000	1,112,660
(Chatham University) Series A 5.00% 9/1/30		1,500,000	1,598,655
(Robert Morris University)
5.00% 10/15/47		1,500,000	1,618,740
Series A 5.50% 10/15/30		1,275,000	1,356,332
Series A 5.75% 10/15/40		2,200,000	2,340,360
Bucks County Industrial Development Authority Revenue
(George School Project) 5.00% 9/15/36		4,455,000	4,859,648
(School Lane Charter School Project) Series A
5.125% 3/15/46		2,500,000	2,656,900
Chester County Industrial Development Authority Revenue
(Avon Grove Charter School Project)
Series A 5.00% 12/15/47		1,160,000	1,205,426
Series A 5.00% 12/15/51		770,000	794,001
(Renaissance Academy Charter School Project)
5.00% 10/1/34		1,000,000	1,062,670
5.00% 10/1/39		1,250,000	1,316,475
5.00% 10/1/44		1,000,000	1,045,550
Chester County Industrial Development Authority Student Housing Revenue
(West Chester University Project)
Series A 5.00% 8/1/30		1,100,000	1,190,849
Series A 5.00% 8/1/45		1,250,000	1,310,263


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Delaware County Authority Revenue
(Cabrini University) 5.00% 7/1/47		2,000,000	$ 2,136,660
East Hempfield Township Industrial Development Authority
(Student Services - Student Housing Project at Millersville University)
5.00% 7/1/39		875,000	924,464
5.00% 7/1/45		2,500,000	2,627,400
5.00% 7/1/46		1,425,000	1,500,667
5.00% 7/1/47		1,000,000	1,055,140
Montgomery County Higher Education & Health Authority Revenue
(Arcadia University)
5.625% 4/1/40		2,375,000	2,482,635
5.75% 4/1/40		2,000,000	2,198,600
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(Drexel University)
5.00% 5/1/35		1,000,000	1,116,960
5.00% 5/1/41		1,000,000	1,117,700
(Shippensburg University - Student Housing Project)
5.00% 10/1/44		1,500,000	1,558,980
6.25% 10/1/43		2,000,000	2,199,340
(Thomas Jefferson University) Series A 5.00% 9/1/45		7,000,000	7,678,510
(Trustees of the University of Pennsylvania) Series A
5.00% 8/15/46		1,695,000	1,928,029
Philadelphia Authority for Industrial Development Revenue
(First Philadelphia Preparatory Charter School Project)
Series A 7.25% 6/15/43		2,500,000	2,849,075
(Green Woods Charter School Project)
Series A 5.50% 6/15/22		895,000	926,943
Series A 5.75% 6/15/42		2,500,000	2,519,550
(International Apartments of Temple University)
Series A 5.375% 6/15/30		1,500,000	1,570,950
Series A 5.625% 6/15/42		3,000,000	3,108,630
(New Foundations Charter School Project)
6.625% 12/15/41		1,000,000	1,107,370
(Philadelphia Performing Arts Charter School Project)
144A 6.75% 6/15/43 #		2,550,000	2,690,683
(Tacony Academy Charter School Project)
Series A-1 6.75% 6/15/33		1,020,000	1,115,278
Series A-1 7.00% 6/15/43		1,535,000	1,687,119
(Temple University Second Series) 5.00% 4/1/36		1,145,000	1,285,423
(Thomas Jefferson University) Series A 5.00% 9/1/47		2,500,000	2,750,825

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
State Public School Building Authority
(Montgomery County Community College)
5.00% 5/1/28		2,000,000	$ 2,292,120

			81,190,153

Electric Revenue Bond – 0.61%
Philadelphia Gas Works Revenue
(1998 General Ordinance Fifteenth Series) 5.00% 8/1/47		2,500,000	2,787,850

			2,787,850

Healthcare Revenue Bonds – 25.84%
Allegheny County Hospital Development Authority Revenue
(University of Pittsburgh Medical Center) Series A 5.50% 8/15/34		3,980,000	4,176,095
Berks County Industrial Development Authority Revenue
(The Highlands At Wyomissing)
Series A 5.00% 5/15/37		375,000	408,131
Series A 5.00% 5/15/42		500,000	540,950
Series A 5.00% 5/15/47		600,000	644,346
Series C 5.00% 5/15/42		1,000,000	1,087,710
Series C 5.00% 5/15/47		1,000,000	1,084,800
(Tower Health Project)
4.00% 11/1/47		2,500,000	2,470,750
5.00% 11/1/50		5,000,000	5,460,100
Berks County Municipal Authority Revenue
(Reading Hospital & Medical Center Project) Unrefunded
Series A-3 5.50% 11/1/31		5,005,000	5,297,742
Butler County Hospital Authority Revenue
(Butler Health System Project) Series A 5.00% 7/1/39		1,625,000	1,765,936
Central Bradford Progress Authority
(Guthrie Healthcare System) 5.375% 12/1/41		1,000,000	1,095,020
Centre County Hospital Authority Revenue
(Mount Nittany Medical Center Project) Series A
4.00% 11/15/47		1,400,000	1,399,930
Chester County Health & Education Facilities Authority Revenue
(Simpson Senior Services Project)
Series A 5.00% 12/1/35		775,000	794,453
Series A 5.25% 12/1/45		1,360,000	1,407,994
Cumberland County Municipal Authority Revenue
(Diakon Lutheran Social Ministries Project)
5.00% 1/1/38		2,000,000	2,165,600
Unrefunded 6.375% 1/1/39		495,000	509,405


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Dauphin County General Authority Health System Revenue
(Pinnacle Health System Project) Unrefunded
6.00% 6/1/36		795,000	$ 827,921
Franklin County Industrial Development Authority Revenue
(Chambersburg Hospital Project) 5.375% 7/1/42		4,980,000	5,292,097
Geisinger Authority Health System Revenue
(Geisinger Health System)
Series A-1 5.00% 2/15/45		5,000,000	5,576,150
Series A-1 5.125% 6/1/41		4,000,000	4,262,240
Indiana County Hospital Authority Revenue
(Indiana Regional Medical Center) Series A
6.00% 6/1/39		1,625,000	1,761,337
Lancaster County Hospital Authority Revenue
(Brethren Village Project)
5.25% 7/1/35		250,000	272,155
5.25% 7/1/41		1,000,000	1,096,490
5.50% 7/1/45		1,000,000	1,097,100
(Landis Homes Retirement Community Project) Series A
5.00% 7/1/45		2,000,000	2,119,360
(Masonic Villages Project)
5.00% 11/1/35		3,000,000	3,350,470
5.00% 11/1/36		510,000	578,059
5.00% 11/1/37		250,000	282,700
(St. Anne’s Retirement Community Project)
5.00% 4/1/27		1,425,000	1,483,012
5.00% 4/1/33		1,830,000	1,878,788
Lehigh County General Purpose Authority Revenue
(Bible Fellowship Church Homes Project)
5.125% 7/1/32		1,000,000	1,015,240
5.25% 7/1/42		1,500,000	1,519,575
Monroe County Hospital Authority Revenue
(Pocono Medical Center)
5.00% 7/1/36		1,710,000	1,897,792
5.00% 7/1/41		1,000,000	1,100,930
Monroeville Finance Authority
5.00% 2/15/25		1,000,000	1,155,870
Montgomery County Industrial Development Authority Retirement Community Revenue
(ACTS Retirement Life Communities Obligated Group)
5.00% 11/15/27		1,250,000	1,361,900
5.00% 11/15/28		1,600,000	1,737,264
5.00% 11/15/29		680,000	736,093

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Montgomery County Industrial Development Authority Revenue
(Albert Einstein Healthcare Network) Series A
5.25% 1/15/45		2,500,000	$ 2,662,725
(Foulkeways at Gwynedd Project) 5.00% 12/1/46		1,500,000	1,591,410
(Whitemarsh Continuing Care Retirement Community Project) 5.375% 1/1/50		4,000,000	4,050,960
Moon Industrial Development Authority Revenue
(Baptist Homes Society) 6.125% 7/1/50		4,000,000	4,245,320
Northampton County Industrial Development Authority
(Morningstar Senior Living Project)
5.00% 7/1/27		1,400,000	1,459,038
5.00% 7/1/32		1,275,000	1,311,376
Pennsylvania Economic Development Financing Authority Revenue
(University of Pittsburgh Medical Center)
Series A 4.00% 11/15/42		2,500,000	2,532,025
Series A 5.00% 7/1/43		1,265,000	1,362,468
Pennsylvania Higher Educational Facilities Authority Revenue
(Thomas Jefferson University)
5.00% 3/1/24		1,115,000	1,237,884
Series A 5.25% 9/1/50		2,500,000	2,772,725
(University of Pennsylvania Health System)
5.00% 8/15/40		2,000,000	2,234,180
Series A 4.00% 8/15/42		4,000,000	4,082,120
Philadelphia Authority for Industrial Development Revenue
(Children’s Hospital of Philadelphia Project)
5.00% 7/1/34		5,000,000	5,764,400
(Wesley Enhanced Living Obligated Group) Series A
5.00% 7/1/49		2,500,000	2,629,275
Pocono Mountains Industrial Park Authority Revenue
(St. Luke’s Hospital – Monroe Project) Series A
5.00% 8/15/40		4,995,000	5,361,983
St. Mary Hospital Authority Health System Revenue
(Catholic Health East) 6.25% 11/15/34		4,675,000	4,902,719

			118,912,113

Housing Revenue Bond – 0.47%
Philadelphia Authority for Industrial Development Revenue
(The PresbyHomes Germantown Project) Series A
5.625% 7/1/35 (HUD)		2,175,000	2,177,219

			2,177,219


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 3.56%
Allegheny County Industrial Development Authority Revenue
(Residential Resource Project)
5.10% 9/1/26		1,335,000	$ 1,337,323
5.125% 9/1/31		560,000	560,543
Pennsylvania Commonwealth Financing Authority Revenue
Series B 5.00% 6/1/31 (AGC)		10,000,000	10,356,100
Philadelphia Municipal Authority Revenue
(Juvenile Justice Services Center)
5.00% 4/1/37		1,250,000	1,374,325
5.00% 4/1/38		1,000,000	1,097,840
5.00% 4/1/39		1,500,000	1,644,345

			16,370,476

Local General Obligation Bonds – 5.24%
Allegheny County
Series C-69 5.00% 12/1/28		1,000,000	1,116,440
Series C-70 5.00% 12/1/33		2,205,000	2,435,665
Chester County
5.00% 7/15/29		1,000,000	1,180,270
City of Philadelphia
5.00% 8/1/41		1,260,000	1,399,759
Series A 5.00% 8/1/37		1,750,000	1,958,933
Series A 5.25% 7/15/29		2,500,000	2,819,225
City of Pittsburgh
Series B 5.00% 9/1/26		3,000,000	3,352,350
Fox Chapel Area School District
5.00% 8/1/25		1,000,000	1,125,250
Montgomery County
Series A 4.00% 4/1/27		2,635,000	2,848,909
Philadelphia School District
Series F 5.00% 9/1/36		2,000,000	2,136,940
Series F 5.00% 9/1/37		1,500,000	1,598,250
Series F 5.00% 9/1/38		2,000,000	2,128,060

			24,100,051

Pre-Refunded/Escrowed to Maturity Bonds – 22.02%
Butler County Hospital Authority Revenue
(Butler Health System Project) Series B
7.25% 7/1/39-19§		8,000,000	8,580,320
Cambridge Area Joint Authority Guaranteed Sewer Revenue
5.625% 12/1/28-18§		1,150,000	1,162,409
6.00% 12/1/37-18§		1,000,000	1,011,710

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Chester County
5.00% 11/15/32-21§		5,725,000	$	6,391,333
5.00% 11/15/33-21§		2,625,000		2,930,524
Cumberland County Municipal Authority Revenue
(Diakon Lutheran Social Ministries Project)
6.375% 1/1/39-19§		4,505,000		4,687,768
Dauphin County General Authority Health System Revenue
(Pinnacle Health System Project) 6.00% 6/1/36-19§		4,205,000		4,438,924
Delaware County Regional Water Quality Control Authority
5.00% 5/1/32-23§		2,000,000		2,287,640
Guam Government Limited Obligation Revenue
(Section 30) Series A 5.625% 12/1/29-19§		90,000		96,393
Huntingdon County General Authority Revenue
(Juniata College) Series A 5.00% 5/1/30-20§		2,650,000		2,878,218
Monroe County Hospital Authority
(Pocono Medical Center)
Series A 5.00% 1/1/32-22§		1,150,000		1,279,731
Series A 5.00% 1/1/41-22§		1,500,000		1,669,215
Montgomery County Higher Education & Health Authority Revenue
(Abington Memorial Hospital Obligated Group) Series A
5.00% 6/1/31-22§		4,000,000		4,501,800
Montgomery County Industrial Development Authority Retirement Community Revenue
(ACTS Retirement Life Communities)
Series A-1 6.25% 11/15/29-19§		700,000		754,320
Montgomery County Industrial Development Authority Revenue
(New Regional Medical Center Project)
5.375% 8/1/38-20 (FHA)§		995,000		1,082,341
Pennsylvania Economic Development Financing Authority Health System Revenue
(Albert Einstein Healthcare) Series A
6.25% 10/15/23-19§		3,930,000		4,188,280
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(AICUP Financing Program - St. Francis University Project) Series JJ2 6.25% 11/1/41-21§		2,355,000		2,721,273
(Edinboro University Foundation Student Housing Project)
6.00% 7/1/42-18§		1,400,000		1,421,826
6.00% 7/1/43-20§		1,000,000		1,097,820


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(Indiana University – Student Housing Project)
Series A 5.00% 7/1/27-22§		1,740,000	$ 1,950,853
Series A 5.00% 7/1/41-22§		1,500,000	1,681,770
(Philadelphia University) 5.00% 6/1/32-23§		2,000,000	2,286,680
(University of the Arts) 5.20% 3/15/25 (AGC)§		4,490,000	5,064,136
Pennsylvania Higher Educational Facilities Authority Revenue
(Trustees of the University of Pennsylvania)
5.00% 9/1/29-20§		1,000,000	1,084,190
Series A 5.00% 9/1/29-21§		1,000,000	1,096,030
(University of Pennsylvania Health System)
Series A 5.00% 8/15/24-21§		4,850,000	5,372,393
Series A 5.25% 8/15/26-21§		3,910,000	4,363,755
Series A 5.75% 8/15/23-21§		2,500,000	2,831,825
Pennsylvania Industrial Development Authority Revenue
(Economic Development) 5.50% 7/1/23-18§		615,000	623,272
Pennsylvania Turnpike Commission Revenue
Series E 5.00% 12/1/29-21§		5,000,000	5,577,150
Series E 5.00% 12/1/30-21§		2,000,000	2,230,860
Philadelphia Authority for Industrial Development Revenue
(MaST Charter School Project) 6.00% 8/1/35-20§		1,610,000	1,775,041
Philadelphia Hospitals & Higher Education Facilities Authority Revenue
(Presbyterian Medical Center) 6.65% 12/1/19 §		3,915,000	4,181,807
Philadelphia Municipal Authority Revenue
6.50% 4/1/39-19§		4,000,000	4,213,080
South Fork Municipal Hospital Authority Revenue
(Conemaugh Health System Project) 5.50% 7/1/29-20§		3,500,000	3,798,375

			101,313,062

Resource Recovery Revenue Bonds – 0.64%
Delaware County Industrial Development Authority
(Covanta Project) Series A 5.00% 7/1/43		2,155,000	2,166,141
Pennsylvania Economic Development Financing Authority
(Colver Project) Series F
4.625% 12/1/18 (AMBAC) (AMT)		765,000	771,288

			2,937,429

Special Tax Revenue Bonds – 2.88%
Allentown Neighborhood Improvement Zone Development Authority Revenue
Series A 5.00% 5/1/42		2,500,000	2,595,850

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Allentown Neighborhood Improvement Zone Development Authority Revenue
(City Center Refunding Project) 144A 5.00% 5/1/42 #		2,500,000	$ 2,658,525
Northampton County Industrial Development Authority
(Route 33 Project) 7.00% 7/1/32		2,000,000	2,296,700
Sports & Exhibition Authority of Pittsburgh & Allegheny County
5.00% 2/1/35 (AGM)		3,000,000	3,186,180
Washington County Redevelopment Authority Revenue
(Victory Centre Project-Tanger) Series A 5.45% 7/1/35		1,000,000	1,001,410
(Victory Centre Tax Increment Financing Project)
5.00% 7/1/35		1,500,000	1,534,905

			13,273,570

State General Obligation Bond – 1.25%
Commonwealth of Pennsylvania
5.00% 1/1/26		5,000,000	5,741,950

			5,741,950

Transportation Revenue Bonds – 9.15%
Delaware River Joint Toll Bridge Commission
(Pennsylvania - New Jersey) 5.00% 7/1/47		5,000,000	5,634,800
Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue
(Amtrak Project)
Series A 5.00% 11/1/32 (AMT)		3,500,000	3,769,220
Series A 5.00% 11/1/41 (AMT)		5,000,000	5,355,500
Pennsylvania Turnpike Commission Revenue
Series A 5.00% 12/1/22		2,550,000	2,870,101
Series A 5.00% 12/1/23		2,450,000	2,795,621
Series C 5.00% 12/1/44		5,000,000	5,551,650
Subordinate Series B-1 5.25% 6/1/47		5,000,000	5,593,650
Subordinate Third Series 5.00% 12/1/40		2,500,000	2,748,750
Port Authority of Allegheny County
5.75% 3/1/29		5,200,000	5,766,176
Susquehanna Area Regional Airport Authority Revenue
5.00% 1/1/35 (AMT)		800,000	895,520
5.00% 1/1/38 (AMT)		1,000,000	1,112,370

			42,093,358

Water & Sewer Revenue Bonds – 3.96%
Allegheny County Sanitary Authority
5.00% 12/1/28 (BAM)		2,345,000	2,710,797
Bucks County Water & Sewer Authority
5.00% 12/1/28 (AGM)		1,000,000	1,176,220


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Bucks County Water & Sewer Authority
Series A 5.00% 12/1/37 (AGM)		780,000	$ 883,779
Series A 5.00% 12/1/40 (AGM)		1,000,000	1,129,770
Guam Government Waterworks Authority
5.00% 7/1/35		670,000	732,632
5.00% 7/1/36		1,000,000	1,091,020
5.00% 1/1/46		1,450,000	1,553,921
Philadelphia Water & Wastewater Revenue
5.00% 11/1/28		4,500,000	5,015,295
Series A 5.00% 7/1/45		2,500,000	2,772,550
Series A 5.25% 10/1/52		1,000,000	1,144,880

			18,210,864

Total Municipal Bonds (cost $434,583,519)			454,577,207


Short-Term Investment – 0.24%
Variable Rate Demand Note – 0.24%¤
Pennsylvania State Higher Educational Facilities Authority Revenue (Drexel University Multi-Modal Revenue)
Series B 1.10% 5/1/30 (LOC - TD Bank N.A.)		1,100,000	1,100,000

Total Short-Term Investment (cost $1,100,000)			1,100,000


Total Value of Securities – 99.04% (cost $435,683,519)			$ 455,677,207

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $5,349,208, which represents 1.16% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

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

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

HUD – Housing and Urban Development Section 8

LOC – Letter of Credit

N.A. – National Association

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

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Statements of assets and liabilities

February 28, 2018 (Unaudited)


	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
Assets:
Investments, at value¹		$74,688,582			$96,950,557			$197,436,168
Short-term investments, at value²		1,500,000			600,000			636,307
Cash		41,111			33,292			230
Interest receivable		728,626			1,193,652			2,315,956
Receivable for fund shares sold		1,930			1,246			2,277,076

Total assets		76,960,249			98,778,747			202,665,737

Liabilities:
Distribution payable		41,010			53,698			110,284
Payable for fund shares redeemed		—			138,233			117,262
Other accrued expenses		34,262			39,870			72,060
Audit and tax fees payable		21,614			21,613			21,613
Investment management fees payable to affiliates		20,264			26,458			65,340
Distribution fees payable to affiliates		16,167			22,545			42,908
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,151			1,478			3,001
Accounting and administration expenses payable to affiliates		530			594			889
Trustees’ fees and expenses payable		189			243			493
Legal fees payable to affiliates		131			168			339
Reports and statements to shareholders expenses payable to affiliates		56			72			148

Total liabilities		135,374			304,972			434,337

Total Net Assets		$76,824,875			$98,473,775			$202,231,400


Net Assets Consist of:
Paid-in capital		$74,735,208			$94,258,433			$197,671,692
Undistributed net investment income		31,257			21,102			352,558
Accumulated net realized loss on investments		(485,274	)		(155,065	)		(3,954,663	)
Net unrealized appreciation of investments		2,543,684			4,349,305			8,161,813

Total Net Assets		$76,824,875			$98,473,775			$202,231,400


	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Arizona Fund				California Fund				Colorado Fund

Net Asset Value
Class A:
Net assets		$	63,919,239			$	51,951,898			$	164,282,636
Shares of beneficial interest outstanding, unlimited authorization, no par			5,684,312				4,338,042				14,838,890
Net asset value per share		$	11.24			$	11.98			$	11.07
Sales charge			4.50	%			4.50	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.77			$	12.54			$	11.59

Class C:
Net assets		$	5,026,832			$	16,293,352			$	15,143,712
Shares of beneficial interest outstanding, unlimited authorization, no par			445,851				1,358,136				1,364,108
Net asset value per share		$	11.27			$	12.00			$	11.10

Institutional Class:
Net assets		$	7,878,804			$	30,228,525			$	22,805,052
Shares of beneficial interest outstanding, unlimited authorization, no par			700,589				2,524,081				2,059,909
Net asset value per share		$	11.25			$	11.98			$	11.07


¹Investments, at cost		$	72,144,898			$	92,601,252			$	189,274,355
²Short-term investments, at cost			1,500,000				600,000				636,307

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

Statements of assets and liabilities


	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund				Pennsylvania Fund

Assets:
Investments, at value¹		$	102,236,931			$	87,070,534			$	454,577,207
Short-term investments, at value²			—				1,000,000				1,100,000
Cash			—				—				1,924,705
Interest receivable			1,552,578				922,368				5,788,358
Receivable for fund shares sold			158,175				43,525				585,977

Total assets			103,947,684				89,036,427				463,976,247

Liabilities:
Cash due to custodian			337,438				72,154				—
Payable for fund shares redeemed			353,849				15,707				231,229
Distribution payable			49,617				45,294				260,571
Payable for securities purchased			—				592,500				2,926,464
Other accrued expenses			49,677				48,799				139,924
Distribution fees payable to affiliates			30,440				20,292				97,599
Investment management fees payable to affiliates			29,897				17,085				173,127
Audit and tax fees payable			21,614				21,614				21,614
Dividend disbursing and transfer agent fees and expenses payable to affiliates			1,553				1,321				6,893
Accounting and administration expenses payable to affiliates			608				563				1,646
Trustees’ fees and expenses payable			256				216				1,132
Legal fees payable to affiliates			177				1,839				778
Reports and statements to shareholders expenses payable to affiliates			76				65				338

Total liabilities			875,202				837,449				3,861,315

Total Net Assets		$	103,072,482			$	88,198,978			$	460,114,932


Net Assets Consist of:
Paid-in capital		$	105,227,039			$	86,144,664			$	439,821,191
Distributions in excess of net investment income			(13,699	)			(7,755	)			(108,966	)
Accumulated net realized gain (loss) on investments			(4,621,217	)			(619,217	)			409,019
Net unrealized appreciation of investments			2,480,359				2,681,286				19,993,688

Total Net Assets		$	103,072,482			$	88,198,978			$	460,114,932


	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund				Pennsylvania Fund

Net Asset Value
Class A:
Net assets		$	60,439,871			$	39,275,629			$	389,461,603
Shares of beneficial interest outstanding, unlimited authorization, no par			5,387,274				3,456,990				48,966,664
Net asset value per share		$	11.22			$	11.36			$	7.95
Sales charge			4.50	%			4.50	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.75			$	11.90			$	8.32

Class C:
Net assets		$	24,177,846			$	16,478,660			$	32,566,628
Shares of beneficial interest outstanding, unlimited authorization, no par			2,156,702				1,454,127				4,093,165
Net asset value per share		$	11.21			$	11.33			$	7.96

Institutional Class:
Net assets		$	18,454,765			$	32,444,689			$	38,086,701
Shares of beneficial interest outstanding, unlimited authorization, no par			1,644,546				2,857,207				4,791,922
Net asset value per share		$	11.22			$	11.36			$	7.95


¹Investments, at cost		$	99,756,572			$	84,389,248			$	434,583,519
²Short-term investments, at cost			—				1,000,000				1,100,000

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

Statements of operations

Six months ended February 28, 2018 (Unaudited)


	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Arizona Fund				California Fund				Colorado Fund

Investment Income:
Interest		$	1,564,212			$	2,010,589			$	4,179,763

Expenses:
Management fees			193,006				271,364				548,376
Distribution expenses — Class A			81,156				66,085				203,718
Distribution expenses — Class C			25,502				81,830				77,658
Dividend disbursing and transfer agent fees and expenses			21,923				31,834				62,465
Audit and tax fees			21,757				21,757				21,756
Accounting and administration expenses			21,333				23,266				32,337
Registration fees			9,454				7,271				8,990
Reports and statements to shareholders expenses			6,234				3,570				12,695
Legal fees			3,727				4,302				8,729
Trustees’ fees and expenses			1,562				1,997				4,026
Custodian fees			1,072				673				3,457
Other			7,617				9,997				12,023

			394,343				523,946				996,230
Less expenses waived			(59,211	)			(94,147	)			(126,393	)
Less expenses paid indirectly			(610	)			(571	)			(70	)

Total operating expenses			334,522				429,228				869,767

Net Investment Income			1,229,690				1,581,361				3,309,996


Net Realized and Unrealized Gain (Loss):
Net realized gain			382,676				201,138				49,253
Net change in unrealized appreciation (depreciation) of investments			(1,979,983	)			(2,523,085	)			(3,867,758	)

Net Realized and Unrealized Loss			(1,597,307	)			(2,321,947	)			(3,818,505	)

Net Decrease in Net Assets Resulting from Operations		$	(367,617	)		$	(740,586	)		$	(508,509	)

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


	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund				Pennsylvania Fund

Investment Income:
Interest		$	2,024,215			$	1,709,322			$	9,943,412


Expenses:
Management fees			289,652				244,626				1,264,802
Distribution expenses — Class A			79,548				49,662				472,859
Distribution expenses — Class C			132,991				85,005				164,511
Dividend disbursing and transfer agent fees and expenses			36,272				34,000				155,077
Accounting and administration expenses			23,959				22,431				55,796
Audit and tax fees			21,757				21,757				21,757
Reports and statements to shareholders expenses			7,872				4,328				21,899
Registration fees			7,280				15,687				15,065
Legal fees			4,600				11,271				21,587
Custodian fees			2,404				1,822				4,641
Trustees’ fees and expenses			2,141				1,812				9,303
Other			8,660				11,326				18,561

			617,136				503,727				2,225,858
Less expenses waived			(83,073	)			(123,887	)			(114,259	)
Less expenses paid indirectly			(28	)			(426	)			(1,904	)

Total operating expenses			534,035				379,414				2,109,695

Net Investment Income			1,490,180				1,329,908				7,833,717


Net Realized and Unrealized Gain (Loss):
Net realized gain			271,992				87,325				902,076
Net change in unrealized appreciation (depreciation) of investments			(2,788,609	)			(2,068,758	)			(11,360,555	)

Net Realized and Unrealized Loss			(2,516,617	)			(1,981,433	)			(10,458,479	)

Net Decrease in Net Assets Resulting from Operations		$	(1,026,437	)		$	(651,525	)		$	(2,624,762	)

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

Statements of changes in net assets

Delaware Tax-Free Arizona Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,229,690		$	2,589,599
Net realized gain		382,676			379,223
Net change in unrealized appreciation (depreciation)		(1,979,983	)		(2,986,610	)

Net decrease in net assets resulting from operations		(367,617	)		(17,788	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,032,929	)		(2,238,019	)
Class C		(62,009	)		(151,025	)
Institutional Class		(123,463	)		(189,980	)

		(1,218,401	)		(2,579,024	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,717,010			4,104,481
Class C		61,362			375,483
Institutional Class		2,661,085			6,254,164

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		841,738			1,713,625
Class C		56,820			131,071
Institutional Class		113,315			122,627

		5,451,330			12,701,451


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(4,152,406	)	$	(11,210,912	)
Class C		(201,735	)		(1,895,123	)
Institutional Class		(1,820,600	)		(2,881,200	)

		(6,174,741	)		(15,987,235	)

Decrease in net assets derived from capital share transactions		(723,411	)		(3,285,784	)

Net Decrease in Net Assets		(2,309,429	)		(5,882,596	)

Net Assets:
Beginning of period		79,134,304			85,016,900

End of period	$	76,824,875		$	79,134,304

Undistributed net investment income	$	31,257		$	19,968

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

Statements of changes in net assets

Delaware Tax-Free California Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,581,361		$	3,096,204
Net realized gain		201,138			1,329,284
Net change in unrealized appreciation (depreciation)		(2,523,085	)		(3,898,022	)

Net increase (decrease) in net assets resulting from operations		(740,586	)		527,466


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(859,113	)		(1,911,923	)
Class C		(204,538	)		(449,450	)
Institutional Class		(515,371	)		(740,915	)

		(1,579,022	)		(3,102,288	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		2,105,488			4,625,825
Class C		817,563			2,019,263
Institutional Class		5,521,849			22,253,751

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		774,894			1,691,220
Class C		178,685			372,126
Institutional Class		313,777			474,246

		9,712,256			31,436,431


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(3,769,346	)	$	(13,693,334	)
Class C		(789,676	)		(4,192,525	)
Institutional Class		(3,117,817	)		(11,739,212	)

		(7,676,839	)		(29,625,071	)

Increase in net assets derived from capital share transactions		2,035,417			1,811,360

Net Decrease in Net Assets		(284,191	)		(763,462	)

Net Assets:
Beginning of period		98,757,966			99,521,428

End of period	$	98,473,775		$	98,757,966

Undistributed net investment income	$	21,102		$	18,763

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

Statements of changes in net assets

Delaware Tax-Free Colorado Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,309,996		$	6,830,501
Net realized gain		49,253			1,027,304
Net change in unrealized appreciation (depreciation)		(3,867,758	)		(7,785,591	)

Net increase (decrease) in net assets resulting from operations		(508,509	)		72,214


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,731,621	)		(5,874,195	)
Class C		(202,131	)		(437,092	)
Institutional Class		(376,244	)		(583,320	)

		(3,309,996	)		(6,894,607	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		7,197,032			11,066,431
Class C		972,132			1,981,732
Institutional Class		5,099,216			10,757,917

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,388,768			5,009,118
Class C		190,871			403,660
Institutional Class		340,507			513,776

		16,188,526			29,732,634


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(7,755,316	)	$	(27,295,950	)
Class C		(1,702,029	)		(2,336,234	)
Institutional Class		(1,997,784	)		(3,397,468	)

		(11,455,129	)		(33,029,652	)

Increase (decrease) in net assets derived from capital share transactions		4,733,397			(3,297,018	)

Net Increase (Decrease) in Net Assets		914,892			(10,119,411	)

Net Assets:
Beginning of period		201,316,508			211,435,919

End of period	$	202,231,400		$	201,316,508

Undistributed net investment income	$	352,558		$	352,558

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

Statements of changes in net assets

Delaware Tax-Free Idaho Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,490,180		$	3,036,599
Net realized gain		271,992			147,991
Net change in unrealized appreciation (depreciation)		(2,788,609	)		(2,998,287	)

Net increase (decrease) in net assets resulting from operations		(1,026,437	)		186,303


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(946,841	)		(2,056,914	)
Class C		(295,269	)		(675,436	)
Institutional Class		(245,125	)		(312,269	)

		(1,487,235	)		(3,044,619	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,222,594			8,130,467
Class C		1,087,435			4,827,778
Institutional Class		9,109,480			5,875,252

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		839,550			1,786,007
Class C		279,696			635,053
Institutional Class		219,791			287,267

		12,758,546			21,541,824


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(8,017,853	)	$	(10,487,311	)
Class C		(5,959,598	)		(6,112,419	)
Institutional Class		(2,567,234	)		(4,099,476	)

		(16,544,685	)		(20,699,206	)

Increase (decrease) in net assets derived from capital share transactions		(3,786,139	)		842,618

Net Decrease in Net Assets		(6,299,811	)		(2,015,698	)

Net Assets:
Beginning of period		109,372,293			111,387,991

End of period	$	103,072,482		$	109,372,293

Distributions in excess of net investment income	$	(13,699	)	$	(16,644	)

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

Statements of changes in net assets

Delaware Tax-Free New York Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,329,908		$	2,695,412
Net realized gain		87,325			704,914
Net change in unrealized appreciation (depreciation)		(2,068,758	)		(3,669,487	)

Net decrease in net assets resulting from operations		(651,525	)		(269,161	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(607,445	)		(1,433,902	)
Class C		(196,128	)		(436,795	)
Institutional Class		(533,440	)		(879,292	)

		(1,337,013	)		(2,749,989	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		2,934,056			4,718,080
Class C		1,615,431			1,645,311
Institutional Class		4,769,613			18,813,396
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		562,990			1,299,997
Class C		155,098			326,960
Institutional Class		481,812			775,993

		10,519,000			27,579,737


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(3,983,363	)	$	(18,909,422	)
Class C		(1,986,541	)		(5,120,573	)
Institutional Class		(4,273,801	)		(6,864,314	)

		(10,243,705	)		(30,894,309	)

Increase (decrease) in net assets derived from capital share transactions		275,295			(3,314,572	)

Net Decrease in Net Assets		(1,713,243	)		(6,333,722	)

Net Assets:
Beginning of period		89,912,221			96,245,943

End of period	$	88,198,978		$	89,912,221

Distributions in excess of net investment income	$	(7,755	)	$	(650	)

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

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,833,717		$	16,375,469
Net realized gain		902,076			1,944,064
Net change in unrealized appreciation (depreciation)		(11,360,555	)		(17,162,875	)

Net increase (decrease) in net assets resulting from operations		(2,624,762	)		1,156,658


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(6,721,797	)		(14,365,845	)
Class C		(441,420	)		(953,417	)
Institutional Class		(670,500	)		(1,056,207	)

Net realized gain:
Class A		(243,116	)		—
Class C		(20,552	)		—
Institutional Class		(23,146	)		—

		(8,120,531	)		(16,375,469	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		13,163,304			24,022,727
Class C		1,515,674			4,234,154
Institutional Class		9,284,761			19,470,435

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,041,115			12,019,460
Class C		449,480			882,040
Institutional Class		605,987			921,495

		31,060,321			61,550,311


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(19,634,761	)	$	(63,127,978	)
Class C		(1,928,921	)		(6,923,286	)
Institutional Class		(4,308,489	)		(12,573,989	)

		(25,872,171	)		(82,625,253	)

Increase (decrease) in net assets derived from capital share transactions		5,188,150			(21,074,942	)

Net Decrease in Net Assets		(5,557,143	)		(36,293,753	)

Net Assets:
Beginning of period		465,672,075			501,965,828

End of period	$	460,114,932		$	465,672,075

Distributions in excess of net investment income	$	(108,966	)	$	(108,966	)

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

Financial highlights

Delaware Tax-Free Arizona Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.48			$	11.83			$	11.44			$	11.45			$	10.69			$	12.01

		0.18				0.37				0.38				0.38				0.43				0.45
		(0.24	)			(0.35	)			0.39				(0.01	)			0.79				(1.20	)

		(0.06	)			0.02				0.77				0.37				1.22				(0.75	)


		(0.18	)			(0.37	)			(0.38	)			(0.38	)			(0.43	)			(0.45	)
		—				—				—				—				(0.03	)			(0.12	)

		(0.18	)			(0.37	)			(0.38	)			(0.38	)			(0.46	)			(0.57	)


	$	11.24			$	11.48			$	11.83			$	11.44			$	11.45			$	10.69


		(0.53%	)			0.24%				6.79%				3.24%				11.56%				(6.62%	)

	$	63,919			$	66,839			$	74,556			$	77,085			$	81,592			$	83,896
		0.84%				0.84%				0.84%				0.85%				0.84%				0.84%

		0.99%				0.97%				0.96%				0.97%				0.96%				0.94%
		3.21%				3.25%				3.23%				3.28%				3.86%				3.83%

		3.06%				3.12%				3.11%				3.16%				3.74%				3.73%
		4%				9%				14%				12%				11%				18%

Financial highlights

Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.51			$	11.87			$	11.47			$	11.48			$	10.72			$	12.04

		0.14				0.29				0.29				0.29				0.35				0.36
		(0.24	)			(0.37	)			0.40				(0.01	)			0.78				(1.20	)

		(0.10	)			(0.08	)			0.69				0.28				1.13				(0.84	)


		(0.14	)			(0.28	)			(0.29	)			(0.29	)			(0.34	)			(0.36	)
		—				—				—				—				(0.03	)			(0.12	)

		(0.14	)			(0.28	)			(0.29	)			(0.29	)			(0.37	)			(0.48	)


	$	11.27			$	11.51			$	11.87			$	11.47			$	11.48			$	10.72


		(0.90%	)			(0.59%	)			6.07%				2.47%				10.72%				(7.30%	)

	$	5,027			$	5,215			$	6,816			$	6,747			$	6,238			$	6,482
		1.59%				1.59%				1.59%				1.60%				1.59%				1.59%

		1.74%				1.72%				1.71%				1.72%				1.71%				1.69%
		2.46%				2.50%				2.48%				2.54%				3.11%				3.08%

		2.31%				2.37%				2.36%				2.42%				2.99%				2.98%
		4%				9%				14%				12%				11%				18%

Financial highlights

Delaware Tax-Free Arizona Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

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. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire year.

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


Six months ended 2/28/18¹				Year ended												12/31/13²to 8/31/14
(Unaudited)				8/31/17				8/31/16				8/31/15				12/31/13²to 8/31/14
	$	11.48			$	11.84			$	11.44			$	11.45				10.77

		0.19				0.40				0.41				0.41				0.33
		(0.23	)			(0.36	)			0.39				(0.01	)			0.67

		(0.04	)			0.04				0.80				0.40				1.00


		(0.19	)			(0.40	)			(0.40	)			(0.41	)			(0.32	)

		(0.19	)			(0.40	)			(0.40	)			(0.41	)			(0.32	)


	$	11.25			$	11.48			$	11.84			$	11.44			$	11.45


		(0.32%	)			0.40%				7.14%				3.49%				9.39%

	$	7,879			$	7,080			$	3,645			$	744			$	219
		0.59%				0.59%				0.59%				0.60%				0.59%

		0.74%				0.72%				0.71%				0.72%				0.71%
		3.46%				3.50%				3.48%				3.54%				4.06%

		3.31%				3.37%				3.36%				3.42%				3.94%
		4%				9%				14%				12%				11%	⁶

Financial highlights

Delaware Tax-Free California Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	12.26			$	12.60			$	12.11			$	12.08			$	11.11			$	12.21

		0.20				0.41				0.43				0.42				0.43				0.44
		(0.28	)			(0.34	)			0.48				0.03				0.97				(1.10	)

		(0.08	)			0.07				0.91				0.45				1.40				(0.66	)


		(0.20	)			(0.41	)			(0.42	)			(0.42	)			(0.43	)			(0.44	)

		(0.20	)			(0.41	)			(0.42	)			(0.42	)			(0.43	)			(0.44	)


	$	11.98			$	12.26			$	12.60			$	12.11			$	12.08			$	11.11


		(0.69%	)			0.63%				7.67%				3.73%				12.79%				(5.63%	)

	$	51,952			$	54,076			$	63,284			$	60,550			$	73,955			$	85,269
		0.82%				0.82%				0.82%				0.83%				0.82%				0.82%

		1.01%				1.01%				1.01%				1.01%				1.00%				0.99%
		3.25%				3.36%				3.43%				3.42%				3.69%				3.62%

		3.06%				3.17%				3.24%				3.24%				3.51%				3.45%
		8%				27%				18%				24%				13%				38%

Financial highlights

Delaware Tax-Free California Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	12.28			$	12.62			$	12.13			$	12.10			$	11.12			$	12.23

		0.15				0.32				0.33				0.33				0.34				0.35
		(0.28	)			(0.34	)			0.49				0.02				0.98				(1.11	)

		(0.13	)			(0.02	)			0.82				0.35				1.32				(0.76	)


		(0.15	)			(0.32	)			(0.33	)			(0.32	)			(0.34	)			(0.35	)

		(0.15	)			(0.32	)			(0.33	)			(0.32	)			(0.34	)			(0.35	)


	$	12.00			$	12.28			$	12.62			$	12.13			$	12.10			$	11.12


		(1.06%	)			(0.12%	)			6.86%				2.95%				12.04%				(6.41%	)

	$	16,293			$	16,473			$	18,827			$	15,853			$	15,473			$	18,248
		1.57%				1.57%				1.57%				1.58%				1.57%				1.57%

		1.76%				1.76%				1.76%				1.76%				1.75%				1.74%
		2.50%				2.61%				2.68%				2.67%				2.94%				2.87%

		2.31%				2.42%				2.49%				2.49%				2.76%				2.70%
		8%				27%				18%				24%				13%				38%

Financial highlights

Delaware Tax-Free California Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire annual period.

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


Six months ended 2/28/18¹				Year ended												12/31/13² to
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14
	$	12.26			$	12.60			$	12.11			$	12.08			$	11.27

		0.21				0.44				0.46				0.45				0.32
		(0.28	)			(0.34	)			0.49				0.03				0.81

		(0.07	)			0.10				0.95				0.48				1.13


		(0.21	)			(0.44	)			(0.46	)			(0.45	)			(0.32	)

		(0.21	)			(0.44	)			(0.46	)			(0.45	)			(0.32	)


	$	11.98			$	12.26			$	12.60			$	12.11			$	12.08


		(0.57%	)			0.89%				7.94%				3.98%				10.10%

	$	30,229			$	28,209			$	17,410			$	10,308			$	5,983
		0.57%				0.57%				0.57%				0.58%				0.57%

		0.76%				0.76%				0.76%				0.76%				0.75%
		3.50%				3.61%				3.68%				3.67%				3.89%

		3.31%				3.42%				3.49%				3.49%				3.71%
		8%				27%				18%				24%				13%	⁶

Financial highlights

Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.28			$	11.65			$	11.24			$	11.32			$	10.49			$	11.64

		0.19				0.39				0.40				0.40				0.41				0.41
		(0.21	)			(0.37	)			0.41				(0.08	)			0.82				(1.15	)

		(0.02	)			0.02				0.81				0.32				1.23				(0.74	)


		(0.19	)			(0.39	)			(0.40	)			(0.40	)			(0.40	)			(0.41	)

		(0.19	)			(0.39	)			(0.40	)			(0.40	)			(0.40	)			(0.41	)


	$	11.07			$	11.28			$	11.65			$	11.24			$	11.32			$	10.49


		(0.22%	)			0.26%				7.33%				2.87%				11.94%				(6.56%	)

	$	164,282			$	165,554			$	182,764			$	174,078			$	183,560			$	190,311
		0.84%				0.84%				0.84%				0.85%				0.84%				0.84%

		0.97%				0.96%				0.96%				0.97%				0.97%				0.96%
		3.35%				3.48%				3.50%				3.54%				3.69%				3.60%

		3.22%				3.36%				3.38%				3.42%				3.56%				3.48%
		4%				17%				6%				10%				22%				21%

Financial highlights

Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.31			$	11.68			$	11.27			$	11.35			$	10.52			$	11.67

		0.15				0.31				0.32				0.32				0.32				0.33
		(0.21	)			(0.37	)			0.41				(0.08	)			0.83				(1.15	)

		(0.06	)			(0.06	)			0.73				0.24				1.15				(0.82	)


		(0.15	)			(0.31	)			(0.32	)			(0.32	)			(0.32	)			(0.33	)

		(0.15	)			(0.31	)			(0.32	)			(0.32	)			(0.32	)			(0.33	)


	$	11.10			$	11.31			$	11.68			$	11.27			$	11.35			$	10.52


		(0.58%	)			(0.48%	)			6.52%				2.10%				11.09%				(7.23%	)

	$	15,144			$	15,975			$	16,461			$	12,192			$	12,029			$	13,788
		1.59%				1.59%				1.59%				1.60%				1.59%				1.59%

		1.72%				1.71%				1.71%				1.72%				1.72%				1.71%
		2.60%				2.73%				2.75%				2.79%				2.94%				2.85%

		2.47%				2.61%				2.63%				2.67%				2.81%				2.73%
		4%				17%				6%				10%				22%				21%

Financial highlights

Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire annual period.

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


Six months ended 2/28/18¹				Year ended												12/31/13² to
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.28			$	11.65			$	11.24			$	11.32			$	10.59

		0.20				0.42				0.43				0.43				0.33
		(0.21	)			(0.37	)			0.41				(0.08	)			0.71

		(0.01	)			0.05				0.84				0.35				1.04


		(0.20	)			(0.42	)			(0.43	)			(0.43	)			(0.31	)

		(0.20	)			(0.42	)			(0.43	)			(0.43	)			(0.31	)


	$	11.07			$	11.28			$	11.65			$	11.24			$	11.32


		(0.09%	)			0.51%				7.60%				3.13%				9.89%

	$	22,805			$	19,788			$	12,211			$	5,102			$	3,077
		0.59%				0.59%				0.59%				0.60%				0.59%

		0.72%				0.71%				0.71%				0.72%				0.72%
		3.60%				3.73%				3.75%				3.79%				3.91%

		3.47%				3.61%				3.63%				3.67%				3.78%
		4%				17%				6%				10%				22%	⁶

Financial highlights

Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.49			$	11.79			$	11.51			$	11.56			$	10.99			$	12.24

		0.17				0.35				0.36				0.37				0.37				0.42
		(0.27	)			(0.30	)			0.28				(0.06	)			0.57				(1.25	)

		(0.10	)			0.05				0.64				0.31				0.94				(0.83	)


		(0.17	)			(0.35	)			(0.36	)			(0.36	)			(0.37	)			(0.42	)

		(0.17	)			(0.35	)			(0.36	)			(0.36	)			(0.37	)			(0.42	)


	$	11.22			$	11.49			$	11.79			$	11.51			$	11.56			$	10.99


		(0.90%	)			0.47%				5.66%				2.76%				8.71%				(6.99%	)

	$	60,440			$	67,907			$	70,306			$	75,163			$	80,600			$	87,537
		0.86%				0.86%				0.86%				0.88%				0.88%				0.88%

		1.02%				1.00%				0.99%				1.00%				0.99%				0.97%

		2.98%				3.03%				3.11%				3.17%				3.32%				3.51%
		2.82%				2.89%				2.98%				3.05%				3.21%				3.42%
		9%				10%				11%				7%				16%				17%

Financial highlights

Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.48			$	11.78			$	11.50			$	11.55			$	10.98			$	12.23

		0.13				0.26				0.27				0.28				0.29				0.33
		(0.27	)			(0.30	)			0.28				(0.05	)			0.57				(1.25	)

		(0.14	)			(0.04	)			0.55				0.23				0.86				(0.92	)


		(0.13	)			(0.26	)			(0.27	)			(0.28	)			(0.29	)			(0.33	)

		(0.13	)			(0.26	)			(0.27	)			(0.28	)			(0.29	)			(0.33	)


	$	11.21			$	11.48			$	11.78			$	11.50			$	11.55			$	10.98


		(1.27%	)			(0.29%	)			4.88%				1.99%				7.91%				(7.70%	)

	$	24,178			$	29,375			$	30,834			$	28,557			$	31,178			$	33,236
		1.61%				1.61%				1.61%				1.63%				1.63%				1.63%

		1.77%				1.75%				1.74%				1.75%				1.74%				1.72%
		2.23%				2.28%				2.36%				2.42%				2.57%				2.76%

		2.07%				2.14%				2.23%				2.30%				2.46%				2.67%
		9%				10%				11%				7%				16%				17%

Financial highlights

Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire annual period.

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


Six months ended																12/31/13²
2/28/18¹				Year ended												to
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.49			$	11.79			$	11.51			$	11.57			$	11.06

		0.18				0.37				0.39				0.40				0.29
		(0.27	)			(0.29	)			0.28				(0.07	)			0.51

		(0.09	)			0.08				0.67				0.33				0.80


		(0.18	)			(0.38	)			(0.39	)			(0.39	)			(0.29	)

		(0.18	)			(0.38	)			(0.39	)			(0.39	)			(0.29	)


	$	11.22			$	11.49			$	11.79			$	11.51			$	11.57


		(0.78%	)			0.71%				5.92%				2.92%				7.31%

	$	18,454			$	12,090			$	10,248			$	2,588			$	1,080
		0.61%				0.61%				0.61%				0.63%				0.63%

		0.77%				0.75%				0.74%				0.75%				0.74%
		3.23%				3.28%				3.36%				3.42%				3.46%

		3.07%				3.14%				3.23%				3.30%				3.35%
		9%				10%				11%				7%				16%	⁶

Financial highlights

Delaware Tax-Free New York Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period.

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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

100


Six months ended
2/28/18¹				Year ended
		(Unaudited)				8/31/17			8/31/16			8/31/15			8/31/14			8/31/13
	$	11.62			$	11.98		$	11.48		$	11.46		$	10.57		$	11.67

		0.17				0.35			0.36			0.37			0.37			0.37
		(0.26	)			(0.35	)		0.50			0.02			0.89			(1.07	)

		(0.09	)			—			0.86			0.39			1.26			(0.70	)


		(0.17	)			(0.36	)		(0.36	)		(0.37	)		(0.37	)		(0.38	)
		—				—			—			—			—			(0.02	)

		(0.17	)			(0.36	)		(0.36	)		(0.37	)		(0.37	)		(0.40	)


	$	11.36			$	11.62		$	11.98		$	11.48		$	11.46		$	10.57


		(0.74%	)			0.05%			7.57%			3.41%			12.06%			(6.27%	)

	$	39,275			$	40,647		$	55,418		$	51,708		$	52,589		$	57,816
		0.80%				0.80%			0.80%			0.83%			0.80%			0.80%

		1.08%				1.03%			1.02%			1.07%			1.06%			1.03%
		3.04%				3.04%			3.06%			3.18%			3.32%			3.23%

		2.76%				2.81%			2.84%			2.94%			3.06%			3.00%
		4%				14%			8%			6%			20%			33%

101

Financial highlights

Delaware Tax-Free New York Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period.

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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

102


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.59			$	11.95			$	11.45			$	11.44			$	10.54			$	11.64

		0.13				0.26				0.27				0.28				0.28				0.29
		(0.26	)			(0.35	)			0.50				0.01				0.90				(1.08	)

		(0.13	)			(0.09	)			0.77				0.29				1.18				(0.79	)


		(0.13	)			(0.27	)			(0.27	)			(0.28	)			(0.28	)			(0.29	)
		—				—				—				—				—				(0.02	)

		(0.13	)			(0.27	)			(0.27	)			(0.28	)			(0.28	)			(0.31	)


	$	11.33			$	11.59			$	11.95			$	11.45			$	11.44			$	10.54


		(1.12%	)			(0.71%	)			6.78%				2.55%				11.35%				(7.00%	)

	$	16,479			$	17,073			$	20,899			$	17,825			$	18,491			$	21,152
		1.55%				1.55%				1.55%				1.58%				1.55%				1.55%

		1.83%				1.78%				1.77%				1.82%				1.81%				1.78%
		2.29%				2.29%				2.31%				2.43%				2.57%				2.48%

		2.01%				2.06%				2.09%				2.19%				2.31%				2.25%
		4%				14%				8%				6%				20%				33%

103

Financial highlights

Delaware Tax-Free New York Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire annual period.

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

104


Six months ended																12/31/13²
2/28/18¹				Year ended												to
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.61			$	11.97			$	11.47			$	11.46			$	10.71

		0.19				0.38				0.39				0.40				0.28
		(0.25	)			(0.35	)			0.50				0.01				0.75

		(0.06	)			0.03				0.89				0.41				1.03


		(0.19	)			(0.39	)			(0.39	)			(0.40	)			(0.28	)

		(0.19	)			(0.39	)			(0.39	)			(0.40	)			(0.28	)


	$	11.36			$	11.61			$	11.97			$	11.47			$	11.46


		(0.53%	)			0.29%				7.84%				3.58%				9.69%

	$	32,445			$	32,192			$	19,929			$	12,667			$	1,769
		0.55%				0.55%				0.55%				0.58%				0.55%

		0.83%				0.78%				0.77%				0.82%				0.80%
		3.29%				3.29%				3.31%				3.43%				3.55%

		3.01%				3.06%				3.09%				3.19%				3.30%
		4%				14%				8%				6%				20%	⁶

105

Financial highlights

Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	During the period ended Aug. 31, 2013, the Fund changed its fiscal year end from February to August. Ratios have been annualized and portfolio turnover and total return have not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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

106


Six months ended																				3/1/13
2/28/18¹				Year ended																to				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13²				2/28/13
	$	8.14			$	8.39			$	8.15			$	8.16			$	7.59			$	8.41			$	8.26

		0.14				0.28				0.29				0.29				0.29				0.15				0.32
		(0.18	)			(0.25	)			0.24				(0.01	)			0.57				(0.81	)			0.15

		(0.04	)			0.03				0.53				0.28				0.86				(0.66	)			0.47


		(0.14	)			(0.28	)			(0.29	)			(0.29	)			(0.29	)			(0.15	)			(0.32	)
		(0.01	)			—				—				—				—				(0.01	)			—

		(0.15	)			(0.28	)			(0.29	)			(0.29	)			(0.29	)			(0.16	)			(0.32	)


	$	7.95			$	8.14			$	8.39			$	8.15			$	8.16			$	7.59			$	8.41


		(0.59%	)			0.48%				6.60%				3.45%				11.58%				(7.94%	)			5.73%

	$	389,461			$	399,001			$	439,379			$	441,904			$	451,301			$	453,451			$	524,539
		0.88%				0.88%				0.88%				0.89%				0.88%				0.88%				0.88%

		0.93%				0.94%				0.94%				0.95%				0.95%				1.00%				0.98%
		3.44%				3.51%				3.50%				3.51%				3.73%				3.64%				3.77%

		3.39%				3.45%				3.44%				3.45%				3.66%				3.52%				3.67%
		13%				15%				14%				13%				7%				5%				20%

107

Financial highlights

Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	During the period ended Aug. 31, 2013, the Fund changed its fiscal year end from February to August. Ratios have been annualized and portfolio turnover and total return have not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statement of operations.”

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

108


Six months ended 2/28/18¹				Year ended																3/1/13 to				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13²				2/28/13
	$	8.14			$	8.39			$	8.15			$	8.16			$	7.59			$	8.41			$	8.26

		0.11				0.22				0.23				0.23				0.23				0.12				0.25
		(0.17	)			(0.25	)			0.24				(0.01	)			0.57				(0.81	)			0.15

		(0.06	)			(0.03	)			0.47				0.22				0.80				(0.69	)			0.40


		(0.11	)			(0.22	)			(0.23	)			(0.23	)			(0.23	)			(0.12	)			(0.25	)
		(0.01	)			—				—				—				—				(0.01	)			—

		(0.12	)			(0.22	)			(0.23	)			(0.23	)			(0.23	)			(0.13	)			(0.25	)


	$	7.96			$	8.14			$	8.39			$	8.15			$	8.16			$	7.59			$	8.41


		(0.84%	)			(0.27%	)			5.79%				2.67%				10.74%				(8.29%	)			4.93%

	$	32,567			$	33,298			$	36,215			$	32,799			$	32,096			$	32,617			$	39,572
		1.64%				1.64%				1.64%				1.65%				1.64%				1.64%				1.64%

		1.69%				1.70%				1.70%				1.71%				1.71%				1.71%				1.69%
		2.68%				2.75%				2.74%				2.75%				2.97%				2.87%				3.01%

		2.63%				2.69%				2.68%				2.69%				2.90%				2.80%				2.96%
		13%				15%				14%				13%				7%				5%				20%

109

Financial highlights

Delaware Tax-Free Pennsylvania Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statement of operations.”

⁶	Portfolio turnover is representative of the Fund for the entire annual period.

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

110


Six months ended 2/28/18¹				Year ended												12/31/13² to
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14
	$	8.13			$	8.38			$	8.14			$	8.16			$	7.67

		0.15				0.30				0.31				0.31				0.23
		(0.17	)			(0.25	)			0.24				(0.02	)			0.49

		(0.02	)			0.05				0.55				0.29				0.72


		(0.15	)			(0.30	)			(0.31	)			(0.31	)			(0.23	)
		(0.01	)			—				—				—				—

		(0.16	)			(0.30	)			(0.31	)			(0.31	)			(0.23	)


	$	7.95			$	8.13			$	8.38			$	8.14			$	8.16


		(0.35%	)			0.73%				6.86%				3.57%				9.44%

	$	38,087			$	33,373			$	26,372			$	16,740			$	3,733
		0.64%				0.64%				0.64%				0.65%				0.64%

		0.69%				0.70%				0.70%				0.71%				0.71%
		3.68%				3.75%				3.74%				3.75%				3.89%

		3.63%				3.69%				3.68%				3.69%				3.82%
		13%				15%				14%				13%				7%	⁶

111

Notes to financial statements


Delaware state tax-free funds		February 28, 2018 (Unaudited)

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series:

Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group^® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). The Trusts are open-end investment companies. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, 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 C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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

1. Significant Accounting Policies

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

Security Valuation – Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV) per share. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The foregoing valuation policies apply to restricted and unrestricted securities.

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

112

Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or to be taken on each Fund’s federal income tax returns through the six months ended Feb. 28, 2018 and for all open tax years (years ended Aug. 31, 2015–Aug. 31, 2017), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the six months ended Feb. 28, 2018, none of the Funds incurred any interest or tax penalties.

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

Use of Estimates – Each Fund is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

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

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statements of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.”

113

Notes to financial statements

Delaware state tax-free funds

1. Significant Accounting Policies (continued)

For the six months ended Feb. 28, 2018, each Fund earned the following amounts under this agreement:

Delaware

Tax-Free

Arizona Fund

Delaware
Tax-Free
California Fund

Delaware
Tax-Free
Colorado Fund

Delaware
Tax-Free
Idaho Fund

Delaware
Tax-Free
New York Fund

Delaware
Tax-Free
Pennsylvania
Fund

$585

$551

$—

$407

$1,727

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended Feb. 28, 2018, each Fund earned the following amounts under this agreement:


					Delaware
Delaware	Delaware	Delaware	Delaware	Delaware	Tax-Free
Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Pennsylvania
Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Fund
$25	$20	$61	$28	$19	$177

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

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


	Delaware		Delaware		Delaware		Delaware		Delaware		Delaware
	Tax-Free		Tax-Free		Tax-Free		Tax-Free		Tax-Free		Tax-Free
	Arizona		California		Colorado		Idaho		New York		Pennsylvania
	Fund		Fund		Fund		Fund		Fund		Fund
On the first $500 million		0.500%		0.550%		0.550%		0.550%		0.550%		0.550%
On the next $500 million		0.475%		0.500%		0.500%		0.500%		0.500%		0.500%
On the next $1.5 billion		0.450%		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%		0.425%

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed specified percentages of each Fund’s average daily net assets from Sept. 1, 2017 through Feb. 28, 2018* as shown on the next page. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Boards and DMC. These expense waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund.

114

Delaware

Tax-Free

Arizona

California

Colorado

Idaho

New York

Pennsylvania

Fund

Operating expense limitation as a percentage of average daily net assets (per annum)

0.59%

0.57%

0.59%

0.61%

0.55%

0.64%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund in the Delaware Funds then pays its relative portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended Feb. 28, 2018, each Fund was charged for these services as follows:


					Delaware
Delaware	Delaware	Delaware	Delaware	Delaware	Tax-Free
Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Pennsylvania
Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Fund
$3,447	$3,855	$5,765	$3,981	$3,670	$10,705

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% of average daily net assets in excess of $30 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Feb. 28, 2018, each Fund was charged for these services as follows:


					Delaware
Delaware	Delaware	Delaware	Delaware	Delaware	Tax-Free
Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Pennsylvania
Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Fund
$7,562	$9,666	$19,532	$10,318	$8,714	$45,051

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the

115

Notes to financial statements

Delaware state tax-free funds

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

Fund’s Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares pay no 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Feb. 28, 2018, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:


					Delaware
Delaware	Delaware	Delaware	Delaware	Delaware	Tax-Free
Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Pennsylvania
Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Fund
$737	$936	$1,877	$1,004	$7,313	$4,327

For the six months ended Feb. 28, 2018, DDLP earned commissions on sales of Class A shares for each Fund as follows:


					Delaware
Delaware	Delaware	Delaware	Delaware	Delaware	Tax-Free
Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Pennsylvania
Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Fund
$1,546	$3,189	$17,066	$3,154	$5,483	$19,390

For the six months ended Feb. 28, 2018, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares. These commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Delaware

Tax-Free

Pennsylvania

Arizona Fund

California Fund

Colorado Fund

Idaho Fund

New York Fund

Fund

Class C

$—

$36

$384

$3,142

$20

$1,065

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

Cross trades for the six months ended Feb. 28, 2018, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common

116

directors/trustees and/or common officers. At their regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, and Delaware Tax-Free Idaho Fund did not engage in securities cross trades for the six months ended Feb. 28, 2018. Pursuant to these procedures, for the six months ended Feb. 28, 2018, the following Funds engaged in securities purchases and securities sales, as follows, which did not result in net realized gains (losses):


	Delaware		Delaware		Delaware
	Tax-Free		Tax-Free		Tax-Free
	Colorado Fund		New York Fund		Pennsylvania Fund
Purchases	$	2,400,926	$	—		$2,500,533
Sales		5,937,722		550,203		2,200,854

*The aggregate contractual waiver period covering this report is from Dec. 29, 2016 through Dec. 29, 2018.

3. Investments

For the six months ended Feb. 28, 2018, each Fund made purchases and sales of investment securities other than short-term investments as follows:


	Delaware				Delaware		Delaware		Delaware		Delaware
	Tax-Free		Delaware		Tax-Free		Tax-Free		Delaware		Delaware
	Arizona		Tax-Free		Colorado		Idaho		Tax-Free		Tax-Free
	Fund		California Fund		Fund		Fund		New York Fund		Pennsylvania Fund
Purchases		$2,923,282	$	9,878,532	$	11,233,523	$	9,066,783	$	4,537,780	$	63,817,005
Sales		4,864,925		7,596,129		7,413,244		11,508,918		3,900,467		58,335,641

At Feb. 28, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2018, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

117

Notes to financial statements

Delaware state tax-free funds

3. Investments (continued)


	Delaware			Delaware			Delaware			Delaware			Delaware			Delaware
	Tax-Free			Tax-Free			Tax-Free			Tax-Free			Tax-Free			Tax-Free
	Arizona			California			Colorado			Idaho			New York			Pennsylvania
	Fund			Fund			Fund			Fund			Fund			Fund
Cost of investments	$	73,500,044		$	93,183,948		$	189,910,662		$	99,736,028		$	85,386,214		$	435,683,519

Aggregate unrealized appreciation of investments	$	3,056,043		$	4,828,523		$	8,713,884		$	3,073,237		$	3,206,361		$	21,191,230
Aggregate unrealized depreciation of investments		(367,505	)		(461,914	)		(552,071	)		(572,333	)		(522,041	)		(1,197,542	)

Net unrealized appreciation of investments	$	2,688,538		$	4,366,609		$	8,161,813		$	2,500,904		$	2,684,320		$	19,993,688

Qualified late year losses represent losses realized on investment transactions from Nov. 1, 2016 through Aug. 31, 2017 that, in accordance with federal income tax regulations, Delaware Tax-Free California Fund has elected to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.


	Pre-enactment capital loss	No expiration
	Expiration date	Post-enactment capital loss character
	2019	Short-term		Long-term		Total
Delaware Tax-Free Arizona Fund	$ —		$ 122,999		$ 878,516		$1,001,515
Delaware Tax-Free California Fund	275,180		—		—		275,180
Delaware Tax-Free Colorado Fund	—		2,993,345		1,010,571		4,003,916
Delaware Tax-Free Idaho Fund	—		1,833,277		3,077,531		4,910,808
Delaware Tax-Free New York Fund	—		716,779		—		716,779
Delaware Tax-Free Pennsylvania Fund	—		206,243		—		206,243

118

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


Level 1 –		Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 –		Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –		Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2018:


	Delaware Tax-Free Arizona Fund
Securities	Level 2

Assets:

Municipal Bonds		$74,688,582
Short-Term Investments		1,500,000
Total Value of Securities		$76,188,582

119

Notes to financial statements

Delaware state tax-free funds

3. Investments (continued)


	Delaware Tax-Free California Fund
Securities	Level 2

Assets:

Municipal Bonds		$96,950,557
Short-Term Investments		600,000
Total Value of Securities		$97,550,557


	Delaware Tax-Free Colorado Fund
Securities	Level 1		Level 2		Total

Assets:

Municipal Bonds	$	—	$	197,436,168	$	197,436,168
Short-Term Investments¹		86,307		550,000		636,307

Total Value of Securities	$	86,307	$	197,986,168	$	198,072,475


	Delaware Tax-Free Idaho Fund
Securities	Level 2

Assets:

Municipal Bonds		$102,236,931

	Delaware Tax-Free New York Fund
Securities	Level 2

Assets:

Municipal Bonds		$87,070,534
Short-Term Investments		1,000,000
Total Value of Securities		$88,070,534

	Delaware Tax-Free Pennsylvania Fund
Securities	Level 2

Assets:

Municipal Bonds		$454,577,207
Short-Term Investments		1,100,000
Total Value of Securities		$455,677,207

¹Security type is valued across multiple levels. Level 1 investments represent open-end investment company investments while Level 2 investments represent matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of this security type for the Funds:


	Delaware
	Tax-Free
Short-Term Investments	Colorado Fund
Level 1		13.56%
Level 2		86.44%
Total		100.00%

120

During the six months ended Feb. 28, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period on Sept. 1, 2017.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the six months ended Feb. 28, 2018, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:


	Delaware Tax-Free						Delaware Tax-Free						Delaware Tax-Free
	Arizona Fund						California Fund						Colorado Fund
	Six months			Year			Six months			Year			Six months			Year
	ended			ended			ended			ended			ended			ended
	2/28/18			8/31/17			2/28/18			8/31/17			2/28/18			8/31/17
Shares sold:
Class A		150,196			359,663			172,509			383,352			642,464			985,610
Class C		5,358			33,021			66,888			165,912			86,224			175,888
Institutional Class		233,059			551,220			453,597			1,850,334			454,341			966,015

Shares issued upon reinvestment of dividends and distributions:
Class A		73,933			150,218			63,748			139,705			213,043			447,177
Class C		4,978			11,462			14,675			30,683			16,977			35,948
Institutional Class		9,959			10,753			25,821			39,148			30,375			45,871

		477,483			1,116,337			797,238			2,609,134			1,443,424			2,656,509

Shares redeemed:
Class A		(363,676	)		(985,974	)		(309,138	)		(1,135,425	)		(689,982	)		(2,444,547	)
Class C		(17,693	)		(165,678	)		(64,749	)		(347,130	)		(151,114	)		(208,668	)
Institutional Class		(159,350	)		(253,082	)		(256,256	)		(970,674	)		(178,661	)		(306,096	)

		(540,719	)		(1,404,734	)		(630,143	)		(2,453,229	)		(1,019,757	)		(2,959,311	)

Net increase (decrease)		(63,236	)		(288,397	)		167,095			155,905			423,667			(302,802	)

121

Notes to financial statements

Delaware state tax-free funds

4. Capital Shares (continued)


	Delaware Tax-Free Idaho Fund						Delaware Tax-Free New York Fund						Delaware Tax-Free Pennsylvania Fund
	Six months			Year			Six months			Year			Six months			Year
	ended			ended			ended			ended			ended			ended
	2/28/18			8/31/17			2/28/18			8/31/17			2/28/18			8/31/17
Shares sold:
Class A		107,383			712,236			254,179			408,454			1,632,852			2,984,986
Class C		95,421			421,970			139,952			143,125			187,285			520,671
Institutional Class		799,853			514,605			413,662			1,640,607			1,148,515			2,422,421

Shares issued upon reinvestment of dividends and distributions:
Class A		73,834			156,594			48,884			112,866			749,057			1,487,678
Class C		24,615			55,720			13,500			28,463			55,710			109,128
Institutional Class		19,347			25,155			41,854			67,421			75,200			114,073

		1,120,453			1,886,280			912,031			2,400,936			3,848,619			7,638,957

Shares redeemed:
Class A		(704,636	)		(921,199	)		(345,085	)		(1,648,934	)		(2,431,483	)		(7,851,159	)
Class C		(522,070	)		(536,178	)		(172,685	)		(447,347	)		(239,021	)		(857,681	)
Institutional Class		(226,767	)		(356,651	)		(370,798	)		(600,075	)		(534,438	)		(1,580,938	)

		(1,453,473	)		(1,814,028	)		(888,568	)		(2,696,356	)		(3,204,942	)		(10,289,778	)

Net increase (decrease)		(333,020	)		72,252			23,463			(295,420	)		643,677			(2,650,821	)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous pages and the “Statements of changes in net assets.“ For the six months ended Feb. 28, 2018 and the year ended Aug. 31, 2017, the Funds had the following exchange transactions.


					Six months ended
					2/28/18
	Exchange Redemptions				Exchange Subscriptions
					Institutional
	Class A		Class C		Class
	Shares		Shares		Shares	Value
Delaware Tax-Free Colorado Fund		20,057		—	20,065	$	226,430
Delaware Tax-Free Idaho Fund		70,345		—	70,345		789,973
Delaware Tax-Free Pennsylvania Fund		38,921		3,774	42,750		345,591

122


					Year ended
					8/31/17
	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
Delaware Tax-Free Arizona Fund		352,645		8,623		8,661		353,311	$	4,090,914
Delaware Tax-Free California Fund		207,994		—		—		208,391		2,491,064
Delaware Tax-Free Colorado Fund		231,508		4,796		—		236,773		2,621,378
Delaware Tax-Free Idaho Fund		41,681		2,629		—		44,359		504,209
Delaware Tax-Free New York Fund		434,101		—		—		434,952		4,952,348
Delaware Tax-Free Pennsylvania Fund		700,054		64,109		2,538		763,686		6,134,831

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $155,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 6, 2017.

On Nov. 6, 2017, each Fund, along with the other Participants, entered into an amendment to the agreement for a $155,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 5, 2018.

The Funds had no amounts outstanding as of Feb. 28, 2018, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure

123

Notes to financial statements

Delaware state tax-free funds

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

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

At Feb. 28, 2018, the percentages of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified on the “Schedules of investments.”


	Delaware	Delaware	Delaware	Delaware	Delaware	Delaware
	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free	Tax-Free
	Arizona Fund	California Fund	Colorado Fund	Idaho Fund	New York Fund	Pennsylvania Fund
American Capital Access	1.30%	—	—	—	—	—
Assured Guaranty Corporation	—	—	—	—	—	3.35%
Assured Guaranty Municipal Corporation	3.55%	1.49%	4.47%	9.61%	0.62%	2.49%
AMBAC Assurance Corporation	1.28%	—	—	—	—	0.17%
Build America Mutual Assurance	—	—	1.13%	—	—	0.59%
National Public Finance Guarantee Corporation	—	1.40%	—	—	0.85%	—
Syncora Guarantee Inc.	—	—	2.10%	—	—	—

	6.13%	2.89%	7.70%	9.61%	1.47%	6.60%

Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater

124

degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

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

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

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

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

125

Notes to financial statements

Delaware state tax-free funds

7. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, 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.

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (Rule). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (ASU) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2018, that would require recognition or disclosure in the Funds’ financial statements.

126

About the organization

Board of trustees

Shawn K.

Lytle President and

Chief Executive Officer

Delaware Funds^®

by Macquarie

Philadelphia, PA

Thomas L. Bennett

Chairman of the Board

Delaware Funds

by Macquarie

Private Investor

Rosemont, PA

Ann D. Borowiec

Former Chief Executive

Officer

Private Wealth Management

J.P. Morgan Chase & Co.

New York, NY

Joseph W. Chow

Former Executive Vice

President

State Street Corporation

Boston, MA

John A. Fry

President

Drexel University

Philadelphia, PA

Lucinda S. Landreth

Former Chief Investment

Officer

Assurant, Inc.

New York, NY

Frances A.

Sevilla-Sacasa

Former Chief Executive

Officer

Banco Itaú International

Miami, FL

Thomas K. Whitford

Former Vice Chairman

PNC Financial Services Group

Pittsburgh, PA

Janet L. Yeomans

Former Vice President and

Treasurer

3M Company

St. Paul, MN

Affiliated officers

David F. Connor

Senior Vice President,

General Counsel,

and Secretary

Delaware Funds

by Macquarie

Philadelphia, PA

Daniel V. Geatens

Vice President and

Treasurer

Delaware Funds

by Macquarie

Philadelphia, PA

Richard Salus

Senior Vice President and

Chief Financial Officer

Delaware Funds

by Macquarie

Philadelphia, PA

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

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

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

127

(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.

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

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

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.

(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.

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

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.

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.

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, 2018

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 3, 2018

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 3, 2018

I, Shawn K. Lytle, 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 3, 2018

SHAWN K. LYTLE
By:		Shawn K. Lytle
Title:		President and Chief Executive Officer

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.

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.