UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04973

Exact name of registrant as specified in charter:	Voyageur Insured Funds

Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106

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

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2022

Item 1. Reports to Stockholders

Table of Contents







	Annual report

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

August 31, 2022

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.

Table of Contents

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management reviews		1
Performance summaries		9
Disclosure of Fund expenses		39
Security type / sector / state / territory allocations		43
Schedules of investments		49
Statements of assets and liabilities		109
Statements of operations		113
Statements of changes in net assets		115
Financial highlights		128
Notes to financial statements		164
Report of independent registered public accounting firm		187
Other Fund information		188
Board of trustees / directors and officers addendum		196
About the organization		206

Unless otherwise noted, views expressed herein are current as of August 31, 2022, 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.

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2022 (Unaudited)

Performance preview (for the year ended August 31, 2022)
Delaware Tax-Free Arizona Fund (Institutional Class shares)	1-year return	-10.84	%
Delaware Tax-Free Arizona Fund (Class A shares)	1-year return	-11.06	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper Other States Municipal Debt Funds Average	1-year return	-9.23	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Arizona Fund, please see the table on page 9. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities exempt from taxation in a specified state or city.

Please see page 13 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free California Fund (Institutional Class shares)	1-year return	-10.26	%
Delaware Tax-Free California Fund (Class A shares)	1-year return	-10.48	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper California Municipal Debt Funds Average	1-year return	-10.50	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free California Fund, please see the table on page 14. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance for both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper California Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation in California (double tax-exempt) or a city in California (triple tax-exempt).

Please see page 18 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free Colorado Fund (Institutional Class shares)	1-year return	-9.27	%
Delaware Tax-Free Colorado Fund (Class A shares)	1-year return	-9.49	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper Other States Municipal Debt Funds Average	1-year return	-9.23	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Colorado Fund, please see the table on page 19. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance for both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities exempt from taxation in a specified state or city.

Please see page 23 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds

Delaware Tax-Free Idaho Fund (Institutional Class shares)	1-year return	-9.77	%
Delaware Tax-Free Idaho Fund (Class A shares)	1-year return	-10.00	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper Other States Municipal Debt Funds Average	1-year return	-9.23	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Idaho Fund, please see the table on page 24. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance for both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities exempt from taxation in a specified state or city.

Please see page 28 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free New York Fund (Institutional Class shares)	1-year return	-9.82	%
Delaware Tax-Free New York Fund (Class A shares)	1-year return	-9.96	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper New York Municipal Debt Funds Average	1-year return	-10.79	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free New York Fund, please see the table on page 29. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance for both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper New York Municipal Debt Funds Average compares funds that invest primarily in municipal debt issues that are exempt from taxation in New York.

Please see page 33 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free Pennsylvania Fund (Institutional Class shares)	1-year return	-9.26	%
Delaware Tax-Free Pennsylvania Fund (Class A shares)	1-year return	-9.59	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	-8.63	%
Lipper Pennsylvania Municipal Debt Funds Average	1-year return	-9.70	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Pennsylvania Fund, please see the table on page 34. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance for both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper Pennsylvania Municipal Debt Funds Average compares funds that invest primarily in municipal debt issues that are exempt from taxation in Pennsylvania.

Please see page 38 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Table of Contents

Investment objectives

Delaware Tax-Free Arizona Fund seeks as high a level of current income exempt from federal income tax and from the Arizona state personal income tax as is consistent with preservation of capital.

Delaware Tax-Free California Fund seeks as high a level of current income exempt from federal income tax and from the California state personal income tax as is consistent with preservation of capital.

Delaware Tax-Free Colorado Fund seeks as high a level of current income exempt from federal income tax and from the personal income tax in Colorado as is consistent with preservation of capital.

Delaware Tax-Free Idaho Fund seeks as high a level of current income exempt from federal income tax and from Idaho personal income taxes as is consistent with preservation of capital.

Delaware Tax-Free New York Fund seeks as high a level of current income exempt from federal income tax and from New York state personal income taxes as is consistent with preservation of capital.

Delaware Tax-Free Pennsylvania Fund seeks as high a level of current income exempt from federal income tax and from Pennsylvania state personal income tax as is consistent with preservation of capital.

Economic backdrop

As the fiscal year ended August 31, 2022, progressed, investors’ initial optimism about US economic growth gradually gave way to concern that new COVID-19 variants – first Delta, then Omicron – would delay the country’s emergence from the pandemic. Over time, however, as it became evident that Omicron infections were milder for many people, day-to-day concerns about COVID-19 appeared to ease, and economic and health restrictions were gradually lifted.

An ultimately more worrisome development for policymakers and investors alike, however, was the sharp rise in US inflation. Much higher energy prices, exacerbated by Russia’s February 2022 invasion of Ukraine, combined with supply chain challenges to trigger an across-the-board increase in prices. In August 2022, the US Consumer Price Index (CPI) rose an annualized 8.3%, still very high historically but an improvement from the June 2022 peak of 9.1%, which was the largest such 12-month increase in 40 years.

As the US Federal Reserve became increasingly concerned about inflation’s threat to the US economy, the central bank sought to slow the cycle of rising prices by moving aggressively to raise short-term interest rates. The Fed initiated several such rate hikes between March and August 2022. At the end of this fiscal year, the federal funds rate stood at 2.50%, up from zero just several months earlier. In addition, as of the end of August, the Fed was widely expected to continue raising rates later in 2023.

Against this backdrop, the US economy began the Funds’ fiscal year on a strong upswing but finished it on a downward path. In the third quarter of 2021, US gross domestic product (GDP) – a measure of all goods and services

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds

produced by the nation in a year – grew by an annualized 2.3%, followed by a fourth-quarter 2021 increase of 6.9%. As economic challenges mounted, however, US GDP turned negative, contracting by 1.6% in the first quarter of 2022 and an estimated 0.6% in the year’s second quarter.

Despite the deteriorating economic environment, US employment trends continued to improve throughout most of the fiscal year. At the start of the 12-month time frame, the country’s jobless rate was 5.2%, well below the pandemic-era peak of 14.7% in April 2020. By the end of the fiscal year, the rate was 3.7%, near an all-time low.

Sources: US Bureau of Economic Analysis, US Bureau of Labor Statistics, and Bloomberg.

Municipal bond market conditions

Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned -8.63% for the fiscal year ended August 31, 2022.

An unfavorable technical backdrop for municipal bonds weighed significantly on the asset class, especially in the first seven months of 2022, when essentially all the negative return seen in the Bloomberg Municipal Bond Index occurred. After five months of positive investment flows into municipal bond mutual funds, market conditions dramatically shifted in 2022. As rates rose sharply and investors feared that significantly higher inflation would eventually lead to even more Fed rate hikes, municipal fund inflows turned to substantial outflows, pushing down bond values.

Against this backdrop, bonds with longer maturities and higher durations (meaning more interest rate sensitivity) tended to underperform their intermediate- and shorter-dated counterparts. Meanwhile, bonds with lower-investment-grade credit ratings generally lagged higher-quality issues. High yield municipal debt (bonds with credit ratings below BBB-) also struggled, though they modestly outperformed their lower-investment-grade counterparts, perhaps due to the volatility-dampening effect of their higher income.

The following tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended August 31, 2022.

Returns by maturity
1 year	-1.59	%
3 years	-3.94	%
5 years	-5.81	%
10 years	-7.56	%
22+ years	-14.09	%

Returns by credit rating
AAA	-8.23	%
AA	-8.30	%
A	-8.93	%
BBB	-10.61	%

Source: Bloomberg.

Economic backdrop in the states

Non-farm employment in Arizona totaled 3.08 million as of July 2022, representing a 3.5% increase compared with a year earlier. Meanwhile, the state’s unemployment rate finished July at 3.3% – 0.2 percentage points below the national average – while its per capita personal income was roughly 86% of the national average. For its 2022 fiscal year, Arizona’s general fund revenues were $16.7 billion, a 17% increase over the prior fiscal year. The state’s sales and use tax receipts rose 15%, income tax collections increased by 15%, and corporate income tax receipts grew by 37% in fiscal 2022. For fiscal 2023, meanwhile, the state’s budgetary package will pay down $1 billion in debt, invest

Table of Contents

$425 million in the state’s “rainy day” fund, and make investments in public safety, healthcare, and medical professionals. Also, Arizona collapsed its four income tax brackets into two (2.55% and 2.98%), with possible revenue triggers eventually reducing the tax rate to 2.5% for all income levels. (Sources: azospb.gov, azleg.gov, bls.gov)

California’s non-farm employment as of July 2022 stood at 17.62 million, up 4.4% from a year earlier. The state’s unemployment rate was 3.9%, above the national average of 3.5%. California’s per capita personal income remained strong, totaling 120% of the national average. For its 2022 fiscal year, the state’s revised general fund revenues were about $227 billion, roughly 17% higher than in the 2021 fiscal year. Personal income tax receipts rose about 6%, sales and use tax receipts grew by roughly 13%, and corporate income tax receipts increased by about 105%. The state’s “rainy day” fund balance was approximately $22.5 billion, with reserves of $39.4 billion. For the 2023 fiscal year, the state’s budget was roughly $308 billion. (Sources: ebudget.ca.gov, dof.ca.gov, bls.gov)

Colorado’s non-farm employment was 2.86 million in July 2022, an increase of 3.6% compared with a year earlier. That same month, the state’s unemployment rate was 3.3%, below the national rate of 3.5%. Meanwhile, Colorado’s per capita personal income was 9% higher than the national average. For the state’s 2022 fiscal year, its general fund revenues were $20.9 billion as of September 2022 (final numbers not yet available), representing a 24% fiscal-year-over-year increase. Meanwhile, net individual income tax collections in the state grew 21%, net corporate income tax receipts rose 19%, sales tax collections grew 18%, and use taxes rose 10%. The state is expected to end the 2022 fiscal year with a general reserve balance of $3.2 billion. For fiscal 2023, Colorado’s budget is $38.1 billion, a 4% increase over the prior year. (Sources: bls.gov, cpr.org, leg.colorado.gov)

For the 2022 fiscal year, Idaho’s non-farm employment, totaling 823,000 as of July 2022, grew by 3% compared with the prior fiscal year. Meanwhile, the state’s 2.6% unemployment rate was well below the national average of 3.5%. Per capita personal income in the state was 81% of the national average. For fiscal 2022, Idaho’s general fund revenue collections were nearly $6.2 billion, representing a 23.7% year-over-year increase. In addition, the state’s individual income tax receipts grew by about 6%, sales tax receipts rose roughly 10%, corporate income tax receipts increased by about 198%, product tax receipts grew by approximately 17%, and miscellaneous revenue doubled. For the 2023 fiscal year, the state’s budget assigned $4.6 billion in general fund appropriations, a 9.5% increase from fiscal 2022. (Sources: dfm.idaho.gov, legislature.idaho.gov, bls.gov)

In New York, non-farm employment as of July 2022 was 9.49 million, an increase of 4.6% from a year earlier. New York’s unemployment rate that month was 4.4%, above the national average of 3.5%. Per capita personal incomes in the state were 20% higher than the national average. For fiscal 2022, the state’s general fund receipts totaled $63.1 billion. New York saw increases in personal income tax (+31%) and business tax receipts (+160%) but had declines in revenue from consumption/use taxes (-35%), as well as from so-called other taxes (-9%) and miscellaneous receipts (-69%). Meanwhile, the state’s “rainy day” fund is projected to total $3.32 billion, an increase of about 34% from the prior fiscal year. For fiscal 2023, the state enacted a budget of roughly $220 billion, a year-over-year increase

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds

of about 5%. (Sources: bls.gov, budget.ny.gov, osc.state.ny.us)

Pennsylvania’s labor market experienced solid growth in its 2022 fiscal year, with non-farm employment in the state increasing by 3.5% to nearly six million people. In July 2022, the state’s monthly unemployment rate improved to 4.3% from 6.4% a year earlier but above the national average of 3.5%. Meanwhile, per capita incomes were 101% of the national level. Pennsylvania finished the fiscal year with $48.1 billion worth of tax collections for its general fund – a 19% increase over the prior fiscal year, and 13% above estimates. The state’s sales tax receipts and corporate tax collections totaled $13.9 billion and $7.3 billion, which exceeded budget projections by about 9% and 29%, respectively. In addition, personal-income-tax collections for the 2022 fiscal year were $18.1 billion, 15% above projections, while the state’s “rainy day” fund stood at $2.8 billion. For fiscal 2023, Pennsylvania’s budget is $42.8 billion and includes its largest-ever annual increase in funding for K–12 education. (Sources: bls.gov, patreasury.gov)

Maintaining a consistent strategy

For the Funds profiled in this report, our overarching management approach remained consistent, as it does regardless of market conditions. We follow a bottom-up investment approach, meaning we depend on our team’s deep credit research to select securities on an issuer-by-issuer basis. Our strategy regularly emphasizes tax-exempt bonds that provide the Funds’ shareholders with what we believe is a favorable balance between the securities’ risk and return potential.

As we pursue this approach for the Funds, we typically maintain relatively less exposure to highly rated, lower yielding bonds. Instead, we tend to emphasize lower-rated, higher yielding bonds with solid underlying credit, as we believe these securities tend to offer more attractive risk-reward opportunity for shareholders.

In some states, especially those with larger municipal bond marketplaces, executing this strategy tends to be straightforward. However, in other states in which the supply of municipal debt, especially lower-rated municipal debt, is more constrained, our approach involves balancing how we would prefer to invest with the need to keep the Funds fully invested. In these latter states, we generally purchase bonds that offer what we believe is an attractive trade-off between risk and reward, as we continually seek to invest in suitable lower-rated issues to satisfy our long-term portfolio management objectives.

As of the end of the fiscal year on August 31, 2022, roughly 38% of the net assets of Delaware Tax-Free Arizona Fund was invested in bonds with lower-investment-grade credit ratings (A and BBB), while about 40% of the net assets of Delaware Tax-Free California Fund was invested in these same credit tiers. Roughly 32% of Delaware Tax-Free Colorado Fund was invested in bonds rated lower investment grade, compared with about 42% of Delaware Tax-Free Idaho Fund, 40% of Delaware Tax-Free New York Fund, and 52% of Delaware Tax-Free Pennsylvania Fund.

All these Funds also maintained allocations to high yield municipal bonds, referring to securities with credit ratings below BBB-. By prospectus, the Funds may hold up to 20% of their net assets in high yield debt.

Responding to market conditions

As market conditions weakened in 2022, many municipal bond mutual funds across the

Table of Contents

industry experienced net shareholder redemptions, including Delaware Tax-Free Idaho Fund and, more modestly, Delaware Tax-Free Arizona Fund. At various times, then, we had to liquidate bonds from these Funds to generate proceeds to fund the redemptions. We were careful to sell bonds in a disciplined way, so that we could preserve the Funds’ balanced positioning as much as possible.

Other Funds, such as Delaware Tax-Free Pennsylvania Fund, saw roughly flat net shareholder investments for the fiscal year, while Delaware Tax-Free California Fund, Delaware Tax-Free New York Fund, and more modestly Delaware Tax-Free Colorado Fund experienced net inflows during the fiscal year. This afforded us proceeds available to invest during the fiscal year. Whenever searching for new bonds to add to the portfolios, we evaluated opportunities on a case-by-case basis, choosing those bonds we viewed as most compelling. The charter school sector was a notable area of opportunity in several state marketplaces. We have long favored this market segment for investment. Bonds in this area offered what we believed was their most attractive risk-reward trade-off in several years, so, when appropriate, we took advantage of periodic opportunities to purchase bonds in this sector.

Given the municipal bond market’s struggles in 2022, we took advantage of the opportunity to engage in tax-loss swaps in all six Funds. Pursuing this strategy, we exchanged lower yielding bonds for higher yielding ones, finding the most value in the higher credit tiers. These swaps allowed us to take advantage of the opportunity to secure better yields for the Funds at a similar level of risk, while generating tax losses that we will be able to apply against future capital gains.

Individual performance effects

As we discussed, longer-duration bonds generally underperformed shorter-duration bonds for the fiscal year. Additionally, higher-coupon structured bonds tended to outperform. Accordingly, many of the Funds’ strongest and weakest performers over the 12-month period reflected these performance trends.

In Delaware Tax-Free Arizona Fund, for example, the weakest-performing securities were bonds for Great Hearts Academies, a charter-school management organization, and HonorHealth, an Arizona healthcare system. These bonds, both declining in the neighborhood of -30% for the Fund for the fiscal year, were hurt by their relatively low coupons and long maturity dates. On the positive side, the Fund’s strongest performers included Arizona State University Energy Management bonds (up 4%), a highly rated, short-maturity issue, and Eagle College Preparatory Schools charter school bonds (up 3%), which were currently callable and thus significantly insulated from the negative performance effect of rising interest rates.

In Delaware Tax-Free California Fund, the weakest performer was a San Diego County tobacco bond issue that returned declined more than 30%. As zero-coupon bonds, these securities are highly sensitive to changes in interest rates and thus struggled as rates rose, while they also lost value from a relatively high price to begin the fiscal year. Also underperforming were Children’s Hospital of Orange County bonds (down more than 25%), whose low coupon and long-term maturity date proved undesirable to investors. In contrast, the Fund benefited from charter school bonds for the Green Dot Public Schools (+7%) and San Diego Redevelopment Agency bonds (+6%), whose currently callable status and relatively high coupon were positive performance factors.

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds

Turning to Delaware Tax-Free Colorado Fund, the biggest performance challenges came from bonds for AdventHealth, a Colorado hospital system, and Aspen View Academy, a charter school in Castle Rock, Colo., each down more than 25%. Both holdings struggled because of their long maturity dates and relatively low coupons. On the positive side, the Fund benefited from holdings in pre-refunded bonds for the Atlas Preparatory School (up 7%), whose short duration and high credit quality boosted their performance. Dominion Water and Sanitation District bonds (up 5%), which benefited from their near-term call date, also added value.

In Delaware Tax-Free Idaho Fund, long-dated, lower-coupon bonds of such issuers as the Anser Charter School in Boise (down close to 35%) and St. Luke’s Health System (down more than 25%) were meaningful detractors owing to their heightened interest rate sensitivity. Conversely, various higher-coupon, currently callable bonds added value, led by Idaho Housing and Finance Association municipal lease bonds and corporate-backed industrial development revenue solid-waste disposal bonds for FMC Corp., both up more than 6%.

In Delaware Tax-Free New York Fund, the biggest individual detractor for the fiscal year was an investment in Queens Baseball Stadium Project bonds. These bonds for Citi Field, home to the New York Mets, declined more than 25%, reflecting the bonds’ low coupon and relatively long maturity date. Another individual performance challenge was an investment in bonds for Montefiore Medical Center, a Bronx hospital whose long-maturity, lower-rated bonds declined close to 25% for the fiscal year. On the positive side, bonds for the Albany Place (N.Y.) senior housing project added value, gaining 8%. As this financially challenged issuer has improved its fiscal position and made progress with its operations, investors found the bonds more attractive. Various high-quality bonds with shorter call dates were also among the Fund’s leading individual performers, led by New York State Dormitory Authority bonds (up 5%).

The weakest individual performer in Delaware Tax-Free Pennsylvania Fund, meanwhile, was an investment in Tapestry Moon (down 30%). Bonds for this Pittsburgh-area senior-living facility experienced substantial and ongoing financial challenges amid the COVID-19 pandemic. Education bonds for Germantown Academy (down more than 20%) also performed poorly, owing to their relatively low coupon, longer-term maturity date, and relatively higher price to begin the fiscal year. In contrast, the Fund’s strongest individual performer was a student-housing bond issue for Temple University in Philadelphia. These bonds gained more than 5%, benefiting from their relatively high coupon and short call date. Pre-refunded bonds for Indiana Regional Medical Center in Indiana County, Pa. (up 3%), which benefited from their short durations and high credit quality, also contributed to performance.

Table of Contents

Performance summaries
Delaware Tax-Free Arizona Fund	August 31, 2022 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. April 1, 1991)
Excluding sales charge		-11.06	%		+1.13	%		+1.99	%		+4.64	%
Including sales charge		-15.07	%		+0.21	%		+1.52	%		+4.49	%
Class C (Est. May 25, 1994)
Excluding sales charge		-11.70	%		+0.38	%		+1.23	%		+3.44	%
Including sales charge		-12.56	%		+0.38	%		+1.23	%		+3.44	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge		-10.84	%		+1.39	%		—			+3.12	%
Including sales charge		-10.84	%		+1.39	%		—			+3.12	%
Bloomberg Municipal Bond Index		-8.63	%		+1.28	%		+2.25	%		+2.76	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 11. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service (12b-1) fee.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Table of Contents

Performance summaries
Delaware Tax-Free Arizona Fund

on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s, Moody’s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three. BB indicating the least degree of speculation of the three.

Table of Contents

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios		Class A			Class C			Institutional Class
Total annual operating expenses
	(without fee waivers)		1.00	%		1.75	%		0.75	%
Net expenses (including fee
	waivers, if any)		0.84	%		1.59	%		0.59	%
Type of waiver		Contractual			Contractual			Contractual

Table of Contents

Performance summaries
Delaware Tax-Free Arizona Fund

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000		$	12,493
Delaware Tax-Free Arizona Fund — Class A shares		$9,550		$	11,628

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value			Ending value
Delaware Tax-Free Arizona Fund —
Institutional Class shares		$	10,000		$	13,046
Bloomberg Municipal Bond Index		$	10,000		$	12,942

Table of Contents

The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on August 31, 2012, and includes the effect of a 4.50% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2012.

The “Performance of a $10,000 investment” graph for Institutional Class shares assumes $10,000 invested in Institutional Class shares of the Fund on December 31, 2013, and includes the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of December 31, 2013.

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 11. Please note additional details on pages 9 through 13.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols		CUSIPs
Class A		VAZIX	928916204
Class C		DVACX	928916501
Institutional Class		DAZIX	928916873

Table of Contents

Performance summaries
Delaware Tax-Free California Fund	August 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. March 2, 1995)
Excluding sales charge		-10.48	%		+1.17	%		+2.40	%		+4.77	%
Including sales charge		-14.53	%		+0.24	%		+1.93	%		+4.59	%
Class C (Est. April 9, 1996)
Excluding sales charge		-11.05	%		+0.44	%		+1.65	%		+3.90	%
Including sales charge		-11.92	%		+0.44	%		+1.65	%		+3.90	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge		-10.26	%		+1.43	%		—			+3.42	%
Including sales charge		-10.26	%		+1.43	%		—			+3.42	%
Bloomberg Municipal Bond Index		-8.63	%		+1.28	%		+2.25	%		+2.76	%*

^*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 16. Performance would have been lower had expense limitations not been in effect.

Table of Contents

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Table of Contents

Performance summaries
Delaware Tax-Free California Fund

Fund expense ratios		Class A			Class C			Institutional Class
Total annual operating expenses
	(without fee waivers)		1.02	%		1.77	%		0.77	%
Net expenses (including fee
	waivers, if any)		0.82	%		1.57	%		0.57	%
Type of waiver		Contractual			Contractual			Contractual

Table of Contents

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000		$	12,493
Delaware Tax-Free California Fund — Class A shares		$9,550		$	12,105

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value			Ending value
Delaware Tax-Free California Fund —
Institutional Class shares		$	10,000		$	13,381
Bloomberg Municipal Bond Index		$	10,000		$	12,942

Table of Contents

Performance summaries
Delaware Tax-Free California Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 16. Please note additional details on pages 14 through 18.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols		CUSIPs
Class A		DVTAX	928928829
Class C		DVFTX	928928795
Institutional Class		DCTIX	928928167

Table of Contents

Performance summaries
Delaware Tax-Free Colorado Fund	August 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. April 23, 1987)
Excluding sales charge		-9.49	%		+1.17	%		+2.07	%		+5.11	%
Including sales charge		-13.55	%		+0.24	%		+1.60	%		+4.97	%
Class C (Est. May 5, 1994)
Excluding sales charge		-10.22	%		+0.40	%		+1.30	%		+3.52	%
Including sales charge		-11.10	%		+0.40	%		+1.30	%		+3.52	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge		-9.27	%		+1.42	%		—			+3.21	%
Including sales charge		-9.27	%		+1.42	%		—			+3.21	%
Bloomberg Municipal Bond Index		-8.63	%		+1.28	%		+2.25	%		+2.76	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 21. Performance would have been lower had expense limitations not been in effect.

Class C shares are sold with a contingent deferred sales (CDSC) charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Table of Contents

Performance summaries
Delaware Tax-Free Colorado Fund

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Table of Contents

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.96%	1.71%	0.71%
Net expenses (including fee
waivers, if any)	0.82%	1.57%	0.57%
Type of waiver	Contractual	Contractual	Contractual

Table of Contents

Performance summaries
Delaware Tax-Free Colorado Fund

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000		$	12,493
Delaware Tax-Free Colorado Fund — Class A shares		$9,550		$	11,718

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value			Ending value
Delaware Tax-Free Colorado Fund —
Institutional Class shares		$	10,000		$	13,152
Bloomberg Municipal Bond Index		$	10,000		$	12,942

Table of Contents

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 21. Please note additional details on pages 19 through 23.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	VCTFX	928920107
Class C	DVCTX	92907R101
Institutional Class	DCOIX	92907R200

Table of Contents

Performance summaries
Delaware Tax-Free Idaho Fund	August 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. January 4, 1995)
Excluding sales charge	-10.00%	+0.92%	+1.45%	+4.17%
Including sales charge	-14.04%	0.00%	+0.98%	+4.00%
Class C (Est. January 10, 1995)
Excluding sales charge	-10.59%	+0.18%	+0.70%	+3.37%
Including sales charge	-11.47%	+0.18%	+0.70%	+3.37%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	-9.77%	+1.17%	—	+2.60%
Including sales charge	-9.77%	+1.17%	—	+2.60%
Bloomberg Municipal Bond Index	-8.63%	+1.28%	+2.25%	+2.76%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 26. Performance would have been lower had expense limitations not been in effect.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

Table of Contents

the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate. Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Table of Contents

Performance summaries
Delaware Tax-Free Idaho Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.01%	1.76%	0.76%
Net expenses (including fee
waivers, if any)	0.86%	1.61%	0.61%
Type of waiver	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000	$12,493
Delaware Tax-Free Idaho Fund — Class A shares		$9,550	$11,022

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value	Ending value
Bloomberg Municipal Bond Index	$10,000	$12,942
Delaware Tax-Free Idaho Fund —
Institutional Class shares	$10,000	$12,488

Table of Contents

Performance summaries
Delaware Tax-Free Idaho Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 26. Please note additional details on pages 24 through 28.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	VIDAX	928928704
Class C	DVICX	928928803
Institutional Class	DTIDX	928928159

Table of Contents

Performance summaries
Delaware Tax-Free New York Fund	August 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. November 6, 1987)
Excluding sales charge		-9.96	%		+1.15	%		+2.16	%		+5.01	%
Including sales charge		-14.02	%		+0.22	%		+1.69	%		+4.87	%
Class C (Est. April 26, 1995)
Excluding sales charge		-10.66	%		+0.39	%		+1.39	%		+3.38	%
Including sales charge		-11.54	%		+0.39	%		+1.39	%		+3.38	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge		-9.82	%		+1.40	%		—			+3.23	%
Including sales charge		-9.82	%		+1.40	%		—			+3.23	%
Bloomberg Municipal Bond Index		-8.63	%		+1.28	%		+2.25	%		+2.76	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 31. Performance would have been lower had expense limitations not been in effect.

Table of Contents

Performance summaries
Delaware Tax-Free New York Fund

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Table of Contents

Fund expense ratios		Class A			Class C			Institutional Class
Total annual operating expenses
	(without fee waivers)		0.98	%		1.73	%		0.73	%
Net expenses (including fee
	waivers, if any)		0.80	%		1.55	%		0.55	%
Type of waiver		Contractual			Contractual			Contractual

Table of Contents

Performance summaries
Delaware Tax-Free New York Fund

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000		$	12,493
Delaware Tax-Free New York Fund — Class A shares		$9,550		$	11,821

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value			Ending value
Delaware Tax-Free New York Fund —
Institutional Class shares		$	10,000		$	13,176
Bloomberg Municipal Bond Index		$	10,000		$	12,942

Table of Contents

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 31. Please note additional details on pages 29 through 33.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols		CUSIPs
Class A		FTNYX	928928274
Class C		DVFNX	928928258
Institutional Class		DTNIX	928928142

Table of Contents

Performance summaries
Delaware Tax-Free Pennsylvania Fund	August 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2022
	1 year		5 year		10 year		Lifetime
Class A (Est. March 23, 1977)
Excluding sales charge	-9.59	%	+1.37	%	+2.20	%	+5.11	%
Including sales charge	-13.63	%	+0.45	%	+1.73	%	+5.01	%
Class C (Est. November 29, 1995)
Excluding sales charge	-10.27	%	+0.60	%	+1.43	%	+3.16	%
Including sales charge	-11.15	%	+0.60	%	+1.43	%	+3.16	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	-9.26	%	+1.64	%	—		+3.29	%
Including sales charge	-9.26	%	+1.64	%	—		+3.29	%
Bloomberg Municipal Bond Index	-8.63	%	+1.28	%	+2.25	%	+2.76	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 36. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% 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. Performance for Class A shares, excluding sales charges,

Table of Contents

assumes that no front-end sales charge applied.

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Table of Contents

Performance summaries
Delaware Tax-Free Pennsylvania Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.93%	1.68%	0.68%
Net expenses (including fee
waivers, if any)	0.84%	1.59%	0.59%
Type of waiver	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹

Class A shares
For the period August 31, 2012 through August 31, 2022

	Starting value		Ending value
Bloomberg Municipal Bond Index		$10,000	$12,493
Delaware Tax-Free Pennsylvania Fund — Class A shares		$9,550	$11,869

Institutional Class shares
For the period December 31, 2013 (inception date) through August 31, 2022

	Starting value	Ending value
Delaware Tax-Free Pennsylvania Fund —
Institutional Class shares	$10,000	$13,234
Bloomberg Municipal Bond Index	$10,000	$12,942

Table of Contents

Performance summaries
Delaware Tax-Free Pennsylvania Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 36. Please note additional details on pages 34 through 38.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	DELIX	233216100
Class C	DPTCX	233216308
Institutional Class	DTPIX	24609H701

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2022 to August 31, 2022 (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 service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2022 to August 31, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2022 to August 31, 2022 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	913.40		0.84	%		$	4.05
Class C			1,000.00			910.30		1.59	%			7.66
Institutional Class			1,000.00			914.60		0.59	%			2.85
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.97		0.84	%		$	4.28
Class C			1,000.00			1,017.19		1.59	%			8.08
Institutional Class			1,000.00			1,022.23		0.59	%			3.01

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	919.00		0.82	%		$	3.97
Class C			1,000.00			916.50		1.57	%			7.58
Institutional Class			1,000.00			920.10		0.57	%			2.76
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.07		0.82	%		$	4.18
Class C			1,000.00			1,017.29		1.57	%			7.98
Institutional Class			1,000.00			1,022.33		0.57	%			2.91

Table of Contents

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	926.70		0.82	%		$	3.98
Class C			1,000.00			922.50		1.57	%			7.61
Institutional Class			1,000.00			927.80		0.57	%			2.77
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.07		0.82	%		$	4.18
Class C			1,000.00			1,017.29		1.57	%			7.98
Institutional Class			1,000.00			1,022.33		0.57	%			2.91

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	918.50		0.86	%		$	4.16
Class C			1,000.00			915.00		1.61	%			7.77
Institutional Class			1,000.00			918.90		0.61	%			2.95
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.87		0.86	%		$	4.38
Class C			1,000.00			1,017.09		1.61	%			8.19
Institutional Class			1,000.00			1,022.13		0.61	%			3.11

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2022 to August 31, 2022 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	922.50		0.80	%		$	3.88
Class C			1,000.00			918.00		1.55	%			7.49
Institutional Class			1,000.00			922.80		0.55	%			2.67
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.17		0.80	%		$	4.08
Class C			1,000.00			1,017.39		1.55	%			7.88
Institutional Class			1,000.00			1,022.43		0.55	%			2.80

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/22			8/31/22			Expense Ratio			3/1/22 to 8/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	925.20		0.84	%		$	4.08
Class C			1,000.00			920.50		1.59	%			7.70
Institutional Class			1,000.00			926.30		0.59	%			2.86
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.97		0.84	%		$	4.28
Class C			1,000.00			1,017.19		1.59	%			8.08
Institutional Class			1,000.00			1,022.23		0.59	%			3.01

*“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 184/365 (to reflect the one-half year period).

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

In addition to the Funds' expenses reflected on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables above and on the previous pages do not reflect the expenses of any Underlying Funds.

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.84	%
Corporate Revenue Bonds		5.36	%
Education Revenue Bonds		22.95	%
Electric Revenue Bonds		6.14	%
Healthcare Revenue Bonds		21.35	%
Lease Revenue Bonds		1.30	%
Local General Obligation Bonds		3.17	%
Pre-Refunded Bonds		2.95	%
Special Tax Revenue Bonds		18.82	%
State General Obligation Bonds		3.25	%
Transportation Revenue Bonds		7.51	%
Water & Sewer Revenue Bonds		6.04	%
Short-Term Investments		0.71	%
Total Value of Securities		99.55	%
Receivables and Other Assets Net of Liabilities		0.45	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Arizona		80.27	%
Guam		0.77	%
Puerto Rico		18.10	%
US Virgin Islands		0.41	%
Total Value of Securities		99.55	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		93.44	%
Corporate Revenue Bonds		6.10	%
Education Revenue Bonds		18.08	%
Electric Revenue Bonds		3.14	%
Healthcare Revenue Bonds		10.42	%
Housing Revenue Bonds		2.46	%
Lease Revenue Bonds		3.99	%
Local General Obligation Bonds		2.98	%
Pre-Refunded Bonds		8.20	%
Special Tax Revenue Bonds		16.27	%
State General Obligation Bonds		8.45	%
Transportation Revenue Bonds		11.92	%
Water & Sewer Revenue Bonds		1.43	%
Short-Term Investments		5.07	%
Total Value of Securities		98.51	%
Receivables and Other Assets Net of Liabilities		1.49	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
California		80.10	%
Guam		0.92	%
Puerto Rico		17.15	%
US Virgin Islands		0.34	%
Total Value of Securities		98.51	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.49	%
Corporate Revenue Bonds		2.35	%
Education Revenue Bonds		11.74	%
Electric Revenue Bonds		5.82	%
Healthcare Revenue Bonds		18.96	%
Lease Revenue Bonds		1.52	%
Local General Obligation Bonds		8.77	%
Pre-Refunded Bonds		14.51	%
Special Tax Revenue Bonds		18.57	%
State General Obligation Bonds		2.99	%
Transportation Revenue Bonds		7.63	%
Water & Sewer Revenue Bonds		4.63	%
Short-Term Investments		2.13	%
Total Value of Securities		99.62	%
Receivables and Other Assets Net of Liabilities		0.38	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Colorado		82.01	%
Guam		1.34	%
Puerto Rico		16.06	%
US Virgin Islands		0.21	%
Total Value of Securities		99.62	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		95.78	%
Corporate Revenue Bonds		2.67	%
Education Revenue Bonds		19.41	%
Electric Revenue Bonds		4.65	%
Healthcare Revenue Bonds		12.61	%
Housing Revenue Bonds		2.70	%
Lease Revenue Bonds		9.14	%
Local General Obligation Bonds		12.24	%
Pre-Refunded/Escrowed to Maturity Bonds		5.57	%
Resource Recovery Revenue Bonds		0.35	%
Special Tax Revenue Bonds		21.13	%
State General Obligation Bonds		2.53	%
Transportation Revenue Bonds		2.78	%
Short-Term Investments		2.88	%
Total Value of Securities		98.66	%
Receivables and Other Assets Net of Liabilities		1.34	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.79	%
Idaho		81.77	%
Puerto Rico		15.88	%
US Virgin Islands		0.22	%
Total Value of Securities		98.66	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.00	%
Corporate Revenue Bonds		6.86	%
Education Revenue Bonds		20.20	%
Electric Revenue Bonds		8.15	%
Healthcare Revenue Bonds		7.45	%
Lease Revenue Bonds		7.63	%
Local General Obligation Bonds		3.21	%
Pre-Refunded Bonds		1.21	%
Resource Recovery Revenue Bond		0.73	%
Special Tax Revenue Bonds		24.49	%
State General Obligation Bonds		2.79	%
Transportation Revenue Bonds		10.38	%
Water & Sewer Revenue Bonds		3.90	%
Short-Term Investments		2.13	%
Total Value of Securities		99.13	%
Receivables and Other Assets Net of Liabilities		0.87	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.71	%
New York		80.49	%
Puerto Rico		17.66	%
US Virgin Islands		0.27	%
Total Value of Securities		99.13	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of August 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.69	%
Corporate Revenue Bonds		5.97	%
Education Revenue Bonds		11.66	%
Electric Revenue Bonds		2.72	%
Healthcare Revenue Bonds		31.13	%
Lease Revenue Bonds		1.08	%
Local General Obligation Bonds		5.17	%
Pre-Refunded/Escrowed to Maturity Bonds		3.55	%
Special Tax Revenue Bonds		19.46	%
State General Obligation Bonds		2.90	%
Transportation Revenue Bonds		15.06	%
Water & Sewer Revenue Bond		0.99	%
Total Value of Securities		99.69	%
Receivables and Other Assets Net of Liabilities		0.31	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.78	%
Pennsylvania		80.33	%
Puerto Rico		17.34	%
US Virgin Islands		1.24	%
Total Value of Securities		99.69	%

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund	August 31, 2022

		Principal
		amount°	Value (US $)
Municipal Bonds – 98.84%
Corporate Revenue Bonds – 5.36%
	Arizona Industrial Development Authority Revenue
	(Legacy Cares Project)
	Series A 144A 6.00% 7/1/51 #	450,000	$	409,433
	Series A 144A 7.75% 7/1/50 #	285,000		303,499
	Chandler Industrial Development Authority Revenue
	(Intel Corporation Project)
	2.70% 12/1/37 (AMT) •	1,300,000		1,295,463
	Salt Verde Financial Senior Gas Revenue
	5.00% 12/1/37	2,000,000		2,111,900
				4,120,295
Education Revenue Bonds – 22.95%
	Arizona Industrial Development Authority Revenue
	(Academies of Math & Science Projects)
	Series A 5.00% 7/1/51	1,000,000		1,030,930
	(ACCEL Schools Project)
	Series A 144A 5.25% 8/1/48 #	350,000		345,586
	(American Charter Schools Foundation Project)
	144A 6.00% 7/1/37 #	250,000		265,098
	144A 6.00% 7/1/47 #	400,000		419,980
	(Doral Academy of Nevada - Fire Mesa and Red Rock
	Campus Projects)
	Series A 144A 5.00% 7/15/49 #	375,000		369,521
	(Empower College Prep Project)
	144A 6.00% 7/1/49 #	500,000		508,340
	(Equitable School Revolving Fund)
	Series A 4.00% 11/1/49	1,600,000		1,450,128
	(Great Hearts Arizona Projects)
	Series A 2.25% 7/1/46	1,000,000		658,530
	Series A 2.375% 7/1/52	1,205,000		760,331
	(KIPP NYC Public Charter Schools - Macombs Facility
	Project)
	Series A 4.00% 7/1/61	1,980,000		1,598,236
	(Odyssey Preparatory Academy Project)
	Series A 144A 5.50% 7/1/52 #	375,000		380,197
	(Pinecrest Academy of Nevada-Horizon, Inspirada and
	St. Rose Campus Projects)
	Series A 144A 5.75% 7/15/48 #	250,000		261,963
	Arizona State University Energy Management Revenue
	(Arizona State University Tempe Campus II Project)
	4.50% 7/1/24	1,000,000		1,001,400
	Arizona State University Revenue System
	Series A 5.00% 7/1/43	1,000,000		1,091,360

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Maricopa County Industrial Development Authority
	Revenue
	(Arizona Autism Charter Schools Project)
	Series A 144A 5.00% 7/1/40 #	250,000	$	249,690
	(Creighton University Project)
	4.00% 7/1/50	1,000,000		951,010
	(Great Hearts Arizona Projects)
	Series A 5.00% 7/1/52	725,000		749,331
	(Highland Prep Projects)
	Series A 4.00% 7/1/56	2,000,000		1,794,020
	(Reid Traditional Schools Projects)
	5.00% 7/1/47	785,000		795,786
	McAllister Academic Village Revenue
	(Arizona State University Hassayampa Academic
	Village Project)
	5.00% 7/1/31	500,000		537,330
	Phoenix Industrial Development Authority
	(Eagle College Preparatory Project)
	Series A 5.00% 7/1/43	500,000		499,965
	(Great Hearts Academic Project)
	5.00% 7/1/46	1,000,000		1,005,400
	Pima County Industrial Development Authority Education
	Revenue
	(Edkey Charter Schools Project)
	144A 5.00% 7/1/55 #	500,000		464,915
	University of Arizona Board of Regents
	Series A 4.00% 6/1/44	475,000		452,257
				17,641,304
Electric Revenue Bonds – 6.14%
	Guam Power Authority Revenue
	Series A 5.00% 10/1/41	565,000		592,594
	Puerto Rico Electric Power Authority Revenue
	Series A 5.00% 7/1/42 ‡	450,000		365,625
	Series A 5.05% 7/1/42 ‡	55,000		44,550
	Series AAA 5.25% 7/1/25 ‡	35,000		28,438
	Series WW 5.00% 7/1/28 ‡	550,000		446,875
	Series WW 5.50% 7/1/38 ‡	710,000		579,537
	Series XX 4.75% 7/1/26 ‡	35,000		28,306
	Series XX 5.25% 7/1/40 ‡	355,000		288,437
	Series XX 5.75% 7/1/36 ‡	125,000		102,500
	Series ZZ 4.75% 7/1/27 ‡	30,000		24,263
	Series ZZ 5.25% 7/1/24 ‡	45,000		36,563

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Salt River Project Agricultural Improvement & Power
		District Electric System Revenue
		Series A 5.00% 1/1/39	1,000,000	$	1,089,780
		Series A 5.00% 1/1/47	1,000,000		1,089,940
					4,717,408
Healthcare Revenue Bonds – 21.35%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,030,070
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project
		First Tier)
		Series A 5.00% 1/1/54	145,000		97,845
		(Great Lakes Senior Living Communities LLC Project
		Fourth Tier)
		144A 7.75% 1/1/54 #	150,000		97,150
		(Great Lakes Senior Living Communities LLC Project
		Second Tier)
		Series B 5.00% 1/1/49	55,000		34,876
		Series B 5.125% 1/1/54	65,000		40,700
		(Great Lakes Senior Living Communities LLC Project
		Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		291,445
		(Phoenix Children's Hospital)
		Series A 4.00% 2/1/50	3,040,000		2,777,952
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		220,420
		5.25% 11/15/46	415,000		320,704
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		944,050
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,037,770
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000		180,660
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	275,000		241,708
	Maricopa County Industrial Development Authority Health
		Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		971,500

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maricopa County Industrial Development Authority Health
		Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/44	1,665,000	$	1,591,990
		Series D 4.00% 1/1/48	650,000		611,175
	Maricopa County Industrial Development Authority
		Hospital Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000		362,340
	Maricopa County Industrial Development Authority Senior
		Living Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		303,961
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		Revenue
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/39	325,000		291,012
		5.00% 7/1/30	105,000		116,179
	Tempe Industrial Development Authority Revenue
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		753,512
	Yavapai County Industrial Development Authority Hospital
		Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,434,795
		Series A 5.25% 8/1/33	2,000,000		2,045,860
	Yuma Industrial Development Authority Hospital Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		302,779
		Series A 5.25% 8/1/32	300,000		309,849
					16,410,302
Lease Revenue Bonds – 1.30%
	Arizona Game & Fish Department & Community
		Beneficial Interest Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000		1,002,080
					1,002,080

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 3.17%
	Maricopa County High School District No. 214 Tolleson
		Union High School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000	$	1,031,520
	Maricopa County School District No. 3 Tempe Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		628,169
	Maricopa County Unified School District No. 95 Queen
		Creek
		(School Improvement)
		4.00% 7/1/35	500,000		516,520
	Pinal County Community College District
		4.00% 7/1/31	250,000		260,692
					2,436,901
Pre-Refunded Bonds – 2.95%
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42-22 §	1,250,000		1,250,000
	University of Arizona Board of Regents
		Series A 5.00% 6/1/38-23 §	1,000,000		1,019,930
					2,269,930
Special Tax Revenue Bonds – 18.82%
	Bullhead City Excise Taxes Revenue
		2.55% 7/1/46	1,000,000		678,740
		4.00% 7/1/52	1,035,000		999,375
	GDB Debt Recovery Authority
		7.50% 8/20/40	2,707,273		2,423,009
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		573,905
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,064,050
	Maricopa County Industrial Development Authority
		Education Revenue
		(Choice Academies, Inc. Project)
		Series AZ 144A 5.75% 9/1/45 #	1,250,000		1,246,825
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/32	300,000		316,416
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.425% 7/1/51 ^	5,964,000		1,271,883

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 5.60% 7/1/46 ^	1,110,000	$	317,893
		(Restructured)
		Series A-1 4.75% 7/1/53	2,485,000		2,376,405
		Series A-2 4.329% 7/1/40	1,745,000		1,698,339
		Series A-2 4.329% 7/1/40	1,000,000		973,260
	Regional Public Transportation Authority
		(Maricopa County Public Transportation)
		5.25% 7/1/24	500,000		525,640
					14,465,740
State General Obligation Bonds – 3.25%
	Commonwealth of Puerto Rico
		(Restructured)
		2.066% 11/1/43 •	2,371,295		1,224,181
		Series A-1 4.00% 7/1/33	154,288		144,570
		Series A-1 4.00% 7/1/35	138,685		127,514
		Series A-1 4.00% 7/1/37	119,028		106,660
		Series A-1 4.00% 7/1/41	175,000		152,829
		Series A-1 4.00% 7/1/46	741,539		629,722
		Series A-1 4.364% 7/1/33 ^	198,557		112,997
					2,498,473
Transportation Revenue Bonds – 7.51%
	Arizona Department of Transportation State Highway
		Fund Revenue
		5.00% 7/1/35	500,000		536,205
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series B 4.00% 7/1/37 (AMT)	4,000,000		3,852,760
		Series B 5.00% 7/1/44 (AMT)	400,000		415,288
		(Senior Lien)
		4.00% 7/1/48 (AMT)	500,000		462,535
		5.00% 7/1/32 (AMT)	500,000		507,355
					5,774,143
Water & Sewer Revenue Bonds – 6.04%
	Arizona Water Infrastructure Finance Authority
		(Water Quality Revenue)
		Series A 5.00% 10/1/26	1,000,000		1,052,490

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Central Arizona Water Conservation District
		(Central Arizona Project)
		5.00% 1/1/31	600,000	$	643,254
	Goodyear Water & Sewer Revenue
		Second Series 4.00% 7/1/45 (AGM)	1,000,000		976,220
	Mesa Utility System Revenue
		4.00% 7/1/31	850,000		884,748
	Phoenix Civic Improvement Corporation
		(Junior Lien)
		5.00% 7/1/27	500,000		547,205
		5.00% 7/1/31	500,000		540,915
					4,644,832
Total Municipal Bonds (cost $80,521,176)					75,981,408

Short-Term Investments – 0.71%
Variable Rate Demand Notes – 0.71%¤
	Arizona Health Facilities Authority Revenue
		(Banner Health) Series C 1.03% 1/1/46
		(LOC - Bank of America, N.A.)	100,000		100,000
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.98% 11/15/52
		(SPA - Northern Trust)	450,000		450,000
Total Short-Term Investments (cost $550,000)					550,000
Total Value of Securities—99.55%
	(cost $81,071,176)			$	76,531,408

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $6,671,115, which represents 8.68% of the Fund's net assets. See Note 9 in “Notes to financial statements."

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund	August 31, 2022

			Principal
			amount°	Value (US $)
Municipal Bonds – 93.44%
Corporate Revenue Bonds – 6.10%
	California Pollution Control Financing Authority
		Solid Waste Disposal Revenue
		(CalPlant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	300,000	$	180,000
	Golden State Tobacco Securitization Settlement Revenue
		(Capital Appreciation)
		Subordinate Series B-2 0.889% 6/1/66 ^	12,500,000		1,478,250
	Inland Empire Tobacco Securitization Authority
		(Capital Appreciation Turbo Asset-Backed)
		Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,404,877
	M-S-R Energy Authority Revenue
		Series B 6.50% 11/1/39	500,000		604,130
	Tobacco Securitization Authority of Northern California
		(Sacramento County)
		Series A Class 1 Senior 4.00% 6/1/36	300,000		300,312
		Series A Class 1 Senior 4.00% 6/1/37	300,000		299,067
		Series A Class 1 Senior 4.00% 6/1/38	400,000		396,372
		Series A Class 1 Senior 4.00% 6/1/39	250,000		246,383
		Series A Class 1 Senior 4.00% 6/1/40	300,000		294,258
		Series A Class 1 Senior 4.00% 6/1/49	1,000,000		924,090
	Tobacco Securitization Authority of Southern California
		(San Diego County)
		Capital Appreciation Second Subordinate
		Series C 0.603% 6/1/46 ^	16,770,000		2,645,132
		Capital Appreciation Third Subordinate
		Series D 0.317% 6/1/46 ^	4,965,000		610,943
					9,383,814
Education Revenue Bonds – 18.08%
	California Community College Financing Authority
		Student Housing Revenue
		(NCCD - Napa Valley Properties LLC - Napa Valley
		College Project)
		Series A 144A 5.75% 7/1/60 #	1,500,000		1,441,860
	California Educational Facilities Authority
		(Loma Linda University)
		Series A 5.00% 4/1/47	1,000,000		1,054,170
		(Stanford University - Green Bonds)
		Series V-2 2.25% 4/1/51	300,000		189,858
		(Stanford University)
		Series U-1 5.25% 4/1/40	1,840,000		2,229,970
		Series V-1 5.00% 5/1/49	1,460,000		1,732,100

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority Revenue
		(Bella Mente Montessori Academy Project)
		Series A 144A 5.00% 6/1/48 #	500,000	$	485,165
		(Biola University)
		5.00% 10/1/39	1,000,000		1,039,200
		(California Baptist University)
		Series A 144A 5.375% 11/1/40 #	1,000,000		1,043,140
		(CHF - Davis I, LLC - West Village Student Housing
		Project)
		5.00% 5/15/48	1,000,000		1,022,930
		(Emerson College)
		Series B 5.00% 1/1/32	1,000,000		1,063,270
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	850,000		840,905
		(Literacy First Charter Schools Project)
		Series A 5.00% 12/1/49	750,000		761,205
		(Southwestern Law School)
		4.00% 11/1/41	575,000		534,497
		(The Creative Center of Los Altos Project - Pinewood
		School and Oakwood School)
		Series B 144A 4.50% 11/1/46 #	500,000		424,090
	California School Finance Authority
		(Aspire Public Schools - Obligated Group Issue #3)
		Series A 144A 5.00% 8/1/40 #	1,000,000		1,028,760
		(Aspire Public Schools - Obligated Group)
		Series A 144A 5.00% 8/1/45 #	715,000		723,680
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/42 #	500,000		403,860
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	250,000		256,093
		(Granada Hills Charter Obligated Group)
		144A 5.00% 7/1/49 #	1,725,000		1,737,868
		(Green Dot Public Schools Project)
		Series A 144A 5.00% 8/1/35 #	1,000,000		1,022,420
		(Grimmway Schools - Obligated Group)
		Series A 144A 5.00% 7/1/36 #	500,000		510,260
		(ICEF - View Park Elementary & Middle Schools)
		Series A 5.625% 10/1/34	575,000		591,370
		(John Adams Academies - Obligated Group)
		Series A 144A 5.00% 7/1/52 #	1,000,000		958,100

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(KIPP LA Projects)
		Series A 144A 5.125% 7/1/44 #	1,000,000	$	1,011,040
		(KIPP SoCal Projects)
		Series A 144A 5.00% 7/1/49 #	1,000,000		1,017,130
	California State University Systemwide Revenue
		Series A 5.00% 11/1/47	1,000,000		1,075,000
	California Statewide Communities Development Authority
		Charter School Revenue
		(Green Dot Public Schools - Animo Inglewood Charter
		High School Project)
		Series A 7.25% 8/1/41	300,000		300,852
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University)
		Series A 144A 6.125% 11/1/33 #	750,000		771,953
	Mt. San Antonio Community College District Convertible
		Capital Appreciation Election 2008
		Series A 0.00% 8/1/28 ~	1,000,000		1,088,360
	Regents of the University of California General Revenue
		Series BE 4.00% 5/15/50	1,500,000		1,429,140
					27,788,246
Electric Revenue Bonds – 3.14%
	Guam Power Authority Revenue
		(Tax-Exempt Forward Delivery)
		Series A 5.00% 10/1/41	970,000		1,017,375
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Series A 5.00% 7/1/42	1,000,000		1,070,850
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	350,000		284,375
		Series A 5.05% 7/1/42 ‡	70,000		56,700
		Series A 6.75% 7/1/36 ‡	185,000		156,325
		Series AAA 5.25% 7/1/25 ‡	40,000		32,500
		Series CCC 5.25% 7/1/27 ‡	325,000		264,063
		Series TT 5.00% 7/1/32 ‡	340,000		276,250
		Series WW 5.00% 7/1/28 ‡	470,000		381,875
		Series WW 5.25% 7/1/33 ‡	335,000		272,187
		Series WW 5.50% 7/1/38 ‡	730,000		595,862
		Series XX 4.75% 7/1/26 ‡	45,000		36,394
		Series XX 5.25% 7/1/40 ‡	230,000		186,875
		Series XX 5.75% 7/1/36 ‡	150,000		123,000

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 4.75% 7/1/27 ‡	35,000	$	28,306
		Series ZZ 5.25% 7/1/24 ‡	55,000		44,688
					4,827,625
Healthcare Revenue Bonds – 10.42%
	California Educational Facilities Authority
		(Stanford University)
		Series V-2 5.00% 4/1/51	500,000		594,930
	California Health Facilities Financing Authority Revenue
		(Cedars-Sinai Medical Center)
		Series B 4.00% 8/15/36	500,000		502,590
		(Children's Hospital Los Angeles)
		Series A 5.00% 8/15/47	500,000		512,925
		(Children's Hospital of Orange County)
		Series A 2.125% 11/1/41	2,500,000		1,716,875
		(CommonSpirit Health)
		Series A 4.00% 4/1/44	1,300,000		1,219,998
		(Kaiser Permanente)
		Subordinate Series A-2 4.00% 11/1/44	1,005,000		958,519
		(Lucile Salter Packard Children's Hospital At Stanford)
		Series A 4.00% 5/15/51	1,000,000		939,300
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	750,000		790,523
		Series A 5.00% 2/1/47	250,000		262,255
		(Goodwill Industry of Sacramento Valley & Northern
		Nevada Project)
		5.00% 1/1/35	635,000		554,996
		(Humangood California Obligated Group)
		Series A 4.00% 10/1/28	290,000		297,360
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		508,505
	California Municipal Finance Authority Senior Living
		Revenue
		(Mt. San Antonio Gardens Project)
		Series A 4.00% 11/15/52	750,000		636,802
		Series A 4.00% 11/15/56	1,075,000		890,498
	California Public Finance Authority Senior Living Revenue
		(Enso Village Project - Green Bonds)
		Series A 144A 5.00% 11/15/51 #	500,000		456,395

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Statewide Communities Development Authority
		Revenue
		(Adventist Health System/West)
		Series A 4.00% 3/1/48	1,000,000	$	919,370
		(Emanate Health)
		Series A 4.00% 4/1/45	255,000		237,074
		(Huntington Memorial Hospital)
		4.00% 7/1/48	500,000		476,505
		(John Muir Health)
		Series A 5.00% 8/15/51	1,500,000		1,549,710
		(Marin General Hospital - Green Bonds)
		Series A 4.00% 8/1/45	500,000		433,245
		(Redlands Community Hospital)
		5.00% 10/1/46	1,000,000		1,033,050
	Palomar Health
		5.00% 11/1/47 (AGM)	500,000		521,370
					16,012,795
Housing Revenue Bonds – 2.46%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	479,009		475,081
	Independent Cities Finance Authority Mobile Home Park
		Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,017,070
		Series A 5.25% 5/15/49	1,200,000		1,218,984
	Los Angeles Housing Authority
		(Union Portfolio Project)
		Series A 4.00% 6/1/30	135,000		141,684
	Santa Clara County Multifamily Housing Authority
		Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	925,000		926,933
					3,779,752
Lease Revenue Bonds – 3.99%
	California Infrastructure & Economic Development Bank
		(Academy of Motion Picture Arts & Sciences Obligated
		Group)
		Series A 5.00% 11/1/41	1,000,000		1,020,840
	California Municipal Finance Authority Revenue
		(Orange County Civic Center Infrastructure
		Improvement Program - Phase II)
		Series A 5.00% 6/1/43	750,000		809,385

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	California State Public Works Board
		Series E 3.00% 10/1/36 (AGM)	1,525,000	$	1,349,015
		(Department of General Services - New Natural
		Resources)
		Series C 4.00% 11/1/46	1,000,000		971,930
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,035,000
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000		940,380
					6,126,550
Local General Obligation Bonds – 2.98%
	Anaheim School District Capital Appreciation
		Election of 2002
		5.00% 8/1/25 (NATL) ^	1,000,000		915,940
	Long Beach Community College District
		Series D 3.00% 8/1/38	1,250,000		1,096,000
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000		529,560
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		542,030
	Palomar Health
		Series B 4.00% 8/1/37	1,000,000		1,003,370
	San Francisco Bay Area Rapid Transit District Election of
		2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		500,095
					4,586,995
Pre-Refunded Bonds – 8.20%
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,015,770
		Series S-H 5.00% 4/1/44-29 §	1,000,000		1,156,750
	California Health Facilities Financing Authority Revenue
		(Children's Hospital Los Angeles)
		Series A 5.00% 11/15/34-22 §	500,000		501,040
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,073,790

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	California School Finance Authority
		(Partnerships to Uplift Communities Valley Project)
		Series A 144A 6.75% 8/1/44-24 #, §	1,000,000	$	1,058,800
	California State Public Works Board
		(California State University: Various Buildings)
		Series E 5.00% 9/1/33-22 (AGM) §	1,000,000		1,000,000
	California Statewide Communities Development Authority
		Revenue
		(Covenant Retirement Communities)
		Series C 5.625% 12/1/36-23 §	1,000,000		1,039,200
	Fresno Unified School District
		Election of 2016
		Series A 5.00% 8/1/41-26 §	500,000		549,945
	Golden State Tobacco Securitization Settlement Revenue
		(Enhanced Asset-Backed)
		Series A 5.00% 6/1/29-23 §	1,000,000		1,020,680
		Series A 5.00% 6/1/45-25 §	1,000,000		1,070,220
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40-25 §	1,000,000		1,074,300
	Riverside County Transportation Commission Senior Lien
		(Current Interest Obligations)
		Series A 5.75% 6/1/44-23 §	500,000		512,985
	San Francisco Municipal Transportation Agency Revenue
		5.00% 3/1/32-23 §	1,000,000		1,013,840
	San Jose Financing Authority Lease Revenue
		(Civic Center Project)
		Series A 5.00% 6/1/33-23 §	500,000		510,040
					12,597,360
Special Tax Revenue Bonds – 16.27%
	City of Irvine Limited Obligation Improvement Bonds
		(Reassessment District No. 21-1)
		4.00% 9/2/46 (BAM)	1,340,000		1,289,737
	GDB Debt Recovery Authority
		7.50% 8/20/40	5,410,348		4,842,261
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/32	500,000		527,360
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	2,980,000		2,849,774
		Series A-1 5.00% 7/1/58	3,045,000		2,953,954
		Series A-1 5.023% 7/1/51 ^	31,095,000		6,631,320

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 8.957% 7/1/46 ^	5,480,000	$	1,569,417
		Series A-2 4.329% 7/1/40	735,000		715,346
		Series A-2 4.329% 7/1/40	750,000		729,945
	Sacramento Transient Occupancy Tax Revenue
		(Convention Center Complex)
		Senior Series A 5.00% 6/1/38	500,000		535,175
		Senior Series A 5.00% 6/1/48	1,000,000		1,049,110
	San Francisco Facilities District No. 2021-01
		(Public Facilities and Services)
		4.00% 9/1/44	900,000		807,498
	Yucaipa Special Tax Community Facilities District No.
		98-1
		(Chapman Heights)
		5.375% 9/1/30	500,000		502,115
					25,003,012
State General Obligation Bonds – 8.45%
	California
		4.00% 10/1/36	500,000		515,265
		5.00% 4/1/42	1,500,000		1,680,165
		(Various Purpose)
		5.00% 9/1/31	1,000,000		1,025,860
		5.00% 4/1/32	2,820,000		3,346,494
		5.00% 4/1/37	2,000,000		2,028,160
		5.00% 8/1/46	1,000,000		1,064,140
	Commonwealth of Puerto Rico
		3.035% 11/1/43 ●	3,716,227		1,918,502
		(Restructured)
		Series A-1 4.00% 7/1/33	159,016		149,000
		Series A-1 4.00% 7/1/35	153,714		141,332
		Series A-1 4.00% 7/1/37	99,821		89,449
		Series A-1 4.00% 7/1/41	575,000		502,153
		Series A-1 4.00% 7/1/46	452,432		384,210
		Series A-1 4.364% 7/1/33 ^	263,024		149,684
					12,994,414
Transportation Revenue Bonds – 11.92%
	California Municipal Finance Authority Senior Lien
		(LINXS APM Project)
		Series A 5.00% 12/31/47 (AMT)	1,745,000		1,771,070

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Foothill-Eastern Transportation Corridor Agency,
		California
		Series A 4.00% 1/15/46	1,000,000	$	944,600
		Series C 4.00% 1/15/43	1,000,000		925,230
	Long Beach Marina Revenue
		(Alamitos Bay Marina Project)
		5.00% 5/15/45	500,000		506,785
	Los Angeles Department of Airports
		Series A 4.00% 5/15/44 (AMT)	1,500,000		1,413,330
		Series F 4.00% 5/15/49 (AMT)	1,500,000		1,383,465
		(Los Angeles International Airport)
		Senior Series D 5.00% 5/15/36 (AMT)	1,000,000		1,037,030
	Los Angeles, California Department of Airports
		Series A 5.00% 5/15/33 (AMT)	1,390,000		1,518,964
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48	375,000		393,457
	Sacramento County Airport System Revenue
		Series C 5.00% 7/1/39 (AMT)	500,000		522,415
		Subordinate Series B 5.00% 7/1/41	500,000		525,645
	San Diego County Regional Airport Authority Revenue
		Series A 4.00% 7/1/56	2,000,000		1,848,800
		Series B 4.00% 7/1/56 (AMT) (BAM)	690,000		624,409
	San Diego Redevelopment Agency
		(Centre City Redevelopment Project)
		Series A 6.40% 9/1/25	615,000		617,085
	San Francisco City & County Airports Commission
		(San Francisco International Airport)
		Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,065,950
		Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,036,450
		Second Series E 5.00% 5/1/50 (AMT)	500,000		517,910
	San Jose Airport Revenue
		Series B 5.00% 3/1/36	575,000		614,244
		Series B 5.00% 3/1/42	1,000,000		1,052,030
					18,318,869

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 1.43%
	Sacramento County Sanitation Districts Financing
		Authority Revenue
		Series A 5.00% 12/1/50	2,000,000	$	2,193,160
					2,193,160
Total Municipal Bonds (cost $150,479,020)					143,612,592

Short-Term Investments – 5.07%
Variable Rate Demand Notes – 5.07%¤
	California Municipal Finance Authority Revenue
		Series A 0.86% 11/1/35	200,000		200,000
	Los Angeles Department of Water & Power Revenue
		Subordinate Series A-1 0.80% 7/1/50
		(SPA - TD Bank N.A.)	100,000		100,000
		Subordinate Series A-1 0.85% 7/1/50
		(SPA - Royal Bank of Canada)	5,000,000		5,000,000
		Subordinate Series A-2 0.85% 7/1/45
		(SPA - Barclays Bank)	300,000		300,000
		Subordinate Series A-2 0.85% 7/1/51
		(SPA - Royal Bank of Canada)	100,000		100,000
		Subordinate Series A-3 0.90% 7/1/35
		(SPA - Bank of America, N.A.)	500,000		500,000
		Subordinate Series B-4 0.85% 7/1/35
		(SPA - Barclays Bank)	100,000		100,000
	Metropolitan Water District of Southern California
		Series B-2 0.80% 7/1/37
		(SPA - TD Bank N.A.)	140,000		140,000
	Regents of the University of California General Revenue
		Series AL-1 0.76% 5/15/48	950,000		950,000
		Series AL-3 0.80% 5/15/48	400,000		400,000
Total Short-Term Investments (cost $7,790,000)					7,790,000
Total Value of Securities–98.51%
	(cost $158,269,020)			$	151,402,592

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $16,776,396, which represents 10.92% of the Fund's net assets. See Note 9 in “Notes to financial statements."
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2022.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
¤	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 August 31, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

ICE – Intercontinental Exchange, Inc.

ICEF – Inner City Education Foundation

KIPP – Knowledge is Power Program

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund	August 31, 2022

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.49%
Corporate Revenue Bonds – 2.35%
	Denver City & County Special Facilities Airport Revenue
		(United Airlines, Inc. Project)
		5.00% 10/1/32 (AMT)	215,000	$	214,989
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	4,250,000		5,185,978
					5,400,967
Education Revenue Bonds – 11.74%
	Board of Governors of the Colorado State University
		System Enterprise Revenue
		Series A 5.00% 3/1/43	2,480,000		2,879,454
	Board of Trustees For Colorado Mesa University
		Enterprise Revenue
		Series B 5.00% 5/15/44	1,000,000		1,082,890
		Series B 5.00% 5/15/49	750,000		808,627
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Alexander Dawson School-Nevada Project)
		5.00% 5/15/29	1,230,000		1,308,130
		(Aspen Ridge School Project)
		Series A 144A 5.00% 7/1/36 #	500,000		503,240
		Series A 144A 5.25% 7/1/46 #	1,350,000		1,355,170
		(Aspen View Academy Project)
		4.00% 5/1/51	500,000		403,895
		4.00% 5/1/61	750,000		578,978
		(Charter School Project)
		5.00% 7/15/37	1,150,000		1,151,403
		(Community Leadership Academy, Inc. Second
		Campus Project)
		7.45% 8/1/48	1,000,000		1,028,780
		(Global Village Academy)
		144A 5.00% 12/1/50 #	1,000,000		881,860
		(Liberty Common Charter School Project)
		Series A 5.00% 1/15/39	1,000,000		1,012,140
		(Littleton Preparatory Charter School Project)
		5.00% 12/1/33	450,000		450,450
		5.00% 12/1/42	540,000		539,995
		(Loveland Classical Schools Project)
		144A 5.00% 7/1/36 #	1,250,000		1,237,612
		144A 5.00% 7/1/46 #	500,000		477,195
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000		711,256

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Science Technology Engineering and Math School
		Project)
		5.00% 11/1/44	890,000	$	840,267
		5.00% 11/1/54	1,500,000		1,378,215
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		865,951
		144A 5.50% 7/1/49 #	870,000		877,143
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		408,740
		Series A 4.00% 3/1/36	550,000		559,834
		(University of Lab Charter School)
		144A 5.00% 12/15/45 #	500,000		506,780
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		69,059
		5.00% 5/1/31	1,000,000		1,031,010
	University of Colorado
		(University Enterprise Refunding Revenue)
		Series C-4 4.00% 6/1/51	4,250,000		4,086,035
					27,034,109
Electric Revenue Bonds – 5.82%
	Colorado Springs Utilities System Revenue
		Series B 4.00% 11/15/51	1,000,000		950,690
	Guam Power Authority Revenue
		(Tax-Exempt Forward Delivery)
		Series A 5.00% 10/1/35	1,640,000		1,766,542
	Loveland Colorado Electric & Communications Enterprise
		Revenue
		Series A 5.00% 12/1/44	2,185,000		2,353,857
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		3,598,980
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		137,700
		Series AAA 5.25% 7/1/25 ‡	95,000		77,188
		Series CCC 5.25% 7/1/27 ‡	705,000		572,812
		Series WW 5.00% 7/1/28 ‡	660,000		536,250
		Series WW 5.25% 7/1/33 ‡	210,000		170,625
		Series WW 5.50% 7/1/17 ‡	460,000		373,175
		Series WW 5.50% 7/1/19 ‡	360,000		292,050
		Series XX 4.75% 7/1/26 ‡	105,000		84,919

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.25% 7/1/40 ‡	1,840,000	$	1,495,000
		Series XX 5.75% 7/1/36 ‡	365,000		299,300
		Series ZZ 4.75% 7/1/27 ‡	85,000		68,744
		Series ZZ 5.00% 7/1/19 ‡	620,000		500,650
		Series ZZ 5.25% 7/1/24 ‡	140,000		113,750
					13,392,232
Healthcare Revenue Bonds – 18.96%
	Colorado Health Facilities Authority Revenue
		(Aberdeen Ridge)
		Series A 5.00% 5/15/58	1,500,000		1,242,345
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	4,325,000		3,247,167
		Series A 4.00% 11/15/43	4,000,000		3,835,280
		(American Baptist)
		7.625% 8/1/33	150,000		153,285
		8.00% 8/1/43	1,000,000		1,025,010
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,270,947
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,320,000		1,603,816
		(CommonSpirit Health)
		Series A 5.00% 11/1/39	3,410,000		3,680,788
		Series A-1 4.00% 8/1/37	750,000		725,498
		Series A-1 4.00% 8/1/38	1,250,000		1,206,837
		Series A-1 4.00% 8/1/44	2,000,000		1,835,620
		Series A-2 4.00% 8/1/49	3,000,000		2,726,820
		Series A-2 5.00% 8/1/38	1,500,000		1,568,400
		Series A-2 5.00% 8/1/39	5,000		5,218
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,141,950
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,014,150
		(Craig Hospital Project)
		Series A 5.00% 12/1/47	1,830,000		1,916,175
		(Frasier Project)
		Series A 4.00% 5/15/48	1,000,000		790,750
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,038,480

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(National Jewish Health Project)
		5.00% 1/1/27	300,000	$	300,387
		(Sanford Health)
		Series A 5.00% 11/1/44	1,090,000		1,161,014
		(SCL Health System)
		Series A 4.00% 1/1/37	2,725,000		2,713,500
		Series A 4.00% 1/1/38	3,895,000		3,845,728
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		728,272
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,042,290
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		674,533
	Denver Health & Hospital Authority Health Care Revenue
		Series A 4.00% 12/1/39	1,000,000		918,730
		Series A 4.00% 12/1/40	250,000		227,917
					43,640,907
Lease Revenue Bonds – 1.52%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		708,008
		5.00% 6/15/36	1,055,000		1,129,399
	Colorado Higher Education Lease Purchase Financing
		Program
		4.00% 9/1/41	1,000,000		980,210
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		695,032
					3,512,649
Local General Obligation Bonds – 8.77%
	Adams & Weld Counties School District No. 27J Brighton
		4.00% 12/1/30	300,000		314,790
		4.00% 12/1/31	1,000,000		1,046,670
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/33	1,000,000		1,154,380
		Series A 5.50% 12/1/38	350,000		399,455
	Beacon Point Metropolitan District
		5.00% 12/1/30 (AGM)	1,130,000		1,197,608
	Boulder Valley School District No. Re-2 Boulder
		Series A 4.00% 12/1/48	1,370,000		1,334,517

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Commerce City Northern Infrastructure General
		Improvement District
		5.00% 12/1/32 (AGM)	2,125,000	$	2,138,409
	El Paso County School District No. 2 Harrison
		5.00% 12/1/38	1,000,000		1,101,040
	Grand River Hospital District
		5.25% 12/1/35 (AGM)	1,000,000		1,083,690
	Jefferson County School District No. R-1
		5.25% 12/15/24	1,250,000		1,329,325
		Verve Metropolitan District No. 1
		5.00% 12/1/51	2,000,000		1,838,980
	Weld County Reorganized School District No. Re-8
		5.00% 12/1/31	990,000		1,082,070
		5.00% 12/1/32	660,000		716,403
	Weld County School District No. Re-1
		5.00% 12/15/31 (AGM)	1,000,000		1,089,130
	Weld County School District No. Re-2 Eaton
		Series 2 5.00% 12/1/44	2,000,000		2,189,620
	Weld County School District No. Re-3J
		5.00% 12/15/34 (BAM)	2,000,000		2,169,000
					20,185,087
Pre-Refunded Bonds – 14.51%
	Central Colorado Water Conservancy District
		(Limited Tax)
		5.00% 12/1/33-23 §	1,000,000		1,031,950
	Central Platte Valley Metropolitan District
		5.00% 12/1/43-23 §	725,000		744,995
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Atlas Preparatory Charter School)
		144A 5.25% 4/1/45-25 #, §	1,300,000		1,384,656
		(Johnson & Wales University)
		Series A 5.25% 4/1/37-23 §	1,790,000		1,819,016
	Colorado Health Facilities Authority Revenue
		(Catholic Health Initiatives)
		Series A 5.25% 1/1/45-23 §	2,000,000		2,017,320
		(Covenant Retirement Communities)
		Series A 5.00% 12/1/33-22 §	4,000,000		4,026,160
		(Craig Hospital Project)
		5.00% 12/1/32-22 §	3,000,000		3,018,870
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48-23 §	660,000		671,266

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(NCMC Project)
		4.00% 5/15/32-26 §	2,000,000	$	2,100,140
		(SCL Health System)
		Series A 5.00% 1/1/44-24 §	3,050,000		3,151,657
		(The Evangelical Lutheran Good Samaritan Society
		Project)
		5.625% 6/1/43-23 §	1,150,000		1,176,473
	Commerce City
		5.00% 8/1/44-24 (AGM) §	1,500,000		1,570,680
	Denver City & County Airport System Revenue
		Series B 5.00% 11/15/37-22 §	5,500,000		5,530,195
	Eaton Area Park & Recreation District
		5.25% 12/1/34-22 §	360,000		362,621
		5.50% 12/1/38-22 §	455,000		458,590
	Regional Transportation District Certificates of
		Participation
		Series A 5.00% 6/1/33-23 §	1,500,000		1,528,200
	Tallyn's Reach Metropolitan District No. 3
		144A 5.125% 11/1/38-23 #, §	740,000		761,075
	University of Colorado
		Series A 5.00% 6/1/33-23 §	2,000,000		2,039,860
					33,393,724
Special Tax Revenue Bonds – 18.57%
	Broomfield Colorado Sales & Use Tax Revenue
		5.00% 12/1/33	1,000,000		1,102,610
	Denver City & County Dedicated Excise Tax Revenue
		Series A 4.00% 8/1/51	1,000,000		967,650
	Denver Convention Center Hotel Authority Revenue
		5.00% 12/1/40	2,660,000		2,700,326
	Fountain Urban Renewal Authority Tax Increment
		Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	1,375,000		1,345,589
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	9,165,556		8,203,173
	Lincoln Park Metropolitan District
		5.00% 12/1/46 (AGM)	1,000,000		1,077,340
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/32	450,000		474,624

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Plaza Metropolitan District No. 1
		144A 5.00% 12/1/40 #	1,265,000	$	1,260,547
	Prairie Center Metropolitan District No. 3
		Series A 144A 5.00% 12/15/41 #	1,000,000		980,040
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 5.025% 7/1/46 ^	17,055,000		4,884,381
		Series A-1 5.216% 7/1/51 ^	6,344,000		1,352,921
		(Restructured)
		Series A-1 4.75% 7/1/53	4,755,000		4,547,207
		Series A-1 5.00% 7/1/58	3,722,000		3,610,712
		Series A-2 4.536% 7/1/53	3,000,000		2,768,850
	Regional Transportation District Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	670,000		731,178
		Series A 5.00% 11/1/31	1,495,000		1,627,203
		Series A 5.00% 11/1/36	2,750,000		2,961,722
	Southlands Metropolitan District No. 1
		Series A-1 5.00% 12/1/37	500,000		502,050
		Series A-1 5.00% 12/1/47	300,000		292,005
	Thornton Development Authority
		(East 144th Avenue I-25 Project)
		Series B 5.00% 12/1/35	485,000		504,090
		Series B 5.00% 12/1/36	810,000		841,525
					42,735,743
State General Obligation Bonds – 2.99%
	Commonwealth of Puerto Rico
		3.009% 11/1/43 ●	8,731,495		4,507,634
		Series A-1 4.00% 7/1/33	383,348		359,201
		Series A-1 4.00% 7/1/35	344,580		316,824
		Series A-1 4.00% 7/1/37	295,740		265,009
		Series A-1 4.00% 7/1/46	848,592		720,633
		Series A-1 4.364% 7/1/33 ^	493,333		280,751
		Series A-1 5.75% 7/1/31	404,264		443,502
					6,893,554

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 7.63%
	Colorado High Performance Transportation Enterprise
		Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	2,000,000	$	2,021,760
		(Senior U.S. 36 & I-25 Managed Lanes)
		5.75% 1/1/44 (AMT)	2,140,000		2,151,941
	Denver City & County Airport System Revenue
		Series A 4.00% 12/1/43 (AMT)	1,610,000		1,511,533
		Series A 4.00% 12/1/48 (AMT)	400,000		366,884
		Series A 5.00% 11/15/30 (AMT)	1,500,000		1,616,610
		Series A 5.00% 12/1/48 (AMT)	2,000,000		2,064,480
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	900,000		1,004,157
		Series A 5.00% 9/1/35	400,000		445,180
		Series A 5.00% 9/1/36	1,300,000		1,443,780
	Regional Transportation District
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/34	750,000		740,153
		Series A 4.00% 7/15/38	700,000		674,303
		Series A 4.00% 7/15/39	1,500,000		1,436,625
		Series A 4.00% 7/15/40	1,000,000		951,900
		Series A 5.00% 7/15/31	1,050,000		1,135,879
					17,565,185
Water & Sewer Revenue Bonds – 4.63%
	Arapahoe County Water & Wastewater Authority
		4.00% 12/1/37	1,000,000		1,014,500
		4.00% 12/1/38	1,845,000		1,856,273
	Central Weld County Water District
		4.00% 12/1/39 (AGM)	1,150,000		1,154,163
	Dominion Water & Sanitation District
		6.00% 12/1/46	725,000		740,624
	Douglas County Centennial Water & Sanitation District
		4.00% 12/1/38	500,000		503,780
	Guam Government Waterworks Authority Water &
		Wastewater System Revenue
		5.00% 7/1/37	1,250,000		1,307,775
	Johnstown Wastewater Revenue
		4.00% 12/1/51 (AGM)	2,875,000		2,653,078

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Metro Wastewater Reclamation District
		Series A 3.00% 4/1/38	1,620,000	$	1,433,846
					10,664,039
Total Municipal Bonds (cost $235,305,397)					224,418,196

			Number of
			shares
Short-Term Investments – 2.13%
Money Market Mutual Funds – 0.18%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 1.44%)	408,470		408,470
					408,470

			Principal
			amount°
Variable Rate Demand Notes – 1.95%¤
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(National Jewish Federation Bond Program)
		Series A-12 1.05% 2/1/38 (LOC - Bank of America,
		N.A.)	190,000		190,000
		Series F-2 1.04% 7/1/41 (LOC - TD Bank, N.A.)	400,000		400,000
	Colorado Health Facilities Authority Revenue
		(Children's Hospital) Series A 1.03% 12/1/52
		(LOC - TD Bank, N.A.)	1,800,000		1,800,000
	Denver City & County
		Series A2 1.05% 12/1/29 (SPA - JPMorgan Chase
		Bank, N.A.)	1,100,000		1,100,000
		Series A3 1.05% 12/1/31 (SPA - JPMorgan Chase
		Bank, N.A.)	1,000,000		1,000,000
					4,490,000
Total Short-Term Investments (cost $4,898,470)					4,898,470
Total Value of Securities–99.62%
	(cost $240,203,867)			$	229,316,666

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $13,423,357, which represents 5.83% of the Fund's net assets. See Note 9 in “Notes to financial statements."

Table of Contents

‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
¤	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 August 31, 2022.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents


Schedules of investments
Delaware Tax-Free Idaho Fund	August 31, 2022

			Principal
			amount°		Value (US $)
Municipal Bonds – 95.78%
Corporate Revenue Bonds – 2.67%
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000	$	1,240,975
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,007,180
					3,248,155
Education Revenue Bonds – 19.41%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		528,160
	Idaho Housing & Finance Association
		(Alturas International Academy Project)
		4.00% 5/1/52	1,500,000		1,295,565
		(Anser of Idaho Project)
		Series A 2.25% 5/1/51	1,165,000		698,173
		Series A 3.00% 5/1/41	1,650,000		1,308,384
		Series A 4.00% 5/1/56	1,585,000		1,354,731
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		995,190
		Series A 144A 6.00% 7/1/39 #	370,000		400,717
		Series A 144A 6.00% 7/1/49 #	595,000		636,192
		Series A 144A 6.00% 7/1/54 #	570,000		607,962
		(Gem Prep: Meridian Project)
		Series A 4.00% 5/1/57	1,000,000		851,570
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		321,734
		Series A 4.00% 5/1/50	520,000		495,414
		Series A 4.00% 5/1/55	205,000		191,753
		Series A 144A 5.00% 12/1/38 #	2,050,000		2,087,351
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,009,730
		(Meridian South Charter School Project)
		144A 4.00% 5/1/46 #	1,000,000		764,500
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		527,262
		Series A 6.75% 7/1/48	529,151		561,149
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	3,630,000		3,486,796
		Series A 4.00% 5/1/55	1,100,000		1,036,211

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(Victory Charter School Project)
		Series B 144A 5.00% 7/1/39 #	1,000,000	$	1,019,960
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,280,623
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,251,659
		5.00% 4/1/43	250,000		267,802
		5.00% 4/1/44	250,000		266,920
	Regents of the University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		365,738
					23,611,246
Electric Revenue Bonds – 4.65%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,087,560
	Guam Power Authority Revenue
		(Tax-Exempt Forward Delivery)
		Series A 5.00% 10/1/41	915,000		959,689
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		60,750
		Series AAA 5.25% 7/1/25 ‡	45,000		36,563
		Series CCC 5.25% 7/1/27 ‡	345,000		280,312
		Series WW 5.00% 7/1/28 ‡	320,000		260,000
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,224,375
		Series XX 4.75% 7/1/26 ‡	50,000		40,438
		Series XX 5.25% 7/1/40 ‡	595,000		483,437
		Series XX 5.75% 7/1/36 ‡	175,000		143,500
		Series ZZ 4.75% 7/1/27 ‡	40,000		32,350
		Series ZZ 5.25% 7/1/24 ‡	60,000		48,750
					5,657,724
Healthcare Revenue Bonds – 12.61%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,388,421
		(St. Luke's Health System Project)
		4.00% 3/1/51	2,210,000		2,035,874
		Series A 3.00% 3/1/51	4,900,000		3,559,017
		Series A 4.00% 3/1/46	500,000		468,045
		Series A 5.00% 3/1/27	1,000,000		1,076,100

Table of Contents

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 Credit Group)
		Series ID 4.00% 12/1/43	3,595,000	$	3,413,093
		Series ID 5.00% 12/1/46	750,000		789,683
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	830,000		808,312
		Series A 5.25% 11/15/37	1,005,000		892,711
		Series A 5.25% 11/15/47	1,130,000		910,825
					15,342,081
Housing Revenue Bonds – 2.70%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	290,562		294,055
	Idaho Housing & Finance Association Multifamily Housing
		Revenue
		(Sunset Landing Apartments Project)
		Series A 2.75% 7/1/40	1,300,000		1,042,262
		Series A 3.125% 7/1/54	2,000,000		1,494,980
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series C 3.00% 1/1/43 (FHA)	470,000		453,752
					3,285,049
Lease Revenue Bonds – 9.14%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		802,740
		5.00% 12/15/32	750,000		801,810
	Fremont County Annual Appropriation Certificates of
		Participation
		4.00% 9/1/36	750,000		777,660
	Idaho Falls Certificates of Participation
		4.00% 9/15/39	1,050,000		1,057,539
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters
		Office Project)
		4.00% 12/1/36	525,000		539,380
		4.00% 12/1/39	1,540,000		1,534,225
		4.00% 12/1/42	1,300,000		1,268,501
		4.00% 12/1/44	250,000		241,427
		(Idaho Department of Fish & Game Nampa Regional
		Office Project)
		5.00% 12/1/41	200,000		217,388

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Idaho Housing & Finance Association Economic
		Development Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	750,000	$	751,522
		Series A 7.00% 2/1/36	1,500,000		1,502,835
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/39	400,000		395,720
	Idaho State Building Authority Revenue
		(Department of Health & Welfare Project)
		Series B 4.00% 9/1/48	750,000		730,718
	Regents of the University of Idaho
		Series A 5.00% 4/1/35 (AGM)	435,000		492,955
					11,114,420
Local General Obligation Bonds – 12.24%
	Ada & Boise Counties Independent School District Boise
		City
		5.00% 8/1/33	1,010,000		1,095,941
		5.00% 8/1/34	1,500,000		1,625,055
		5.00% 8/1/35	1,160,000		1,255,213
		5.00% 8/1/36	500,000		540,395
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/35	1,100,000		1,222,166
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,328,048
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,482,916
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000		550,590
		Series A 4.00% 9/15/37	1,000,000		1,031,440
		Series C 5.00% 9/15/42	500,000		541,350
	Ketchum City
		2.125% 9/15/41	500,000		352,925
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,153,624
		Series B 5.00% 8/15/26	500,000		544,885

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Nez Perce County Independent School District
		No. 1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000	$	1,081,070
		Series B 5.00% 9/15/37	1,000,000		1,079,750
					14,885,368
Pre-Refunded/Escrowed to Maturity Bonds – 5.57%
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33-22 §	750,000		817,102
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	500,000		513,630
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26-23 §	485,000		494,972
		Series A 4.50% 9/1/27-23 §	505,000		515,383
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	1,535,000		1,573,206
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,071,850
	Regents of the University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		740,533
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,045,470
					6,772,146
Resource Recovery Revenue Bonds – 0.35%
	Idawy Solid Waste District
		Series A 3.00% 1/1/50	550,000		422,890
					422,890
Special Tax Revenue Bonds – 21.13%
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	5,298,020		4,741,728
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/39	230,000		231,794

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/38	1,750,000	$	1,738,660
	Idaho Housing & Finance Association Sales Tax Revenue
		(Transportation Expansion And Congestion Mitigation)
		5.00% 8/15/47	4,295,000		4,774,150
		Series A 5.00% 8/15/42	1,325,000		1,486,968
	Idaho Water Resource Board Loan Program Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,569,955
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/32	250,000		263,680
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 5.074% 7/1/46 ^	3,010,000		862,034
		Series A-1 5.631% 7/1/51 ^	8,198,000		1,748,305
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		874,991
		Series A-1 4.75% 7/1/53	3,055,000		2,921,497
		Series A-1 5.00% 7/1/58	1,831,000		1,776,253
		Series A-2 4.329% 7/1/40	730,000		710,480
					25,700,495
State General Obligation Bonds – 2.53%
	Commonwealth of Puerto Rico
		2.936% 11/1/43 ●	4,058,820		2,095,366
		(Restructured)
		Series A-1 4.00% 7/1/41	475,000		414,822
		Series A-1 4.00% 7/1/46	669,515		568,559
					3,078,747
Transportation Revenue Bonds – 2.78%
	Boise City, Idaho Airport Revenue
		(Employee Parking Facilities Project)
		Series B 4.00% 9/1/51 (AMT)	1,955,000		1,784,856
		(Public Parking Facilities Project)
		Series A 5.00% 9/1/51	1,500,000		1,605,030
					3,389,886
Total Municipal Bonds (cost $123,950,801)					116,508,207

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Number of
			shares	Value (US $)
Short-Term Investments – 2.88%
Money Market Mutual Funds – 2.53%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 1.44%)	3,070,624	$	3,070,624
					3,070,624

			Principal
			amount°
Variable Rate Demand Note – 0.35%¤
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project) Series C 1.15%
		3/1/48
		(LOC – US Bank, N.A.)	425,000		425,000
					425,000
Total Short-Term Investments (cost $3,495,624)					3,495,624
Total Value of Securities–98.66%
	(cost $127,446,425)			$	120,003,831

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $9,120,714, which represents 7.50% of the Fund's net assets. See Note 9 in “Notes to financial statements."
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Table of Contents

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 August 31, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund	August 31, 2022

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.00%
Corporate Revenue Bonds – 6.86%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 5.84% 6/1/60 #, ^	65,350,000	$	3,744,555
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/46 (AGM)	2,000,000		1,493,260
	New York Counties Tobacco Trust V Pass-Through
		(Subordinate Turbo CABs)
		Series S4B 144A 1.63% 6/1/60 #, ◆, ^	30,000,000		1,068,000
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,118,820
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Delta Air Lines - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	1,000,000		1,031,570
		5.00% 1/1/36 (AMT)	1,000,000		1,029,390
	Suffolk Tobacco Asset Securitization
		Senior Series A-2 4.00% 6/1/50	1,595,000		1,443,443
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	1,900,000		1,970,338
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		753,383
					13,652,759
Education Revenue Bonds – 20.20%
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		487,105
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		502,990
		Series A 5.50% 4/1/43	500,000		503,020
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.50% 5/1/48 #	500,000		516,390
		(Manhattan College Project)
		5.00% 8/1/47	500,000		512,380
		(Metropolitan College of New York Project)
		5.50% 11/1/44	600,000		606,522

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
		(Metropolitan Lighthouse Charter School Project)
		Series A 144A 5.00% 6/1/52 #	250,000	$	246,550
		(New Dawn Charter Schools Project)
		144A 5.75% 2/1/49 #	500,000		507,850
		(New World Preparatory Charter School Project)
		Series A 4.00% 6/15/51	315,000		259,686
		Series A 4.00% 6/15/56	450,000		359,631
		(The Children's Aid Society Project)
		4.00% 7/1/49	1,000,000		936,490
		(The Packer Collegiate Institute Project)
		5.00% 6/1/40	750,000		775,905
	Dutchess County Local Development
		(The Culinary Institute of America Project)
		Series A-1 5.00% 7/1/46	300,000		307,422
		(Vassar College Project)
		5.00% 7/1/35	1,000,000		1,065,150
		5.00% 7/1/36	1,000,000		1,063,660
		5.00% 7/1/37	1,000,000		1,059,300
	Hempstead Town Local Development
		(Hofstra University Project)
		5.00% 7/1/42	500,000		523,475
	Madison County Capital Resource Revenue
		(Colgate University Refunding Project)
		Series A 5.00% 7/1/35	1,000,000		1,044,840
		Series B 5.00% 7/1/39	1,000,000		1,042,910
	Monroe County Industrial Development Revenue
		(St. John Fisher College Project)
		Series A 5.50% 6/1/39	300,000		308,082
		(True North Rochester Preparatory Charter School
		Project)
		Series A 144A 5.00% 6/1/40 #	1,000,000		1,011,320
		(University of Rochester Project)
		Series A 5.00% 7/1/37	1,000,000		1,082,310
		Series C 4.00% 7/1/43	500,000		477,140
	New York City Trust for Cultural Resources
		(Alvin Ailey Dance Foundation)
		Series A 4.00% 7/1/46	1,000,000		938,020
	New York State Dormitory Authority
		(Columbia University)
		Series A 5.00% 10/1/50	2,325,000		2,753,056

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
		(Fordham University)
		5.00% 7/1/44	650,000	$	668,200
		(New York University)
		5.50% 7/1/40 (AMBAC)	740,000		892,247
		(Touro College & University)
		Series A 5.50% 1/1/44	1,000,000		1,012,990
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Hudson City School District)
		Unrefunded Series A 5.625% 10/1/29 (AGC)	375,000		376,042
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/35	50,000		55,649
		Series A 5.00% 7/1/37	2,200,000		2,433,816
		(New York University)
		Series A 5.00% 7/1/36	2,000,000		2,147,820
		Series A 5.00% 7/1/39	2,000,000		2,139,580
		(School Districts Financing Program)
		Series B 5.00% 10/1/42 (AGM)	3,565,000		3,852,767
		(Vaughn College of Aeronautics and Technology)
		Series A 144A 5.50% 12/1/46 #	300,000		301,323
	Saratoga County Capital Resource Revenue
		(Skidmore College Project)
		5.00% 7/1/43	3,570,000		3,788,627
		5.00% 7/1/48	1,000,000		1,056,130
	St. Lawrence County Industrial Development Agency
		Civic Development Revenue
		(St. Lawrence University Project)
		Series A 4.00% 7/1/43	1,000,000		935,710
	Tompkins County Development
		(Ithaca College Project)
		5.00% 7/1/34	750,000		781,095
	Yonkers Economic Development Educational Revenue
		(Lamartine/Warburton LLC - Charter School of
		Educational Excellence Project)
		Series A 5.00% 10/15/49	640,000		616,064
		Series A 5.00% 10/15/50	250,000		243,360
					40,192,624

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 8.15%
	Build NYC Resource
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #	1,000,000	$	944,380
	Guam Power Authority
		(Tax-Exempt Forward Delivery)
		Series A 5.00% 10/1/35	1,310,000		1,411,080
	Long Island Power Authority Electric System Revenue
		5.00% 9/1/37	450,000		492,115
		5.00% 9/1/39	2,000,000		2,177,280
		5.00% 9/1/42	2,000,000		2,154,280
		5.00% 9/1/47	500,000		536,180
		Series A 5.00% 9/1/37	425,000		476,153
		Series A 5.00% 9/1/44	1,000,000		1,035,400
		Series B 5.00% 9/1/41	1,000,000		1,073,410
	New York State Power Authority Revenue
		Series A 4.00% 11/15/50	1,000,000		937,200
		(Green Transmission Project)
		4.00% 11/15/42 (AGM)	1,000,000		975,970
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	65,000		52,650
		Series A 6.75% 7/1/36 ‡	625,000		528,125
		Series AAA 5.25% 7/1/25 ‡	35,000		28,438
		Series TT 5.00% 7/1/32 ‡	1,120,000		910,000
		Series WW 5.25% 7/1/33 ‡	195,000		158,437
		Series WW 5.50% 7/1/17 ‡	420,000		340,725
		Series WW 5.50% 7/1/19 ‡	330,000		267,712
		Series XX 4.75% 7/1/26 ‡	40,000		32,350
		Series XX 5.25% 7/1/40 ‡	1,430,000		1,161,875
		Series ZZ 4.75% 7/1/27 ‡	30,000		24,263
		Series ZZ 5.00% 7/1/19 ‡	570,000		460,275
		Series ZZ 5.25% 7/1/24 ‡	50,000		40,625
					16,218,923
Healthcare Revenue Bonds – 7.45%
	Buffalo & Erie County Industrial Land Development
		(Catholic Health System Project)
		Series N 5.25% 7/1/35	250,000		253,585
	Dutchess County Local Development
		(Nuvance Health)
		Series B 4.00% 7/1/49	1,000,000		873,980

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Guilderland, Industrial Development Agency
		(Albany Place Development Project)
		Series A 144A 5.875% 1/1/52 #, ‡	500,000	$	375,000
	Monroe County Industrial Development Revenue
		(Rochester General Hospital Project)
		5.00% 12/1/36	405,000		417,798
		5.00% 12/1/46	540,000		549,023
		(Rochester Regional Health Project)
		Series D 4.00% 12/1/38	1,250,000		1,141,025
	Nassau County Local Economic Assistance
		(Catholic Health Services of Long Island Obligated
		Group Project)
		5.00% 7/1/33	725,000		739,819
	New York State Dormitory Authority
		Series A 5.00% 5/1/52	3,000,000		3,120,330
		(Montefiore Obligated Group)
		Series A 4.00% 8/1/38	1,000,000		902,160
		Series A 4.00% 9/1/50	2,500,000		2,052,675
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(NYU Hospitals Center)
		Series A 4.00% 7/1/40	465,000		455,054
		(Orange Regional Medical Center Obligated Group)
		144A 5.00% 12/1/34 #	500,000		506,315
		144A 5.00% 12/1/45 #	700,000		697,200
	Orange County Funding Assisted Living Residence
		Revenue
		(The Hamlet at Wallkill Assisted Living Project)
		6.50% 1/1/46	300,000		256,356
	Puerto Rico Industrial, Tourist, Educational, Medical &
		Environmental Control Facilities Financing Authority
		Revenue
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	400,000		367,080
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000		757,552
	Westchester County Local Development
		(Purchase Senior Learning Community, Inc. Project)
		Series A 144A 5.00% 7/1/46 #	615,000		529,841
		Series A 144A 5.00% 7/1/56 #	1,000,000		829,680
					14,824,473

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 7.63%
	Hudson Yards Infrastructure Revenue
		(Tax-Exempt)
		Series A 4.00% 2/15/44	2,875,000	$	2,680,765
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,501,995
	New York Liberty Development
		(4 World Trade Center - Green Bond)
		Series A 3.00% 11/15/51 (BAM)	1,620,000		1,188,513
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	4,000,000		3,869,480
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		505,900
		(Class 3 - 3 World Trade Center Project)
		144A 7.25% 11/15/44 #	1,500,000		1,528,980
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		2,826,800
	New York State Environmental Facilities Clean Water and
		Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Series B 5.00% 6/15/43	1,000,000		1,087,860
					15,190,293
Local General Obligation Bonds – 3.21%
	New York City
		Fiscal 2017 Subordinate Series B-1 5.00% 12/1/34	2,500,000		2,700,125
		Fiscal 2018 Subordinate Series E-1 5.25% 3/1/35	500,000		551,880
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35	1,895,000		2,059,846
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39	1,000,000		1,070,390
					6,382,241
Pre-Refunded Bonds – 1.21%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40-25 §	450,000		482,648
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000		1,045,540
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32-22 §	500,000		502,405

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/42-27 §	345,000	$	385,099
					2,415,692
Resource Recovery Revenue Bond – 0.73%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,448,910
					1,448,910
Special Tax Revenue Bonds – 24.49%
	Commonwealth of Puerto Rico
		2.335% 11/1/51 •	1,038,356		473,750
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	8,341,192		7,465,367
	Glen Cove Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000		227,095
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/32	500,000		527,360
	Metropolitan Transportation Authority Revenue
		(Climate Bond Certified - Green Bonds)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		3,765,370
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37	1,000,000		1,082,300
		(Future Tax Secured)
		Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40	750,000		774,367
		Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42	2,000,000		2,070,300
		Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42	500,000		481,040
		Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43	1,000,000		1,059,250
		Series A-1 5.00% 11/1/42	750,000		767,453
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,044,130
		5.00% 11/15/40	1,000,000		1,036,450
	New York State Dormitory Authority Personal Income Tax
		Revenue
		(General Purpose)
		Series A 4.00% 3/15/49	1,000,000		941,800

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York State Dormitory Authority Personal Income Tax
	Revenue
	(General Purpose)
	Series A 5.00% 3/15/40	5,000,000	$	5,430,050
	Series E 4.00% 3/15/48	1,000,000		944,450
	New York State Dormitory Authority Revenue Non-State
	Supported Debt
	(New York State University Dormitory Facilities)
	Series A 5.00% 7/1/42	1,300,000		1,381,614
	New York State Thruway Authority State Personal Income
	Tax Revenue
	(Climate Bond Certified - Green Bonds)
	Series C 5.00% 3/15/55	1,000,000		1,073,150
	Puerto Rico Sales Tax Financing Revenue
	(Restructured)
	Series A-1 4.55% 7/1/40	425,000		424,996
	Series A-1 4.75% 7/1/53	6,750,000		6,455,025
	Series A-1 5.00% 7/1/58	5,365,000		5,204,586
	Series A-1 5.896% 7/1/46 ^	12,565,000		3,598,490
	Series A-2 4.329% 7/1/40	370,000		360,106
	Series A-2 4.536% 7/1/53	1,330,000		1,227,524
	Triborough Bridge & Tunnel Authority Sales Tax Revenue
	(TBTA Capital Lockbox - City Sales Tax)
	Series A 4.00% 5/15/57	1,000,000		913,660
				48,729,683
State General Obligation Bonds – 2.79%
	Commonwealth of Puerto Rico
	2.969% 11/1/43 ●	7,544,844		3,895,026
	(Restructured)
	Series A-1 4.00% 7/1/33	230,917		216,372
	Series A-1 4.00% 7/1/35	190,014		174,708
	Series A-1 4.00% 7/1/46	1,075,088		912,975
	Series A-1 4.364% 7/1/33 ^	625,010		355,687
				5,554,768
Transportation Revenue Bonds – 10.38%
	Metropolitan Transportation Authority Revenue
	(Climate Bond Certified - Green Bonds)
	Series 1 4.00% 11/15/46	3,250,000		2,908,360
	Series B 4.00% 11/15/50	1,000,000		883,310
	Series E 4.00% 11/15/45	1,500,000		1,348,605
	Subordinate Series C-1 5.25% 11/15/55	1,500,000		1,560,750

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	New York State Thruway Authority General Revenue
	Series B 4.00% 1/1/50	1,000,000	$	927,590
	Series L 5.00% 1/1/35	1,535,000		1,666,872
	(Junior Indebtedness Obligation)
	Series A 5.25% 1/1/56	1,000,000		1,035,090
	Series B 4.00% 1/1/45	1,500,000		1,417,650
	New York Transportation Development Corporation
	Special Facilities Revenue
	(Terminal 4 John F. Kennedy International Airport
	Project)
	Series A 4.00% 12/1/40 (AMT)	335,000		305,275
	Niagara Frontier Transportation Authority Revenue
	(Buffalo Niagara International Airport)
	Series A 5.00% 4/1/33 (AMT)	715,000		758,494
	Series A 5.00% 4/1/35 (AMT)	775,000		816,633
	Series A 5.00% 4/1/37 (AMT)	750,000		784,215
	Series A 5.00% 4/1/39 (AMT)	350,000		364,189
	Port Authority of New York & New Jersey
	(Consolidated Bonds - Two Hundredth Series)
	5.00% 10/15/42	2,500,000		2,677,025
	Triborough Bridge & Tunnel Authority
	(MTA Bridges and Tunnels)
	Series A 5.00% 11/15/41	2,000,000		2,128,760
	Series A 5.00% 11/15/47	1,000,000		1,063,900
				20,646,718
Water & Sewer Revenue Bonds – 3.90%
	New York City Municipal Water Finance Authority Water &
	Sewer System Revenue
	(Second General Resolution)
	Fiscal 2015 Series HH 5.00% 6/15/39	2,000,000		2,100,320
	Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,057,990
	Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		2,686,800
	Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49	1,000,000		953,630
	New York State Environmental Facilities Clean Water and
	Drinking Water Revenue
	(New York City Municipal Water Finance Authority
	Projects - Second Resolution Bonds)
	Series A 4.00% 6/15/47	1,000,000		958,510
				7,757,250
Total Municipal Bonds (cost $198,436,054)				193,014,334

Table of Contents

		Principal
		amount°	Value (US $)
Short-Term Investments – 2.13%
Variable Rate Demand Notes – 2.13%¤
	New York City
	Fiscal 2014 Subordinate Series I-2 1.05% 3/1/40
	(SPA - JPMorgan Chase Bank N.A.)	1,100,000	$	1,100,000
	Fiscal 2018 Subordinate Series B-4 1.08%
	10/1/46 (SPA - Barclays Bank)	450,000		450,000
	Fiscal 2018 Subordinate Series E-5 1.03%
	3/1/48 (LOC - TD Bank, N.A.)	300,000		300,000
	Fiscal 2019 Subordinate Series D-4 1.08%
	12/1/47 (SPA - Barclays Bank)	900,000		900,000
	New York City Municipal Water Finance Authority Water &
	Sewer System Revenue
	(Second General Resolution) Fiscal 2011 Series
	DD-1 1.03% 6/15/43 (LOC - TD Bank, N.A.)	300,000		300,000
	Fiscal 2012 Subordinate Series A-2 1.03% 6/15/44
	(SPA - Mizuho Bank)	200,000		200,000
	New York City Transitional Finance Authority
	(Future Tax Secured)
	Fiscal 2011 Subordinate Series A-4 1.08%
	8/1/39 (SPA - Barclays Bank)	300,000		300,000
	Fiscal 2015 Subordinate Series E-3 1.05% 2/1/45
	(SPA - JPMorgan Chase Bank N.A.)	300,000		300,000
	Fiscal 2019 Subordinate Series C-4 1.08% 11/1/44
	(SPA - Barclays Bank)	400,000		400,000
Total Short-Term Investments (cost $4,250,000)				4,250,000
Total Value of Securities–99.13%
	(cost $202,686,054)		$	197,264,334

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $18,631,674, which represents 9.36% of the Fund's net assets. See Note 9 in “Notes to financial statements."
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
‡	Non-income producing security. Security is currently in default.

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
¤	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 August 31, 2022.

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
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund	August 31, 2022

		Principal
		amount°	Value (US $)
Municipal Bonds – 99.69%
Corporate Revenue Bonds – 5.97%
	Allegheny County Industrial Development Authority
	Revenue
	(United States Steel Corporation Project)
	4.875% 11/1/24	2,650,000	$	2,686,464
	5.125% 5/1/30	750,000		784,005
	Pennsylvania Commonwealth Financing Authority
	Revenue
	(Tobacco Master Settlement Payment Revenue)
	4.00% 6/1/39 (AGM)	5,045,000		5,094,895
	Pennsylvania Economic Development Financing Authority
	(National Gypsum)
	5.50% 11/1/44 (AMT)	4,000,000		4,019,880
	Pennsylvania Economic Development Financing Authority
	Solid Waste Disposal Revenue
	(Proctor & Gamble Paper Project)
	5.375% 3/1/31 (AMT)	11,000,000		12,605,780
				25,191,024
Education Revenue Bonds – 11.66%
	Allegheny County Higher Education Building Authority
	Revenue
	(Robert Morris University)
	5.00% 10/15/47	1,500,000		1,431,285
	Bucks County Industrial Development Authority Revenue
	(School Lane Charter School Project)
	Series A 5.125% 3/15/46	2,500,000		2,545,875
	Chester County Industrial Development Authority
	Revenue
	(Avon Grove Charter School Project)
	Series A 5.00% 12/15/47	1,160,000		1,162,970
	Series A 5.00% 12/15/51	770,000		770,539
	(Longwood Gardens, Inc. Project)
	4.00% 12/1/46	1,150,000		1,097,227
	4.00% 12/1/51	2,635,000		2,483,856
	(Renaissance Academy Charter School Project)
	5.00% 10/1/34	1,000,000		1,033,020
	5.00% 10/1/39	1,250,000		1,285,600
	5.00% 10/1/44	1,000,000		1,024,840
	(Westtown School)
	Series A 4.00% 1/1/52	2,250,000		2,120,467

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	City of Erie Higher Education Building Authority Revenue
	(Gannon University Project - AICUP Financing
	Program)
	Series TT1 4.00% 5/1/36	300,000	$	284,868
	Series TT1 4.00% 5/1/41	475,000		439,275
	Series TT1 5.00% 5/1/47	475,000		485,944
	Delaware County Authority Revenue
	(Cabrini University)
	5.00% 7/1/47	2,000,000		1,903,580
	Huntingdon County General Authority Revenue
	(AICUP Financing Program - Juniata College Project)
	Series TT3 5.00% 10/1/51	2,500,000		2,532,125
	Montgomery County Higher Education and Health
	Authority
	(AICUP Financing Program - Gwynedd Mercy
	University Project)
	5.00% 5/1/42	2,500,000		2,420,075
	(Arcadia University)
	5.75% 4/1/40	2,000,000		2,041,440
	Montgomery County Industrial Development Authority
	Revenue
	(Germantown Academy Project)
	Series A 4.00% 10/1/46	1,550,000		1,330,272
	Northeastern Pennsylvania Hospital and Education
	Authority Revenue
	(King's College Project)
	5.00% 5/1/44	1,000,000		1,000,700
	Pennsylvania Higher Educational Facilities Authority
	College & University Revenue
	(Drexel University)
	5.00% 5/1/41	1,000,000		1,035,110
	Pennsylvania Higher Educational Facilities Authority
	Revenue
	(Ursinus College Project)
	Series A 5.00% 11/1/31	1,050,000		1,101,912
	Pennsylvania State University
	Series A 5.25% 9/1/52	4,000,000		4,456,400
	Philadelphia Authority for Industrial Development
	Revenue
	(First Philadelphia Preparatory Charter School Project)
	Series A 7.25% 6/15/43	2,500,000		2,648,250
	(International Apartments of Temple University)
	Series A 5.375% 6/15/30	1,270,000		1,270,978

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Philadelphia Authority for Industrial Development
		Revenue
		(International Apartments of Temple University)
		Series A 5.625% 6/15/42	3,000,000	$	3,001,140
		(Temple University)
		Second Series of 2016 5.00% 4/1/36	770,000		802,055
		(Tacony Academy Charter School Project)
		Series A-1 6.75% 6/15/33	1,020,000		1,047,254
		Series A-1 7.00% 6/15/43	1,535,000		1,574,603
	State Public School Building Authority
		(Montgomery County Community College)
		5.00% 5/1/28	2,000,000		2,111,400
	Upper Dauphin Industrial Development Authority
		(Pennsylvania Steam Academy Charter School
		Project)
		Series A 144A 6.25% 7/1/57 #	2,500,000		2,471,725
		Series B 144A 6.00% 7/1/29 #	235,000		230,674
					49,145,459
Electric Revenue Bonds – 2.72%
	City of Philadelphia Gas Works Revenue
		(1998 General Ordinance)
		Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000		1,866,260
		Sixteenth Series B 4.00% 8/1/37 (AGM)	2,000,000		2,020,160
		Sixteenth Series B 4.00% 8/1/39 (AGM)	1,300,000		1,267,721
	Guam Power Authority
		(Forward Delivery)
		Series A 5.00% 10/1/34	2,350,000		2,542,864
		Series A 5.00% 10/1/35	680,000		732,469
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	1,110,000		901,875
		Series A 5.05% 7/1/42 ‡	400,000		324,000
		Series WW 5.25% 7/1/33 ‡	1,055,000		857,188
		Series WW 5.50% 7/1/38 ‡	1,190,000		971,337
					11,483,874
Healthcare Revenue Bonds – 31.13%
	Allegheny County Hospital Development Authority
		Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	1,350,000		1,268,703
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/36	750,000		746,475

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Allegheny County Hospital Development Authority
		Revenue
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/38	1,125,000	$	1,107,844
		Series A 4.00% 7/15/39	1,500,000		1,464,675
	Berks County Industrial Development Authority Revenue
		(The Highlands at Wyomissing)
		5.00% 5/15/38	415,000		424,914
		5.00% 5/15/43	500,000		507,700
		5.00% 5/15/48	1,000,000		1,010,350
		Series A 5.00% 5/15/37	1,365,000		1,399,357
		Series A 5.00% 5/15/42	500,000		508,335
		Series A 5.00% 5/15/47	600,000		606,462
		Series C 5.00% 5/15/42	1,000,000		1,018,790
		Series C 5.00% 5/15/47	1,000,000		1,010,770
	Bucks County Industrial Development Authority Revenue
		(Saint Luke's University Health Network Project)
		4.00% 8/15/44	2,400,000		2,224,248
		4.00% 8/15/50	3,000,000		2,700,450
	Butler County Hospital Authority Revenue
		(Butler Health System Project)
		Series A 5.00% 7/1/39	1,625,000		1,642,144
	Centre County Hospital Authority Revenue
		(Mount Nittany Medical Center Project)
		Series A 4.00% 11/15/47	1,400,000		1,292,634
	Chester County Health and Education Facilities Authority
		(Main Line Health System)
		Series A 4.00% 9/1/50	2,750,000		2,593,608
	Cumberland County Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	3,000,000		2,928,810
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38	995,000		1,016,203
		(Penn State Health)
		Series A 4.00% 11/1/44	5,000,000		4,662,650
	DuBois Hospital Authority
		(Penn Highlands Healthcare)
		4.00% 7/15/48	2,000,000		1,811,940
	Geisinger Authority Health System Revenue
		(Geisinger Health System)
		Series A-1 5.00% 2/15/45	5,000,000		5,165,150
		Series A-2 5.00% 2/15/39	1,150,000		1,204,775

100

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	General Authority of Southcentral Pennsylvania Revenue
		(WellSpan Health Obligated Group)
		Series A 5.00% 6/1/39	5,000,000	$	5,330,600
	Lancaster County Hospital Authority Revenue
		(Brethren Village Project)
		5.00% 7/1/31	440,000		438,104
		5.25% 7/1/35	250,000		251,940
		5.50% 7/1/45	1,000,000		1,004,330
		(Landis Homes Retirement Community Project)
		Series A 5.00% 7/1/45	2,000,000		2,003,520
		(Masonic Villages Project)
		5.00% 11/1/35	1,000,000		1,060,940
		5.00% 11/1/36	510,000		540,018
		5.00% 11/1/37	250,000		264,070
		(Penn State Health)
		5.00% 11/1/51	5,000,000		5,209,450
	Lehigh County General Purpose Hospital Authority
		Revenue
		(Lehigh Valley Health Network)
		Series A 4.00% 7/1/49	11,105,000		10,155,522
	Maxatawny Township Municipal Authority
		(Diakon Lutheran Social Ministries Project)
		Series A 4.50% 1/1/45	2,000,000		1,899,929
	Monroe County Hospital Authority Revenue
		(Pocono Medical Center)
		5.00% 7/1/36	1,710,000		1,777,904
		5.00% 7/1/41	1,000,000		1,031,740
	Monroeville Finance Authority
		Series B 4.00% 2/15/41	2,100,000		2,019,108
		(University of Pittsburgh Medical Center)
		5.00% 2/15/25	1,000,000		1,054,420
	Montgomery County Higher Education and Health
		Authority
		(Thomas Jefferson University)
		5.00% 9/1/51	2,000,000		2,077,340
		Series A 4.00% 9/1/49	2,500,000		2,338,175
		Series B 4.00% 5/1/52	1,000,000		919,650
		Series B 4.00% 5/1/56	7,500,000		6,780,525
	Montgomery County Industrial Development Authority
		Revenue
		(Waverly Heights Project)
		5.00% 12/1/44	500,000		525,495

101

Table of Contents

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
		(Waverly Heights Project)
		5.00% 12/1/49	1,250,000	$	1,309,775
		(Whitemarsh Continuing Care Retirement Community
		Project)
		4.00% 1/1/25	330,000		327,449
		5.375% 1/1/50	4,000,000		4,016,600
		Series A 5.375% 1/1/51	1,500,000		1,510,515
	Moon Industrial Development Authority Revenue
		(Baptist Homes Society)
		6.125% 7/1/50	4,000,000		3,687,520
	Northampton County Industrial Development Authority
		(Morningstar Senior Living, Inc.) Project
		5.00% 11/1/44	1,000,000		961,070
	Pennsylvania Economic Development Financing Authority
		(University of Pittsburgh Medical Center)
		Series A 4.00% 2/1/40	265,000		256,870
		Series A 4.00% 11/15/42	5,200,000		4,948,424
		Series A 5.00% 7/1/43	1,265,000		1,277,119
	Pennsylvania Economic Development Financing Authority
		First Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #, ‡	715,000		271,700
		Series A 144A 6.75% 12/1/53 #, ‡	5,400,000		2,052,000
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,109,500
		Series A 5.25% 9/1/50	2,500,000		2,568,575
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(University of Pennsylvania Health System)
		Series A 4.00% 8/15/42	4,000,000		3,849,440
	Philadelphia Authority for Industrial Development
		Revenue
		(Children's Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		5,312,600
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,579,875
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,165,425

102

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pocono Mountains Industrial Park Authority Revenue
		(St. Luke's Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000	$	4,069,000
					131,273,224
Lease Revenue Bonds – 1.08%
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/29 (AMT)	500,000		523,525
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,347,400
		5.00% 4/1/38	1,000,000		1,075,140
		5.00% 4/1/39	1,500,000		1,610,445
					4,556,510
Local General Obligation Bonds – 5.17%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000		4,943,785
	Chester County
		4.00% 7/15/32	1,000,000		1,069,070
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,336,167
		Series A 5.00% 8/1/37	1,750,000		1,867,618
	City of Pittsburgh
		5.00% 9/1/42	1,265,000		1,385,985
	Great Valley School District
		4.00% 9/1/40	765,000		772,405
	Montgomery County
		Series A 5.00% 1/1/37	2,205,000		2,501,991
	Philadelphia School District
		Series F 5.00% 9/1/36	2,000,000		2,099,900
		Series F 5.00% 9/1/37	1,500,000		1,569,240
		Series F 5.00% 9/1/38	1,995,000		2,079,568
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		307,573
		2.00% 10/15/29 (AGM)	700,000		650,573
		2.00% 10/15/30 (AGM)	190,000		173,702
	Township of Lower Paxton
		Series A 4.00% 4/1/50	1,100,000		1,046,694
					21,804,271

103

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 3.55%
	City of Philadelphia
		Series A 5.25% 7/15/29-24 §	2,500,000	$	2,597,550
	Cumberland County Municipal Authority Revenue
		5.00% 1/1/38-25 §	195,000		206,554
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	810,000		857,992
	Delaware County Regional Water Quality Control
		Authority
		5.00% 5/1/32-23 §	2,000,000		2,035,600
	Indiana County Hospital Authority Revenue
		(Indiana Regional Medical Center)
		Series A 6.00% 6/1/39-23 §	1,625,000		1,666,031
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000		2,039,100
		(University of the Arts)
		5.20% 3/15/25 (AGC)	2,825,000		2,936,870
	Philadelphia School District
		Series F 5.00% 9/1/38-26 §	5,000		5,484
	Philadelphia Water & Wastewater Revenue
		Series A 5.00% 7/1/45-24 §	2,500,000		2,617,525
					14,962,706
Special Tax Revenue Bonds – 19.46%
	Allentown Neighborhood Improvement Zone
		Development Authority Revenue
		(City Center Project)
		144A 5.25% 5/1/42 #	4,500,000		4,670,415
		(Forward Delivery)
		5.00% 5/1/25	500,000		519,750
		5.00% 5/1/26	500,000		525,860
		5.00% 5/1/27	550,000		584,881
		5.00% 5/1/29	600,000		648,066
		5.00% 5/1/31	670,000		728,404
		5.00% 5/1/33	765,000		826,590
		5.00% 5/1/34	750,000		806,663
		5.00% 5/1/35	850,000		910,902
		5.00% 5/1/36	850,000		908,548
	Chester County Industrial Development Authority Special
		Obligation Revenue
		(Woodlands at Greystone Project)
		144A 5.125% 3/1/48 #	1,000,000		997,880

104

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Commonwealth of Puerto Rico
		2.297% 11/1/51 •	7,406,051	$	3,379,011
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	21,727,807		19,446,387
	Matching Fund Special Purpose Securitization
		Series A 5.00% 10/1/39	5,040,000		5,232,276
	Northampton County Industrial Development Authority
		(Route 33 Project)
		7.00% 7/1/32	1,600,000		1,634,480
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	8,998,000		8,604,787
		Series A-1 5.00% 7/1/58	15,000,000		14,551,500
		Series A-1 5.074% 7/1/51 ^	15,824,000		3,374,626
		Series A-1 5.382% 7/1/46 ^	21,830,000		6,251,894
		Series A-2 4.329% 7/1/40	3,701,000		3,602,035
		Series A-2 4.329% 7/1/40	1,449,000		1,410,254
		Series A-2 4.536% 7/1/53	1,000,000		922,950
	Washington County Redevelopment Authority Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000		1,507,545
					82,045,704
State General Obligation Bonds – 2.90%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	3,340,000		3,663,212
	Commonwealth of Puerto Rico
		2.909% 11/1/43 •	12,925,481		6,672,780
		(Restructured)
		Series A-1 4.00% 7/1/46	2,225,093		1,889,571
					12,225,563
Transportation Revenue Bonds – 15.06%
	Allegheny County Airport Authority Revenue
		(Pittsburgh International Airport)
		Series A 5.00% 1/1/56 (AMT)	4,500,000		4,606,425
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000		5,302,400
	Pennsylvania Economic Development Financing Authority
		Series B-2 4.859% 1/1/45 (BAM) ^	7,280,000		2,269,249

105

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Economic Development Financing Authority
		Exempt Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000	$	3,509,590
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,004,300
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/34 (AMT)	2,115,000		2,183,082
	Pennsylvania Turnpike Commission Oil Franchise Tax
		Senior Revenue
		Series A 5.00% 12/1/46	2,750,000		2,958,258
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,527,346
		Series A 5.00% 12/1/49	2,000,000		2,112,680
		Series A-1 5.00% 12/1/45	1,000,000		1,029,150
		Series A-2 5.00% 12/1/43	225,000		238,624
		Series C 5.00% 12/1/44	5,000,000		5,132,500
		Subordinate Series A 4.00% 12/1/50	1,000,000		915,590
		Subordinate Series B 4.00% 12/1/51	1,200,000		1,099,236
	Philadelphia Airport Revenue
		4.00% 7/1/46 (AGM) (AMT)	3,125,000		2,906,125
		Series A 4.00% 7/1/33	11,420,000		11,369,866
		Series A 5.00% 7/1/47	3,750,000		3,910,913
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,061,320
		Series C 5.00% 7/1/32 (AMT)	1,380,000		1,500,446
	Susquehanna Area Regional Airport Authority Revenue
		5.00% 1/1/35 (AMT)	800,000		826,320
		5.00% 1/1/38 (AMT)	1,000,000		1,026,180
					63,489,600
Water & Sewer Revenue Bond – 0.99%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,519,890

106

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bond (continued)
	Pennsylvania Economic Development Financing Authority
		(Pennsylvania-American Water Company Project)
		3.00% 4/1/39	2,000,000	$	1,669,420
					4,189,310
Total Municipal Bonds (cost $433,153,899)					420,367,245
Total Value of Securities–99.69%
	(cost $433,153,899)			$	420,367,245

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of Rule 144A securities was $10,694,394, which represents 2.54% of the Fund's net assets. See Note 9 in “Notes to financial statements."
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AICUP – Association of Independent Colleges & Universities of Pennsylvania
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate

107

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

Summary of abbreviations: (continued)
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar

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

108

Table of Contents

Statement of assets and liabilities
	August 31, 2022

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Arizona Fund			California Fund			Colorado Fund
Assets:
	Investments, at value*		$	76,531,408		$	151,402,592		$	229,316,666
	Cash			—			411,597			142,067
	Dividend and interest receivable			634,913			1,511,055			2,357,144
	Receivable for fund shares sold			27			844,242			190,624
	Prepaid expenses			—			7,793			987
	Other assets			617			958			1,741
	Total Assets			77,166,965			154,178,237			232,009,229
Liabilities:
	Due to custodian			83,875			—			—
	Payable for fund shares redeemed			95,336			293,002			519,860
	Other accrued expenses			52,821			64,984			98,720
	Investment management fees
		payable to affiliates		21,046			50,711			81,545
	Distribution payable			17,217			56,471			46,088
	Distribution fees payable to affiliates			13,318			17,757			35,366
	Administration expenses payable to
		affiliates		7,017			8,751			12,424
	Payable for securities purchased			—			—			1,034,790
	Total Liabilities			290,630			491,676			1,828,793
Total Net Assets			$	76,876,335		$	153,686,561		$	230,180,436
Net Assets Consist of:
	Paid-in capital		$	81,814,141		$	161,930,434		$	244,772,007
	Total distributable earnings (loss)			(4,937,806	)		(8,243,873	)		(14,591,571	)
Total Net Assets			$	76,876,335		$	153,686,561		$	230,180,436

109

Table of Contents

Statement of assets and liabilities

		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Arizona Fund			California Fund			Colorado Fund
Net Asset Value
Class A:
Net assets		$	56,881,834		$	71,307,597		$	142,904,295
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		5,467,930			6,498,330			13,878,152
Net asset value per share		$	10.40		$	10.97		$	10.30
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	10.89		$	11.49		$	10.79
Class C:
Net assets		$	1,119,687		$	2,478,838		$	4,844,792
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		107,360			225,434			469,312
Net asset value per share		$	10.43		$	11.00		$	10.32
Institutional Class:
Net assets		$	18,874,814		$	79,900,126		$	82,431,349
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		1,814,566			7,280,270			8,005,164
Net asset value per share		$	10.40		$	10.97		$	10.30
____________________
*Investments, at cost		$	81,071,176		$	158,269,020		$	240,203,867

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

110

Table of Contents

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Idaho Fund			New York Fund			Pennsylvania Fund
Assets:
	Investments, at value*		$	120,003,831		$	197,264,334		$	420,367,245
	Cash			49,501			169,184			—
	Dividend and interest receivable			1,396,238			2,087,793			4,718,878
	Receivable for fund shares sold			486,470			464,728			573,039
	Prepaid expenses			8,437			7,402			841
	Other assets			967			1,460			3,180
	Total Assets			121,945,444			199,994,901			425,663,183
Liabilities:
	Due to custodian			—			—			491,062
	Payable for fund shares redeemed			155,161			711,090			1,085,910
	Other accrued expenses			73,443			92,775			137,937
	Investment management fees
		payable to affiliates		41,609			66,368			166,565
	Distribution fees payable to affiliates			16,253			31,887			81,292
	Distribution payable			13,527			95,493			108,055
	Administration expenses payable to
		affiliates		8,701			11,039			19,474
	Payable for securities purchased			—			—			1,892,120
	Total Liabilities			308,694			1,008,652			3,982,415
Total Net Assets			$	121,636,750		$	198,986,249		$	421,680,768
Net Assets Consist of:
	Paid-in capital		$	135,527,490		$	205,181,127		$	439,428,219
	Total distributable earnings (loss)			(13,890,740	)		(6,194,878	)		(17,747,451	)
Total Net Assets			$	121,636,750		$	198,986,249		$	421,680,768

111

Table of Contents

Statement of assets and liabilities

		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Idaho Fund			New York Fund			Pennsylvania Fund
Net Asset Value
Class A:
Net assets		$	67,247,173		$	130,721,311		$	338,810,717
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		6,440,451			12,382,341			46,338,318
Net asset value per share		$	10.44		$	10.56		$	7.31
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	10.93		$	11.06		$	7.65
Class C:
Net assets		$	4,996,958		$	3,817,742		$	10,539,976
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		478,854			362,473			1,441,171
Net asset value per share		$	10.44		$	10.53		$	7.31
Institutional Class:
Net assets		$	49,392,619		$	64,447,196		$	72,330,075
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		4,729,362			6,109,762			9,899,634
Net asset value per share		$	10.44		$	10.55		$	7.31
___________________
*Investments, at cost		$	127,446,425		$	202,686,054		$	433,153,899

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

112

Table of Contents

Statement of operations
	Year ended August 31, 2022

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Arizona Fund			California Fund			Colorado Fund
Investment Income:
	Interest		$	3,026,117		$	5,256,218		$	8,688,849
Expenses:
	Management fees			427,567			768,268			1,334,414
	Distribution expenses — Class A			156,683			197,381			389,976
	Distribution expenses — Class C			13,144			32,862			61,757
	Dividend disbursing and transfer
		agent fees and expenses		76,071			96,169			164,369
	Accounting and administration
		expenses		51,410			58,922			73,932
	Audit and tax fees			40,709			40,560			40,709
	Reports and statements to
		shareholders expenses		16,587			19,231			30,822
	Registration fees			4,387			5,552			2,872
	Legal fees			3,654			5,634			10,124
	Trustees’ fees and expenses			3,021			4,751			8,439
	Custodian fees			2,876			4,057			7,204
	Other			26,839			36,723			44,824
				822,948			1,270,110			2,169,442
	Less expenses waived			(148,462	)		(243,444	)		(334,517	)
	Less expenses paid indirectly			(19	)		(61	)		(60	)
	Total operating expenses			674,467			1,026,605			1,834,865
Net Investment Income (Loss)				2,351,650			4,229,613			6,853,984

Net Realized and Unrealized Gain
	(Loss):
	Net realized gain (loss) on
		investments		(457,665	)		(1,460,722	)		(2,049,598	)
	Net change in unrealized
		appreciation (depreciation) on
		investments		(11,758,111	)		(18,215,437	)		(28,878,750	)
Net Realized and Unrealized Gain
	(Loss)			(12,215,776	)		(19,676,159	)		(30,928,348	)
Net Increase (Decrease) in Net
	Assets Resulting from Operations		$	(9,864,126	)	$	(15,446,546	)	$	(24,074,364	)

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

113

Table of Contents

Statement of operations

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Idaho Fund			New York Fund			Pennsylvania Fund
Investment Income:
	Interest		$	4,565,535		$	7,284,383		$	15,999,821
Expenses:
	Management fees			721,965			1,120,950			2,456,880
	Distribution expenses — Class A			174,493			367,558			884,680
	Distribution expenses — Class C			61,599			43,012			126,535
	Dividend disbursing and transfer
		agent fees and expenses		107,654			136,327			281,951
	Accounting and administration
		expenses		58,152			68,395			108,384
	Audit and tax fees			40,709			40,709			40,709
	Reports and statements to
		shareholders expenses		19,253			28,079			60,882
	Legal fees			5,119			8,995			19,030
	Trustees’ fees and expenses			4,743			7,008			15,520
	Custodian fees			4,013			6,662			14,338
	Registration fees			2,176			5,423			4,170
	Other			31,003			45,913			61,348
				1,230,879			1,879,031			4,074,427
	Less expenses waived			(193,931	)		(347,145	)		(427,120	)
	Less expenses paid indirectly			(18	)		(162	)		(181	)
	Total operating expenses			1,036,930			1,531,724			3,647,126
Net Investment Income (Loss)				3,528,605			5,752,659			12,352,695

Net Realized and Unrealized Gain
	(Loss):
	Net realized gain (loss) on
		investments		(2,007,208	)		(413,164	)		(4,807,510	)
	Net change in unrealized
		appreciation (depreciation) on
		investments		(15,656,297	)		(26,046,535	)		(52,099,049	)
Net Realized and Unrealized Gain
	(Loss)			(17,663,505	)		(26,459,699	)		(56,906,559	)
Net Increase (Decrease) in Net
	Assets Resulting from Operations		$	(14,134,900	)	$	(20,707,040	)	$	(44,553,864	)

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

114

Table of Contents

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

			Year ended
				8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	2,351,650		$	2,237,879
	Net realized gain (loss)			(457,665	)		682,993
	Net change in unrealized appreciation (depreciation)			(11,758,111	)		3,130,355
	Net increase (decrease) in net assets resulting from
		operations		(9,864,126	)		6,051,227

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(2,089,058	)		(1,730,876	)
		Class C		(33,764	)		(38,579	)
		Institutional Class		(767,658	)		(522,100	)
				(2,890,480	)		(2,291,555	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		3,450,236			6,099,220
		Class C		265,951			276,688
		Institutional Class		11,245,008			8,718,668
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,904,687			1,537,728
		Class C		32,694			37,027
		Institutional Class		736,314			506,851
				17,634,890			17,176,182

115

Table of Contents

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

			Year ended
			8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(5,846,661	)	$	(5,997,493	)
		Class C		(514,815	)		(1,441,218	)
		Institutional Class		(12,026,164	)		(2,932,869	)
				(18,387,640	)		(10,371,580	)
	Increase (decrease) in net assets derived from capital
		share transactions		(752,750	)		6,804,602
Net Increase (Decrease) in Net Assets				(13,507,356	)		10,564,274
Net Assets:
	Beginning of year			90,383,691			79,819,417
	End of year		$	76,876,335		$	90,383,691

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

116

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	4,229,613		$	3,475,864
	Net realized gain (loss)		(1,460,722	)		538,129
	Net change in unrealized appreciation (depreciation)		(18,215,437	)		3,306,320
	Net increase (decrease) in net assets resulting from
	operations		(15,446,546	)		7,320,313

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(2,432,541	)		(2,115,156	)
	Class C		(76,340	)		(112,952	)
	Institutional Class		(1,926,235	)		(1,216,639	)
			(4,435,116	)		(3,444,747	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		20,137,487			12,832,211
	Class C		454,010			629,708
	Institutional Class		71,643,689			16,266,239

	Net assets from merger:¹
	Class A		—			34,679,243
	Institutional Class		—			1,655,513

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		2,220,247			1,912,654
	Class C		73,058			110,017
	Institutional Class		1,525,423			853,026
			96,053,914			68,938,611

117

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(25,977,701	)	$	(9,752,132	)
	Class C		(1,431,105	)		(3,919,733	)
	Institutional Class		(30,974,449	)		(8,230,770	)
			(58,383,255	)		(21,902,635	)
	Increase in net assets derived from capital share
	transactions		37,670,659			47,035,976
Net Increase in Net Assets			17,788,997			50,911,542

Net Assets:
	Beginning of year		135,897,564			84,986,022
	End of year	$	153,686,561		$	135,897,564

¹	See Note 7 in the "Notes to financial statements."

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

118

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	6,853,984		$	6,007,335
	Net realized gain (loss)		(2,049,598	)		297,584
	Net change in unrealized appreciation (depreciation)		(28,878,750	)		6,384,297
	Net increase (decrease) in net assets resulting from
	operations		(24,074,364	)		12,689,216

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(4,285,002	)		(4,143,610	)
	Class C		(121,908	)		(129,827	)
	Institutional Class		(2,423,301	)		(1,718,272	)
			(6,830,211	)		(5,991,709	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		14,671,622			12,168,978
	Class C		624,715			897,711
	Institutional Class		48,683,482			30,007,649

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		3,898,619			3,824,323
	Class C		120,257			130,352
	Institutional Class		2,295,028			1,584,582
			70,293,723			48,613,595

119

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(20,207,612	)	$	(19,435,502	)
	Class C		(1,856,539	)		(2,612,192	)
	Institutional Class		(34,252,508	)		(9,172,538	)
			(56,316,659	)		(31,220,232	)
	Increase in net assets derived from capital share
	transactions		13,977,064			17,393,363

Net Increase (Decrease) in Net Assets			(16,927,511	)		24,090,870

Net Assets:
	Beginning of year		247,107,947			223,017,077
	End of year	$	230,180,436		$	247,107,947

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

120

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	3,528,605		$	2,962,255
	Net realized gain (loss)		(2,007,208	)		417,531
	Net change in unrealized appreciation (depreciation)		(15,656,297	)		3,296,257
	Net increase (decrease) in net assets resulting from
	operations		(14,134,900	)		6,676,043

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,825,616	)		(1,641,809	)
	Class C		(112,483	)		(135,399	)
	Institutional Class		(1,570,088	)		(1,164,232	)
			(3,508,187	)		(2,941,440	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		13,572,945			11,579,114
	Class C		873,521			1,980,826
	Institutional Class		28,883,730			18,581,380

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		1,745,380			1,564,179
	Class C		109,662			134,242
	Institutional Class		1,491,925			1,022,029
			46,677,163			34,861,770

121

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(10,298,057	)	$	(4,580,947	)
	Class C		(1,623,624	)		(4,746,986	)
	Institutional Class		(24,398,399	)		(5,888,406	)
			(36,320,080	)		(15,216,339	)
	Increase in net assets derived from capital share
	transactions		10,357,083			19,645,431

Net Increase (Decrease) in Net Assets			(7,286,004	)		23,380,034

Net Assets:
	Beginning of year		128,922,754			105,542,720
	End of year	$	121,636,750		$	128,922,754

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

122

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	5,752,659		$	4,511,334
	Net realized gain (loss)		(413,164	)		272,033
	Net change in unrealized appreciation (depreciation)		(26,046,535	)		5,957,639

	Net increase (decrease) in net assets resulting from
	operations		(20,707,040	)		10,741,006

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(4,051,766	)		(3,347,685	)
	Class C		(86,390	)		(128,393	)
	Institutional Class		(1,607,905	)		(1,363,462	)
			(5,746,061	)		(4,839,540	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		10,730,406			7,493,592
	Class C		727,697			398,690
	Institutional Class		46,697,915			14,181,292

	Net assets from merger:¹
	Class A		—			119,588,826
	Institutional Class		—			2,252,578

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		3,353,448			2,783,113
	Class C		60,731			87,874
	Institutional Class		1,436,549			1,239,511
			63,006,746			148,025,476

123

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(25,585,926	)	$	(15,016,082	)
	Class C		(1,126,545	)		(3,001,127	)
	Institutional Class		(28,165,210	)		(6,544,242	)
			(54,877,681	)		(24,561,451	)
	Increase in net assets derived from capital share
	transactions		8,129,065			123,464,025

Net Increase (Decrease) in Net Assets			(18,324,036	)		129,365,491

Net Assets:
	Beginning of year		217,310,285			87,944,794
	End of year	$	198,986,249		$	217,310,285

¹	See Note 7 in “Notes to financial statements.”

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

124

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	12,352,695		$	12,945,782
	Net realized gain (loss)		(4,807,510	)		3,678,994
	Net change in unrealized appreciation (depreciation)		(52,099,049	)		14,018,485
	Net increase (decrease) in net assets resulting from
	operations		(44,553,864	)		30,643,261

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(11,150,166	)		(12,542,265	)
	Class C		(292,574	)		(434,719	)
	Institutional Class		(2,439,217	)		(2,305,167	)
			(13,881,957	)		(15,282,151	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		109,442,517			34,561,794
	Class C		1,733,363			1,969,889
	Institutional Class		41,965,797			20,875,991

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		10,037,495			11,233,439
	Class C		285,547			422,283
	Institutional Class		2,360,450			2,035,086
			165,825,169			71,098,482

125

Table of Contents

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

		Year ended
		8/31/22			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(118,594,370	)	$	(37,976,217	)
	Class C		(3,825,938	)		(7,917,147	)
	Institutional Class		(34,576,771	)		(8,685,397	)
			(156,997,079	)		(54,578,761	)
	Increase in net assets derived from capital share
	transactions		8,828,090			16,519,721

Net Increase (Decrease) in Net Assets			(49,607,731	)		31,880,831

Net Assets:
	Beginning of year		471,288,499			439,407,668
	End of year	$	421,680,768		$	471,288,499

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

126

Table of Contents

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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

128

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.09		$	11.55		$	11.70		$	11.24		$	11.48


	0.30			0.31			0.33			0.37			0.36
	(1.61	)		0.55			(0.13	)		0.46			(0.24	)
	(1.31	)		0.86			0.20			0.83			0.12


	(0.30	)		(0.31	)		(0.35	)		(0.37	)		(0.36	)
	(0.08	)		(0.01	)		—			—			—
	(0.38	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)

$	10.40		$	12.09		$	11.55		$	11.70		$	11.24

	(11.06%	)		7.51%			1.79%			7.51%			1.11%


$	56,882		$	66,710		$	62,186		$	62,033		$	63,327
	0.84%			0.84%			0.84%			0.84%			0.84%
	1.01%			1.00%			1.01%			1.02%			1.00%
	2.70%			2.60%			2.87%			3.29%			3.23%
	2.53%			2.44%			2.70%			3.11%			3.07%
	30%			19%			36%			31%			6%

129

Table of Contents

Financial highlights
Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

130

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.12		$	11.58		$	11.73		$	11.27		$	11.51


	0.22			0.22			0.24			0.28			0.28
	(1.61	)		0.55			(0.12	)		0.46			(0.24	)
	(1.39	)		0.77			0.12			0.74			0.04


	(0.22	)		(0.22	)		(0.27	)		(0.28	)		(0.28	)
	(0.08	)		(0.01	)		—			—			—
	(0.30	)		(0.23	)		(0.27	)		(0.28	)		(0.28	)

$	10.43		$	12.12		$	11.58		$	11.73		$	11.27

	(11.70%	)		6.70%			1.03%			6.70%			0.36%


$	1,119		$	1,527		$	2,561		$	3,100		$	3,122
	1.59%			1.59%			1.59%			1.59%			1.59%
	1.76%			1.75%			1.76%			1.77%			1.75%
	1.95%			1.85%			2.12%			2.54%			2.48%
	1.78%			1.69%			1.95%			2.36%			2.32%
	30%			19%			36%			31%			6%

131

Table of Contents

Financial highlights
Delaware Tax-Free Arizona Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

132

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.09		$	11.55		$	11.70		$	11.24		$	11.48


	0.33			0.34			0.36			0.39			0.39
	(1.61	)		0.55			(0.13	)		0.46			(0.24	)
	(1.28	)		0.89			0.23			0.85			0.15


	(0.33	)		(0.34	)		(0.38	)		(0.39	)		(0.39	)
	(0.08	)		(0.01	)		—			—			—
	(0.41	)		(0.35	)		(0.38	)		(0.39	)		(0.39	)

$	10.40		$	12.09		$	11.55		$	11.70		$	11.24

	(10.84%	)		7.78%			2.05%			7.78%			1.36%


$	18,875		$	22,147		$	15,072		$	14,136		$	10,097
	0.59%			0.59%			0.59%			0.59%			0.59%
	0.76%			0.75%			0.76%			0.77%			0.75%
	2.95%			2.85%			3.12%			3.54%			3.48%
	2.78%			2.69%			2.95%			3.36%			3.32%
	30%			19%			36%			31%			6%

133

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

134

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.64		$	12.18		$	12.49		$	11.98		$	12.26


	0.35			0.37			0.38			0.40			0.40
	(1.65	)		0.46			(0.20	)		0.53			(0.28	)
	(1.30	)		0.83			0.18			0.93			0.12


	(0.35	)		(0.37	)		(0.38	)		(0.40	)		(0.40	)
	(0.02	)		—			(0.11	)		(0.02	)		—
	(0.37	)		(0.37	)		(0.49	)		(0.42	)		(0.40	)

$	10.97		$	12.64		$	12.18		$	12.49		$	11.98

	(10.48%	)		6.88%			1.59%			7.99%			1.00%


$	71,308		$	86,059		$	44,059		$	42,203		$	53,171
	0.82%			0.86%			0.82%			0.82%			0.82%
	0.99%			1.06%			1.03%			1.03%			1.02%
	2.94%			2.95%			3.17%			3.36%			3.30%
	2.77%			2.75%			2.96%			3.15%			3.10%
	31%			14%			36%			32%			16%

135

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

136

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.66		$	12.21		$	12.52		$	12.00		$	12.28


	0.26			0.27			0.29			0.32			0.31
	(1.64	)		0.45			(0.20	)		0.54			(0.28	)
	(1.38	)		0.72			0.09			0.86			0.03


	(0.26	)		(0.27	)		(0.29	)		(0.32	)		(0.31	)
	(0.02	)		—			(0.11	)		(0.02	)		—
	(0.28	)		(0.27	)		(0.40	)		(0.34	)		(0.31	)

$	11.00		$	12.66		$	12.21		$	12.52		$	12.00

	(11.05%	)		5.99%			0.83%			7.26%			0.25%


$	2,479		$	3,843		$	6,829		$	11,551		$	13,015
	1.57%			1.61%			1.57%			1.57%			1.57%
	1.74%			1.81%			1.78%			1.78%			1.77%
	2.19%			2.20%			2.42%			2.61%			2.55%
	2.02%			2.00%			2.21%			2.40%			2.35%
	31%			14%			36%			32%			16%

137

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

138

Table of Contents

Year ended
	8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.64		$	12.18		$	12.49		$	11.98		$	12.26


	0.38			0.40			0.41			0.43			0.43
	(1.65	)		0.46			(0.20	)		0.53			(0.28	)
	(1.27	)		0.86			0.21			0.96			0.15


	(0.38	)		(0.40	)		(0.41	)		(0.43	)		(0.43	)
	(0.02	)		—			(0.11	)		(0.02	)		—
	(0.40	)		(0.40	)		(0.52	)		(0.45	)		(0.43	)

$	10.97		$	12.64		$	12.18		$	12.49		$	11.98

	(10.26%	)		7.14%			1.84%			8.25%			1.26%


$	79,900		$	45,996		$	34,098		$	44,646		$	32,953
	0.57%			0.61%			0.57%			0.57%			0.57%
	0.74%			0.81%			0.78%			0.78%			0.77%
	3.19%			3.20%			3.42%			3.61%			3.55%
	3.02%			3.00%			3.21%			3.40%			3.35%
	31%			14%			36%			32%			16%

139

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

140

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.70		$	11.36		$	11.48		$	11.04		$	11.28


	0.30			0.29			0.33			0.37			0.37
	(1.40	)		0.34			(0.12	)		0.44			(0.24	)
	(1.10	)		0.63			0.21			0.81			0.13


	(0.30	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)
	(0.30	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)

$	10.30		$	11.70		$	11.36		$	11.48		$	11.04

	(9.49%	)		5.64%			1.88%			7.48%			1.22%


$	142,904		$	164,258		$	162,955		$	167,136		$	164,087
	0.82%			0.83%			0.84%			0.84%			0.84%
	0.96%			0.96%			0.96%			0.97%			0.97%
	2.76%			2.54%			2.91%			3.31%			3.36%
	2.62%			2.41%			2.79%			3.18%			3.23%
	24%			10%			18%			16%			6%

141

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

142

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.73		$	11.39		$	11.51		$	11.07		$	11.31


	0.22			0.21			0.24			0.29			0.29
	(1.41	)		0.34			(0.12	)		0.44			(0.24	)
	(1.19	)		0.55			0.12			0.73			0.05


	(0.22	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)
	(0.22	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)

$	10.32		$	11.73		$	11.39		$	11.51		$	11.07

	(10.22%	)		4.85%			1.12%			6.67%			0.47%


$	4,845		$	6,758		$	8,121		$	10,364		$	10,923
	1.57%			1.58%			1.59%			1.59%			1.59%
	1.71%			1.71%			1.71%			1.72%			1.72%
	2.01%			1.79%			2.16%			2.56%			2.61%
	1.87%			1.66%			2.04%			2.43%			2.48%
	24%			10%			18%			16%			6%

143

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

144

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.70		$	11.36		$	11.48		$	11.04		$	11.28


	0.33			0.32			0.36			0.40			0.40
	(1.40	)		0.34			(0.12	)		0.44			(0.24	)
	(1.07	)		0.66			0.24			0.84			0.16


	(0.33	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)
	(0.33	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)

$	10.30		$	11.70		$	11.36		$	11.48		$	11.04

	(9.27%	)		5.91%			2.14%			7.74%			1.47%


$	82,431		$	76,092		$	51,941		$	42,317		$	27,433
	0.57%			0.58%			0.59%			0.59%			0.59%
	0.71%			0.71%			0.71%			0.72%			0.72%
	3.01%			2.79%			3.16%			3.56%			3.61%
	2.87%			2.66%			3.04%			3.43%			3.48%
	24%			10%			18%			16%			6%

145

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

146

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.91		$	11.52		$	11.65		$	11.21		$	11.49


	0.30			0.30			0.33			0.35			0.34
	(1.47	)		0.39			(0.13	)		0.44			(0.28	)
	(1.17	)		0.69			0.20			0.79			0.06


	(0.30	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)
	(0.30	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)

$	10.44		$	11.91		$	11.52		$	11.65		$	11.21

	(10.00%	)		6.03%			1.77%			7.19%			0.56%


$	67,247		$	71,345		$	60,667		$	55,480		$	59,425
	0.86%			0.86%			0.86%			0.86%			0.86%
	1.01%			1.01%			1.02%			1.03%			1.01%
	2.62%			2.53%			2.87%			3.11%			3.04%
	2.47%			2.38%			2.71%			2.94%			2.89%
	38%			17%			22%			14%			11%

147

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

148

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.90		$	11.51		$	11.64		$	11.20		$	11.48


	0.21			0.21			0.24			0.27			0.26
	(1.46	)		0.39			(0.13	)		0.44			(0.28	)
	(1.25	)		0.60			0.11			0.71			(0.02	)


	(0.21	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)
	(0.21	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)

$	10.44		$	11.90		$	11.51		$	11.64		$	11.20

	(10.59%	)		5.24%			1.00%			6.40%			(0.19%	)


$	4,997		$	6,453		$	8,819		$	12,875		$	17,597
	1.61%			1.61%			1.61%			1.61%			1.61%
	1.76%			1.76%			1.77%			1.78%			1.76%
	1.87%			1.78%			2.12%			2.36%			2.29%
	1.72%			1.63%			1.96%			2.19%			2.14%
	38%			17%			22%			14%			11%

149

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

150

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	11.91		$	11.52		$	11.65		$	11.21		$	11.49


	0.32			0.33			0.36			0.38			0.37
	(1.47	)		0.39			(0.13	)		0.44			(0.28	)
	(1.15	)		0.72			0.23			0.82			0.09


	(0.32	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)
	(0.32	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)

$	10.44		$	11.91		$	11.52		$	11.65		$	11.21

	(9.77%	)		6.29%			2.02%			7.46%			0.82%


$	49,393		$	51,125		$	36,057		$	35,157		$	21,310
	0.61%			0.61%			0.61%			0.61%			0.61%
	0.76%			0.76%			0.77%			0.78%			0.76%
	2.87%			2.78%			3.12%			3.36%			3.29%
	2.72%			2.63%			2.96%			3.19%			3.14%
	38%			17%			22%			14%			11%

151

Table of Contents

Financial highlights
Delaware Tax-Free New York Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived.

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

152

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.06		$	11.66		$	11.86		$	11.33		$	11.62


	0.31			0.29			0.33			0.36			0.36
	(1.50	)		0.45			(0.14	)		0.53			(0.29	)
	(1.19	)		0.74			0.19			0.89			0.07


	(0.31	)		(0.29	)		(0.33	)		(0.36	)		(0.36	)
	—	²		(0.05	)		(0.06	)		—			—
	(0.31	)		(0.34	)		(0.39	)		(0.36	)		(0.36	)

$	10.56		$	12.06		$	11.66		$	11.86		$	11.33

	(9.96%	)		6.46%			1.68%			8.00%			0.60%


$	130,721		$	161,593		$	42,514		$	36,058		$	38,139
	0.80%			0.83%			0.80%			0.80%			0.80%
	0.97%			1.01%			1.05%			1.07%			1.08%
	2.78%			2.47%			2.86%			3.12%			3.10%
	2.61%			2.29%			2.61%			2.85%			2.82%
	30%			13%			31%			21%			10%

153

Table of Contents

Financial highlights
Delaware Tax-Free New York Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived.

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

154

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.03		$	11.63		$	11.83		$	11.30		$	11.59


	0.23			0.21			0.24			0.27			0.27
	(1.50	)		0.45			(0.14	)		0.53			(0.29	)
	(1.27	)		0.66			0.10			0.80			(0.02	)


	(0.23	)		(0.21	)		(0.24	)		(0.27	)		(0.27	)
	—	²		(0.05	)		(0.06	)		—			—
	(0.23	)		(0.26	)		(0.30	)		(0.27	)		(0.27	)

$	10.53		$	12.03		$	11.63		$	11.83		$	11.30

	(10.66%	)		5.68%			0.92%			7.20%			(0.16%	)


$	3,818		$	4,720		$	7,037		$	13,459		$	14,941
	1.55%			1.58%			1.55%			1.55%			1.55%
	1.72%			1.76%			1.80%			1.82%			1.83%
	2.02%			1.72%			2.11%			2.37%			2.35%
	1.85%			1.54%			1.86%			2.10%			2.07%
	30%			13%			31%			21%			10%

155

Table of Contents

Financial highlights
Delaware Tax-Free New York Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived.

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

156

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	12.06		$	11.66		$	11.85		$	11.33		$	11.61


	0.34			0.32			0.36			0.38			0.39
	(1.51	)		0.45			(0.13	)		0.52			(0.28	)
	(1.17	)		0.77			0.23			0.90			0.11


	(0.34	)		(0.32	)		(0.36	)		(0.38	)		(0.39	)
	—	²		(0.05	)		(0.06	)		—			—
	(0.34	)		(0.37	)		(0.42	)		(0.38	)		(0.39	)

$	10.55		$	12.06		$	11.66		$	11.85		$	11.33

	(9.82%	)		6.73%			2.03%			8.17%			0.93%


$	64,447		$	50,997		$	38,394		$	39,363		$	32,981
	0.55%			0.58%			0.55%			0.55%			0.55%
	0.72%			0.76%			0.80%			0.82%			0.83%
	3.03%			2.72%			3.11%			3.37%			3.35%
	2.86%			2.54%			2.86%			3.10%			3.07%
	30%			13%			31%			21%			10%

157

Table of Contents

Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived.

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

158

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	8.34		$	8.06		$	8.25		$	7.93		$	8.14


	0.22			0.23			0.25			0.28			0.28
	(1.00	)		0.32			(0.11	)		0.32			(0.20	)
	(0.78	)		0.55			0.14			0.60			0.08


	(0.22	)		(0.23	)		(0.25	)		(0.28	)		(0.28	)
	(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.25	)		(0.27	)		(0.33	)		(0.28	)		(0.29	)

$	7.31		$	8.34		$	8.06		$	8.25		$	7.93

	(9.59%	)		7.04%			1.72%			7.72%			0.93%


$	338,811		$	384,915		$	364,480		$	376,965		$	378,038
	0.84%			0.83%			0.83%			0.85%			0.88%
	0.94%			0.92%			0.92%			0.93%			0.93%
	2.75%			2.86%			3.09%			3.49%			3.48%
	2.65%			2.77%			3.00%			3.41%			3.43%
	47%			32%			40%			23%			19%

159

Table of Contents

Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived.

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

160

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	8.34		$	8.06		$	8.25		$	7.93		$	8.14


	0.16			0.17			0.19			0.22			0.22
	(1.00	)		0.32			(0.11	)		0.32			(0.20	)
	(0.84	)		0.49			0.08			0.54			0.02


	(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.22	)
	(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.19	)		(0.21	)		(0.27	)		(0.22	)		(0.23	)

$	7.31		$	8.34		$	8.06		$	8.25		$	7.93

	(10.27%	)		6.24%			0.95%			6.91%			0.16%


$	10,540		$	14,040		$	19,009		$	25,065		$	26,376
	1.59%			1.59%			1.59%			1.61%			1.64%
	1.69%			1.68%			1.68%			1.69%			1.69%
	1.99%			2.10%			2.33%			2.73%			2.72%
	1.89%			2.01%			2.24%			2.65%			2.67%
	47%			32%			40%			23%			19%

161

Table of Contents

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 income¹

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 return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

162

Table of Contents

Year ended
8/31/22			8/31/21			8/31/20			8/31/19			8/31/18
$	8.33		$	8.05		$	8.25		$	7.92		$	8.13


	0.24			0.25			0.27			0.30			0.30
	(0.99	)		0.32			(0.12	)		0.33			(0.20	)
	(0.75	)		0.57			0.15			0.63			0.10


	(0.24	)		(0.25	)		(0.27	)		(0.30	)		(0.30	)
	(0.03	)		(0.04	)		(0.08	)		—			(0.01	)
	(0.27	)		(0.29	)		(0.35	)		(0.30	)		(0.31	)

$	7.31		$	8.33		$	8.05		$	8.25		$	7.92

	(9.26%	)		7.31%			1.84%			8.12%			1.16%


$	72,330		$	72,333		$	55,919		$	47,241		$	41,427
	0.59%			0.59%			0.59%			0.61%			0.64%
	0.69%			0.68%			0.68%			0.69%			0.69%
	2.99%			3.10%			3.33%			3.73%			3.72%
	2.89%			3.01%			3.24%			3.65%			3.67%
	47%			32%			40%			23%			19%

163

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2022

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

1. Significant Accounting Policies

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

164

Table of Contents

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). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund's tax positions taken or expected to be taken on each Fund's federal income tax returns through the year ended August 31, 2022, and for all open tax years (years ended August 31, 2019–August 31, 2021), and has concluded that no provision for federal income tax is required in each Fund's financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2022, the Funds did not incur any interest or tax penalties.

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

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds)

165

Table of Contents

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

1. Significant Accounting Policies (continued)

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

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended August 31, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	19
Delaware Tax-Free California Fund			61
Delaware Tax-Free Colorado Fund			60
Delaware Tax-Free Idaho Fund			18
Delaware Tax-Free New York Fund			162
Delaware Tax-Free Pennsylvania Fund			181

166

Table of Contents

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

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

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2021 through August 31, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

		Operating expense
		limitation as
		a percentage
		of average
		daily net assets
Fund		(per annum)
Delaware Tax-Free Arizona Fund		0.59%
Delaware Tax-Free California Fund		0.57%
Delaware Tax-Free Colorado Fund		0.57%
Delaware Tax-Free Idaho Fund		0.61%
Delaware Tax-Free New York Fund		0.55%
Delaware Tax-Free Pennsylvania Fund		0.59%

167

Table of Contents

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion ; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	6,736
Delaware Tax-Free California Fund		8,444
Delaware Tax-Free Colorado Fund		11,755
Delaware Tax-Free Idaho Fund		8,200
Delaware Tax-Free New York Fund		10,520
Delaware Tax-Free Pennsylvania Fund		18,281

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	7,597
Delaware Tax-Free California Fund		12,148
Delaware Tax-Free Colorado Fund		21,424
Delaware Tax-Free Idaho Fund		11,569
Delaware Tax-Free New York Fund		17,994
Delaware Tax-Free Pennsylvania Fund		39,551

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the

168

Table of Contents

“Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

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 and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended August 31, 2022, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	4,504
Delaware Tax-Free California Fund		5,911
Delaware Tax-Free Colorado Fund		9,016
Delaware Tax-Free Idaho Fund		5,774
Delaware Tax-Free New York Fund		7,974
Delaware Tax-Free Pennsylvania Fund		15,127

For the year ended August 31, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax-Free Arizona Fund	$	1,163
Delaware Tax-Free California Fund		2,541
Delaware Tax-Free Colorado Fund		1,236
Delaware Tax-Free Idaho Fund		7,103
Delaware Tax-Free New York Fund		4,268
Delaware Tax-Free Pennsylvania Fund		8,114

169

Table of Contents

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

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

For the year ended August 31, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:


Fund	Class A		Class C
Delaware Tax-Free Arizona Fund	$	5,133	$	—
Delaware Tax-Free California Fund		29,008		371
Delaware Tax-Free Colorado Fund		7,237		237
Delaware Tax-Free Idaho Fund		3,396		191
Delaware Tax-Free New York Fund		568		473
Delaware Tax-Free Pennsylvania Fund		8,705		1,726

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

Cross trades for the year ended August 31, 2022, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds' compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended August 31, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free Arizona
Fund	$	14,781,059	$	17,231,399		$	(586,309	)
Delaware Tax-Free California
Fund		34,405,853		32,982,049			(544,855	)
Delaware Tax-Free Colorado
Fund		18,025,518		14,442,090			(213,034	)
Delaware Tax-Free Idaho Fund		7,440,543		10,546,519			(1,064,072	)
Delaware Tax-Free New York
Fund		26,361,240		27,448,034			(47,659	)
Delaware Tax-Free
Pennsylvania Fund		25,544,206		16,892,526			(1,176,744	)

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds in which it invests.

170

Table of Contents

The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

*	The aggregate contractual waiver period covering this report is from December 29, 2020 through December 29, 2022.

3. Investments

For the year ended August 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Arizona Fund	$	25,084,352	$	25,368,611
Delaware Tax-Free California Fund		69,280,811		41,991,246
Delaware Tax-Free Colorado Fund		72,339,367		56,043,212
Delaware Tax-Free Idaho Fund		57,630,063		49,280,781
Delaware Tax-Free New York Fund		64,077,074		59,656,283
Delaware Tax-Free Pennsylvania Fund		214,069,637		208,587,566

171

Table of Contents

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

3. Investments (continued)

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:

			Aggregate		Aggregate			Net unrealized
			unrealized		unrealized			appreciation
	Cost of		appreciation		depreciation			(depreciation)
Fund	investments		of investments		of investments			of investments
Delaware
Tax-Free
Arizona Fund	$	81,041,717	$	607,024	$	(5,117,333	)	$	(4,510,309	)
Delaware
Tax-Free
California Fund		158,484,562		1,496,635		(8,578,605	)		(7,081,970	)
Delaware
Tax-Free
Colorado Fund		240,801,442		1,318,837		(12,803,613	)		(11,484,776	)
Delaware
Tax-Free Idaho
Fund		127,707,761		953,045		(8,656,975	)		(7,703,930	)
Delaware
Tax-Free New
York Fund		202,680,867		2,450,879		(7,867,412	)		(5,416,533	)
Delaware
Tax-Free
Pennsylvania
Fund		433,315,197		5,972,433		(18,920,385	)		(12,947,952	)

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

172

Table of Contents

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

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

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

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2022:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	75,981,408
Short-Term Investments			550,000
Total Value of Securities		$	76,531,408

173

Table of Contents

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

3. Investments (continued)

	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	143,612,592
Short-Term Investments			7,790,000
Total Value of Securities		$	151,402,592

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	224,418,196	$	224,418,196
Short-Term Investments¹		408,470		4,490,000		4,898,470
Total Value of Securities	$	408,470	$	228,908,196	$	229,316,666

	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	116,508,207	$	116,508,207
Short-Term Investments¹		3,070,624		425,000		3,495,624
Total Value of Securities	$	3,070,624	$	116,933,207	$	120,003,831

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	193,014,334
Short-Term Investments			4,250,000
Total Value of Securities		$	197,264,334

174

Table of Contents

		Delaware Tax-Free Pennsylvania Fund
		Level 2
Securities
Assets:
Municipal Bonds		$420,367,245

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Delaware Tax-Free
	Colorado Fund
	Level 1	Level 2	Total
Short-Term Investments	8.34%	91.66%	100.00%

	Delaware Tax-Free
	Idaho Fund
	Level 1	Level 2	Total
Short-Term Investments	87.84%	12.16%	100.00%

During the year ended August 31, 2022, there were no transfers into or out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund's net assets. During the year ended August 31, 2022, there were no Level 3 investments.

175

Table of Contents

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

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2022 and 2021 were as follows:

					Long-term
	Tax-exempt		Ordinary		capital		Distributions in
	income		income		gains		excess of income			Total
Year ended
August 31, 2022:
Delaware Tax-Free
Arizona Fund	$	2,345,122	$	107,751	$	437,607		$	—	$	2,890,480
Delaware Tax-Free
California Fund		4,206,176		15,908		213,032			—		4,435,116
Delaware Tax-Free
Colorado Fund		6,829,954		257		—			—		6,830,211
Delaware Tax-Free Idaho
Fund		3,504,976		—		—			3,211		3,508,187
Delaware Tax-Free New
York Fund		5,691,604		887		53,570			—		5,746,061
Delaware Tax-Free
Pennsylvania Fund		12,165,258		1,663,148		—			53,551		13,881,957
Year ended
August 31, 2021:
Delaware Tax-Free
Arizona Fund		2,225,211		17,738		48,606			—		2,291,555
Delaware Tax-Free
California Fund		3,444,661		86		—			—		3,444,747
Delaware Tax-Free
Colorado Fund		5,990,721		988		—			—		5,991,709
Delaware Tax-Free Idaho
Fund		2,941,289		151		—			—		2,941,440
Delaware Tax-Free New
York Fund		4,474,462		—		365,078			—		4,839,540
Delaware Tax-Free
Pennsylvania Fund		12,345,155		600,806		2,336,190			—		15,282,151

176

Table of Contents

5. Components of Net Assets on a Tax Basis

As of August 31, 2022, the components of net assets on a tax basis were as follows:

	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Arizona Fund				California Fund				Colorado Fund
Shares of beneficial
interest		$	81,814,141			$	161,930,434			$	244,772,007
Undistributed tax-exempt
income			22,521				68,268				398,646
Distributions payable			(17,217	)			(56,471	)			(46,088	)
Capital loss carryforwards			(432,801	)			(1,173,700	)			(3,459,353	)
Unrealized appreciation
(depreciation) of
investments			(4,510,309	)			(7,081,970	)			(11,484,776	)
Net assets		$	76,876,335			$	153,686,561			$	230,180,436

	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund				Pennsylvania Fund
Shares of beneficial
interest		$	135,527,490			$	205,181,127			$	439,428,219
Undistributed tax-exempt
income			—				178,841				—
Distributions payable			(13,527	)			(95,493	)			(108,055	)
Capital loss carryforwards			(6,173,283	)			(861,693	)*			(4,691,444	)
Unrealized appreciation
(depreciation) of
investments			(7,703,930	)			(5,416,533	)			(12,947,952	)
Net assets		$	121,636,750			$	198,986,249			$	421,680,768

*	A portion of the Fund’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to excess distribution. Results of operations and net assets were not affected by these reclassifications. For the year ended August 31, 2022, the Funds had reclassifications of:

	Delaware Tax-Free	Delaware Tax-Free
	Idaho Fund	Pennsylvania Fund
Paid-in capital	$(3,211)	$(53,551)

177

Table of Contents

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

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

	Delaware Tax-Free	Delaware Tax-Free
	Idaho Fund	Pennsylvania Fund
Total distributable
earnings (loss)	3,211	53,551

Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, and Delaware Tax-Free New York Fund had no reclassifications.

At August 31, 2022, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free
Arizona Fund	$	432,801	$	—	$	432,801
Delaware Tax-Free
California Fund		1,173,700		—		1,173,700
Delaware Tax-Free
Colorado Fund		3,455,970		3,383		3,459,353
Delaware Tax-Free
Idaho Fund		4,012,395		2,160,888		6,173,283
Delaware Tax-Free
New York Fund		861,693		—		861,693
Delaware Tax-Free
Pennsylvania
Fund		4,691,444		—		4,691,444

178

Table of Contents

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Arizona Fund				California Fund				Colorado Fund
	Year ended				Year ended				Year ended
	8/31/22		8/31/21		8/31/22		8/31/21		8/31/22		8/31/21
Shares sold:
Class A	300,220		513,124		1,745,483		1,023,677		1,335,477		1,050,651
Class C	24,116		23,292		38,036		50,194		55,260		77,408
Institutional Class	1,007,938		733,558		6,229,536		1,301,732		4,468,748		2,586,555

Shares from merger:¹
Class A	—		—		—		2,796,713		—		—
Institutional Class	—		—		—		133,509		—		—

Shares issued upon reinvestment of dividends and distributions:
Class A	168,065		129,794		187,969		153,210		355,561		331,105
Class C	2,871		3,131		6,147		8,850		10,933		11,269
Institutional Class	64,976		42,741		130,790		68,426		209,604		137,029
	1,568,186		1,445,640		8,337,961		5,536,311		6,435,583		4,194,017

Shares redeemed:
Class A	(519,951	)	(505,741	)	(2,244,604	)	(780,314	)	(1,850,043	)	(1,684,720	)
Class C	(45,692	)	(121,492	)	(122,243	)	(315,080	)	(172,957	)	(225,450	)
Institutional Class	(1,090,512	)	(248,526	)	(2,718,798	)	(663,751	)	(3,176,192	)	(791,630	)
	(1,656,155	)	(875,759	)	(5,085,645	)	(1,759,145	)	(5,199,192	)	(2,701,800	)

Net increase
(decrease)	(87,969	)	569,881		3,252,316		3,777,166		1,236,391		1,492,217

179

Table of Contents

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

6. Capital Shares (continued)

	Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
	Idaho Fund				New York Fund				Pennsylvania Fund
	Year ended				Year ended				Year ended
	8/31/22		8/31/21		8/31/22		8/31/21		8/31/22		8/31/21
Shares sold:
Class A	1,222,948		981,935		967,256		627,672		14,365,895		4,204,401
Class C	74,579		169,886		65,179		33,490		217,372		240,336
Institutional
Class	2,537,889		1,578,301		4,263,727		1,191,983		5,473,407		2,547,206

Shares from merger:¹
Class A	—		—		—		10,151,853		—		—
Institutional
Class	—		—		—		191,220		—		—

Shares issued upon reinvestment of dividends and distributions:
Class A	156,483		133,396		297,179		233,817		1,283,255		1,375,466
Class C	9,851		11,485		5,413		7,458		36,449		51,827
Institutional
Class	133,514		87,070		127,769		104,568		302,064		249,015
	4,135,264		2,962,073		5,726,523		12,542,061		21,678,442		8,668,251

Shares redeemed:
Class A	(930,517	)	(389,583	)	(2,279,699	)	(1,260,818	)	(15,469,049	)	(4,647,494	)
Class C	(147,945	)	(405,039	)	(100,403	)	(253,594	)	(495,841	)	(967,055	)
Institutional
Class	(2,234,652	)	(501,800	)	(2,511,065	)	(551,930	)	(4,556,076	)	(1,059,421	)
	(3,313,114	)	(1,296,422	)	(4,891,167	)	(2,066,342	)	(20,520,966	)	(6,673,970	)
Net increase	822,150		1,665,651		835,356		10,475,719		1,157,476		1,994,281

¹	See Note 7.

180

Table of Contents

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 on the “Statements of changes in net assets.” For the years ended August 31, 2022 and 2021, each Fund had the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Arizona Fund
Year ended
8/31/22	8,660	4,736	—	—	13,404	$	157,073
8/31/21	—	17,945	—	517	17,475		212,441
Delaware Tax-Free California Fund
Year ended
8/31/21	41	9,178	—	9,199	41		115,246
Delaware Tax-Free Colorado Fund
Year ended
8/31/22	28,759	29,958	—	—	58,786		624,114
8/31/21	363	23,555	—	23,639	363		277,845
Delaware Tax-Free Idaho Fund
Year ended
8/31/22	—	2,774	—	868	1,906		31,924
8/31/21	17,257	39,913	—	30,392	26,800		675,359
Delaware Tax-Free New York Fund
Year ended
8/31/22	2,825	299	—	298	2,833		37,182
8/31/21	—	4,465	8,571	13,029	—		156,853
Delaware Tax-Free Pennsylvania Fund
Year ended
8/31/22	59,419	9,495	—	9,502	59,480		539,221
8/31/21	42,470 104,699		647	89,432	58,557		1,214,761

Delaware Tax-Free California Fund did not have any exchange transactions for the year ended August 31, 2022.

7. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize (the "Reorganization") Delaware Tax-Free California II Fund and Delaware Tax-Free New York II Fund (the "Acquired Funds"), each a series of Delaware Group^®Limited-Term Government Funds, with and into Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund (the “Acquiring Funds”), each a series of the Trust, respectively. Pursuant to an Agreement and Plan of

181

Table of Contents

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

7. Reorganization (continued)

Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of the Acquiring Funds, a fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The Reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Tax-Free California II			Delaware Tax-Free California
	Fund			Fund
Class A	$	34,679,243	2,710,905	2,796,713	$	44,625,207	1.0317
Class C		—	—	—		6,281,715	—
Institutional
Class		1,655,513	129,715	133,509		34,207,309	1.0292

	Delaware Tax-Free New York II			Delaware Tax-Free New York
	Fund			Fund
Class A		119,588,826	8,207,503	10,151,853		42,891,574	1.2369
Institutional
Class		—	—	—		6,850,309	—
Class R6		2,252,578	154,568	191,220		40,282,693	1.2371

182

Table of Contents

The net assets of the Acquiring Funds before the Reorganization were $85,114,231 and $90,024,576 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively.

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ proforma results of operations for the year ended August 31, 2021, would have been as follows:

	Delaware Tax-Free California Fund			Delaware Tax-Free New York Fund
Net investment income		$	4,467,220		$	7,736,030
Net realized gain on
investments			1,105,213			1,210,748
Net change in unrealized
appreciation
(depreciation)			2,876,395			6,857,850
Net increase in net assets
resulting from
operations		$	8,448,828		$	15,804,628

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

8. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 1, 2021.

On November 1, 2021, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

183

Table of Contents

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

8. Line of Credit (continued)

Each Fund had no amounts outstanding as of August 31, 2022, or at any time during the year then ended.

9. Geographic, Credit, and Market Risks

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

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

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

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

184

Table of Contents

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

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

185

Table of Contents

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

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

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 have been identified on the “Schedules of investments.”

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in the Funds' financial statements.

186

Table of Contents

Report of independent
registered public accounting firm

To the Board of Trustees of Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II and Delaware Group^®State Tax-Free Income Trust and Shareholders 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Tax-Free Arizona Fund (constituting Voyageur Insured Funds), Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund (three of the funds constituting Voyageur Mutual Funds), Delaware Tax-Free Colorado Fund (constituting Voyageur Mutual Funds II) and Delaware Tax-Free Pennsylvania Fund (constituting Delaware Group^®State Tax-Free Income Trust) (hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

187

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

188

Table of Contents

Tax Information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended August 31, 2022, each Fund reports distributions paid during the year as follows:

	(A)						(D)
	Long-Term		(B)				Distributions
	Capital		Ordinary		(C)		in
	Gains		Income		Tax-Exempt		Excess of		Total
	Distributions		Distributions		Distributions		Income		Distributions
	(Tax Basis)		(Tax Basis)		(Tax Basis)		(Tax Basis)		(Tax Basis)
Delaware
Tax-Free
Arizona
Fund	15.14	%	3.73	%	81.13	%	—		100.00	%
Delaware
Tax-Free
California
Fund	4.80	%	0.36	%	94.84	%	—		100.00	%
Delaware
Tax-Free
Colorado
Fund	—		—		100.00	%	—		100.00	%
Delaware
Tax-Free
Idaho
Fund	—		—		99.91	%	0.09	%	100.00	%
Delaware
Tax-Free
New
York
Fund	0.93	%	0.02	%	99.05	%	—		100.00	%

189

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Tax Information

(A)

(D)

Long-Term

(B)

Distributions

Capital

Ordinary

(C)

Gains

Income

Tax-Exempt

Excess of

Total

Distributions

Income

Distributions

(Tax Basis)

Delaware

Tax-Free

Pennsylvania

Fund

—

11.98

87.63

0.39

100.00

____________________

(A), (B), (C) and (D) are based on a percentage of each Fund’s total distributions.

At a meeting held on August 9-11, 2022 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Investment Advisory Agreements 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 (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds; the costs of such services to the Funds; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Contract Renewal Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; brokerage reports; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

190

Table of Contents

In considering information relating to the approval of each Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie® (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at meetings of the Fixed Income, Multi-Asset and Sub-advised Funds Investment Committee throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund showed the Fund’s investment performance in comparison to a group of similar funds (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5, and 10-year periods, to the extent applicable, ended December 31, 2021. The Board’s objective is that each Fund perform above the median relative to its peer group for the majority of its 1-, 3-, and 5-year relative performance periods.

Delaware Tax-Free Arizona Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds, regardless of asset size or primary distribution channel. The Broadridge report comparison showed that the Fund’s total

191

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Board consideration of Investment Advisory Agreements 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 a meeting held August 9-11, 2022 (continued) return for the 1-year, 3-year and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free California Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional California municipal debt funds, regardless of asset size or primary distribution channel. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Colorado Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt, regardless of asset size or primary distribution channel. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Idaho Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds, regardless of asset size or primary distribution. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free New York Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional New York municipal debt funds, regardless of asset size or primary distribution channel. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Pennsylvania Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional Pennsylvania municipal debt funds, regardless of asset size or primary distribution channel. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, and 5-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers with the Fund’s expense universe, which is comprised of the Fund, its Expense Group

192

Table of Contents

and all other similar institutional funds, excluding outliers (the “Expense Universe”). The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s actual total expense ratio to be competitive with those of the peer funds within its Expense Group.

Delaware Tax-Free Arizona Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was below the Expense Universe median and its actual total expenses were in the quartile with the second lowest expenses of its Expense Group average. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free California Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was below the Expense Universe median and its actual total expenses were in the quartile with the highest expenses of its Expense Group average. The Board gave favorable consideration to the Fund’s management fee after waivers but noted that the Fund’s actual total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered favorably fee waivers in place through December 2022 and the likelihood that those waivers would be continued. The Board was satisfied with Management’s commitment to bring the Fund’s total expenses in line with the Board’s objective. The Board also acknowledged that the Fund’s management fee remained reasonable in light of its short- and long-term performance record on both an absolute and comparative basis.

Delaware Tax-Free Colorado Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was below the Expense Universe median and its actual total expenses were in the quartile with the second lowest expenses of its Expense Group average. The Board was satisfied with the actual management fee and actual total expenses of the Fund in comparison to those of its Expense Universe and Expense Group, respectively, as shown in the Broadridge report.

Delaware Tax-Free Idaho Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was below the Expense Universe median and its actual total expenses were in the quartile with the second lowest expenses of its Expense Group average. The Board was satisfied with the actual management fee and actual total expenses of the Fund in comparison to those of its Expense Universe and Expense Group, respectively, as shown in the Broadridge report.

Delaware Tax-Free New York Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was below the Expense Universe median and its total expenses were in the quartile with the second highest expenses of its Expense Group average. The Board gave favorable consideration to the Fund’s management fee after waivers but noted that the Fund’s actual total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered favorably fee waivers in place through December 2022 and the likelihood that those waivers would be continued. The Board was satisfied with Management’s commitment to bring the Fund’s total expenses in line with the Board’s objective.

193

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

The Board also acknowledged that the Fund’s management fee remained reasonable in light of its short- and long-term performance record on both an absolute and comparative basis.

Delaware Tax-Free Pennsylvania Fund – The expense comparisons for the Fund showed that its actual management fee, after waivers, was above the Expense Universe median and its actual total expenses were in the quartile with the second highest expenses of its Expense Group average. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered favorably fee waivers in place through December 2022 and the likelihood that those waivers would be continued. The Board was satisfied with Management’s commitment to bring the Fund’s total expenses in line with the Board’s objective. The Board also acknowledged that the Fund’s management fee remained reasonable in light of its short- and long-term performance record on both an absolute and comparative basis.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding DMC profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed each Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2022, the Funds had each not reached a size at which it could take advantage of any

194

Table of Contents

breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if each Fund increases sufficiently in size, then economies of scale may be shared.

195

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Interested Trustee

Shawn K. Lytle¹	President,	President and	128	Macquarie Asset	None
100 Independence	Chief Executive	Chief Executive		Management²
610 Market Street	Officer,	Officer		(2015–Present)
Philadelphia, PA	and Trustee	since August 2015		-Global Head of
19106-2354				Macquarie Asset
February 1970		Trustee since		Management
		September 2015		(2019–Present)
				-Head of Americas of
				Macquarie Group
				(2017–Present)
				-Deputy Global Head of
				Macquarie Asset
				Management
				(2017–2019)
				-Head of Macquarie
				Asset Management
				Americas (2015–2017)

196

Table of Contents

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Independent Trustees

Jerome D.	Trustee	Since January 2019	128	Stonebrook Capital	None
Abernathy				Management, LLC
100 Independence				(financial
610 Market Street				technology: macro
Philadelphia, PA				factors and databases)
19106-2354				-Managing Member
July 1959				(1993-Present)

Thomas L. Bennett	Chair and Trustee	Trustee since March	128	Private Investor	None
100 Independence		2005		(2004–Present)
610 Market Street
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	128	J.P. Morgan Chase & Co.	Banco Santander International
100 Independence				(1987-2013)	(2016–2019)
610 Market Street				-Chief Executive Officer,	Santander Bank, N.A.
Philadelphia, PA				Private Wealth	(2016-2019)
19106-2354				Management
November 1958				(2011–2013)

197

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph W. Chow	Trustee	Since January 2013	128	Private Investor	None
100 Independence				(2011–Present)
610 Market Street
Philadelphia, PA
19106-2354
January 1953

H. Jeffrey Dobbs³	Trustee	Since December 2021	128	KPMG LLP	TechAccel LLC
100 Independence				(2010-2015)	(2015–Present)
610 Market Street				-Global Sector Chairman,	PatientsVoices, Inc.
Philadelphia, PA				Industrial Manufacturing	(2018–Present)
19106-2354				(2010-2015)	Valparaiso University Board
May 1955					(2012-Present)
					Ivy Funds Complex (2019-2021)

198

Table of Contents

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

John A. Fry	Trustee	Since January 2001	128	Drexel University	Federal Reserve
100 Independence				-President	Bank of Philadelphia
610 Market Street				(August 2010–Present)	(2020–Present)
Philadelphia, PA					FS Credit Real Estate Income
19106-2354					Trust, Inc. (2018–Present)
May 1960					vTv Therapeutics Inc.
					(2017–Present)
					Community Health Systems
					(2004–Present)
					Drexel Morgan & Co.
					(2015–2019)

199

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph Harroz, Jr.³	Trustee	Since December 2021	128	University of Oklahoma	OU Medicine, Inc.
100 Independence				-President	(2020–Present)
610 Market Street				(2020–Present)	Big 12 Athletic Conference
Philadelphia, PA				-Interim President	(2019-Present)
19106-2354				(2019–2020)	Valliance Bank
January 1967				-Vice President and	(2007–Present)
				Dean, College of Law	Ivy Funds
				(2010–2019)	(1998-2021)
				Brookhaven Investments
				LLC (commercial
				enterprises)
				-Managing Member
				(2019–Present)
				St. Clair, LLC
				(commercial enterprises)
				-Managing Member
				(2019–Present)

200

Table of Contents


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Sandra A.J.	Trustee	Since December 2021	128	Children’s Mercy	Brixmor Property Group Inc.
Lawrence³				Hospitals and Clinics	(2021-Present)
100 Independence				(2005–2019)	Sera Prognostics Inc.
610 Market Street				-Chief Administrative	(biotechnology) (2021-Present)
Philadelphia, PA				Officer	Recology (resource recovery)
19106-2354				(2016–2019)	(2021-Present)
September 1957					Evergy, Inc., Kansas City Power
					& Light Company, KCP&L
					Greater Missouri Operations
					Company, Westar Energy, Inc.
					and Kansas Gas and Electric
					Company (related utility
					companies) (2018-Present)
					National Association of Corporate
					Directors (2017-Present)
					Ivy Funds Complex (2019-2021)
					American Shared Hospital
					Services (medical device)
					(2017-2021)
					Ivy NextShares (2019)
					Westar Energy (utility)
					(2004-2018)

201

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Frances A.	Trustee	Since September	128	Banco Itaú International	Florida Chapter of National
Sevilla-Sacasa		2011		-Chief Executive Officer	Association of Corporate
100 Independence				(2012–2016)	Directors (2021-Present)
610 Market Street					Callon Petroleum Company
Philadelphia, PA					(2019-Present)
19106-2354					Camden Property Trust
January 1956					(2011-Present)
					New Senior Investment
					Group Inc. (2021)
					Carrizo Oil & Gas, Inc.
					(2018-2019)

Thomas K. Whitford	Trustee	Since January 2013	128	PNC Financial Services	HSBC USA Inc.
100 Independence				Group (1983–2013)	(2014–Present)
610 Market Street				-Vice Chairman	HSBC North America
Philadelphia, PA				(2009-2013)	Holdings Inc.
19106-2354					(2013–Present)
March 1956					HSBC Finance Corporation
					(2013–2018)

202

Table of Contents


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Christianna Wood	Trustee	Since January 2019	128	Gore Creek	The Merger Fund
100 Independence				Capital, Ltd.	(2013–2021),
610 Market Street				-Chief Executive Officer	The Merger Fund VL
Philadelphia, PA				and President	(2013–2021),
19106-2354				(2009–Present)	WCM Alternatives: Event-Driven
August 1959					Fund (2013–2021),
					and WCM Alternatives: Credit
					Event Fund (2017–2021)
					Grange Insurance
					(2013–Present)
					H&R Block Corporation
					(2008–Present)

203

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Janet L. Yeomans	Trustee	Since April 1999	128	3M Company	Okabena Company (2009–2017)
100 Independence				(1995-2012)
610 Market Street				-Vice President and
Philadelphia, PA				Treasurer (2006–2012)
19106-2354
July 1948

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	128	David F. Connor has	None⁴
100 Independence	General Counsel, and	since May 2013;		served in various
610 Market Street	Secretary	General Counsel		capacities at different
Philadelphia, PA		since May 2015;		times at Macquarie Asset
19106-2354		Secretary since		Management.
December 1963		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	128	Daniel V. Geatens has	None⁴
100 Independence	and Treasurer	and Treasurer since		served in various
610 Market Street		October 2007		capacities at different
Philadelphia, PA				times at Macquarie Asset
19106-2354				Management.
October 1972

204

Table of Contents


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Richard Salus	Senior Vice President	Senior Vice President	128	Richard Salus has	None
100 Independence	and Chief Financial	and Chief Financial		served in various
610 Market Street	Officer	Officer since		capacities at different
Philadelphia, PA		November 2006		times at Macquarie Asset
19106-2354				Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

205

Table of Contents

About the organization

Board of trustees
Shawn K. Lytle	Ann D. Borowiec	John A. Fry	Frances A.
President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie

This annual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

206

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie^® Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

H. Jeffrey Dobbs
John A. Fry
Sandra A.J. Lawrence
Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $38,887 for the fiscal year ended August 31, 2022.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2022.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $958,376 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $5,297 for the fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $5,500 for the fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended August 31, 2022.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie^®.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $9,044,000 for the registrant’s fiscal years ended August 31, 2022 and August 31, 2021, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)	(1) Code of Ethics

	Not applicable.

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

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

	Not applicable.

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

SIGNATURES

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

VOYAGEUR INSURED FUNDS

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 4, 2022

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

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 4, 2022

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	November 4, 2022