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:		811-04989

Exact name of registrant as specified in charter:		Voyageur Mutual Funds II

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:		February 28, 2022

Item 1. Reports to Stockholders

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		Semiannual 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

February 28, 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.

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Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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

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

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) 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.

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Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		5
Schedules of investments		11
Statements of assets and liabilities		72
Statements of operations		76
Statements of changes in net assets		78
Financial highlights		90
Notes to financial statements		126
About the organization		145

Unless otherwise noted, views expressed herein are current as of February 28, 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.

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Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 2022 (Unaudited)

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

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 September 1, 2021 to February 28, 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.

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Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 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
	9/1/21			2/28/22			Expense Ratio		9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$973.60		0.84%		$	4.11
Class C			1,000.00			970.10		1.59%			7.77
Institutional Class			1,000.00			974.80		0.59%			2.89
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.63		0.84%		$	4.21
Class C			1,000.00			1,016.91		1.59%			7.95
Institutional Class			1,000.00			1,021.87		0.59%			2.96

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	9/1/21			2/28/22			Expense Ratio		9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$974.10		0.82%		$	4.01
Class C			1,000.00			970.50		1.57%			7.67
Institutional Class			1,000.00			975.30		0.57%			2.79
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.73		0.82%		$	4.11
Class C			1,000.00			1,017.01		1.57%			7.85
Institutional Class			1,000.00			1,021.97		0.57%			2.86

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$976.70		0.82	%		$	4.02
Class C			1,000.00			973.20		1.57	%			7.68
Institutional Class			1,000.00			978.00		0.57	%			2.80
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.73		0.82	%		$	4.11
Class C			1,000.00			1,017.01		1.57	%			7.85
Institutional Class			1,000.00			1,021.97		0.57	%			2.86

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$979.90		0.86	%		$	4.22
Class C			1,000.00			977.10		1.61	%			7.89
Institutional Class			1,000.00			982.00		0.61	%			3.00
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.53		0.86	%		$	4.31
Class C			1,000.00			1,016.81		1.61	%			8.05
Institutional Class			1,000.00			1,021.77		0.61	%			3.06

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Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 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
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$976.00		0.80	%		$	3.92
Class C			1,000.00			973.20		1.55	%			7.58
Institutional Class			1,000.00			977.30		0.55	%			2.70
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.83		0.80	%		$	4.01
Class C			1,000.00			1,017.11		1.55	%			7.75
Institutional Class			1,000.00			1,022.07		0.55	%			2.76

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return^†
Class A		$	1,000.00			$977.30		0.84	%		$	4.12
Class C			1,000.00			974.80		1.59	%			7.79
Institutional Class			1,000.00			979.60		0.59	%			2.90
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.08		0.84	%		$	4.21
Class C			1,000.00			1,017.36		1.59	%			7.95
Institutional Class			1,000.00			1,024.84		0.59	%			2.96

*	“Expenses Paid During Period” are equal to the relevant Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds' expenses reflected on the previous page, 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 applicable Underlying Funds.

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Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of February 28, 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*		97.21	%
Corporate Revenue Bonds		5.33	%
Education Revenue Bonds		25.13	%
Electric Revenue Bonds		6.70	%
Healthcare Revenue Bonds		20.05	%
Lease Revenue Bonds		4.76	%
Local General Obligation Bonds		3.69	%
Pre-Refunded Bonds		1.55	%
Special Tax Revenue Bonds		16.27	%
State General Obligation Bonds		3.95	%
Transportation Revenue Bonds		4.88	%
Water & Sewer Revenue Bonds		4.90	%
Short-Term Investments		2.34	%
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		80.29	%
Puerto Rico		19.26	%
Total Value of Securities		99.55	%

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Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of February 28, 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*		97.81	%
Corporate Revenue Bonds		8.46	%
Education Revenue Bonds		19.92	%
Electric Revenue Bonds		3.24	%
Healthcare Revenue Bonds		10.39	%
Housing Revenue Bonds		2.67	%
Lease Revenue Bonds		3.66	%
Local General Obligation Bonds		3.37	%
Pre-Refunded Bonds		11.03	%
Special Tax Revenue Bonds		15.67	%
State General Obligation Bonds		10.06	%
Transportation Revenue Bonds		9.34	%
Short-Term Investments		1.61	%
Total Value of Securities		99.42	%
Receivables and Other Assets Net of Liabilities		0.58	%
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		80.19	%
Guam		0.30	%
Puerto Rico		18.79	%
US Virgin Islands		0.14	%
Total Value of Securities		99.42	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of February 28, 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*		98.11	%
Corporate Revenue Bonds		2.45	%
Education Revenue Bonds		12.68	%
Electric Revenue Bonds		5.99	%
Healthcare Revenue Bonds		22.33	%
Lease Revenue Bonds		1.72	%
Local General Obligation Bonds		9.12	%
Pre-Refunded Bonds		10.82	%
Special Tax Revenue Bonds		18.14	%
State General Obligation Bonds		3.71	%
Transportation Revenue Bonds		6.02	%
Water & Sewer Revenue Bonds		5.13	%
Short-Term Investments		1.63	%
Total Value of Securities		99.74	%
Receivables and Other Assets Net of Liabilities		0.26	%
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		82.02	%
Guam		0.31	%
Puerto Rico		16.99	%
US Virgin Islands		0.42	%
Total Value of Securities		99.74	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of February 28, 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*		98.69	%
Corporate Revenue Bonds		4.12	%
Education Revenue Bonds		21.20	%
Electric Revenue Bonds		5.06	%
Healthcare Revenue Bonds		9.51	%
Housing Revenue Bonds		3.17	%
Lease Revenue Bonds		12.57	%
Local General Obligation Bonds		14.09	%
Pre-Refunded Bonds		6.65	%
Resource Recovery Revenue Bonds		0.39	%
Special Tax Revenue Bonds		13.25	%
State General Obligation Bonds		5.16	%
Transportation Revenue Bonds		3.10	%
Water & Sewer Revenue Bonds		0.42	%
Short-Term Investments		1.60	%
Total Value of Securities		100.29	%
Liabilities Net of Receivables and Other Assets		(0.29	%)
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
Idaho		81.47	%
Puerto Rico		18.82	%
Total Value of Securities		100.29	%

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Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of February 28, 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*		99.00	%
Corporate Revenue Bonds		5.59	%
Education Revenue Bonds		22.13	%
Electric Revenue Bonds		8.35	%
Healthcare Revenue Bonds		6.61	%
Lease Revenue Bonds		6.16	%
Local General Obligation Bonds		3.35	%
Pre-Refunded Bonds		0.77	%
Resource Recovery Revenue Bond		0.74	%
Special Tax Revenue Bonds		22.05	%
State General Obligation Bonds		5.73	%
Transportation Revenue Bonds		12.28	%
Water & Sewer Revenue Bonds		5.24	%
Short-Term Investments		0.44	%
Total Value of Securities		99.44	%
Receivables and Other Assets Net of Liabilities		0.56	%
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
New York		80.61	%
Puerto Rico		18.83	%
Total Value of Securities		99.44	%

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Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of February 28, 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*		99.20	%
Corporate Revenue Bonds		6.05	%
Education Revenue Bonds		10.84	%
Electric Revenue Bonds		3.25	%
Healthcare Revenue Bonds		33.87	%
Lease Revenue Bonds		1.07	%
Local General Obligation Bonds		6.73	%
Pre-Refunded/Escrowed to Maturity Bonds		5.90	%
Special Tax Revenue Bonds		15.91	%
State General Obligation Bonds		4.65	%
Transportation Revenue Bonds		10.35	%
Water & Sewer Revenue Bond		0.58	%
Total Value of Securities		99.20	%
Receivables and Other Assets Net of Liabilities		0.80	%
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
Pennsylvania		81.91	%
Puerto Rico		17.29	%
Total Value of Securities		99.20	%

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Schedules of investments
Delaware Tax-Free Arizona Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.21%
Corporate Revenue Bonds – 5.33%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 6.00% 7/1/51 #	550,000	$	595,931
		Series A 144A 7.75% 7/1/50 #	285,000		333,695
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	1,300,000		1,328,197
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	2,000,000		2,549,040
					4,806,863
Education Revenue Bonds – 25.13%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51	1,000,000		1,112,300
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	350,000		380,503
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	250,000		289,615
		144A 6.00% 7/1/47 #	400,000		458,128
		(Doral Academy of Nevada - Fire Mesa and Red Rock
		Campus Projects)
		Series A 144A 5.00% 7/15/49 #	375,000		414,866
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	500,000		535,250
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49	1,600,000		1,715,712
		(Great Hearts Arizona Projects)
		Series A 2.25% 7/1/46	1,000,000		849,190
		Series A 2.375% 7/1/52	1,000,000		836,870
		(KIPP NYC Public Charter Schools - Macombs Facility
		Project)
		Series A 4.00% 7/1/61	1,980,000		2,078,822
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	375,000		399,532
		(Pinecrest Academy of Nevada-Horizon, Inspirada and
		St. Rose Campus Projects)
		Series A 144A 5.75% 7/15/48 #	250,000		277,948
	Arizona State University Energy Management Revenue
		(Arizona State University Tempe Campus II Project)
		4.50% 7/1/24	1,000,000		1,003,260

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Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31	645,000	$	648,664
	Maricopa County Industrial Development Authority
		Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		280,053
		(Creighton University Project)
		4.00% 7/1/50	1,000,000		1,087,360
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52	725,000		808,324
		(Highland Prep Projects)
		Series A 4.00% 7/1/56	2,000,000		2,161,380
		(Reid Traditional Schools Projects)
		5.00% 7/1/47	785,000		855,336
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic
		Village Project)
		5.00% 7/1/31	500,000		569,300
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42	1,250,000		1,263,462
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	500,000		502,565
		(Great Hearts Academic Project)
		5.00% 7/1/46	1,000,000		1,072,380
		(Rowan University Project)
		5.00% 6/1/42	2,000,000		2,018,200
	Pima County Industrial Development Authority Education
		Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #	500,000		526,170
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44	475,000		533,472
					22,678,662
Electric Revenue Bonds – 6.70%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	450,000		464,062
		Series A 5.05% 7/1/42 ‡	55,000		56,719
		Series AAA 5.25% 7/1/25 ‡	35,000		36,269
		Series WW 5.00% 7/1/28 ‡	550,000		567,187
		Series WW 5.50% 7/1/38 ‡	710,000		738,400

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 4.75% 7/1/26 ‡	35,000	$	35,963
		Series XX 5.25% 7/1/40 ‡	355,000		367,869
		Series XX 5.75% 7/1/36 ‡	125,000		130,469
		Series ZZ 4.75% 7/1/27 ‡	30,000		30,825
		Series ZZ 5.25% 7/1/24 ‡	45,000		46,631
	Salt River Project Agricultural Improvement & Power
		District Electric System Revenue
		Series A 5.00% 1/1/39	2,000,000		2,362,500
		Series A 5.00% 1/1/47	1,000,000		1,206,910
					6,043,804
Healthcare Revenue Bonds – 20.05%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,088,830
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project
		First Tier)
		Series A 5.00% 1/1/54	145,000		128,611
		(Great Lakes Senior Living Communities LLC Project
		Fourth Tier)
		144A 7.75% 1/1/54 #	150,000		110,725
		(Great Lakes Senior Living Communities LLC Project
		Second Tier)
		Series B 5.00% 1/1/49	55,000		43,744
		Series B 5.125% 1/1/54	65,000		51,817
		(Great Lakes Senior Living Communities LLC Project
		Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		363,770
		(Phoenix Children's Hospital)
		Series A 4.00% 2/1/50	2,190,000		2,392,947
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		248,300
		5.25% 11/15/46	415,000		368,308
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		1,090,220
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,112,490

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glendale Industrial Development Authority Revenue
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000	$	206,388
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	275,000		283,143
	Maricopa County Industrial Development Authority Health
		Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		1,095,540
		Series A 4.00% 1/1/44	1,665,000		1,837,660
		Series D 4.00% 1/1/48	650,000		718,673
	Maricopa County Industrial Development Authority
		Hospital Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000		487,385
		Series A 4.00% 9/1/51	250,000		277,882
	Maricopa County Industrial Development Authority Senior
		Living Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		357,753
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		Revenue
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	75,000		82,753
		4.00% 7/1/39	75,000		82,349
		5.00% 7/1/30	105,000		126,657
		5.00% 7/1/32	170,000		206,902
		5.00% 7/1/35	65,000		78,550
	Tempe Industrial Development Authority Revenue
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		845,704
	Yavapai County Industrial Development Authority Hospital
		Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,649,070
		Series A 5.25% 8/1/33	2,000,000		2,110,140
	Yuma Industrial Development Authority Hospital Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		318,335
		Series A 5.25% 8/1/32	300,000		326,241
					18,090,887

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 4.76%
	Arizona Game & Fish Department & Community
		Beneficial Interest Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000	$	1,003,590
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36	350,000		353,836
	Maricopa County Industrial Development Authority
		Correctional Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)	355,000		355,927
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49	2,000,000		2,356,060
	Puerto Rico Public Buildings Authority Revenue
		(Government Facilities)
		Series C 5.75% 7/1/17 ‡	30,000		33,562
		Series D 5.25% 7/1/36 ‡	60,000		65,625
		Series M-1 5.75% 7/1/17 ‡	85,000		95,094
		Series Q 5.50% 7/1/37 ‡	30,000		33,225
					4,296,919
Local General Obligation Bonds – 3.69%
	Maricopa County High School District No. 214 Tolleson
		Union High School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000		1,126,750
	Maricopa County School District No. 3 Tempe Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		673,126
	Maricopa County Unified School District No. 69 Paradise
		Valley
		4.00% 7/1/39	600,000		687,192
	Maricopa County Unified School District No. 95 Queen
		Creek
		(School Improvement)
		4.00% 7/1/35	500,000		565,755
	Pinal County Community College District
		4.00% 7/1/31	250,000		272,607
					3,325,430

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds – 1.55%
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §	10,000	$	10,110
		Series A 5.00% 6/1/38-23 §	1,000,000		1,050,240
		Unrefunded Series A 5.00% 6/1/25-22 §	335,000		338,521
					1,398,871
Special Tax Revenue Bonds – 16.27%
	Bullhead City, Arizona Excise Taxes Revenue
		2.30% 7/1/41	1,000,000		895,940
	GDB Debt Recovery Authority
		7.50% 8/20/40	2,231,650		2,097,751
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		588,177
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,110,700
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.539% 7/1/46 ^	2,050,000		665,963
		Series A-1 4.911% 7/1/51 ^	4,640,000		1,092,163
		(Restructured)
		Series A-1 4.75% 7/1/53	2,485,000		2,748,261
		Series A-1 5.00% 7/1/58	750,000		841,087
		Series A-2 4.329% 7/1/40	2,825,000		3,093,460
	Regional Public Transportation Authority
		(Maricopa County Public Transportation)
		5.25% 7/1/24	500,000		546,325
	Sedona city, Arizona Excise Tax Revenue
		4.00% 7/1/42 (BAM)	875,000		1,000,458
					14,680,285
State General Obligation Bonds – 3.95%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 4.018% 6/1/22 #	540,000		535,950
		Series A 144A 5.50% 6/1/22 #	180,000		183,375
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	455,000		415,187
		Series A 5.125% 7/1/37 ‡	1,190,000		1,109,675
		Series A 5.375% 7/1/33 ‡	270,000		269,660
		Series A 8.00% 7/1/35 ‡	240,000		216,300
		Series B 5.00% 7/1/35 ‡	160,000		160,600

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	680,000	$	670,643
					3,561,390
Transportation Revenue Bonds – 4.88%
	Arizona Department of Transportation State Highway
		Fund Revenue
		5.00% 7/1/35	500,000		568,400
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series B 5.00% 7/1/49 (AMT)	400,000		461,312
		(Senior Lien)
		4.00% 7/1/48 (AMT)	500,000		535,110
		5.00% 7/1/32 (AMT)	500,000		522,070
		Series A 5.00% 7/1/36 (AMT)	1,000,000		1,148,940
		Series B 5.00% 7/1/37	1,000,000		1,166,500
					4,402,332
Water & Sewer Revenue Bonds – 4.90%
	Arizona Water Infrastructure Finance Authority
		(Water Quality Revenue)
		Series A 5.00% 10/1/26	1,000,000		1,094,640
	Central Arizona Water Conservation District
		(Central Arizona Project)
		5.00% 1/1/31	600,000		675,054
	Mesa Utility System Revenue
		4.00% 7/1/31	850,000		931,328
	Phoenix Civic Improvement Corporation
		(Junior Lien)
		5.00% 7/1/27	1,000,000		1,150,800
		5.00% 7/1/31	500,000		570,200
					4,422,022
Total Municipal Bonds (cost $84,216,879)					87,707,465

Short-Term Investments – 2.34%
Variable Rate Demand Notes – 2.34%¤
	Arizona Health Facilities Authority Revenue
		(Banner Health) Series C 0.06% 1/1/46
		(LOC - Bank Of America, N.A.)	200,000		200,000

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.06% 11/15/52
		(SPA - Northern Trust Company)	1,915,000	$	1,915,000
Total Short-Term Investments (cost $2,115,000)					2,115,000
Total Value of Securities–99.55%
	(cost $86,331,879)			$	89,822,465

°	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 February 28, 2022, the aggregate value of Rule 144A securities was $6,888,968, which represents 7.64% of the Fund's net assets. See Note 7 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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 7 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 February 28, 2022.

Summary of abbreviations:

ACA – Insured by American Capital Access

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

Table of Contents

Summary of abbreviations: (continued)

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	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.81%
Corporate Revenue Bonds – 8.46%
	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 0.324% 6/1/66 ^	2,500,000		373,975
	Inland Empire Tobacco Securitization Authority
		(Capital Appreciation Turbo Asset-Backed)
		Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,586,816
	M-S-R Energy Authority Revenue
		Series B 6.50% 11/1/39	500,000		738,645
	Sacramento County Sanitation Districts Financing
		Authority Revenue
		(Sacramento Regional County Sanitation District)
		Series A 5.00% 12/1/45	2,000,000		2,462,320
	Tobacco Securitization Authority of Northern California
		(Sacramento County)
		Series A Class 1 Senior 4.00% 6/1/36	300,000		329,640
		Series A Class 1 Senior 4.00% 6/1/37	300,000		329,352
		Series A Class 1 Senior 4.00% 6/1/38	400,000		438,292
		Series A Class 1 Senior 4.00% 6/1/39	250,000		273,417
		Series A Class 1 Senior 4.00% 6/1/40	300,000		327,555
		Series A Class 1 Senior 4.00% 6/1/49	1,000,000		1,086,500
	Tobacco Securitization Authority of Southern California
		(San Diego County)
		Capital Appreciation Second Subordinate
		Series C 0.599% 6/1/46 ^	16,690,000		3,154,577
		Capital Appreciation Third Subordinate
		Series D 0.301% 6/1/46 ^	4,915,000		828,325
					12,109,414
Education Revenue Bonds – 19.92%
	California Educational Facilities Authority
		(Loma Linda University)
		Series A 5.00% 4/1/47	1,000,000		1,129,350
		(Stanford University - Green Bonds)
		Series V-2 2.25% 4/1/51	300,000		256,014
		(Stanford University)
		Series U-1 5.25% 4/1/40	1,840,000		2,598,209
		Series V-1 5.00% 5/1/49	1,460,000		2,116,985

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
		(Bella Mente Montessori Academy Project)
		Series A 144A 5.00% 6/1/48 #	500,000	$	549,075
		(Biola University)
		5.00% 10/1/39	1,000,000		1,136,740
		(California Baptist University)
		Series A 144A 5.375% 11/1/40 #	1,000,000		1,107,420
		(CHF - Davis I, LLC - West Village Student Housing
		Project)
		5.00% 5/15/48	1,000,000		1,131,600
		(Emerson College)
		Series B 5.00% 1/1/32	1,000,000		1,142,380
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	850,000		874,369
		(Literacy First Charter Schools Project)
		Series A 5.00% 12/1/49	750,000		856,193
		(Southwestern Law School)
		4.00% 11/1/41	575,000		629,366
	California School Finance Authority
		(Aspire Public Schools - Obligated Group Issue #3)
		Series A 144A 5.00% 8/1/40 #	1,000,000		1,145,880
		(Aspire Public Schools - Obligated Group)
		Series A 144A 5.00% 8/1/45 #	715,000		779,400
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/42 #	500,000		462,750
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	250,000		271,963
		(Granada Hills Charter Obligated Group)
		144A 5.00% 7/1/49 #	475,000		521,341
		(Green Dot Public Schools Project)
		Series A 144A 5.00% 8/1/35 #	1,000,000		1,085,950
		(Grimmway Schools - Obligated Group)
		Series A 144A 5.00% 7/1/36 #	500,000		544,335
		(ICEF - View Park Elementary & Middle Schools)
		Series A 5.625% 10/1/34	575,000		617,975
		(KIPP LA Projects)
		Series A 5.125% 7/1/44	1,000,000		1,066,160
		(KIPP SoCal Projects)
		Series A 144A 5.00% 7/1/49 #	1,000,000		1,151,840

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(Partnerships to Uplift Communities Valley Project)
		Series A 144A 6.75% 8/1/44 #	1,000,000	$	1,071,520
		(Russell Westbrook Why Not? Academy - Obligated
		Group)
		Series A 144A 4.00% 6/1/51 #	1,200,000		1,179,600
	California State University Systemwide Revenue
		Series A 5.00% 11/1/47	1,000,000		1,157,630
	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		301,227
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	750,000		802,913
	Mt. San Antonio Community College District Convertible
		Capital Appreciation Election 2008
		Series A 0.00% 8/1/28 ~	1,000,000		1,143,650
	Regents of the University of California General Revenue
		Series BE 4.00% 5/15/50	1,500,000		1,677,480
					28,509,315
Electric Revenue Bonds – 3.24%
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Series A 5.00% 7/1/42	1,000,000		1,147,540
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	350,000		360,937
		Series A 5.05% 7/1/42 ‡	70,000		72,188
		Series A 6.75% 7/1/36 ‡	185,000		196,098
		Series AAA 5.25% 7/1/25 ‡	40,000		41,450
		Series CCC 5.25% 7/1/27 ‡	325,000		336,781
		Series TT 5.00% 7/1/32 ‡	340,000		350,625
		Series WW 5.00% 7/1/28 ‡	470,000		484,687
		Series WW 5.25% 7/1/33 ‡	335,000		347,144
		Series WW 5.50% 7/1/38 ‡	730,000		759,200
		Series XX 4.75% 7/1/26 ‡	45,000		46,238
		Series XX 5.25% 7/1/40 ‡	230,000		238,337
		Series XX 5.75% 7/1/36 ‡	150,000		156,562
		Series ZZ 4.75% 7/1/27 ‡	35,000		35,963

Table of Contents


			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	55,000	$	56,994
					4,630,744
Healthcare Revenue Bonds – 10.39%
	California Educational Facilities Authority
		(Stanford University)
		Series V-2 5.00% 4/1/51	500,000		730,440
	California Health Facilities Financing Authority Revenue
		(Cedars-Sinai Medical Center)
		Series B 4.00% 8/15/36	500,000		544,275
		(Children's Hospital Los Angeles)
		Series A 5.00% 11/15/34	500,000		511,660
		Series A 5.00% 8/15/47	500,000		572,995
		(Children's Hospital of Orange County)
		Series A 2.125% 11/1/41	2,500,000		2,220,800
		(Kaiser Permanente)
		Subordinate Series A-2 4.00% 11/1/44	1,005,000		1,107,540
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	750,000		863,077
		Series A 5.00% 2/1/47	250,000		285,918
		(Goodwill Industry of Sacramento Valley & Northern
		Nevada Project)
		5.00% 1/1/35	635,000		610,318
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		562,550
	California Municipal Finance Authority Senior Living
		Revenue
		(Mt. San Antonio Gardens Project)
		Series A 4.00% 11/15/52	750,000		787,305
		Series A 4.00% 11/15/56	750,000		780,480
	California Public Finance Authority Senior Living Revenue
		(Enso Village Project - Green Bonds)
		Series A 144A 5.00% 11/15/51 #	500,000		548,605
	California Statewide Communities Development Authority
		Revenue
		(Adventist Health System/West)
		Series A 4.00% 3/1/48	1,000,000		1,095,790
		(Emanate Health)
		Series A 4.00% 4/1/45	255,000		284,134
		(Episcopal Communities & Services)
		5.00% 5/15/32	600,000		604,302

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund


			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Statewide Communities Development Authority
		Revenue
		(Huntington Memorial Hospital)
		4.00% 7/1/48	500,000	$	545,115
		(Marin General Hospital - Green Bonds)
		Series A 4.00% 8/1/45	500,000		509,480
		(Redlands Community Hospital)
		5.00% 10/1/46	1,000,000		1,122,150
	Palomar Health
		5.00% 11/1/47 (AGM)	500,000		587,010
					14,873,944
Housing Revenue Bonds – 2.67%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	483,149		532,721
	Independent Cities Finance Authority Mobile Home Park
		Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,054,670
		Series A 5.25% 5/15/49	1,200,000		1,264,368
	Santa Clara County Multifamily Housing Authority
		Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	965,000		967,808
					3,819,567
Lease Revenue Bonds – 3.66%
	California Infrastructure & Economic Development Bank
		(Academy of Motion Picture Arts & Sciences Obligated
		Group)
		Series A 5.00% 11/1/41	1,000,000		1,062,270
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure
		Improvement Program - Phase II)
		Series A 5.00% 6/1/43	750,000		881,415
	California State Public Works Board
		(Department of General Services - New Natural
		Resources)
		Series C 4.00% 11/1/46	1,000,000		1,126,110
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,072,370

Table of Contents


			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000	$	1,097,980
					5,240,145
Local General Obligation Bonds – 3.37%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^	1,000,000		941,290
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Subordinate Series A-1 0.03% 7/1/50 •	1,070,000		1,070,000
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000		553,635
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		590,140
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40	1,000,000		1,107,230
	San Francisco Bay Area Rapid Transit District Election of
		2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		563,595
					4,825,890
Pre-Refunded Bonds – 11.03%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37-22 §	1,000,000		1,014,420
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,044,210
		Series S-H 5.00% 4/1/44-29 §	1,000,000		1,224,900
	California Health Facilities Financing Authority Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,122,000
	California Municipal Finance Authority Mobile Home Park
		Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47-22 §	250,000		255,458

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
California State Public Works Board
(California State University: Various Buildings)
Series E 5.00% 9/1/33-22 §	1,000,000	$	1,021,540
California Statewide Communities Development Authority
Revenue
(Covenant Retirement Communities)
Series C 5.625% 12/1/36-23 §	1,000,000		1,075,870
Fresno Unified School District
Election of 2016
Series A 5.00% 8/1/41-26 §	500,000		577,165
Golden State Tobacco Securitization Settlement Revenue
(Asset-Backed)
Series A-2 5.00% 6/1/47-22 §	2,400,000		2,425,848
(Enhanced Asset-Backed)
Series A 5.00% 6/1/29-23 §	1,000,000		1,049,730
Series A 5.00% 6/1/45-25 §	1,000,000		1,115,260
La Verne
(Brethren Hillcrest Homes)
5.00% 5/15/36-22 §	750,000		764,167
Riverside County Transportation Commission Senior Lien
(Current Interest Obligations)
Series A 5.75% 6/1/44-23 §	500,000		529,825
San Francisco Municipal Transportation Agency Revenue
5.00% 3/1/32-23 §	1,000,000		1,041,070
Series B 5.00% 3/1/37-22 §	1,000,000		1,000,000
San Jose Financing Authority Lease Revenue
(Civic Center Project)
Series A 5.00% 6/1/33-23 §	500,000		524,865
			15,786,328
Special Tax Revenue Bonds – 15.67%
City of Irvine Limited Obligation Improvement Bonds
(Reassessment District No. 21-1)
4.00% 9/2/46 (BAM)	1,340,000		1,532,035
GDB Debt Recovery Authority
7.50% 8/20/40	3,558,599		3,345,083
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.667% 7/1/46 ^	16,791,000		5,454,724
Series A-1 4.75% 7/1/53	3,105,000		3,433,944
Series A-1 4.894% 7/1/51 ^	5,445,000		1,281,644
Series A-1 5.00% 7/1/58	2,820,000		3,162,489
Series A-2 4.329% 7/1/40	1,485,000		1,626,120

Table of Contents

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series B-1 4.75% 7/1/53	135,000	$	149,302
Sacramento Transient Occupancy Tax Revenue
(Convention Center Complex)
Senior Series A 5.00% 6/1/38	500,000		581,485
Senior Series A 5.00% 6/1/48	1,000,000		1,152,350
Virgin Islands Public Finance Authority Revenue
(Virgin Islands Matching Fund Loan Note)
Series A Working Capital 4.00% 10/1/22	200,000		200,220
Yucaipa Special Tax Community Facilities District No.
98-1
(Chapman Heights)
5.375% 9/1/30	500,000		503,065
			22,422,461
State General Obligation Bonds – 10.06%
California
(Various Purpose)
4.00% 3/1/36	500,000		572,325
5.00% 9/1/31	1,000,000		1,057,610
5.00% 4/1/32	300,000		388,563
5.00% 9/1/32	2,500,000		3,204,875
5.00% 4/1/37	2,000,000		2,085,320
5.00% 8/1/46	1,000,000		1,136,850
5.25% 4/1/35	1,000,000		1,003,450
Commonwealth of Puerto Rico
(Custodial Receipts)
Series A 144A 5.50% 6/1/22 #	140,000		142,625
Series PIB 144A 4.018% 6/1/22 #	575,000		570,687
(Public Improvement)
Series A 5.00% 7/1/24 ‡	265,000		265,663
Series A 5.00% 7/1/41 ‡	770,000		702,625
Series A 5.125% 7/1/37 ‡	560,000		522,200
Series A 5.25% 7/1/34 ‡	395,000		397,963
Series A 5.375% 7/1/33 ‡	485,000		484,389
Series A 8.00% 7/1/35 ‡	230,000		207,288
Series B 5.00% 7/1/35 ‡	430,000		431,612
Series B 5.75% 7/1/38 ‡	610,000		601,606
Series C 6.00% 7/1/39 ‡	615,000		611,925
			14,387,576

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 9.34%
California Municipal Finance Authority Senior Lien
(LINXS APM Project)
Series A 5.00% 12/31/47 (AMT)	1,745,000	$	1,985,862
Long Beach Marina Revenue
(Alamitos Bay Marina Project)
5.00% 5/15/45	500,000		533,710
Los Angeles Department of Airports
(Los Angeles International Airport)
Senior Series D 5.00% 5/15/36 (AMT)	1,000,000		1,094,680
Series A Private Activity 5.00% 5/15/51 (AMT)	1,500,000		1,789,965
Port Authority of Guam Revenue
(Governmental)
Series A 5.00% 7/1/48	375,000		424,121
Sacramento County Airport System Revenue
Series C 5.00% 7/1/39 (AMT)	500,000		575,305
Subordinate Series B 5.00% 7/1/41	500,000		564,970
San Diego County Regional Airport Authority
(Private Activity)
Subordinate Series B 4.00% 7/1/56 (AMT)	1,000,000		1,074,780
San Diego Redevelopment Agency
(Centre City Redevelopment Project)
Series A 6.40% 9/1/25	615,000		617,946
San Francisco City & County Airports Commission
(San Francisco International Airport)
Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,174,800
Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,150,820
Second Series E 5.00% 5/1/50 (AMT)	500,000		572,965
San Jose Airport Revenue
Series B 5.00% 3/1/36	575,000		661,331
Series B 5.00% 3/1/42	1,000,000		1,144,560
			13,365,815
Total Municipal Bonds (cost $134,351,918)			139,971,199

Table of Contents

	Principal
	amount°	Value (US $)
Short-Term Investments – 1.61%
Variable Rate Demand Note – 1.61%¤
Los Angeles Department of Water & Power Revenue
Subordinate Series B-3 0.03% 7/1/34 (SPA - Barclays
Bank)	2,300,000	$	2,300,000
Total Short-Term Investments (cost $2,300,000)			2,300,000
Total Value of Securities–99.42%
(cost $136,651,918)		$	142,271,199

°	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 February 28, 2022, the aggregate value of Rule 144A securities was $13,774,176, which represents 9.63% of the Fund's net assets. See Note 7 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.
~	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 February 28, 2022.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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.
§	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 7 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

Summary of abbreviations: (continued)
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
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	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.11%
Corporate Revenue Bonds – 2.45%
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	4,250,000	$	6,127,055
					6,127,055
Education Revenue Bonds – 12.68%
	Board of Governors of the Colorado State University
		System Enterprise Revenue
		Series A 5.00% 3/1/43	2,480,000		3,354,894
	Board of Trustees For Colorado Mesa University
		Enterprise Revenue
		Series B 5.00% 5/15/44	1,000,000		1,198,370
		Series B 5.00% 5/15/49	750,000		893,438
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Alexander Dawson School-Nevada Project)
		5.00% 5/15/29	1,230,000		1,377,366
		(Aspen Ridge School Project)
		Series A 144A 5.00% 7/1/36 #	500,000		529,005
		Series A 144A 5.25% 7/1/46 #	1,350,000		1,423,156
		(Aspen View Academy Project)
		4.00% 5/1/51	500,000		526,185
		4.00% 5/1/61	750,000		779,055
		(Atlas Preparatory Charter School)
		144A 5.25% 4/1/45 #	1,300,000		1,325,831
		(Charter School Project)
		5.00% 7/15/37	1,150,000		1,162,432
		(Community Leadership Academy, Inc. Second
		Campus Project)
		7.45% 8/1/48	1,000,000		1,062,400
		(Global Village Academy)
		144A 5.00% 12/1/50 #	1,000,000		1,037,950
		(Liberty Common Charter School Project)
		Series A 5.00% 1/15/39	1,000,000		1,042,010
		(Littleton Preparatory Charter School Project)
		5.00% 12/1/33	450,000		457,047
		5.00% 12/1/42	540,000		546,934
		(Loveland Classical Schools Project)
		144A 5.00% 7/1/36 #	625,000		669,081
		144A 5.00% 7/1/46 #	500,000		527,605
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000		728,511

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			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	$	943,756
		5.00% 11/1/54	1,500,000		1,584,810
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		898,098
		144A 5.50% 7/1/49 #	870,000		909,959
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		440,896
		Series A 4.00% 3/1/36	550,000		605,886
		(University of Lab Charter School)
		5.00% 12/15/45	500,000		539,725
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		81,749
		5.00% 5/1/31	1,000,000		1,084,250
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45	1,000,000		1,114,460
	University of Colorado
		(University Enterprise Refunding Revenue)
		Series C-4 4.00% 6/1/51	4,250,000		4,851,800
					31,696,659
Electric Revenue Bonds – 5.99%
	Colorado Springs Utilities System Revenue
		Series B 4.00% 11/15/46	1,250,000		1,433,688
		Series B 4.00% 11/15/51	1,000,000		1,141,300
	Loveland Colorado Electric & Communications Enterprise
		Revenue
		Series A 5.00% 12/1/44	2,185,000		2,591,344
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		3,787,575
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		175,312
		Series AAA 5.25% 7/1/25 ‡	95,000		98,444
		Series CCC 5.25% 7/1/27 ‡	705,000		730,556
		Series WW 5.00% 7/1/28 ‡	660,000		680,625
		Series WW 5.25% 7/1/33 ‡	210,000		217,612
		Series WW 5.50% 7/1/17 ‡	460,000		477,250
		Series WW 5.50% 7/1/19 ‡	360,000		373,500

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 4.75% 7/1/26 ‡	105,000	$	107,888
		Series XX 5.25% 7/1/40 ‡	1,840,000		1,906,700
		Series XX 5.75% 7/1/36 ‡	365,000		380,969
		Series ZZ 4.75% 7/1/27 ‡	85,000		87,338
		Series ZZ 5.00% 7/1/19 ‡	620,000		637,825
		Series ZZ 5.25% 7/1/24 ‡	140,000		145,075
					14,973,001
Healthcare Revenue Bonds – 22.33%
	Colorado Health Facilities Authority Revenue
		(Aberdeen Ridge)
		Series A 5.00% 5/15/58	1,500,000		1,518,645
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	4,325,000		4,215,318
		Series A 4.00% 11/15/43	4,000,000		4,447,040
		(American Baptist)
		7.625% 8/1/33	150,000		156,840
		8.00% 8/1/43	1,000,000		1,050,500
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,480,152
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,320,000		2,144,562
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	2,000,000		2,193,440
		Series A-1 4.00% 8/1/44	2,000,000		2,168,600
		Series A-2 4.00% 8/1/49	3,000,000		3,232,740
		Series A-2 5.00% 8/1/39	1,505,000		1,766,027
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,391,438
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,090,270
		(Craig Hospital Project)
		5.00% 12/1/32	3,500,000		3,579,905
		(Frasier Project)
		Series A 4.00% 5/15/48	1,000,000		995,220
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,106,840
		(National Jewish Health Project)
		5.00% 1/1/27	300,000		300,804
		(Sanford Health)
		Series A 5.00% 11/1/44	4,500,000		5,315,940

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(SCL Health System)
		Series A 4.00% 1/1/37	2,150,000	$	2,392,972
		Series A 4.00% 1/1/38	3,895,000		4,327,501
		Series A 5.00% 1/1/44	3,050,000		3,230,834
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		881,948
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,110,710
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		740,608
	Denver Health & Hospital Authority Health Care Revenue
		Series A 4.00% 12/1/39	1,000,000		1,094,020
		Series A 4.00% 12/1/40	250,000		273,087
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	210,000		231,710
		4.00% 7/1/39	210,000		230,576
		5.00% 7/1/30	290,000		349,816
		5.00% 7/1/32	475,000		578,108
		5.00% 7/1/35	190,000		229,607
					55,825,778
Lease Revenue Bonds – 1.72%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		745,087
		5.00% 6/15/36	1,055,000		1,187,297
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		815,850
	Regional Transportation District Certificates of
		Participation
		Series A 5.00% 6/1/33	1,500,000		1,564,830
					4,313,064
Local General Obligation Bonds – 9.12%
	Adams & Weld Counties School District No. 27J Brighton
		4.00% 12/1/30	300,000		327,882
		4.00% 12/1/31	1,000,000		1,091,400
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/33	1,000,000		1,247,050

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/38	350,000	$	434,595
	Beacon Point Metropolitan District
		5.00% 12/1/30 (AGM)	1,130,000		1,271,239
	Boulder Valley School District No. Re-2 Boulder
		Series A 4.00% 12/1/48	1,370,000		1,545,881
	Commerce City Northern Infrastructure General
		Improvement District
		5.00% 12/1/32 (AGM)	2,125,000		2,188,835
	El Paso County School District No. 2 Harrison
		5.00% 12/1/38	1,000,000		1,209,950
	Grand River Hospital District
		5.25% 12/1/35 (AGM)	1,000,000		1,177,330
	Jefferson County School District No. R-1
		5.25% 12/15/24	1,250,000		1,387,150
	Sierra Ridge Metropolitan District No. 2
		Series A 5.50% 12/1/46	1,000,000		1,031,100
	Verve Metropolitan District No. 1
		5.00% 12/1/51	2,000,000		2,083,860
	Weld County Reorganized School District No. Re-8
		5.00% 12/1/31	990,000		1,144,628
		5.00% 12/1/32	660,000		762,432
	Weld County School District No. Re-1
		5.00% 12/15/31 (AGM)	1,000,000		1,147,850
	Weld County School District No. Re-2 Eaton
		Series 2 5.00% 12/1/44	2,000,000		2,445,320
	Weld County School District No. Re-3J
		5.00% 12/15/34 (BAM)	2,000,000		2,294,700
					22,791,202
Pre-Refunded Bonds – 10.82%
	Central Colorado Water Conservancy District
		(Limited Tax)
		5.00% 12/1/33-23 §	1,000,000		1,066,720
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Johnson & Wales University)
		Series A 5.25% 4/1/37-23 §	1,790,000		1,870,765
	Colorado Health Facilities Authority Revenue
		(Catholic Health Initiatives)
		Series A 5.25% 1/1/45-23 §	2,000,000		2,071,800

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(Covenant Retirement Communities)
		Series A 5.00% 12/1/33-22 §	4,000,000	$	4,125,960
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48-23	660,000		690,142
		(NCMC Project)
		4.00% 5/15/32-26 §	2,000,000		2,203,820
		(The Evangelical Lutheran Good Samaritan Society
		Project)
		5.625% 6/1/43-23 §	1,150,000		1,215,182
	Denver City & County Airport System Revenue
		Series B 5.00% 11/15/30-22 §	250,000		257,375
		Series B 5.00% 11/15/32-22 §	1,000,000		1,029,500
		Series B 5.00% 11/15/37-22 §	8,000,000		8,236,000
	Eaton Area Park & Recreation District
		5.25% 12/1/34-22 §	360,000		371,865
		5.50% 12/1/38-22 §	700,000		724,374
	Pueblo County Certificates of Participation
		(County Judicial Complex Project)
		5.00% 9/15/42-22 (AGM) §	300,000		306,966
	Tallyn's Reach Metropolitan District No. 3
		5.125% 11/1/38-23 §	740,000		786,317
		University of Colorado
		Series A 5.00% 6/1/33-23 §	2,000,000		2,100,480
					27,057,266
Special Tax Revenue Bonds – 18.14%
	Broomfield Colorado Sales & Use Tax Revenue
		5.00% 12/1/33	1,000,000		1,180,090
	Central Platte Valley Metropolitan District
		5.00% 12/1/43	725,000		745,416
	Commerce City
		5.00% 8/1/44 (AGM)	1,500,000		1,611,255
	Denver Convention Center Hotel Authority Revenue
		5.00% 12/1/40	2,660,000		2,949,302
	Fountain Urban Renewal Authority Tax Increment
		Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	1,375,000		1,410,131
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	9,713,744		9,130,919

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Lincoln Park Metropolitan District
		5.00% 12/1/46 (AGM)	1,000,000	$	1,141,220
	Plaza Metropolitan District No. 1
		144A 5.00% 12/1/40 #	1,265,000		1,277,878
	Prairie Center Metropolitan District No. 3
		Series A 144A 5.00% 12/15/41 #	1,000,000		1,045,140
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.559% 7/1/46 ^	13,935,000		4,526,924
		Series A-1 4.898% 7/1/51 ^	2,715,000		639,057
		(Restructured)
		Series A-1 4.75% 7/1/53	4,045,000		4,473,527
		Series A-1 5.00% 7/1/58	3,122,000		3,501,167
		Series A-2 4.536% 7/1/53	3,000,000		3,280,950
	Regional Transportation District Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	670,000		774,667
		Series A 5.00% 11/1/31	1,495,000		1,725,619
		Series A 5.00% 11/1/36	2,750,000		3,170,200
	Southlands Metropolitan District No. 1
		Series A-1 5.00% 12/1/37	300,000		323,898
	Thornton Development Authority
		(East 144th Avenue I-25 Project)
		Series B 5.00% 12/1/35	485,000		526,851
		Series B 5.00% 12/1/36	810,000		879,214
	Virgin Islands Public Finance Authority
		(Matching Fund Loan Senior Lien)
		5.00% 10/1/29 (AGM)	1,000,000		1,037,770
					45,351,195
State General Obligation Bonds – 3.71%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	2,185,000		2,225,969
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	1,295,000		1,181,687
		Series A 5.375% 7/1/33 ‡	675,000		674,150
		Series A 5.50% 7/1/39 ‡	2,950,000		2,802,500
		Series B 5.00% 7/1/35 ‡	550,000		552,063
		Series B 5.75% 7/1/38 ‡	960,000		946,790
		Series C 6.00% 7/1/39 ‡	890,000		885,550
					9,268,709

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 6.02%
	Colorado High Performance Transportation Enterprise
		Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	2,000,000	$	2,194,220
		(Senior U.S. 36 & I-25 Managed Lanes)
		5.75% 1/1/44 (AMT)	2,140,000		2,220,913
	Denver City & County Airport System Revenue
		Series A 4.00% 12/1/48 (AMT)	400,000		425,968
		Series A 5.00% 11/15/30 (AMT)	1,500,000		1,730,970
		Series A 5.00% 12/1/48 (AMT)	2,000,000		2,304,320
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	900,000		1,111,545
		Series A 5.00% 9/1/35	400,000		493,524
		Series A 5.00% 9/1/36	1,300,000		1,602,289
	Regional Transportation District
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/39	1,000,000		1,188,600
		Series A 4.00% 7/15/40	1,500,000		1,787,655
					15,060,004
Water & Sewer Revenue Bonds – 5.13%
	Arapahoe County Water & Wastewater Authority
		4.00% 12/1/37	1,000,000		1,157,030
		4.00% 12/1/38	1,845,000		2,130,957
	Central Weld County Water District
		4.00% 12/1/39 (AGM)	1,150,000		1,321,833
	Dominion Water & Sanitation District
		6.00% 12/1/46	725,000		741,341
	Douglas County Centennial Water & Sanitation District
		4.00% 12/1/38	500,000		569,800
	Guam Government Waterworks Authority Water &
		Wastewater System Revenue
		5.00% 7/1/37	675,000		764,917
	Johnstown Wastewater Revenue
		4.00% 12/1/46 (AGM)	2,500,000		2,868,875
		4.00% 12/1/51 (AGM)	1,000,000		1,137,200
	Metro Wastewater Reclamation District
		Series A 5.00% 4/1/33	1,000,000		1,244,650

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Morgan County Quality Water District
		4.00% 12/1/50 (AGM)	790,000	$	887,067
					12,823,670
Total Municipal Bonds (cost $236,467,095)					245,287,603

			Number of
			shares
Short-Term Investments – 1.63%
Money Market Mutual Funds – 0.36%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.02%)	880,719		880,719
					880,719

			Principal
			amount°
Variable Rate Demand Notes – 1.27%¤
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(National Jewish Federation Bond Program)
		Series F-2 0.06% 7/1/41 (LOC - Northern Trust
		Company)	380,000		380,000
	Colorado Health Facilities Authority Revenue
		(Children's Hospital) Series A 0.06% 12/1/52
		(LOC - TD Bank, N.A.)	1,600,000		1,600,000
	Denver City & County
		Series A1 0.06% 12/1/29 (SPA - JPMorgan Chase
		Bank, N.A.)	505,000		505,000
		Series A2 0.06% 12/1/29 (SPA - JPMorgan Chase
		Bank, N.A.)	100,000		100,000
		Series A3 0.06% 12/1/31 (SPA - JPMorgan Chase
		Bank, N.A.)	595,000		595,000
					3,180,000
Total Short-Term Investments (cost $4,060,719)					4,060,719
Total Value of Securities–99.74%
	(cost $240,527,814)			$	249,348,322

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

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $14,896,182, which represents 5.96% of the Fund's net assets. See Note 7 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 7 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 February 28, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
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	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.69%
Corporate Revenue Bonds – 4.12%
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	2,523,144	$	2,536,163
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000		1,291,000
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,009,240
					5,836,403
Education Revenue Bonds – 21.20%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		578,710
		Series A 5.00% 4/1/48	1,000,000		1,165,840
	Idaho Housing & Finance Association
		(Alturas International Academy Project)
		4.00% 5/1/52	1,500,000		1,584,345
		(Anser of Idaho Project)
		Series A 2.25% 5/1/51	1,165,000		940,481
		Series A 3.00% 5/1/41	1,650,000		1,618,699
		Series A 4.00% 5/1/28	230,000		252,768
		Series A 4.00% 5/1/30	250,000		279,108
		Series A 4.00% 5/1/56	1,585,000		1,679,577
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		1,076,230
		Series A 144A 6.00% 7/1/39 #	370,000		433,081
		Series A 144A 6.00% 7/1/49 #	595,000		686,440
		Series A 144A 6.00% 7/1/54 #	570,000		655,836
		(Gem Prep: Meridian Project)
		Series A 4.00% 5/1/57	1,000,000		1,059,850
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		366,284
		Series A 4.00% 5/1/50	285,000		313,030
		Series A 4.00% 5/1/55	205,000		224,063
		Series A 5.00% 12/1/38	2,050,000		2,265,065
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,079,510
		(Meridian South Charter School Project)
		144A 4.00% 5/1/46 #	1,000,000		932,330

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155	$	738,992
		Series A 6.75% 7/1/48	529,151		581,294
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	2,005,000		2,186,813
		Series A 4.00% 5/1/55	2,640,000		2,865,350
		(Victory Charter School Project)
		Series B 5.00% 7/1/39	1,000,000		1,098,550
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,365,041
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,706,205
		5.00% 4/1/43	250,000		293,125
		5.00% 4/1/44	250,000		292,697
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)	275,000		342,837
		Series A 5.00% 4/1/39 (AGM)	250,000		310,838
		Series A 5.00% 4/1/40 (AGM)	250,000		310,305
		Series A 5.00% 4/1/41 (AGM)	300,000		371,796
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		398,072
					30,053,162
Electric Revenue Bonds – 5.06%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,168,660
	Idaho Energy Resources Authority
		(Idaho Falls Power Project)
		5.00% 9/15/33	1,325,000		1,679,477
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		77,344
		Series AAA 5.25% 7/1/25 ‡	45,000		46,631
		Series CCC 5.25% 7/1/27 ‡	345,000		357,506
		Series WW 5.00% 7/1/28 ‡	320,000		330,000
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,560,000
		Series XX 4.75% 7/1/26 ‡	50,000		51,375
		Series XX 5.25% 7/1/40 ‡	595,000		616,569
		Series XX 5.75% 7/1/36 ‡	175,000		182,656
		Series ZZ 4.75% 7/1/27 ‡	40,000		41,100

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	60,000	$	62,175
					7,173,493
Healthcare Revenue Bonds – 9.51%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,498,324
		(St. Luke's Health System Project)
		Series A 3.00% 3/1/51	2,000,000		1,946,340
		Series A 4.00% 3/1/46	500,000		558,890
		Series A 5.00% 3/1/27	1,000,000		1,160,240
		Series A 5.00% 3/1/33	1,250,000		1,484,125
		Series A 5.00% 3/1/37	500,000		588,715
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47	390,000		448,699
		Series ID 4.00% 12/1/43	1,000,000		1,105,550
		Series ID 5.00% 12/1/46	750,000		854,430
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	830,000		831,295
		Series A 5.25% 11/15/37	1,005,000		1,023,241
		Series A 5.25% 11/15/47	1,130,000		1,114,214
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	115,000		126,889
		4.00% 7/1/39	115,000		126,268
		5.00% 7/1/30	155,000		186,970
		5.00% 7/1/32	255,000		310,353
		5.00% 7/1/35	105,000		126,888
					13,491,431
Housing Revenue Bonds – 3.17%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	347,151		351,227
	Idaho Housing & Finance Association Multifamily Housing
		Revenue
		(Sunset Landing Apartments Project)
		Series A 2.75% 7/1/40	1,300,000		1,239,875
		Series A 3.125% 7/1/54	2,000,000		1,888,200
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.05% 7/1/39 (GNMA)	280,000		282,145

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.25% 1/1/43 (GNMA)	140,000	$	141,436
		Series C 3.00% 1/1/43 (FHA)	585,000		592,798
					4,495,681
Lease Revenue Bonds – 12.57%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		844,350
		5.00% 12/15/32	750,000		843,263
	Fremont County Annual Appropriation Certificates of
		Participation
		4.00% 9/1/36	750,000		854,145
	Idaho Falls Certificates of Participation
		4.00% 9/15/39	1,050,000		1,190,301
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters
		Office Project)
		4.00% 12/1/36	650,000		737,185
		4.00% 12/1/39	1,545,000		1,745,680
		4.00% 12/1/42	1,300,000		1,461,876
		4.00% 12/1/44	250,000		280,075
		(Idaho Department of Fish & Game Nampa Regional
		Office Project)
		5.00% 12/1/41	200,000		234,908
	Idaho Housing & Finance Association Economic
		Development Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	750,000		752,235
		Series A 7.00% 2/1/36	1,500,000		1,504,455
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/39	1,750,000		2,004,327
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26	485,000		508,610
		Series A 4.50% 9/1/27	505,000		529,043
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	1,535,000		1,608,097
		Series B 4.00% 9/1/48	750,000		800,010

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
	Lease Revenue Bonds (continued)
		Idaho State Building Authority Revenue
		(State Office Campus Project)
		Series A 4.00% 9/1/48	1,750,000	$	1,927,782
					17,826,342
Local General Obligation Bonds – 14.09%
	Ada & Boise Counties Independent School District Boise
		City
		5.00% 8/1/31	1,350,000		1,646,581
		5.00% 8/1/33	1,010,000		1,167,419
		5.00% 8/1/34	1,500,000		1,731,495
		5.00% 8/1/35	1,160,000		1,337,840
		5.00% 8/1/36	500,000		576,145
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33	1,000,000		1,162,310
		Series B 5.00% 9/15/35	1,100,000		1,276,231
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,370,149
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)	1,000,000		1,003,490
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,513,640
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000		581,076
		Series A 4.00% 9/15/37	1,000,000		1,092,860
		Series C 5.00% 9/15/42	500,000		577,090
	Ketchum City
		2.125% 9/15/41	500,000		445,705
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,213,207
		Series B 5.00% 8/15/26	500,000		577,070
	Nez Perce County Independent School District
		No. 1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000		1,159,160
		Series B 5.00% 9/15/37	1,000,000		1,158,630

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Owyhee & Canyon Counties Joint School District No.
		370 Homedale
		4.00% 9/15/25	360,000	$	392,069
					19,982,167
Pre-Refunded Bonds – 6.65%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §	1,250,000		1,253,563
		Series A 5.00% 4/1/42-22 §	1,350,000		1,354,927
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	1,000,000		1,060,670
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project)
		Series A 5.00% 3/1/47-22	1,500,000		1,500,000
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §	1,000,000		1,010,890
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §	250,000		255,385
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,113,450
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,087,040
	University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		789,070
					9,424,995
Resource Recovery Revenue Bonds – 0.39%
	Idawy Solid Waste District
		Series A 3.00% 1/1/50	550,000		551,061
					551,061
Special Tax Revenue Bonds – 13.25%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	6,117,813		5,750,744
	Idaho Water Resource Board Loan Program Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,635,480

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.545% 7/1/46 ^	6,790,000	$	2,205,799
		Series A-1 4.898% 7/1/51 ^	1,480,000		348,362
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		969,334
		Series A-1 4.75% 7/1/53	2,735,000		3,024,746
		Series A-1 5.00% 7/1/58	1,831,000		2,053,375
		Series A-2 4.329% 7/1/40	730,000		799,372
					18,787,212
State General Obligation Bonds – 5.16%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		144A 5.50% 6/1/22 #	2,270,000		2,312,562
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	210,000		210,525
		Series A 5.00% 7/1/41 ‡	670,000		611,375
		Series A 5.125% 7/1/37 ‡	1,645,000		1,533,963
		Series A 5.25% 7/1/34 ‡	880,000		886,600
		Series A 5.375% 7/1/33 ‡	365,000		364,540
		Series A 8.00% 7/1/35 ‡	150,000		135,188
		Series B 5.00% 7/1/35 ‡	345,000		346,294
		Series B 5.75% 7/1/38 ‡	460,000		453,670
		Series C 6.00% 7/1/39 ‡	465,000		462,675
					7,317,392
Transportation Revenue Bonds – 3.10%
	Boise City, Idaho Airport Revenue
		(Employee Parking Facilities Project)
		Series B 4.00% 9/1/51 (AMT)	1,955,000		2,121,976
		(Public Parking Facilities Project)
		Series A 5.00% 9/1/51	1,790,000		2,177,768
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31	80,000		97,433
					4,397,177

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 0.42%
	Coeur d'Alene, Idaho Wastewater Revenue
		Series A 4.00% 9/1/33	500,000	$	592,450
					592,450
Total Municipal Bonds (cost $136,221,358)					139,928,966

			Number of
			shares
Short-Term Investments – 1.60%
Money Market Mutual Funds – 1.30%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.02%)	1,838,687		1,838,687
					1,838,687

			Principal
			amount°
Variable Rate Demand Note – 0.30%¤
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project) Series C 0.10%
		3/1/48
		(LOC – US Bank, N.A.)	425,000		425,000
					425,000
Total Short-Term Investments (cost $2,263,687)					2,263,687
Total Value of Securities–100.29%
	(cost $138,485,045)			$	142,192,653

°	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 February 28, 2022, the aggregate value of Rule 144A securities was $9,028,431, which represents 6.37% of the Fund's net assets. See Note 7 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 7 in “Notes to financial statements.”

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 February 28, 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
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	February 28, 2022 (Unaudited)

			Principal
			amount°		Value (US $)
Municipal Bonds – 99.00%
Corporate Revenue Bonds – 5.59%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^	65,000,000	$	3,770,650
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/46 (AGM)	2,000,000		1,966,060
	New York Counties Tobacco Trust V Pass-Through
		(Subordinate Turbo CABs)
		Series S4B 144A 0.548% 6/1/60 #, ◆, ^	10,000,000		417,400
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,304,770
		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		1,127,590
		5.00% 1/1/36 (AMT)	1,000,000		1,125,620
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	900,000		1,002,465
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		768,007
					11,482,562
Education Revenue Bonds – 22.13%
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		543,620
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		514,145
		Series A 5.50% 4/1/43	500,000		515,385
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.50% 5/1/48 #	500,000		556,745
		(Manhattan College Project)
		5.00% 8/1/47	500,000		572,500
		(Metropolitan College of New York Project)
		5.50% 11/1/44	600,000		643,038

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	$	269,888
		(New Dawn Charter Schools Project)
		144A 5.75% 2/1/49 #	500,000		533,630
		(New World Preparatory Charter School Project)
		Series A 4.00% 6/15/51	315,000		326,368
		Series A 4.00% 6/15/56	450,000		463,721
		(The Packer Collegiate Institute Project)
		5.00% 6/1/40	750,000		801,592
	Dutchess County Local Development
		(The Culinary Institute of America Project)
		Series A-1 5.00% 7/1/46	300,000		326,460
		(Vassar College Project)
		5.00% 7/1/35	1,000,000		1,160,120
		5.00% 7/1/36	1,000,000		1,159,350
		5.00% 7/1/37	1,000,000		1,158,760
	Hempstead Town Local Development
		(Hofstra University Project)
		5.00% 7/1/42	500,000		573,840
	Madison County Capital Resource Revenue
		(Colgate University Refunding Project)
		Series A 5.00% 7/1/35	1,000,000		1,107,270
		Series B 5.00% 7/1/39	1,000,000		1,108,300
	Monroe County Industrial Development Revenue
		(St. John Fisher College Project)
		Series A 5.50% 6/1/39	300,000		324,543
		(True North Rochester Preparatory Charter School
		Project)
		Series A 144A 5.00% 6/1/40 #	1,000,000		1,134,320
		(University of Rochester Project)
		Series A 5.00% 7/1/37	1,000,000		1,158,760
		Series C 4.00% 7/1/43	500,000		547,085
	New York City Trust for Cultural Resources
		(Alvin Ailey Dance Foundation)
		Series A 4.00% 7/1/46	1,000,000		1,059,550
	New York State Dormitory Authority
		(Barnard College)
		Series A 5.00% 7/1/35	400,000		441,560
		(Fordham University)
		5.00% 7/1/44	650,000		702,741

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
		(New York University)
		5.50% 7/1/40 (AMBAC)	740,000	$	1,048,232
		(Touro College & University)
		Series A 5.50% 1/1/44	1,000,000		1,066,760
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Columbia University)
		Series A 5.00% 10/1/50	1,325,000		1,935,427
		(Hudson City School District)
		Unrefunded Series A 5.625% 10/1/29 (AGC)	375,000		376,567
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/35	50,000		59,853
		Series A 5.00% 7/1/37	2,200,000		2,624,094
		Series A 5.00% 7/1/42	1,645,000		1,882,242
		(New York University)
		Series A 5.00% 7/1/36	2,000,000		2,275,400
		Series A 5.00% 7/1/39	2,000,000		2,266,460
		(School Districts Financing Program)
		Series B 5.00% 10/1/42 (AGM)	3,565,000		4,126,238
		(Vaughn College of Aeronautics and Technology)
		Series A 144A 5.50% 12/1/46 #	300,000		321,807
	Onondaga Civic Development Revenue
		(Le Moyne College Project)
		Series B 4.00% 7/1/38	255,000		277,517
		Series B 4.00% 7/1/39	325,000		353,054
		Series B 4.00% 7/1/40	300,000		325,599
	Saratoga County Capital Resource Revenue
		(Skidmore College Project)
		5.00% 7/1/43	3,570,000		4,189,466
		5.00% 7/1/48	1,000,000		1,166,400
	St. Lawrence County Industrial Development Agency
		Civic Development Revenue
		(St. Lawrence University Project)
		Series A 4.00% 7/1/43	1,000,000		1,079,020
	Tompkins County Development
		(Ithaca College Project)
		5.00% 7/1/34	750,000		828,555
		5.00% 7/1/41	500,000		579,100

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Yonkers Economic Development Educational Revenue
		(Lamartine/Warburton LLC - Charter School of
		Educational Excellence Project)
		Series A 5.00% 10/15/49	640,000	$	696,992
		Series A 5.00% 10/15/50	250,000		274,563
					45,456,637
Electric Revenue Bonds – 8.35%
	Build NYC Resource
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #	1,000,000		1,046,010
	Long Island Power Authority Electric System Revenue
		5.00% 9/1/37	450,000		536,175
		5.00% 9/1/39	2,000,000		2,372,000
		5.00% 9/1/42	2,000,000		2,324,780
		5.00% 9/1/47	500,000		577,520
		Series A 5.00% 9/1/44	1,950,000		2,114,053
		Series B 5.00% 9/1/41	1,000,000		1,134,500
	New York State Power Authority Revenue
		Series A 4.00% 11/15/50	1,000,000		1,109,670
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	65,000		67,031
		Series A 6.75% 7/1/36 ‡	625,000		662,494
		Series AAA 5.25% 7/1/25 ‡	35,000		36,269
		Series TT 5.00% 7/1/32 ‡	1,120,000		1,155,000
		Series WW 5.25% 7/1/33 ‡	195,000		202,069
		Series WW 5.50% 7/1/17 ‡	420,000		435,750
		Series WW 5.50% 7/1/19 ‡	330,000		342,375
		Series XX 4.75% 7/1/26 ‡	40,000		41,100
		Series XX 5.25% 7/1/40 ‡	1,430,000		1,481,837
		Series ZZ 4.75% 7/1/27 ‡	30,000		30,825
		Series ZZ 5.00% 7/1/19 ‡	570,000		586,387
		Series ZZ 5.25% 7/1/24 ‡	50,000		51,813
	Utility Debt Securitization Authority
		(Restructuring Bonds)
		5.00% 12/15/37	750,000		843,428
					17,151,086
Healthcare Revenue Bonds – 6.61%
	Buffalo & Erie County Industrial Land Development
		(Catholic Health System Project)
		Series N 5.25% 7/1/35	250,000		270,057

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Build NYC Resource
		(The Children's Aid Society Project)
		4.00% 7/1/49	1,000,000	$	1,105,360
	Dutchess County Local Development
		(Nuvance Health)
		Series B 4.00% 7/1/49	1,000,000		1,065,860
	Guilderland, Industrial Development Agency
		(Albany Place Development Project)
		Series A 144A 5.875% 1/1/52 #, ‡	500,000		375,000
	Monroe County Industrial Development
		(The Rochester General Hospital Project)
		5.00% 12/1/36	405,000		458,112
		5.00% 12/1/46	540,000		602,332
	Nassau County Local Economic Assistance
		(Catholic Health Services of Long Island Obligated
		Group Project)
		5.00% 7/1/33	725,000		778,469
	New York State Dormitory Authority
		(Montefiore Obligated Group)
		Series A 4.00% 8/1/38	1,000,000		1,079,520
		Series A 4.00% 9/1/50	2,500,000		2,685,450
		(NYU Langone Hospitals Obligated Group)
		Series A 4.00% 7/1/53	500,000		550,080
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(NYU Hospitals Center)
		Series A 4.00% 7/1/40	465,000		499,210
		(Orange Regional Medical Center Obligated Group)
		144A 5.00% 12/1/34 #	500,000		574,760
		144A 5.00% 12/1/45 #	700,000		773,038
	Orange County Funding Assisted Living Residence
		Revenue
		(The Hamlet at Wallkill Assisted Living Project)
		6.50% 1/1/46	300,000		299,961
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000		793,095
	Westchester County Local Development
		(Purchase Senior Learning Community, Inc. Project)
		Series A 144A 5.00% 7/1/46 #	615,000		638,653
		Series A 144A 5.00% 7/1/56 #	1,000,000		1,030,770
					13,579,727

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 6.16%
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56	710,000	$	743,029
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,516,785
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00% 7/15/45	445,000		489,544
	New York Liberty Development
		(4 World Trade Center Project - Green Bonds)
		Series A 3.00% 11/15/51	1,620,000		1,554,633
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	2,000,000		2,130,880
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		540,455
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48	80,000		88,565
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		2,989,875
	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	2,175,000		2,605,215
					12,658,981
Local General Obligation Bonds – 3.35%
	New York City
		Fiscal 2017 Subordinate Series B-1 5.00% 12/1/34	2,500,000		2,869,475
		Fiscal 2018 Subordinate Series E-1 5.25% 3/1/35	500,000		599,890
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35	1,895,000		2,239,189
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39	1,000,000		1,174,120
					6,882,674
Pre-Refunded Bonds – 0.77%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40-25 §	450,000		503,172

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000	$	1,085,000
					1,588,172
Resource Recovery Revenue Bond – 0.74%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,526,250
					1,526,250
Special Tax Revenue Bonds – 22.05%
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	5,840,608		5,490,171
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000		259,533
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		4,008,200
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2015 Subordinate Series S-1 5.00% 7/15/43	1,000,000		1,089,680
		Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37	1,000,000		1,193,890
		(Future Tax Secured)
		Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40	750,000		804,525
		Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42	2,000,000		2,157,700
		Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41	1,000,000		1,092,700
		Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42	500,000		554,095
		Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42	500,000		538,940
		Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43	1,000,000		1,144,180
		Series A-1 5.00% 11/1/42	750,000		794,655
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,116,010
		5.00% 11/15/40	1,000,000		1,112,960
	New York State Dormitory Authority Personal Income Tax
		Revenue
		(General Purpose)
		Series A 5.00% 3/15/40	5,000,000		5,961,350
		Series D 4.00% 2/15/47	1,000,000		1,103,150

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36	500,000	$	542,190
	Puerto Rico Infrastructure Financing Authority
		5.00% 7/1/20 ‡	80,000		41,300
		Series B 5.00% 7/1/16 ‡	640,000		330,400
		Series B 5.00% 7/1/17 ‡	530,000		273,613
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	425,000		470,819
		Series A-1 4.59% 7/1/46 ^	2,300,000		747,178
		Series A-1 4.75% 7/1/53	5,720,000		6,325,977
		Series A-1 4.898% 7/1/51 ^	2,370,000		557,851
		Series A-1 5.00% 7/1/58	5,085,000		5,702,573
		Series A-2 4.329% 7/1/40	370,000		405,161
		Series A-2 4.536% 7/1/53	1,330,000		1,454,554
					45,273,355
State General Obligation Bonds – 5.73%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	4,325,000		4,406,094
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	270,000		270,675
		Series A 5.00% 7/1/41 ‡	1,185,000		1,081,313
		Series A 5.125% 7/1/37 ‡	1,185,000		1,099,387
		Series A 5.25% 7/1/34 ‡	945,000		952,088
		Series A 5.375% 7/1/33 ‡	665,000		664,162
		Series A 8.00% 7/1/35 ‡	1,000,000		901,250
		Series B 5.00% 7/1/35 ‡	555,000		557,081
		Series B 5.75% 7/1/38 ‡	625,000		616,400
		Series C 6.00% 7/1/39 ‡	1,215,000		1,208,925
					11,757,375
Transportation Revenue Bonds – 12.28%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47	435,000		496,152
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32	500,000		512,965
		(Climate Bond Certified - Green Bonds)
		Series A-1 4.00% 11/15/46	3,250,000		3,508,375
		Series B 4.00% 11/15/50	1,000,000		1,062,310

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan Transportation Authority Revenue
		(Climate Bond Certified - Green Bonds)
		Series C-1 5.25% 11/15/55	1,500,000	$	1,752,045
		Series E 4.00% 11/15/45	1,500,000		1,616,625
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50	1,000,000		1,083,690
		Series L 5.00% 1/1/35	1,535,000		1,785,727
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56	1,000,000		1,125,210
	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		357,087
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)	715,000		834,312
		Series A 5.00% 4/1/35 (AMT)	775,000		902,751
		Series A 5.00% 4/1/37 (AMT)	750,000		872,160
		Series A 5.00% 4/1/39 (AMT)	350,000		405,734
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen
		Series)
		4.00% 11/1/49	1,000,000		1,097,250
		(Consolidated Bonds - Two Hundred Sixteen Series)
		4.00% 9/1/49	1,000,000		1,095,360
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42	2,500,000		2,895,275
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41	2,000,000		2,261,220
		Series A 5.00% 11/15/47	1,000,000		1,155,890
		Series A 5.00% 11/15/49	325,000		393,208
					25,213,346
Water & Sewer Revenue Bonds – 5.24%
	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		2,218,040
		Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,134,560
		Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		2,945,075

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	New York City Municipal Water Finance Authority Water &
		Sewer System Revenue
		(Second General Resolution)
		Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49	1,000,000	$	1,098,470
		Fiscal 2020 Series AA 4.00% 6/15/40	1,000,000		1,119,620
		Fiscal 2021 Subordinate Series BB-1 4.00% 6/15/50	1,000,000		1,115,810
	New York State Environmental Facilities Clean Water and
		Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Series B 4.00% 6/15/49	1,000,000		1,127,560
					10,759,135
Total Municipal Bonds (cost $190,358,714)					203,329,300

Short-Term Investments – 0.44%
Variable Rate Demand Notes – 0.44%¤
	New York City
		Fiscal 2015 Subordinate Series F-5 0.10% 6/1/44
		(SPA - Barclays Bank)	600,000		600,000
	New York City Municipal Water Finance Authority Water &
		Sewer System Revenue
		Subordinate Series A-2 0.07% 6/15/44 (SPA - Mizuho
		Bank)	300,000		300,000
Total Short-Term Investments (cost $900,000)					900,000
Total Value of Securities–99.44%
	(cost $191,258,714)			$	204,229,300

°	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 February 28, 2022, the aggregate value of Rule 144A securities was $20,046,350, which represents 9.76% of the Fund's net assets. See Note 7 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 7 in “Notes to financial statements.”

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
L.P. – Limited Partnership
LLC – Limited Liability 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 Pennsylvania Fund	February 28, 2022 (Unaudited)

		Principal
		amount°	Value (US $)
Municipal Bonds – 99.20%
Corporate Revenue Bonds – 6.05%
	Allegheny County Industrial Development Authority
	Revenue
	(United States Steel Corporation Project)
	4.875% 11/1/24	2,650,000	$	2,830,173
	5.125% 5/1/30	750,000		879,405
	Pennsylvania Commonwealth Financing Authority
	Revenue
	(Tobacco Master Settlement Payment Revenue)
	4.00% 6/1/39 (AGM)	5,045,000		5,556,967
	Pennsylvania Economic Development Financing Authority
	(National Gypsum)
	5.50% 11/1/44 (AMT)	4,000,000		4,181,840
	Pennsylvania Economic Development Financing Authority
	Solid Waste Disposal Revenue
	(Proctor & Gamble Paper Project)
	5.375% 3/1/31 (AMT)	11,000,000		13,914,560
				27,362,945
Education Revenue Bonds – 10.84%
	Allegheny County Higher Education Building Authority
	Revenue
	(Carnegie Mellon University)
	Series A 5.00% 3/1/24	1,000,000		1,000,000
	(Chatham University)
	Series A 5.00% 9/1/30	1,500,000		1,516,995
	(Robert Morris University)
	5.00% 10/15/47	1,500,000		1,636,965
	Bucks County Industrial Development Authority Revenue
	(School Lane Charter School Project)
	Series A 5.125% 3/15/46	2,500,000		2,758,725
	Chester County Industrial Development Authority
	Revenue
	(Avon Grove Charter School Project)
	Series A 5.00% 12/15/47	1,160,000		1,280,512
	Series A 5.00% 12/15/51	770,000		848,124
	(Renaissance Academy Charter School Project)
	5.00% 10/1/34	1,000,000		1,073,700
	5.00% 10/1/39	1,250,000		1,338,313
	5.00% 10/1/44	1,000,000		1,067,100
	(Westtown School)
	Series A 4.00% 1/1/52	2,250,000		2,488,365

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	$	331,107
	Series TT1 4.00% 5/1/41	475,000		518,681
	Series TT1 5.00% 5/1/47	475,000		557,750
	Delaware County Authority Revenue
	(Cabrini University)
	5.00% 7/1/47	2,000,000		2,101,100
	Huntingdon County General Authority Revenue
	(AICUP Financing Program - Juniata College Project)
	Series TT3 5.00% 10/1/51	2,500,000		2,866,125
	Montgomery County Higher Education and Health
	Authority
	(Arcadia University)
	5.75% 4/1/40	2,000,000		2,117,620
	Montgomery County Industrial Development Authority
	Revenue
	(Germantown Academy Project)
	Series A 4.00% 10/1/36	1,000,000		1,068,510
	Series A 4.00% 10/1/46	1,550,000		1,695,622
	Northeastern Pennsylvania Hospital and Education
	Authority Revenue
	(King's College Project)
	5.00% 5/1/44	1,000,000		1,126,260
	Pennsylvania Higher Educational Facilities Authority
	College & University Revenue
	(Drexel University)
	5.00% 5/1/41	1,000,000		1,153,940
	Pennsylvania State University
	Series A 5.00% 9/1/45	2,000,000		2,421,040
	Series A 5.00% 9/1/47	2,730,000		3,272,751
	Philadelphia Authority for Industrial Development
	Revenue
	(First Philadelphia Preparatory Charter School Project)
	Series A 7.25% 6/15/43	2,500,000		2,762,725
	(Green Woods Charter School Project)
	Series A 5.50% 6/15/22	200,000		202,158
	Series A 5.75% 6/15/42	2,500,000		2,524,300
	(International Apartments of Temple University)
	Series A 5.375% 6/15/30	1,385,000		1,387,535
	Series A 5.625% 6/15/42	3,000,000		3,004,530

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Philadelphia Authority for Industrial Development
	Revenue
	(Tacony Academy Charter School Project)
	Series A-1 6.75% 6/15/33	1,020,000	$	1,081,169
	Series A-1 7.00% 6/15/43	1,535,000		1,625,028
	State Public School Building Authority
	(Montgomery County Community College)
	5.00% 5/1/28	2,000,000		2,201,560
				49,028,310
Electric Revenue Bonds – 3.25%
	City of Philadelphia Gas Works Revenue
	(1998 General Ordinance)
	Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000		2,241,840
	Sixteenth Series B 4.00% 8/1/37 (AGM)	2,000,000		2,272,240
	Sixteenth Series B 4.00% 8/1/38 (AGM)	4,250,000		4,819,373
	Sixteenth Series B 4.00% 8/1/39 (AGM)	1,300,000		1,471,444
	Puerto Rico Electric Power Authority
	Series A 5.00% 7/1/42 ‡	1,110,000		1,144,687
	Series A 5.05% 7/1/42 ‡	400,000		412,500
	Series WW 5.25% 7/1/33 ‡	1,055,000		1,093,244
	Series WW 5.50% 7/1/38 ‡	1,190,000		1,237,600
				14,692,928
Healthcare Revenue Bonds – 33.87%
	Allegheny County Hospital Development Authority
	Revenue
	(Allegheny Health Network Obligated Group Issue)
	Series A 4.00% 4/1/44	1,350,000		1,463,886
	(University of Pittsburgh Medical Center)
	Series A 4.00% 7/15/36	1,750,000		1,959,720
	Series A 4.00% 7/15/37	1,500,000		1,676,505
	Berks County Industrial Development Authority Revenue
	(The Highlands at Wyomissing)
	5.00% 5/15/38	415,000		451,429
	5.00% 5/15/43	500,000		541,150
	5.00% 5/15/48	1,000,000		1,078,770
	Series A 5.00% 5/15/37	1,365,000		1,513,580
	Series A 5.00% 5/15/42	500,000		550,090
	Series A 5.00% 5/15/47	600,000		656,472
	Series C 5.00% 5/15/42	1,000,000		1,073,500
	Series C 5.00% 5/15/47	1,000,000		1,070,590

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Bucks County Industrial Development Authority Revenue
	(Saint Luke's University Health Network Project)
	4.00% 8/15/44	2,400,000	$	2,642,496
	4.00% 8/15/50	1,400,000		1,532,118
	Butler County Hospital Authority Revenue
	(Butler Health System Project)
	Series A 5.00% 7/1/39	1,625,000		1,779,668
	Centre County Hospital Authority Revenue
	(Mount Nittany Medical Center Project)
	Series A 4.00% 11/15/47	1,400,000		1,520,708
	Chester County Health and Education Facilities Authority
	(Main Line Health System)
	Series A 4.00% 9/1/40	785,000		890,583
	Series A 4.00% 9/1/50	2,750,000		3,072,547
	Cumberland County Municipal Authority Revenue
	(Asbury Pennsylvania Obligated Group)
	5.00% 1/1/45	3,000,000		3,216,990
	(Diakon Lutheran Social Ministries)
	5.00% 1/1/38	995,000		1,067,048
	(Penn State Health)
	4.00% 11/1/49	9,825,000		10,794,826
	DuBois Hospital Authority
	(Penn Highlands Healthcare)
	4.00% 7/15/48	2,000,000		2,163,700
	Geisinger Authority Health System Revenue
	(Geisinger Health System)
	Series A-1 5.00% 2/15/45	5,000,000		5,746,100
	General Authority of Southcentral Pennsylvania Revenue
	(WellSpan Health Obligated Group)
	Series A 5.00% 6/1/39	5,000,000		6,029,900
	Indiana County Hospital Authority Revenue
	(Indiana Regional Medical Center)
	Series A 6.00% 6/1/39	1,625,000		1,682,541
	Lancaster County Hospital Authority Revenue
	(Brethren Village Project)
	5.25% 7/1/35	250,000		263,870
	5.50% 7/1/45	1,000,000		1,051,050
	(Landis Homes Retirement Community Project)
	Series A 5.00% 7/1/45	2,000,000		2,106,960
	(Masonic Villages Project)
	5.00% 11/1/35	1,000,000		1,146,190
	5.00% 11/1/36	510,000		583,822

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lancaster County Hospital Authority Revenue
	(Masonic Villages Project)
	5.00% 11/1/37	250,000	$	285,825
	Lehigh County General Purpose Hospital Authority
	Revenue
	(Lehigh Valley Health Network)
	Series A 4.00% 7/1/49	5,000,000		5,425,300
	Monroe County Hospital Authority Revenue
	(Pocono Medical Center)
	5.00% 7/1/36	1,710,000		1,918,073
	5.00% 7/1/41	1,000,000		1,118,160
	Monroeville Finance Authority
	(University of Pittsburgh Medical Center)
	5.00% 2/15/25	1,000,000		1,101,390
	Montgomery County Higher Education and Health
	Authority
	(Thomas Jefferson University)
	5.00% 9/1/51	2,000,000		2,321,840
	Series A 4.00% 9/1/49	2,500,000		2,701,425
	Series B 4.00% 5/1/52	5,000,000		5,484,850
	Series B 4.00% 5/1/56	7,500,000		8,137,800
	Montgomery County Industrial Development Authority
	Revenue
	(Waverly Heights Project)
	5.00% 12/1/44	500,000		558,370
	5.00% 12/1/49	1,250,000		1,392,250
	(Whitemarsh Continuing Care Retirement Community
	Project)
	4.00% 1/1/25	330,000		337,171
	5.375% 1/1/50	4,000,000		4,188,120
	Series A 5.375% 1/1/51	1,500,000		1,597,230
	Moon Industrial Development Authority Revenue
	(Baptist Homes Society)
	6.125% 7/1/50	4,000,000		4,218,880
	Pennsylvania Economic Development Financing Authority
	First Mortgage Revenue
	(Tapestry Moon Senior Housing Project)
	Series A 144A 6.50% 12/1/38 #, ‡	715,000		286,000
	Series A 144A 6.75% 12/1/53 #, ‡	5,400,000		2,160,000

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Economic Development Financing Authority
		Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43	1,265,000	$	1,325,973
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,469,150
		Series A 5.25% 9/1/50	2,500,000		2,756,600
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49	6,000,000		6,698,280
		5.00% 8/15/49	5,000,000		5,975,550
		Series A 4.00% 8/15/42	4,000,000		4,369,400
		Series A 4.00% 8/15/43	2,000,000		2,236,560
	Philadelphia Authority for Industrial Development
		Revenue
		(Children's Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		5,844,700
		Series A 5.00% 7/1/32	4,750,000		6,145,645
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,843,950
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,596,900
	Pocono Mountains Industrial Park Authority Revenue
		(St. Luke's Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000		4,358,240
					153,180,441
Lease Revenue Bonds – 1.07%
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/29 (AMT)	500,000		555,285
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,432,675
		5.00% 4/1/38	1,000,000		1,143,540
		5.00% 4/1/39	1,500,000		1,713,750
					4,845,250

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 6.73%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000	$	5,410,436
	Chester County
		4.00% 7/15/32	1,000,000		1,151,250
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,454,393
		Series A 5.00% 8/1/37	1,750,000		2,028,757
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50	2,875,000		3,176,559
	Montgomery County
		Series A 5.00% 1/1/35	2,000,000		2,519,200
		Series A 5.00% 1/1/37	4,705,000		5,908,304
	Philadelphia School District
		Series A 5.00% 9/1/34	1,090,000		1,349,158
		Series F 5.00% 9/1/36	2,000,000		2,271,760
		Series F 5.00% 9/1/37	1,500,000		1,701,045
		Series F 5.00% 9/1/38	1,995,000		2,258,719
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		328,439
		2.00% 10/15/29 (AGM)	700,000		704,207
		2.00% 10/15/30 (AGM)	190,000		190,716
					30,452,943
Pre-Refunded/Escrowed to Maturity Bonds – 5.90%
	Allegheny County
		Series C-70 5.00% 12/1/33-22 §	2,205,000		2,274,436
	City of Philadelphia
		Series A 5.25% 7/15/29-24 §	2,500,000		2,688,725
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §	3,000,000		3,064,620
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	1,005,000		1,105,178
	Delaware County Regional Water Quality Control
		Authority
		5.00% 5/1/32-23 §	2,000,000		2,094,380
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42-22 §	1,500,000		1,522,620

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §	1,740,000	$	1,765,091
		Series A 5.00% 7/1/41-22 §	1,500,000		1,521,630
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000		2,099,200
		(University of the Arts)
		5.20% 3/15/25 (AGC)	3,680,000		3,898,629
	Philadelphia Authority for Industrial Development
		Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,044,940
	Philadelphia School District
		Series F 5.00% 9/1/38-26 §	5,000		5,777
	Philadelphia Water & Wastewater Revenue
		5.00% 11/1/28-22 §	880,000		904,534
		Series A 5.00% 7/1/45-24 §	2,500,000		2,715,500
					26,705,260
Special Tax Revenue Bonds – 15.91%
	Allentown Neighborhood Improvement Zone
		Development Authority Revenue
		(Forward Delivery)
		5.00% 5/1/35	850,000		1,031,084
		5.00% 5/1/36	850,000		1,025,755
		5.00% 5/1/42	4,000,000		4,761,960
	Chester County Industrial Development Authority Special
		Obligation Revenue
		(Woodlands at Greystone Project)
		144A 5.125% 3/1/48 #	1,000,000		1,094,040
	CPR Custodial Receipt
		(Taxable)
		Series 1 144A 0.649% 1/1/45 #	7,000,000		6,833,680
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	9,419,666		8,854,486
	Northampton County Industrial Development Authority
		(Route 33 Project)
		7.00% 7/1/32	1,700,000		1,784,983
	Pennsylvania Turnpike Commission Oil Franchise Tax
		Revenue
		Series A 5.00% 12/1/48	3,000,000		3,535,890

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Infrastructure Financing Authority Revenue
		Series B 5.00% 7/1/16 ‡	10,000	$	5,163
		Series B 5.00% 7/1/20 ‡	500,000		258,125
		Series B 5.00% 7/1/21 ‡	910,000		469,787
		Series B 5.00% 7/1/24 ‡	420,000		217,875
		Series B 5.00% 7/1/25 ‡	385,000		199,719
		Series B 5.00% 7/1/27 ‡	550,000		285,312
		Series B 5.00% 7/1/41 ‡	7,000,000		3,631,250
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	7,958,000		8,801,071
		Series A-1 4.884% 7/1/51 ^	11,160,000		2,626,841
		Series A-1 4.968% 7/1/46 ^	21,450,000		6,968,247
		Series A-1 5.00% 7/1/58	10,000,000		11,214,500
		Series A-2 4.329% 7/1/40	5,150,000		5,639,404
		Series A-2 4.536% 7/1/53	1,000,000		1,093,650
	Washington County Redevelopment Authority Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000		1,607,850
					71,940,672
State General Obligation Bonds – 4.65%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	3,340,000		3,858,635
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	890,000		892,225
		Series A 5.00% 7/1/41 ‡	1,115,000		1,017,438
		Series A 5.125% 7/1/37 ‡	8,195,000		7,641,837
		Series A 5.25% 7/1/34 ‡	725,000		730,438
		Series A 5.375% 7/1/33 ‡	600,000		599,244
		Series A 6.00% 7/1/38 ‡	880,000		894,300
		Series B 5.00% 7/1/35 ‡	1,555,000		1,560,831
		Series B 5.75% 7/1/38 ‡	2,000,000		1,972,480
		Series C 6.00% 7/1/39 ‡	1,880,000		1,870,600
					21,038,028
Transportation Revenue Bonds – 10.35%
	Allegheny County Airport Authority Revenue
		(Pittsburgh International Airport)
		Series A 5.00% 1/1/56 (AMT)	4,500,000		5,230,755

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000	$	5,761,950
	Pennsylvania Economic Development Financing Authority
		Exempt Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000		3,583,825
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,110,700
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/34 (AMT)	2,115,000		2,332,718
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,610,818
		Series A 5.00% 12/1/49	2,000,000		2,382,340
		Series C 5.00% 12/1/44	5,000,000		5,432,900
		Subordinate Series A 4.00% 12/1/50	1,000,000		1,098,050
	Philadelphia Airport Revenue
		5.00% 7/1/51 (AMT)	3,000,000		3,535,380
		Series A 5.00% 7/1/47	3,750,000		4,310,288
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,369,120
	Susquehanna Area Regional Airport Authority Revenue
		5.00% 1/1/35 (AMT)	800,000		902,944
		5.00% 1/1/38 (AMT)	1,000,000		1,125,360
					46,787,148
Water & Sewer Revenue Bond – 0.58%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,640,845
					2,640,845
Total Municipal Bonds (cost $425,961,811)					448,674,770
Total Value of Securities–99.20%
	(cost $425,961,811)			$	448,674,770

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
‡	Non-income producing security. Security is currently in default.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $10,373,720, which represents 2.29% of the Fund's net assets. See Note 7 in “Notes to financial statements.”

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§	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 7 in “Notes to financial statements.”
^	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

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

February 28, 2022 (Unaudited)

			Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
			Arizona Fund		California Fund		Colorado Fund
Assets:
	Investments, at value*		$	89,822,465	$	142,271,199	$	249,348,322
	Cash			504,390		36,971		—
	Dividend and interest receivable			626,832		1,348,111		2,320,851
	Receivable for fund shares sold			550,441		20,893		464,608
	Other assets			617		958		1,742
	Total Assets			91,504,745		143,678,132		252,135,523
Liabilities:
	Due to custodian			—		—		524,710
	Payable for securities purchased			1,085,491		260,000		1,034,790
	Payable for fund shares redeemed			89,885		158,006		333,523
	Investment management fees
		payable to affiliates		20,861		38,496		72,880
	Audit and tax fees payable			20,313		20,313		20,313
	Accounting and administration
		expenses payable to non-affiliates		18,025		20,143		25,150
	Distribution fees payable to affiliates			13,537		18,199		35,857
	Distribution payable			12,571		45,448		37,062
	Dividend disbursing and transfer
		agent fees and expenses payable
		to non-affiliates		5,926		6,360		14,984
	Reports and statements to
		shareholders expenses payable to
		non-affiliates		5,614		3,579		4,931
	Other accrued expenses			5,366		10,249		15,914
	Dividend disbursing and transfer
		agent fees and expenses payable
		to affiliates		623		975		1,737
	Accounting and administration
		expenses payable to affiliates		520		641		902
	Legal fees payable to affiliates			283		361		1,104
	Trustees’ fees and expenses
		payable to affiliates		232		362		651
	Reports and statements to
		shareholders expenses payable to
		affiliates		65		104		597
	Total Liabilities			1,279,312		583,236		2,125,105
Total Net Assets			$	90,225,433	$	143,094,896	$	250,010,418

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		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Arizona Fund			California Fund			Colorado Fund
Net Assets Consist of:
	Paid-in capital	$	86,456,688		$	137,247,461		$	242,715,958
	Total distributable earnings (loss)		3,768,745			5,847,435			7,294,460
Total Net Assets		$	90,225,433		$	143,094,896		$	250,010,418

Net Asset Value

Class A:
Net assets		$	64,799,117		$	83,820,156		$	159,553,243
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		5,606,377			6,912,333			14,133,478
Net asset value per share		$	11.56		$	12.13		$	11.29
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.10		$	12.70		$	11.82

Class C:
Net assets		$	1,421,554		$	3,359,285		$	6,554,886
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		122,681			276,472			579,194
Net asset value per share		$	11.59		$	12.15		$	11.32

Institutional Class:
Net assets		$	24,004,762		$	55,915,455		$	83,902,289
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		2,076,578			4,610,349			7,432,504
Net asset value per share		$	11.56		$	12.13		$	11.29
____________________
*Investments, at cost		$	86,331,879		$	136,651,918		$	240,527,814

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

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Statements of assets and liabilities

			Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
			Idaho Fund		New York Fund		Pennsylvania Fund
Assets:
	Investments, at value*		$	142,192,653	$	204,229,300	$	448,674,770
	Cash			—		856,800		—
	Dividend and interest receivable			1,572,526		1,932,163		4,203,121
	Receivable for fund shares sold			449,689		158,719		1,243,767
	Other assets			967		1,460		3,180
	Total Assets			144,215,835		207,178,442		454,124,838
Liabilities:
	Due to custodian			224,361		—		193,078
	Payable for securities purchased			1,557,030		981,167		442,000
	Payable for fund shares redeemed			517,726		595,651		794,129
	Investment management fees
		payable to affiliates		41,295		56,201		152,075
	Audit and tax fees payable			20,313		20,313		20,313
	Accounting and administration
		expenses payable to non-affiliates		20,218		23,386		34,268
	Distribution fees payable to affiliates			19,105		32,645		78,658
	Other accrued expenses			13,551		21,955		23,394
	Distribution payable			10,276		59,080		75,189
	Dividend disbursing and transfer
		agent fees and expenses payable
		to non-affiliates		6,140		10,174		25,696
	Reports and statements to
		shareholders expenses payable to
		non-affiliates		4,083		5,261		4,304
	Dividend disbursing and transfer
		agent fees and expenses payable
		to affiliates		981		1,433		3,147
	Accounting and administration
		expenses payable to affiliates		643		798		1,386
	Trustees’ fees and expenses
		payable to affiliates		366		541		1,189
	Legal fees payable to affiliates			363		470		858
	Reports and statements to
		shareholders expenses payable to
		affiliates		103		149		327
	Total Liabilities			2,436,554		1,809,224		1,850,011
Total Net Assets			$	141,779,281	$	205,369,218	$	452,274,827

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		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Idaho Fund			New York Fund			Pennsylvania Fund
Net Assets Consist of:
	Paid-in capital	$	142,367,701		$	192,731,728		$	428,952,443
	Total distributable earnings (loss)		(588,420	)		12,637,490			23,322,384
Total Net Assets		$	141,779,281		$	205,369,218		$	452,274,827

Net Asset Value

Class A:
Net assets		$	72,367,470		$	150,963,950		$	362,319,729
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		6,268,290			12,975,624			45,100,778
Net asset value per share		$	11.55		$	11.63		$	8.03
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.09		$	12.18		$	8.41

Class C:
Net assets		$	6,698,398		$	4,441,511		$	13,271,575
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		580,685			382,662			1,651,577
Net asset value per share		$	11.54		$	11.61		$	8.04

Institutional Class:
Net assets		$	62,713,413		$	49,963,757		$	76,683,523
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		5,431,068			4,295,776			9,552,267
Net asset value per share		$	11.55		$	11.63		$	8.03
____________________
*Investments, at cost		$	138,485,045		$	191,258,714		$	425,961,811

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

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Statements of operations

Six months ended February 28, 2022 (Unaudited)

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Arizona Fund			California Fund			Colorado Fund
Investment Income:
	Interest		$	1,441,144		$	2,396,842		$	4,077,789
	Dividends			—			—			61
				1,441,144			2,396,842			4,077,850

Expenses:
	Management fees			223,488			377,097			688,471
	Distribution expenses — Class A			81,939			103,787			203,541
	Distribution expenses — Class C			7,165			18,396			33,580
	Dividend disbursing and transfer
		agent fees and expenses		30,200			37,577			74,600
	Accounting and administration
		expenses		26,973			31,068			40,709
	Audit and tax fees			20,313			20,163			20,313
	Registration fees			9,373			11,338			5,878
	Reports and statements to
		shareholders expenses		7,574			8,082			14,364
	Legal fees			3,133			5,035			8,690
	Custodian fees			1,488			2,007			3,686
	Trustees’ fees and expenses			1,150			1,740			3,256
	Other			11,532			13,889			16,305
				424,328			630,179			1,113,393
	Less expenses waived			(71,528	)		(117,450	)		(162,835	)
	Less expenses paid indirectly			(10	)		(31	)		(31	)
	Total operating expenses			352,790			512,698			950,527
Net Investment Income				1,088,354			1,884,144			3,127,323
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments			234,158			163,042			158,050
	Net change in unrealized
		appreciation (depreciation) of
		investments		(3,727,757	)		(5,729,728	)		(9,171,041	)
Net Realized and Unrealized Loss				(3,493,599	)		(5,566,686	)		(9,012,991	)
Net Decrease in Net Assets
	Resulting from Operations		$	(2,405,245	)	$	(3,682,542	)	$	(5,885,668	)

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			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Idaho Fund			New York Fund			Pennsylvania Fund
Investment Income:
	Interest		$	2,142,877		$	3,367,082		$	7,317,287
	Dividends			108			—			—
				2,142,985			3,367,082			7,317,287

Expenses:
	Management fees			378,033			582,275			1,270,905
	Distribution expenses — Class A			90,770			195,339			457,166
	Distribution expenses — Class C			33,038			22,680			67,482
	Dividend disbursing and transfer
		agent fees and expenses		43,960			59,104			129,881
	Accounting and administration
		expenses		31,072			37,484			58,689
	Audit and tax fees			20,313			20,313			20,313
	Registration fees			5,421			12,510			9,622
	Reports and statements to
		shareholders expenses		8,093			14,244			27,302
	Legal fees			4,496			7,644			16,269
	Custodian fees			2,071			3,530			9,113
	Trustees’ fees and expenses			1,782			2,724			6,102
	Other			12,652			17,801			20,014
				631,701			975,648			2,092,858
	Less expenses waived			(88,787	)		(174,975	)		(204,151	)
	Less expenses paid indirectly			(9	)		(82	)		(93	)
	Total operating expenses			542,905			800,591			1,888,614
Net Investment Income				1,600,080			2,566,491			5,428,673
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments			168,170			80,881			816,404
	Net change in unrealized
		appreciation (depreciation) of
		investments		(4,506,095	)		(7,654,229	)		(16,599,436	)
Net Realized and Unrealized Loss				(4,337,925	)		(7,573,348	)		(15,783,032	)
Net Decrease in Net Assets
	Resulting from Operations		$	(2,737,845	)	$	(5,006,857	)	$	(10,354,359	)

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

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

			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,088,354		$	2,237,879
	Net realized gain			234,158			682,993
	Net change in unrealized appreciation (depreciation)			(3,727,757	)		3,130,355
	Net increase (decrease) in net assets resulting from
		operations		(2,405,245	)		6,051,227

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,190,601	)		(1,730,876	)
		Class C		(20,364	)		(38,579	)
		Institutional Class		(431,845	)		(522,100	)
				(1,642,810	)		(2,291,555	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		2,440,661			6,099,220
		Class C		123,852			276,688
		Institutional Class		5,182,335			8,718,668
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,092,826			1,537,728
		Class C		19,343			37,027
		Institutional Class		421,564			506,851
				9,280,581			17,176,182

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			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(2,497,154	)	$	(5,997,493	)
		Class C		(185,087	)		(1,441,218	)
		Institutional Class		(2,708,543	)		(2,932,869	)
				(5,390,784	)		(10,371,580	)
	Increase in net assets derived from capital share
		transactions		3,889,797			6,804,602
Net Increase (Decrease) in Net Assets				(158,258	)		10,564,274

Net Assets:
	Beginning of period			90,383,691			79,819,417
	End of period		$	90,225,433		$	90,383,691

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

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

			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,884,144		$	3,475,864
	Net realized gain			163,042			538,129
	Net change in unrealized appreciation (depreciation)			(5,729,728	)		3,306,320
	Net increase (decrease) in net assets resulting from
		operations		(3,682,542	)		7,320,313

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,248,625	)		(2,115,156	)
		Class C		(41,561	)		(112,952	)
		Institutional Class		(817,626	)		(1,216,639	)
				(2,107,812	)		(3,444,747	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		6,868,871			12,832,211
		Class C		230,236			629,708
		Institutional Class		17,160,919			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		1,139,330			1,912,654
		Class C		39,858			110,017
		Institutional Class		614,623			853,026
				26,053,837			68,938,611

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	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(6,807,484	)	$	(9,752,132	)
Class C		(604,228	)		(3,919,733	)
Institutional Class		(5,654,439	)		(8,230,770	)
		(13,066,151	)		(21,902,635	)
Increase in net assets derived from capital share
transactions		12,987,686			47,035,976
Net Increase in Net Assets		7,197,332			50,911,542

Net Assets:
Beginning of period		135,897,564			84,986,022
End of period	$	143,094,896		$	135,897,564

¹	See Note 5 in the "Notes to financial statements."

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

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	3,127,323		$	6,007,335
	Net realized gain		158,050			297,584
	Net change in unrealized appreciation (depreciation)		(9,171,041	)		6,384,297
	Net increase (decrease) in net assets resulting from
	operations		(5,885,668	)		12,689,216

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,988,880	)		(4,143,610	)
	Class C		(56,761	)		(129,827	)
	Institutional Class		(1,087,235	)		(1,718,272	)
			(3,132,876	)		(5,991,709	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		5,383,689			12,168,978
	Class C		460,503			897,711
	Institutional Class		18,191,438			30,007,649
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		1,803,225			3,824,323
	Class C		55,980			130,352
	Institutional Class		1,029,102			1,584,582
			26,923,937			48,613,595

Table of Contents

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(6,068,755	)	$	(19,435,502	)
	Class C		(477,237	)		(2,612,192	)
	Institutional Class		(8,456,930	)		(9,172,538	)
			(15,002,922	)		(31,220,232	)
	Increase in net assets derived from capital share
	transactions		11,921,015			17,393,363
Net Increase in Net Assets			2,902,471			24,090,870

Net Assets:
	Beginning of period		247,107,947			223,017,077
	End of period	$	250,010,418		$	247,107,947

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

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	1,600,080		$	2,962,255
	Net realized gain		168,170			417,531
	Net change in unrealized appreciation (depreciation)		(4,506,095	)		3,296,257
	Net increase (decrease) in net assets resulting from
	operations		(2,737,845	)		6,676,043

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(821,162	)		(1,641,809	)
	Class C		(49,916	)		(135,399	)
	Institutional Class		(728,633	)		(1,164,232	)
			(1,599,711	)		(2,941,440	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		5,721,082			11,579,114
	Class C		886,595			1,980,826
	Institutional Class		17,980,696			18,581,380
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		782,856			1,564,179
	Class C		48,286			134,242
	Institutional Class		686,096			1,022,029
			26,105,611			34,861,770

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		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(3,230,473	)	$	(4,580,947	)
	Class C		(479,847	)		(4,746,986	)
	Institutional Class		(5,201,208	)		(5,888,406	)
			(8,911,528	)		(15,216,339	)
	Increase in net assets derived from capital share
	transactions		17,194,083			19,645,431
Net Increase in Net Assets			12,856,527			23,380,034

Net Assets:
	Beginning of period		128,922,754			105,542,720
	End of period	$	141,779,281		$	128,922,754

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

Table of Contents

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	2,566,491		$	4,511,334
	Net realized gain		80,881			272,033
	Net change in unrealized appreciation (depreciation)		(7,654,229	)		5,957,639
	Net increase (decrease) in net assets resulting from
	operations		(5,006,857	)		10,741,006

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,893,350	)		(3,347,685	)
	Class C		(37,952	)		(128,393	)
	Institutional Class		(682,574	)		(1,363,462	)
			(2,613,876	)		(4,839,540	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		2,886,520			7,493,592
	Class C		324,676			398,690
	Institutional Class		8,915,736			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		1,563,160			2,783,113
	Class C		26,337			87,874
	Institutional Class		634,473			1,239,511
			14,350,902			148,025,476

Table of Contents

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(9,460,407	)	$	(15,016,082	)
	Class C		(464,632	)		(3,001,127	)
	Institutional Class		(8,746,197	)		(6,544,242	)
			(18,671,236	)		(24,561,451	)
	Increase (decrease) in net assets derived from capital
	share transactions		(4,320,334	)		123,464,025
Net Increase (Decrease) in Net Assets			(11,941,067	)		129,365,491

Net Assets:
	Beginning of period		217,310,285			87,944,794
	End of period	$	205,369,218		$	217,310,285

¹	See Note 5 in “Notes to financial statements.”

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

Table of Contents

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	5,428,673		$	12,945,782
	Net realized gain		816,404			3,678,994
	Net change in unrealized appreciation (depreciation)		(16,599,436	)		14,018,485
	Net increase (decrease) in net assets resulting from
	operations		(10,354,359	)		30,643,261

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(5,580,615	)		(12,542,265	)
	Class C		(149,682	)		(434,719	)
	Institutional Class		(1,227,779	)		(2,305,167	)
			(6,958,076	)		(15,282,151	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		18,013,189			34,561,794
	Class C		1,139,086			1,969,889
	Institutional Class		10,886,700			20,875,991

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		5,037,767			11,233,439
	Class C		146,455			422,283
	Institutional Class		1,177,187			2,035,086
			36,400,384			71,098,482

Table of Contents

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(31,700,752	)	$	(37,976,217	)
	Class C		(1,545,994	)		(7,917,147	)
	Institutional Class		(4,854,875	)		(8,685,397	)
			(38,101,621	)		(54,578,761	)
	Increase (decrease) in net assets derived from capital
	share transactions		(1,701,237	)		16,519,721
Net Increase (Decrease) in Net Assets			(19,013,672	)		31,880,831

Net Assets:
	Beginning of period		471,288,499			439,407,668
	End of period	$	452,274,827		$	471,288,499

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

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.09		$	11.55		$	11.70		$	11.24		$	11.48		$	11.83


		0.14			0.31			0.33			0.37			0.36			0.37
		(0.45	)		0.55			(0.13	)		0.46			(0.24	)		(0.35	)
		(0.31	)		0.86			0.20			0.83			0.12			0.02


		(0.14	)		(0.31	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.22	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)

	$	11.56		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

		(2.64%	)		7.51%			1.79%			7.51%			1.11%			0.24%


	$	64,799		$	66,710		$	62,186		$	62,033		$	63,327		$	66,839
		0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
		1.00%			1.00%			1.01%			1.02%			1.00%			0.97%
		2.38%			2.60%			2.87%			3.29%			3.23%			3.25%
		2.22%			2.44%			2.70%			3.11%			3.07%			3.12%
		5%			19%			36%			31%			6%			9%

Financial highlights
Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.12		$	11.58		$	11.73		$	11.27		$	11.51		$	11.87


		0.10			0.22			0.24			0.28			0.28			0.29
		(0.45	)		0.55			(0.12	)		0.46			(0.24	)		(0.37	)
		(0.35	)		0.77			0.12			0.74			0.04			(0.08	)


		(0.10	)		(0.22	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.18	)		(0.23	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)

	$	11.59		$	12.12		$	11.58		$	11.73		$	11.27		$	11.51

		(2.99%	)		6.70%			1.03%			6.70%			0.36%			(0.59%	)


	$	1,421		$	1,527		$	2,561		$	3,100		$	3,122		$	5,215
		1.59%			1.59%			1.59%			1.59%			1.59%			1.59%
		1.75%			1.75%			1.76%			1.77%			1.75%			1.72%
		1.63%			1.85%			2.12%			2.54%			2.48%			2.50%
		1.47%			1.69%			1.95%			2.36%			2.32%			2.37%
		5%			19%			36%			31%			6%			9%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.09		$	11.55		$	11.70		$	11.24		$	11.48		$	11.84


		0.16			0.34			0.36			0.39			0.39			0.40
		(0.45	)		0.55			(0.13	)		0.46			(0.24	)		(0.36	)
		(0.29	)		0.89			0.23			0.85			0.15			0.04


		(0.16	)		(0.34	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.24	)		(0.35	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)

	$	11.56		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

		(2.52%	)		7.78%			2.05%			7.78%			1.36%			0.40%


	$	24,005		$	22,147		$	15,072		$	14,136		$	10,097		$	7,080
		0.59%			0.59%			0.59%			0.59%			0.59%			0.59%
		0.75%			0.75%			0.76%			0.77%			0.75%			0.72%
		2.63%			2.85%			3.12%			3.54%			3.48%			3.50%
		2.47%			2.69%			2.95%			3.36%			3.32%			3.37%
		5%			19%			36%			31%			6%			9%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.64		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


		0.17			0.37			0.38			0.40			0.40			0.41
		(0.49	)		0.46			(0.20	)		0.53			(0.28	)		(0.34	)
		(0.32	)		0.83			0.18			0.93			0.12			0.07


		(0.17	)		(0.37	)		(0.38	)		(0.40	)		(0.40	)		(0.41	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.19	)		(0.37	)		(0.49	)		(0.42	)		(0.40	)		(0.41	)

	$	12.13		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

		(2.59%	)		6.88%			1.59%			7.99%			1.00%			0.63%


	$	83,820		$	86,059		$	44,059		$	42,203		$	53,171		$	54,076
		0.82%			0.86%			0.82%			0.82%			0.82%			0.82%
		0.99%			1.06%			1.03%			1.03%			1.02%			1.01%
		2.68%			2.95%			3.17%			3.36%			3.30%			3.36%
		2.51%			2.75%			2.96%			3.15%			3.10%			3.17%
		8%			14%			36%			32%			16%			27%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.66		$	12.21		$	12.52		$	12.00		$	12.28		$	12.62


		0.12			0.27			0.29			0.32			0.31			0.32
		(0.49	)		0.45			(0.20	)		0.54			(0.28	)		(0.34	)
		(0.37	)		0.72			0.09			0.86			0.03			(0.02	)


		(0.12	)		(0.27	)		(0.29	)		(0.32	)		(0.31	)		(0.32	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.14	)		(0.27	)		(0.40	)		(0.34	)		(0.31	)		(0.32	)

	$	12.15		$	12.66		$	12.21		$	12.52		$	12.00		$	12.28

		(2.95%	)		5.99%			0.83%			7.26%			0.25%			(0.12%	)


	$	3,359		$	3,843		$	6,829		$	11,551		$	13,015		$	16,473
		1.57%			1.61%			1.57%			1.57%			1.57%			1.57%
		1.74%			1.81%			1.78%			1.78%			1.77%			1.76%
		1.93%			2.20%			2.42%			2.61%			2.55%			2.61%
		1.76%			2.00%			2.21%			2.40%			2.35%			2.42%
		8%			14%			36%			32%			16%			27%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

100

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.64		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


		0.18			0.40			0.41			0.43			0.43			0.44
		(0.49	)		0.46			(0.20	)		0.53			(0.28	)		(0.34	)
		(0.31	)		0.86			0.21			0.96			0.15			0.10


		(0.18	)		(0.40	)		(0.41	)		(0.43	)		(0.43	)		(0.44	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.20	)		(0.40	)		(0.52	)		(0.45	)		(0.43	)		(0.44	)

	$	12.13		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

		(2.47%	)		7.14%			1.84%			8.25%			1.26%			0.89%


	$	55,916		$	45,996		$	34,098		$	44,646		$	32,953		$	28,209
		0.57%			0.61%			0.57%			0.57%			0.57%			0.57%
		0.74%			0.81%			0.78%			0.78%			0.77%			0.76%
		2.93%			3.20%			3.42%			3.61%			3.55%			3.61%
		2.76%			3.00%			3.21%			3.40%			3.35%			3.42%
		8%			14%			36%			32%			16%			27%

101

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

102

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.70		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


		0.14			0.29			0.33			0.37			0.37			0.39
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.27	)		0.63			0.21			0.81			0.13			0.02


		(0.14	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)
		(0.14	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)

	$	11.29		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

		(2.33%	)		5.64%			1.88%			7.48%			1.22%			0.26%


	$	159,553		$	164,258		$	162,955		$	167,136		$	164,087		$	165,554
		0.82%			0.83%			0.84%			0.84%			0.84%			0.84%
		0.95%			0.96%			0.96%			0.97%			0.97%			0.96%
		2.44%			2.54%			2.91%			3.31%			3.36%			3.48%
		2.31%			2.41%			2.79%			3.18%			3.23%			3.36%
		7%			10%			18%			16%			6%			17%

103

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

104

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.73		$	11.39		$	11.51		$	11.07		$	11.31		$	11.68


		0.10			0.21			0.24			0.29			0.29			0.31
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.31	)		0.55			0.12			0.73			0.05			(0.06	)


		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)
		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)

	$	11.32		$	11.73		$	11.39		$	11.51		$	11.07		$	11.31

		(2.68%	)		4.85%			1.12%			6.67%			0.47%			(0.48%	)


	$	6,555		$	6,758		$	8,121		$	10,364		$	10,923		$	15,975
		1.57%			1.58%			1.59%			1.59%			1.59%			1.59%
		1.70%			1.71%			1.71%			1.72%			1.72%			1.71%
		1.69%			1.79%			2.16%			2.56%			2.61%			2.73%
		1.56%			1.66%			2.04%			2.43%			2.48%			2.61%
		7%			10%			18%			16%			6%			17%

105

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

106

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.70		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


		0.15			0.32			0.36			0.40			0.40			0.42
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.26	)		0.66			0.24			0.84			0.16			0.05


		(0.15	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)
		(0.15	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)

	$	11.29		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

		(2.20%	)		5.91%			2.14%			7.74%			1.47%			0.51%


	$	83,902		$	76,092		$	51,941		$	42,317		$	27,433		$	19,788
		0.57%			0.58%			0.59%			0.59%			0.59%			0.59%
		0.70%			0.71%			0.71%			0.72%			0.72%			0.71%
		2.69%			2.79%			3.16%			3.56%			3.61%			3.73%
		2.56%			2.66%			3.04%			3.43%			3.48%			3.61%
		7%			10%			18%			16%			6%			17%

107

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

108

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.91		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


		0.13			0.30			0.33			0.35			0.34			0.35
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.30	)
		(0.23	)		0.69			0.20			0.79			0.06			0.05


		(0.13	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)
		(0.13	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)

	$	11.55		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

		(2.01%	)		6.03%			1.77%			7.19%			0.56%			0.47%


	$	72,368		$	71,345		$	60,667		$	55,480		$	59,425		$	67,907
		0.86%			0.86%			0.86%			0.86%			0.86%			0.86%
		0.99%			1.01%			1.02%			1.03%			1.01%			1.00%
		2.26%			2.53%			2.87%			3.11%			3.04%			3.03%
		2.13%			2.38%			2.71%			2.94%			2.89%			2.89%
		7%			17%			22%			14%			11%			10%

109

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

110

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.90		$	11.51		$	11.64		$	11.20		$	11.48		$	11.78


		0.09			0.21			0.24			0.27			0.26			0.26
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.30	)
		(0.27	)		0.60			0.11			0.71			(0.02	)		(0.04	)


		(0.09	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
		(0.09	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)

	$	11.54		$	11.90		$	11.51		$	11.64		$	11.20		$	11.48

		(2.29%	)		5.24%			1.00%			6.40%			(0.19%	)		(0.29%	)


	$	6,698		$	6,453		$	8,819		$	12,875		$	17,597		$	29,375
		1.61%			1.61%			1.61%			1.61%			1.61%			1.61%
		1.74%			1.76%			1.77%			1.78%			1.76%			1.75%
		1.51%			1.78%			2.12%			2.36%			2.29%			2.28%
		1.38%			1.63%			1.96%			2.19%			2.14%			2.14%
		7%			17%			22%			14%			11%			10%

111

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.
⁴	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.

112

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.91		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


		0.15			0.33			0.36			0.38			0.37			0.37
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.29	)
		(0.21	)		0.72			0.23			0.82			0.09			0.08


		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)
		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)

	$	11.55		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

		(1.80%	)		6.29%			2.02%			7.46%			0.82%			0.71%


	$	62,713		$	51,125		$	36,057		$	35,157		$	21,310		$	12,090
		0.61%			0.61%			0.61%			0.61%			0.61%			0.61%
		0.74%			0.76%			0.77%			0.78%			0.76%			0.75%
		2.51%			2.78%			3.12%			3.36%			3.29%			3.28%
		2.38%			2.63%			2.96%			3.19%			3.14%			3.14%
		7%			17%			22%			14%			11%			10%

113

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	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.

114

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.06		$	11.66		$	11.86		$	11.33		$	11.62		$	11.98


		0.14			0.29			0.33			0.36			0.36			0.35
		(0.43	)		0.45			(0.14	)		0.53			(0.29	)		(0.35	)
		(0.29	)		0.74			0.19			0.89			0.07			—	³


		(0.14	)		(0.29	)		(0.33	)		(0.36	)		(0.36	)		(0.36	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.14	)		(0.34	)		(0.39	)		(0.36	)		(0.36	)		(0.36	)

	$	11.63		$	12.06		$	11.66		$	11.86		$	11.33		$	11.62

		(2.40%	)		6.46%			1.68%			8.00%			0.60%			0.05%


	$	150,964		$	161,593		$	42,514		$	36,058		$	38,139		$	40,647
		0.80%			0.83%			0.80%			0.80%			0.80%			0.80%
		0.97%			1.01%			1.05%			1.07%			1.08%			1.03%
		2.38%			2.47%			2.86%			3.12%			3.10%			3.04%
		2.21%			2.29%			2.61%			2.85%			2.82%			2.81%
		9%			13%			31%			21%			10%			14%

115

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

116

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.03		$	11.63		$	11.83		$	11.30		$	11.59		$	11.95


		0.10			0.21			0.24			0.27			0.27			0.26
		(0.42	)		0.45			(0.14	)		0.53			(0.29	)		(0.35	)
		(0.32	)		0.66			0.10			0.80			(0.02	)		(0.09	)


		(0.10	)		(0.21	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.10	)		(0.26	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)

	$	11.61		$	12.03		$	11.63		$	11.83		$	11.30		$	11.59

		(2.68%	)		5.68%			0.92%			7.20%			(0.16%	)		(0.71%	)


	$	4,441		$	4,720		$	7,037		$	13,459		$	14,941		$	17,073
		1.55%			1.58%			1.55%			1.55%			1.55%			1.55%
		1.72%			1.76%			1.80%			1.82%			1.83%			1.78%
		1.63%			1.72%			2.11%			2.37%			2.35%			2.29%
		1.46%			1.54%			1.86%			2.10%			2.07%			2.06%
		9%			13%			31%			21%			10%			14%

117

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

118

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.06		$	11.66		$	11.85		$	11.33		$	11.61		$	11.97


		0.16			0.32			0.36			0.38			0.39			0.38
		(0.43	)		0.45			(0.13	)		0.52			(0.28	)		(0.35	)
		(0.27	)		0.77			0.23			0.90			0.11			0.03


		(0.16	)		(0.32	)		(0.36	)		(0.38	)		(0.39	)		(0.39	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.16	)		(0.37	)		(0.42	)		(0.38	)		(0.39	)		(0.39	)

	$	11.63		$	12.06		$	11.66		$	11.85		$	11.33		$	11.61

		(2.27%	)		6.73%			2.03%			8.17%			0.93%			0.29%


	$	49,964		$	50,997		$	38,394		$	39,363		$	32,981		$	32,192
		0.55%			0.58%			0.55%			0.55%			0.55%			0.55%
		0.72%			0.76%			0.80%			0.82%			0.83%			0.78%
		2.63%			2.72%			3.11%			3.37%			3.35%			3.29%
		2.46%			2.54%			2.86%			3.10%			3.07%			3.06%
		9%			13%			31%			21%			10%			14%

119

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

120

Table of Contents

Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.34		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


		0.10			0.23			0.25			0.28			0.28			0.28
		(0.28	)		0.32			(0.11	)		0.32			(0.20	)		(0.25	)
		(0.18	)		0.55			0.14			0.60			0.08			0.03


		(0.10	)		(0.23	)		(0.25	)		(0.28	)		(0.28	)		(0.28	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.13	)		(0.27	)		(0.33	)		(0.28	)		(0.29	)		(0.28	)

	$	8.03		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

		(2.27%	)		7.04%			1.72%			7.72%			0.93%			0.48%


	$	362,320		$	384,915		$	364,480		$	376,965		$	378,038		$	399,001
		0.84%			0.83%			0.83%			0.85%			0.88%			0.88%
		0.93%			0.92%			0.92%			0.93%			0.93%			0.94%
		2.33%			2.86%			3.09%			3.49%			3.48%			3.51%
		2.24%			2.77%			3.00%			3.41%			3.43%			3.45%
		13%			32%			40%			23%			19%			15%

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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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

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Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.34		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


		0.06			0.17			0.19			0.22			0.22			0.22
		(0.27	)		0.32			(0.11	)		0.32			(0.20	)		(0.25	)
		(0.21	)		0.49			0.08			0.54			0.02			(0.03	)


		(0.06	)		(0.17	)		(0.19	)		(0.22	)		(0.22	)		(0.22	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.09	)		(0.21	)		(0.27	)		(0.22	)		(0.23	)		(0.22	)

	$	8.04		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

		(2.52%	)		6.24%			0.95%			6.91%			0.16%			(0.27%	)


	$	13,272		$	14,040		$	19,009		$	25,065		$	26,376		$	33,298
		1.59%			1.59%			1.59%			1.61%			1.64%			1.64%
		1.68%			1.68%			1.68%			1.69%			1.69%			1.70%
		1.58%			2.10%			2.33%			2.73%			2.72%			2.75%
		1.49%			2.01%			2.24%			2.65%			2.67%			2.69%
		13%			32%			40%			23%			19%			15%

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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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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.

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Six months ended
2/28/22¹				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.33		$	8.05		$	8.25		$	7.92		$	8.13		$	8.38


		0.10			0.25			0.27			0.30			0.30			0.30
		(0.27	)		0.32			(0.12	)		0.33			(0.20	)		(0.25	)
		(0.17	)		0.57			0.15			0.63			0.10			0.05


		(0.10	)		(0.25	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.13	)		(0.29	)		(0.35	)		(0.30	)		(0.31	)		(0.30	)

	$	8.03		$	8.33		$	8.05		$	8.25		$	7.92		$	8.13

		(2.04%	)		7.31%			1.84%			8.12%			1.16%			0.73%


	$	76,683		$	72,333		$	55,919		$	47,241		$	41,427		$	33,373
		0.59%			0.59%			0.59%			0.61%			0.64%			0.64%
		0.68%			0.68%			0.68%			0.69%			0.69%			0.70%
		2.58%			3.10%			3.33%			3.73%			3.72%			3.75%
		2.49%			3.01%			3.24%			3.65%			3.67%			3.69%
		13%			32%			40%			23%			19%			15%

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Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds	February 28, 2022 (Unaudited)

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group^®State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). 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 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.

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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 six months ended February 28, 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 six months ended February 28, 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)

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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. 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 custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended February 28, 2022 for each Fund.

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 six months ended February 28, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	10
Delaware Tax-Free California Fund			31
Delaware Tax-Free Colorado Fund			31
Delaware Tax-Free Idaho Fund			9
Delaware Tax-Free New York Fund			82
Delaware Tax-Free Pennsylvania Fund			93

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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 February 28, 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%

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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; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund 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 six months ended February 28, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,646
Delaware Tax-Free California Fund		4,624
Delaware Tax-Free Colorado Fund		6,809
Delaware Tax-Free Idaho Fund		4,626
Delaware Tax-Free New York Fund		6,075
Delaware Tax-Free
Pennsylvania Fund		10,879

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 six months ended February 28, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,851
Delaware Tax-Free California Fund		5,905
Delaware Tax-Free Colorado Fund		10,818
Delaware Tax-Free Idaho Fund		5,906
Delaware Tax-Free New York Fund		9,176
Delaware Tax-Free Pennsylvania Fund		19,985

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

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“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 six months ended February 28, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:


Fund	Fees
Delaware Tax-Free Arizona Fund	$	1,996
Delaware Tax-Free California Fund		3,003
Delaware Tax-Free Colorado Fund		5,486
Delaware Tax-Free Idaho Fund		2,925
Delaware Tax-Free New York Fund		4,780
Delaware Tax-Free
Pennsylvania Fund		10,403

For the six months ended February 28, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Arizona Fund		$	880
Delaware Tax-Free California Fund			1,395
Delaware Tax-Free Colorado Fund			752
Delaware Tax-Free Idaho Fund			5,602
Delaware Tax-Free New York Fund			2,446
Delaware Tax-Free Pennsylvania Fund			5,667

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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 six months ended February 28, 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 California Fund	$	67		$	—
Delaware Tax-Free Colorado Fund		3,642			37
Delaware Tax-Free New York Fund		568			—
Delaware Tax-Free Pennsylvania Fund		7,711			617

Delaware Tax-Free Arizona Fund and Delaware Tax-Free Idaho Fund did not receive gross commissions on redemptions of each Fund's Class A and Class C shares.

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 six months ended February 28, 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 its 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 six months ended February 28, 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	$	3,023,619	$	3,145,604		$	87,613
Delaware Tax-Free California
Fund		11,275,431		5,919,130			(19,495	)
Delaware Tax-Free Colorado
Fund		2,875,147		3,230,042			—
Delaware Tax-Free Idaho Fund		1,410,167		425,000			—
Delaware Tax-Free New York
Fund		3,050,051		10,525,411			95,529
Delaware Tax-Free
Pennsylvania Fund		9,560,811		8,403,741			369,847

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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 investment companies (Underlying Funds) in which it invests. 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 six months ended February 28, 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	$	6,393,126	$	4,603,769
Delaware Tax-Free California Fund		17,955,994		10,388,217
Delaware Tax-Free Colorado Fund		29,854,704		17,504,986
Delaware Tax-Free Idaho Fund		25,427,622		9,621,903
Delaware Tax-Free New York Fund		17,696,128		26,916,825
Delaware Tax-Free Pennsylvania Fund		59,792,745		68,958,474

At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
Fund	investments		of investments		of investments			of investments
Delaware Tax-Free
Arizona Fund	$	86,293,148	$	4,584,035	$	(1,054,718	)		$	3,529,317
Delaware Tax-Free
California Fund		136,591,642		7,263,974		(1,584,417	)			5,679,557
Delaware Tax-Free
Colorado Fund		240,502,559		10,481,054		(1,635,291	)			8,845,763
Delaware Tax-Free
Idaho Fund		138,419,323		5,940,987		(2,167,657	)			3,773,330
Delaware Tax-Free
New York Fund		191,214,807		13,882,188		(867,695	)			13,014,493
Delaware Tax-Free
Pennsylvania
Fund		425,961,811		28,942,173		(6,229,214	)			22,712,959

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

3. Investments (continued)

At August 31, 2021, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free
Colorado Fund	$	2,013,448	$	—	$	2,013,448
Delaware Tax-Free
Idaho Fund		2,289,541		2,213,776		4,503,317
Delaware Tax-Free
New York Fund		467,227		—		467,227

At August 31, 2021, there were no capital loss carryforwards for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, and Delaware Tax-Free Pennsylvania Fund.

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

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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 February 28, 2022:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds			$87,707,465
Short-Term Investments			2,115,000
Total Value of Securities			$89,822,465

	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	139,971,199
Short-Term Investments			2,300,000
Total Value of Securities		$	142,271,199

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	245,287,603	$	245,287,603
Short-Term Investments¹		880,719		3,180,000		4,060,719
Total Value of Securities	$	880,719	$	248,467,603	$	249,348,322

	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	139,928,966	$	139,928,966
Short-Term Investments¹		1,838,687		425,000		2,263,687
Total Value of Securities	$	1,838,687	$	140,353,966	$	142,192,653

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

3. Investments (continued)

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	203,329,300
Short-Term Investments			900,000
Total Value of Securities		$	204,229,300

		Delaware Tax-Free Pennsylvania Fund
		Level 2
Securities
Assets:
Municipal Bonds		$448,674,770

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	21.69%	78.31%	100.00%

	Delaware Tax-Free
	Idaho Fund
	Level 1	Level 2	Total
Short-Term Investments	81.23%	18.77%	100.00%

During the six months ended February 28, 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 six months ended February 28, 2022, there were no Level 3 investments.

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4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Arizona Fund				California Fund				Colorado Fund
		Six months				Six months				Six months
		ended		Year ended		ended		Year ended		ended		Year ended
		2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
	Class A	204,979		513,124		558,052		1,023,677		464,865		1,050,651
	Class C	10,452		23,292		18,525		50,194		39,597		77,408
	Institutional Class	437,477		733,558		1,378,393		1,301,732		1,573,104		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	92,099		129,794		91,753		153,210		156,542		331,105
	Class C	1,625		3,131		3,201		8,850		4,848		11,269
	Institutional Class	35,546		42,741		49,519		68,426		89,362		137,029
		782,178		1,445,640		2,099,443		5,536,311		2,328,318		4,194,017

Shares redeemed:
	Class A	(210,297	)	(505,741	)	(546,954	)	(780,314	)	(525,086	)	(1,684,720	)
	Class C	(15,461	)	(121,492	)	(48,748	)	(315,080	)	(41,327	)	(225,450	)
	Institutional Class	(228,609	)	(248,526	)	(456,305	)	(663,751	)	(732,966	)	(791,630	)
		(454,367	)	(875,759	)	(1,052,007	)	(1,759,145	)	(1,299,379	)	(2,701,800	)
Net increase		327,811		569,881		1,047,436		3,777,166		1,028,939		1,492,217

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

4. Capital Shares (continued)

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Idaho Fund				New York Fund				Pennsylvania Fund
		Six months				Six months				Six months
		ended		Year ended		ended		Year ended		ended		Year ended
		2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
	Class A	484,126		981,935		241,253		627,672		2,193,882		4,204,401
	Class C	74,997		169,886		27,167		33,490		138,638		240,336
	Institutional Class	1,522,304		1,578,301		749,546		1,191,983		1,319,789		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	66,597		133,396		131,661		233,817		614,360		1,375,466
	Class C	4,111		11,485		2,224		7,458		17,848		51,827
	Institutional Class	58,375		87,070		53,468		104,568		143,729		249,015
		2,210,510		2,962,073		1,205,319		12,542,061		4,428,246		8,668,251

Shares redeemed:
	Class A	(273,970	)	(389,583	)	(794,895	)	(1,260,818	)	(3,865,681	)	(4,647,494	)
	Class C	(40,792	)	(405,039	)	(39,013	)	(253,594	)	(188,100	)	(967,055	)
	Institutional Class	(442,222	)	(501,800	)	(736,569	)	(551,930	)	(591,490	)	(1,059,421	)
		(756,984	)	(1,296,422	)	(1,570,477	)	(2,066,342	)	(4,645,271	)	(6,673,970	)
Net increase
	(decrease)	1,453,526		1,665,651		(365,158	)	10,475,719		(217,025	)	1,994,281

¹	See Note 5.

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 above and on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2022 and the year ended August 31, 2021, each Fund had the following exchange transactions:

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	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
Six months ended
2/28/22	5,852	4,736	—	—	10,596	$	127,616
Year ended
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
8/31/21	363	23,555	—	23,639	363		277,845

Delaware Tax-Free Idaho Fund
Six months ended
2/28/22	—	1,906	—	—	1,906		22,678
Year ended
8/31/21	17,257	39,913	—	30,392	26,800		675,359

Delaware Tax-Free New York Fund
Six months ended
2/28/22	2,825	143	—	143	2,833		35,491
Year ended
8/31/21	—	4,465	8,571	13,029	—		156,853

Delaware Tax-Free Pennsylvania Fund
Six months ended
2/28/22	26,604	5,570	—	5,571	26,626		267,452
Year ended
8/31/21	42,470	104,699	647	89,432	58,557		1,214,761

Delaware Tax-Free California Fund and Delaware Tax-Free Colorado Fund did not have any exchange transactions for the six months ended February 28, 2022.

5. 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

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

5. 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

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.

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Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma 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.

6. 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%, with the addition of an upfront fee of 0.05%, 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.

Each Fund had no amounts outstanding as of February 28, 2022, or at any time during the period then ended.

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

7. 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. 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

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provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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

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

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

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

8. 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.

9. 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. 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2022, that would require recognition or disclosure in the Funds' financial statements.

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About the organization

Board of trustees

Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds
by Macquarie^®
Philadelphia, PA

Jerome D. Abernathy
Managing Member,
Stonebrook Capital
Management, LLC
Jersey City, NJ

Thomas L. Bennett
Chairman of the Board
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA

Ann D. Borowiec
Former Chief Executive
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY

Joseph W. Chow
Former Executive Vice
President
State Street Corporation
Boston, MA

H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP
Detroit, MI

John A. Fry
President
Drexel University
Philadelphia, PA

Joseph Harroz, Jr.
President
University of Oklahoma
Norman, OK

Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children's Mercy Hospitals
and Clinics
Kansas City, MO

Frances A. Sevilla-Sacasa
Former Chief Executive
Officer
Banco Itaú International
Miami, FL

Thomas K. Whitford
Former Vice Chairman
PNC Financial Services
Group
Pittsburgh, PA

Christianna Wood
Chief Executive Officer
and President
Gore Creek Capital, Ltd.
Golden, CO

Janet L. Yeomans
Former Vice President and
Treasurer
3M Company
St. Paul, MN

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

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

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-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.

145

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial 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 240.15d15( 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 MUTUAL FUNDS II

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 6, 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:	May 6, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 6, 2022