Delaware Group State Tax-free Income Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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:	811-02715
Exact name of registrant as specified in charter:	Delaware Group® State Tax-Free Income
	Trust
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, 2021

Item 1. Reports to Stockholders

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, 2021

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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.

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) 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) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This 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 (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector / state / territory allocations	5
Schedules of investments	11
Statements of assets and liabilities	71
Statements of operations	75
Statements of changes in net assets	77
Financial highlights	90
Notes to financial statements	126
About the organization	144

Unless otherwise noted, views expressed herein are current as of February 28, 2021, 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.

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (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, 2020 to February 28, 2021.

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.

1

Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (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
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,032.90		0.84	%		$	4.23
Class C			1,000.00			1,029.00		1.59	%			8.00
Institutional Class			1,000.00			1,035.00		0.59	%			2.98
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
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,030.50		0.86	%		$	4.33
Class C			1,000.00			1,025.80		1.61	%			8.09
Institutional Class			1,000.00			1,031.80		0.61	%			3.07
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

2

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,022.20		0.83	%		$	4.16
Class C			1,000.00			1,018.40		1.58	%			7.91
Institutional Class			1,000.00			1,023.50		0.58	%			2.91
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.68		0.83	%		$	4.16
Class C			1,000.00			1,016.96		1.58	%			7.90
Institutional Class			1,000.00			1,021.92		0.58	%			2.91
Delaware Tax-Free Idaho Fund Expense analysis of an investment of $1,000
	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,025.80		0.86	%		$	4.32
Class C			1,000.00			1,022.00		1.61	%			8.07
Institutional Class			1,000.00			1,027.10		0.61	%			3.07
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

3

Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)

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

	Beginning Account Value 9/1/20			Ending Account Value 2/28/21			Annualized Expense Ratio	Expenses Paid During Period 9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,023.40	0.83%		$	4.16
Class C			1,000.00			1,019.60	1.58%			7.91
Institutional Class			1,000.00			1,023.80	0.58%			2.91
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.68	0.83%		$	4.16
Class C			1,000.00			1,016.96	1.58%			7.90
Institutional Class			1,000.00			1,021.92	0.58%			2.91

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

	Beginning Account Value 9/1/20			Ending Account Value 2/28/21			Annualized Expense Ratio	Expenses Paid During Period 9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,029.00	0.83%		$	4.18
Class C			1,000.00			1,026.40	1.59%			7.99
Institutional Class			1,000.00			1,031.60	0.59%			2.97
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.68	0.83%		$	4.16
Class C			1,000.00			1,016.91	1.59%			7.95
Institutional Class			1,000.00			1,021.87	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 above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.

4

Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.08	%
Corporate Revenue Bonds		4.87	%
Education Revenue Bonds		20.84	%
Electric Revenue Bonds		7.19	%
Healthcare Revenue Bonds		23.64	%
Lease Revenue Bonds		5.30	%
Local General Obligation Bonds		4.08	%
Pre-Refunded Bonds		3.56	%
Special Tax Revenue Bonds		14.43	%
State General Obligation Bonds		2.92	%
Transportation Revenue Bonds		5.39	%
Water & Sewer Revenue Bonds		5.86	%
Short-Term Investments		1.30	%
Total Value of Securities		99.38	%
Receivables and Other Assets Net of Liabilities		0.62	%
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		80.74	%
Guam		0.34	%
Puerto Rico		18.30	%
Total Value of Securities		99.38	%

5

Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.16	%
Corporate Revenue Bonds		9.69	%
Education Revenue Bonds		22.75	%
Electric Revenue Bonds		3.27	%
Healthcare Revenue Bonds		9.50	%
Housing Revenue Bonds		3.42	%
Lease Revenue Bonds		6.15	%
Local General Obligation Bonds		3.74	%
Pre-Refunded/Escrowed to Maturity Bonds		10.19	%
Special Tax Revenue Bonds		12.61	%
State General Obligation Bonds		7.84	%
Transportation Revenue Bonds		11.00	%
Total Value of Securities		100.16	%
Liabilities Net of Receivables and Other Assets		(0.16	%)
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		83.75	%
Guam		0.36	%
Puerto Rico		15.86	%
US Virgin Islands		0.19	%
Total Value of Securities		100.16	%

6

Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.71	%
Corporate Revenue Bonds		2.99	%
Education Revenue Bonds		13.48	%
Electric Revenue Bonds		5.22	%
Healthcare Revenue Bonds		23.78	%
Housing Revenue Bonds		0.08	%
Lease Revenue Bonds		1.99	%
Local General Obligation Bonds		10.50	%
Pre-Refunded Bonds		11.07	%
Special Tax Revenue Bonds		15.98	%
State General Obligation Bonds		2.67	%
Transportation Revenue Bonds		6.96	%
Water & Sewer Revenue Bonds		3.99	%
Short-Term Investments		1.06	%
Total Value of Securities		99.77	%
Receivables and Other Assets Net of Liabilities		0.23	%
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		85.64	%
Guam		1.90	%
Idaho		1.06	%
Puerto Rico		10.72	%
US Virgin Islands		0.45	%
Total Value of Securities		99.77	%

7

Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.02	%
Corporate Revenue Bonds		2.87	%
Education Revenue Bonds		17.52	%
Electric Revenue Bonds		4.52	%
Healthcare Revenue Bonds		10.02	%
Housing Revenue Bonds		3.53	%
Lease Revenue Bonds		12.96	%
Local General Obligation Bonds		18.97	%
Pre-Refunded Bonds		7.27	%
Special Tax Revenue Bonds		14.68	%
State General Obligation Bonds		3.81	%
Transportation Revenue Bonds		2.01	%
Water & Sewer Revenue Bonds		0.86	%
Short-Term Investments		0.04	%
Total Value of Securities		99.06	%
Receivables and Other Assets Net of Liabilities		0.94	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		3.25	%
Idaho		80.90	%
Puerto Rico		14.91	%
Total Value of Securities		99.06	%

8

Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.10	%
Corporate Revenue Bonds		6.33	%
Education Revenue Bonds		21.77	%
Electric Revenue Bonds		8.28	%
Healthcare Revenue Bonds		5.88	%
Housing Revenue Bond		0.89	%
Lease Revenue Bonds		6.27	%
Local General Obligation Bonds		3.41	%
Pre-Refunded/Escrowed to Maturity Bonds		4.49	%
Resource Recovery Revenue Bond		0.75	%
Special Tax Revenue Bonds		20.60	%
State General Obligation Bonds		2.85	%
Transportation Revenue Bonds		12.00	%
Water & Sewer Revenue Bonds		5.58	%
Total Value of Securities		99.10	%
Receivables and Other Assets Net of Liabilities		0.90	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.88	%
New York		85.91	%
Puerto Rico		12.23	%
US Virgin Islands		0.08	%
Total Value of Securities		99.10	%

9

Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.14	%
Corporate Revenue Bonds		7.07	%
Education Revenue Bonds		11.16	%
Electric Revenue Bonds		2.80	%
Healthcare Revenue Bonds		32.44	%
Housing Revenue Bond		0.44	%
Lease Revenue Bonds		1.13	%
Local General Obligation Bonds		7.21	%
Pre-Refunded/Escrowed to Maturity Bonds		8.39	%
Special Tax Revenue Bonds		14.53	%
State General Obligation Bonds		4.94	%
Transportation Revenue Bonds		8.78	%
Water & Sewer Revenue Bonds		1.25	%
Total Value of Securities		100.14	%
Liabilities Net of Receivables and Other Assets		(0.14	%)
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		82.36	%
Puerto Rico		17.78	%
Total Value of Securities		100.14	%

10

Schedules of investments
Delaware Tax-Free Arizona Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 98.08%
Corporate Revenue Bonds – 4.87%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 7.75% 7/1/50 #	285,000	$	307,521
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) •	1,000,000		1,050,890
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	2,000,000		2,762,840
					4,121,251
Education Revenue Bonds – 20.84%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51	1,000,000		1,142,930
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	350,000		380,859
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	250,000		303,868
		144A 6.00% 7/1/47 #	400,000		477,864
		(Doral Academy of Nevada - Fire Mesa and Red
		Rock Campus Projects)
		Series A 144A 5.00% 7/15/49 #	375,000		416,797
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	500,000		542,005
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49	1,600,000		1,767,808
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	375,000		405,019
		(Pinecrest Academy of Nevada-Horizon, Inspirada
		and St. Rose Campus Projects)
		Series A 144A 5.75% 7/15/48 #	250,000		283,188
		(Somerset Academy of Las Vegas - Lone
		Mountain Campus Project)
		Series A 144A 5.00% 12/15/49 #	500,000		538,080
	Arizona State University Energy Management
		Revenue
		(Arizona State University Tempe Campus II
		Project)
		4.50% 7/1/24	1,000,000		1,003,120
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31	645,000		670,348

11

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Maricopa County Industrial Development Authority
		Revenue
		(Creighton University Project)
		4.00% 7/1/50	1,000,000	$	1,122,020
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52	725,000		839,652
		(Reid Traditional Schools Projects)
		5.00% 7/1/47	785,000		858,091
	Maricopa County, Arizona Industrial Development
		Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		279,565
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic
		Village Project)
		5.00% 7/1/31	500,000		591,785
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42	1,250,000		1,287,850
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	500,000		511,215
		(Great Hearts Academic Project)
		5.00% 7/1/46	1,000,000		1,089,590
		(Rowan University Project)
		5.00% 6/1/42	2,000,000		2,069,740
	Pima County Industrial Development Authority
		Education Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #	500,000		523,575
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44	475,000		537,809
					17,642,778
Electric Revenue Bonds – 7.19%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	450,000		406,125
		Series A 5.05% 7/1/42 ‡	55,000		49,638
		Series AAA 5.25% 7/1/25 ‡	35,000		31,675
		Series WW 5.00% 7/1/28 ‡	450,000		406,125
		Series WW 5.25% 7/1/33 ‡	430,000		389,150
		Series WW 5.50% 7/1/38 ‡	620,000		562,650
		Series XX 4.75% 7/1/26 ‡	35,000		31,500
		Series XX 5.25% 7/1/40 ‡	355,000		321,275

12

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.75% 7/1/36 ‡	125,000	$	113,750
		Series ZZ 4.75% 7/1/27 ‡	30,000		27,000
		Series ZZ 5.25% 7/1/24 ‡	45,000		40,725
	Salt River Project Agricultural Improvement & Power
		District Electric System Revenue
		Series A 5.00% 1/1/39	2,000,000		2,450,460
		Series A 5.00% 1/1/47	1,000,000		1,257,630
					6,087,703
Healthcare Revenue Bonds – 23.64%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Phoenix Children’s Hospital)
		Series A 5.00% 2/1/34	995,000		1,028,303
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,124,540
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC
		Project First Tier)
		Series A 5.00% 1/1/54	145,000		130,390
		(Great Lakes Senior Living Communities LLC
		Project Second Tier)
		Series B 5.00% 1/1/49	55,000		41,488
		Series B 5.125% 1/1/54	65,000		48,938
		(Great Lakes Senior Living Communities LLC
		Project Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		360,615
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50	2,040,000		2,277,640
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		272,781
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		1,114,200
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,151,930
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000		213,714

13

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glendale, Arizona Industrial Development Authority
		Revenue
		(Glencroft Retirement Community Project)
		5.25% 11/15/46	415,000	$	417,403
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	375,000		389,812
	Maricopa County Industrial Development Authority
		Health Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		1,128,100
		Series A 4.00% 1/1/44	1,500,000		1,714,425
	Maricopa County Industrial Development Authority
		Hospital Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000		513,840
		Series A 4.00% 9/1/51	250,000		289,398
	Maricopa County Industrial Development Authority
		Senior Living Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		412,727
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		Series A 6.00% 7/1/33	790,000		799,559
	Tempe Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/42	1,200,000		1,221,108
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		849,904
	Yavapai County Industrial Development Authority
		Hospital Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,670,295
		Series A 5.25% 8/1/33	2,000,000		2,175,920
	Yuma Industrial Development Authority Hospital
		Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		329,078
		Series A 5.25% 8/1/32	300,000		338,208
					20,014,316

14

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 5.30%
	Arizona Game & Fish Department & Community
		Beneficial Interest Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000	$	1,003,430
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36	350,000		363,405
	Maricopa County Industrial Development Authority
		Correctional Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)	685,000		686,863
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49	2,000,000		2,428,660
					4,482,358
Local General Obligation Bonds – 4.08%
	Maricopa County High School District No.
		214 Tolleson Union High School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000		1,157,410
	Maricopa County School District No. 3 Tempe
		Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		710,069
	Maricopa County Unified School District No.
		69 Paradise Valley
		4.00% 7/1/39	600,000		720,564
	Maricopa County Unified School District No.
		95 Queen Creek
		(School Improvement)
		4.00% 7/1/35	500,000		582,345
	Pinal County Community College District
		4.00% 7/1/31	250,000		284,755
					3,455,143
Pre-Refunded Bonds – 3.56%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Banner Health)
		Series A 5.00% 1/1/43-22 §	500,000		520,250
	Phoenix Industrial Development Authority
		(Great Hearts Academic Project)
		6.30% 7/1/42-21 §	500,000		509,750

15

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Phoenix Industrial Development Authority
		(Great Hearts Academic Project)
		6.40% 7/1/47-21 §	500,000	$	509,915
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §	10,000		10,581
		Series A 5.00% 6/1/38-23 §	1,000,000		1,106,850
		Unrefunded Series A 5.00% 6/1/25-22 §	335,000		354,453
					3,011,799
Special Tax Revenue Bonds – 14.43%
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	1,548,850		1,324,267
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		613,725
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,175,690
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 2.592% 7/1/33 ^	237,000		168,514
		Series A-1 4.75% 7/1/53	2,485,000		2,712,204
		Series A-1 4.922% 7/1/51 ^	4,400,000		968,748
		Series A-1 5.00% 7/1/58	930,000		1,030,012
		Series A-1 5.083% 7/1/46 ^	1,970,000		605,657
		Series A-2 4.329% 7/1/40	2,825,000		3,038,711
	Regional Public Transportation Authority
		(Maricopa County Public Transportation)
		5.25% 7/1/24	500,000		580,535
					12,218,063
State General Obligation Bonds – 2.92%
	Commonwealth of Puerto Rico
		Series A 5.00% 7/1/41 ‡	235,000		183,594
		Series A 5.125% 7/1/37 ‡	1,190,000		963,900
		Series A 5.375% 7/1/33 ‡	270,000		233,212
		Series A 8.00% 7/1/35 ‡	640,000		498,400
		Series B 5.75% 7/1/38 ‡	680,000		590,750
					2,469,856

16

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 5.39%
	Arizona Department of Transportation State
		Highway Fund Revenue
		5.00% 7/1/35	500,000	$	598,795
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series B 5.00% 7/1/49 (AMT)	400,000		476,328
		(Senior Lien)
		4.00% 7/1/48 (AMT)	500,000		547,180
		5.00% 7/1/32 (AMT)	500,000		546,305
		Series A 5.00% 7/1/36 (AMT)	1,000,000		1,186,740
		Series B 5.00% 7/1/37	1,000,000		1,203,490
					4,558,838
Water & Sewer Revenue Bonds – 5.86%
	Arizona Water Infrastructure Finance Authority
		(Water Quality Revenue)
		Series A 5.00% 10/1/26	1,000,000		1,163,720
	Central Arizona Water Conservation District
		(Central Arizona Project)
		5.00% 1/1/31	600,000		715,446
	Guam Government Waterworks Authority Revenue
		5.00% 7/1/37	250,000		289,608
	Mesa Utility System Revenue
		4.00% 7/1/31	850,000		965,821
	Phoenix Civic Improvement Corporation
		(Junior Lien)
		5.00% 7/1/27	1,000,000		1,221,910
		5.00% 7/1/31	500,000		605,710
					4,962,215
Total Municipal Bonds (cost $77,847,223)					83,024,320

17

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal amount°		Value (US $)
Short-Term Investments – 1.30%
Variable Rate Demand Note – 1.30%¤
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.01% 11/15/52
		(SPA - Northern Trust Company)	1,100,000	$	1,100,000
Total Short-Term Investments (cost $1,100,000)					1,100,000
Total Value of Securities–99.38%
	(cost $78,947,223)			$	84,124,320

°	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, 2021, the aggregate value of Rule 144A securities was $6,081,587, which represents 7.18% 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, 2021. 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, 2021.

Summary of abbreviations:
ACA – Insured by American Capital Access
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.

18

Summary of abbreviations: (continued)
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

19

Schedules of investments
Delaware Tax-Free California Fund	February 28, 2021 (Unaudited)

	Principal amount°	Value (US $)
Municipal Bonds — 100.16%
Corporate Revenue Bonds — 9.69%
California Pollution Control Financing Authority
Solid Waste Disposal Revenue
(CalPlant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡	300,000	$	195,000
Golden State Tobacco Securitization Settlement
Revenue
(Asset-Backed)
Series A-2 5.00% 6/1/47	2,400,000		2,482,752
(Capital Appreciation Asset-Backed)
First Subordinate Series B 1.302% 6/1/47 ^	2,335,000		512,626
Inland Empire Tobacco Securitization Authority
(Capital Appreciation Turbo Asset-Backed)
Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,374,553
M-S-R Energy Authority Revenue
Series B 6.50% 11/1/39	500,000		790,620
Tobacco Securitization Authority of Northern
California
(Sacramento County)
Series A Class 1 Senior 4.00% 6/1/36	300,000		361,290
Series A Class 1 Senior 4.00% 6/1/37	300,000		359,865
Series A Class 1 Senior 4.00% 6/1/38	400,000		478,232
Series A Class 1 Senior 4.00% 6/1/39	250,000		297,985
Series A Class 1 Senior 4.00% 6/1/40	300,000		351,648
Series A Class 1 Senior 4.00% 6/1/49	1,000,000		1,147,660
Tobacco Securitization Authority of Southern
California
(San Diego County)
Capital Appreciation Second Subordinate
Series C 0.549% 6/1/46 ^	13,190,000		2,688,782
Capital Appreciation Third Subordinate
Series D 0.301% 6/1/46 ^	4,915,000		844,544
			11,885,557
Education Revenue Bonds — 22.75%
California Educational Facilities Authority
(Loma Linda University)
Series A 5.00% 4/1/47	1,000,000		1,148,690
(Stanford University)
Series U-1 5.25% 4/1/40	1,840,000		2,694,110
Series V-1 5.00% 5/1/49	1,460,000		2,190,686
California Municipal Finance Authority
(Bella Mente Montessori Academy Project)
Series A 144A 5.00% 6/1/48 #	500,000		548,945

20

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
	(Biola University)
	5.00% 10/1/39	1,000,000	$	1,171,340
	(California Baptist University)
	Series A 144A 5.375% 11/1/40 #	1,000,000		1,119,710
	(CHF - Davis I, LLC - West Village Student
	Housing Project)
	5.00% 5/15/48	1,000,000		1,163,480
	(Emerson College)
	Series B 5.00% 1/1/32	1,000,000		1,201,370
	(Julian Charter School Project)
	Series A 144A 5.625% 3/1/45 #	850,000		870,697
	(Literacy First Charter Schools Project)
	Series A 5.00% 12/1/49	750,000		864,668
	(Southwestern Law School)
	6.50% 11/1/41	1,140,000		1,175,750
	California School Finance Authority
	(Aspire Public Schools - Obligated Group Issue
	#3)
	Series A 144A 5.00% 8/1/40 #	1,000,000		1,189,920
	(Aspire Public Schools - Obligated Group)
	Series A 144A 5.00% 8/1/45 #	715,000		798,955
	(Encore Education Obligated Group)
	Series A 144A 5.00% 6/1/42 #	500,000		473,050
	(Escuela Popular Project)
	144A 6.50% 7/1/50 #	250,000		277,550
	(Granada Hills Charter Obligated Group)
	144A 5.00% 7/1/49 #	475,000		522,367
	(Green Dot Public Schools Project)
	Series A 144A 5.00% 8/1/35 #	1,000,000		1,110,330
	(Grimmway Schools - Obligated Group)
	Series A 144A 5.00% 7/1/36 #	500,000		550,715
	(ICEF - View Park Elementary & Middle Schools)
	Series A 5.625% 10/1/34	575,000		626,072
	(KIPP LA Projects)
	Series A 5.125% 7/1/44	1,000,000		1,097,840
	(KIPP SoCal Projects)
	Series A 144A 5.00% 7/1/49 #	1,000,000		1,201,670
	(Partnerships to Uplift Communities Valley
	Project)
	Series A 144A 6.75% 8/1/44 #	1,000,000		1,101,210
	California State University Systemwide Revenue
	Series A 5.00% 11/1/47	1,000,000		1,195,390

21

Schedules of investments
Delaware Tax-Free California Fund

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	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	$	306,249
	California Statewide Communities Development
	Authority Revenue
	(California Baptist University)
	Series A 6.125% 11/1/33	750,000		831,285
	California Statewide Communities Development
	Authority Student Housing Revenue
	(University of California Irvine East Campus
	Apartments)
	5.375% 5/15/38	1,000,000		1,008,050
	Mt. San Antonio Community College District
	Convertible Capital Appreciation Election 2008
	Series A 0.00% 8/1/28 ~	1,000,000		1,167,790
	University of California
	Series BE 5.00% 5/15/32	220,000		291,905
				27,899,794
Electric Revenue Bonds — 3.27%
	Los Angeles Department of Water & Power Revenue
	(Power System)
	Series A 5.00% 7/1/42	1,000,000		1,192,740
	Puerto Rico Electric Power Authority Revenue
	Series A 5.00% 7/1/42 ‡	350,000		315,875
	Series A 5.05% 7/1/42 ‡	70,000		63,175
	Series A 6.75% 7/1/36 ‡	185,000		170,663
	Series AAA 5.25% 7/1/25 ‡	40,000		36,200
	Series CCC 5.25% 7/1/27 ‡	325,000		294,125
	Series TT 5.00% 7/1/32 ‡	340,000		306,850
	Series WW 5.00% 7/1/28 ‡	470,000		424,175
	Series WW 5.25% 7/1/33 ‡	335,000		303,175
	Series WW 5.50% 7/1/38 ‡	480,000		435,600
	Series XX 4.75% 7/1/26 ‡	45,000		40,500
	Series XX 5.25% 7/1/40 ‡	230,000		208,150
	Series XX 5.75% 7/1/36 ‡	150,000		136,500
	Series ZZ 4.75% 7/1/27 ‡	35,000		31,500
	Series ZZ 5.25% 7/1/24 ‡	55,000		49,775
				4,009,003

22

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 9.50%
	ABAG Finance Authority for Nonprofit Corporations
	(Episcopal Senior Communities)
	6.125% 7/1/41	850,000	$	859,809
	California Health Facilities Financing Authority
	Revenue
	(Cedars-Sinai Medical Center)
	Series B 4.00% 8/15/36	500,000		563,940
	(Children’s Hospital Los Angeles)
	Series A 5.00% 11/15/34	500,000		527,720
	Series A 5.00% 8/15/47	500,000		581,120
	(Kaiser Permanente)
	Subordinate Series A-2 4.00% 11/1/44	1,005,000		1,141,670
	California Municipal Finance Authority Revenue
	(Community Medical Centers)
	Series A 5.00% 2/1/42	750,000		859,687
	Series A 5.00% 2/1/47	250,000		284,470
	(Goodwill Industry of Sacramento Valley &
	Northern Nevada Project)
	5.00% 1/1/35	635,000		627,247
	(Northbay Healthcare Group)
	Series A 5.25% 11/1/47	500,000		564,780
	California Statewide Communities Development
	Authority Revenue
	(Adventist Health System/West)
	Series A 4.00% 3/1/48	1,000,000		1,098,170
	(Emanate Health)
	Series A 4.00% 4/1/45	255,000		289,252
	(Episcopal Communities & Services)
	5.00% 5/15/32	600,000		622,494
	(Huntington Memorial Hospital)
	4.00% 7/1/48	500,000		548,930
	(Marin General Hospital - Green Bonds)
	Series A 4.00% 8/1/45	500,000		518,960
	(Redlands Community Hospital)
	5.00% 10/1/46	1,000,000		1,136,540
	Palomar Health
	5.00% 11/1/47 (AGM)	500,000		603,440
	San Buenaventura
	(Community Memorial Health System)
	7.50% 12/1/41	785,000		817,978
				11,646,207

23

Schedules of investments
Delaware Tax-Free California Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 3.42%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	491,145	$	551,566
	California Municipal Finance Authority Mobile Home
		Park Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47	250,000		261,730
	Independent Cities Finance Authority Mobile Home
		Park Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,083,780
		Series A 5.25% 5/15/49	1,200,000		1,298,220
	Santa Clara County Multifamily Housing Authority
		Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	1,000,000		1,003,090
					4,198,386
Lease Revenue Bonds – 6.15%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37	1,000,000		1,051,550
	California Infrastructure & Economic Development
		Bank
		(Academy of Motion Picture Arts &
		Sciences Obligated Group)
		Series A 5.00% 11/1/41	1,000,000		1,108,010
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure
		Improvement Program - Phase II)
		Series A 5.00% 6/1/43	750,000		899,947
	California State Public Works Board
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,131,340
	Golden State Tobacco Securitization Settlement
		Revenue
		(Enhanced Asset-Backed)
		Series A 5.00% 6/1/29	1,000,000		1,084,560
		Series A 5.00% 6/1/45	1,000,000		1,143,420
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000		1,124,630
					7,543,457

24

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 3.74%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^	1,000,000	$	950,370
	Fresno Unified School District
		Election of 2016
		Series A 5.00% 8/1/41	500,000		595,660
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000		582,970
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		605,730
	Natomas Unified School District
		(1999 Refunding)
		5.95% 9/1/21 (NATL)	100,000		100,981
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40	1,000,000		1,159,300
	San Francisco Bay Area Rapid Transit District
		Election of 2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		585,420
					4,580,431
Pre-Refunded/Escrowed to Maturity Bonds – 10.19%
	ABAG Finance Authority for Nonprofit Corporations
		(Sharp HealthCare)
		Series A 5.00% 8/1/28-22 §	250,000		261,115
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,100,050
	California Educational Facilities Authority
		(Harvey Mudd College)
		5.25% 12/1/31-21 §	500,000		519,230
	California Health Facilities Financing Authority
		Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,195,960
	California State Public Works Board
		(California State University: Various Buildings)
		Series E 5.00% 9/1/33-22 §	1,000,000		1,073,290

25

Schedules of investments
Delaware Tax-Free California Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	California State Public Works Board
		(Department of Corrections and Rehabilitation)
		Series C 5.00% 10/1/26	1,000,000	$	1,027,830
		(Various Judicial Council Projects)
		Series D 5.00% 12/1/29	500,000		517,910
	California Statewide Communities Development
		Authority Revenue
		(Covenant Retirement Communities)
		Series C 5.625% 12/1/36-23 §	1,000,000		1,143,790
	Centinela Valley Union High School District
		Election of 2010
		Series A 5.00% 8/1/31-21 §	500,000		510,135
	La Verne
		(Brethren Hillcrest Homes)
		5.00% 5/15/36-22 §	750,000		800,797
	Pittsburg Unified School District Financing Authority
		Revenue
		(Pittsburg Unified School District Bond Program)
		5.50% 9/1/46-21 (AGM) §	800,000		821,472
	Rancho Santa Fe Community Services District
		Financing Authority Revenue
		(Superior Lien Bonds)
		Series A 5.75% 9/1/30-21 §	800,000		822,056
	San Francisco Municipal Transportation Agency
		Revenue
		5.00% 3/1/32-23 §	1,000,000		1,095,420
		Series B 5.00% 3/1/37-22 §	1,000,000		1,048,410
	San Jose Financing Authority Lease Revenue
		(Civic Center Project)
		Series A 5.00% 6/1/33-23 §	500,000		552,710
					12,490,175
Special Tax Revenue Bonds – 12.61%
	GDB Debt Recovery Authority
		7.50% 8/20/40	1,360,619		1,163,329
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	3,105,000		3,388,890
		Series A-1 4.90% 7/1/46 ^	10,730,000		3,298,831
		Series A-1 4.91% 7/1/51 ^	2,250,000		495,382
		Series A-1 5.00% 7/1/58	2,720,000		3,012,509
		Series A-2 4.329% 7/1/40	1,235,000		1,328,428
		Series A-2 4.329% 7/1/40	250,000		268,913

26

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Sacramento Transient Occupancy Tax Revenue
		(Convention Center Complex)
		Senior Series A 5.00% 6/1/38	500,000	$	597,255
		Senior Series A 5.00% 6/1/48	1,000,000		1,172,880
	Virgin Islands Public Finance Authority Revenue
		(Virgin Islands Matching Fund Loan Note)
		Series A Senior Lien/ Working
		Capital 5.00% 10/1/29	100,000		100,233
		Series A Working Capital 4.00% 10/1/22	130,000		128,470
	Yucaipa Special Tax Community Facilities District
		No. 98-1
		(Chapman Heights)
		5.375% 9/1/30	500,000		510,580
					15,465,700
State General Obligation Bonds – 7.84%
	California
		(Various Purpose)
		5.00% 9/1/31	1,000,000		1,112,350
		5.00% 4/1/32	300,000		408,480
		5.00% 4/1/37	2,000,000		2,184,160
		5.00% 8/1/46	1,000,000		1,194,200
		5.25% 4/1/35	1,000,000		1,052,380
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	855,000		665,831
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	265,000		228,894
		Series A 5.00% 7/1/41 ‡	425,000		332,031
		Series A 5.125% 7/1/37 ‡	560,000		453,600
		Series A 5.25% 7/1/34 ‡	395,000		342,169
		Series A 5.375% 7/1/33 ‡	485,000		418,919
		Series B 5.75% 7/1/38 ‡	610,000		529,937
		Series C 6.00% 7/1/39 ‡	615,000		532,744
		Unrefunded Series B 5.00% 7/1/35 ‡	180,000		155,475
					9,611,170
Transportation Revenue Bonds – 11.00%
	Bay Area Toll Authority
		Series S-H 5.00% 4/1/44	1,000,000		1,230,520
	California Municipal Finance Authority Senior Lien
		(LINXS APM Project)
		Series A 5.00% 12/31/47 (AMT)	745,000		874,801

27

Schedules of investments
Delaware Tax-Free California Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Long Beach Marina Revenue
		(Alamitos Bay Marina Project)
		5.00% 5/15/45	500,000	$	549,125
	Los Angeles Department of Airports
		(Los Angeles International Airport)
		Senior Series D 5.00% 5/15/36 (AMT)	1,000,000		1,153,250
		Series A Private Activity 5.00% 5/15/51 (AMT)	1,500,000		1,864,920
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48	375,000		436,373
	Riverside County Transportation Commission Senior
		Lien
		(Current Interest Obligations)
		Series A 5.75% 6/1/44	500,000		545,200
	Sacramento County Airport System Revenue
		Series C 5.00% 7/1/39 (AMT)	500,000		596,810
		Subordinate Series B 5.00% 7/1/41	500,000		582,950
	San Diego Redevelopment Agency
		(Centre City Redevelopment Project)
		Series A 6.40% 9/1/25	745,000		748,434
	San Francisco City & County Airports Commission
		(San Francisco International Airport)
		Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,242,520
		Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,199,030
		Second Series E 5.00% 5/1/50 (AMT)	500,000		598,975
	San Jose Airport Revenue
		Series B 5.00% 3/1/36	575,000		688,471
		Series B 5.00% 3/1/42	1,000,000		1,183,560
					13,494,939
Total Municipal Bonds (cost $114,130,066)					122,824,819
Total Value of Securities–100.16%
	(cost $114,130,066)			$	122,824,819

°	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, 2021, the aggregate value of Rule 144A securities was $11,334,672, which represents 9.24% 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.

28

~	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, 2021.
§	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:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
CHF – Collegiate Housing Foundation
ICEF – Inner City Education Foundation
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

29

Schedules of investments
Delaware Tax-Free Colorado Fund	February 28, 2021 (Unaudited)

	Principal amount°	Value (US $)
Municipal Bonds – 98.71%
Corporate Revenue Bonds – 2.99%
Denver City & County
(United Airlines Project)
5.00% 10/1/32 (AMT)	415,000	$	440,763
Public Authority for Colorado Energy Natural Gas
Revenue
6.50% 11/15/38	4,250,000		6,370,835
			6,811,598
Education Revenue Bonds – 13.48%
Board of Governors of the Colorado State University
System Enterprise Revenue
Series A 5.00% 3/1/43	2,480,000		3,472,794
Board of Trustees For Colorado Mesa University
Enterprise Revenue
Series B 5.00% 5/15/44	1,000,000		1,211,300
Series B 5.00% 5/15/49	750,000		902,985
Colorado Educational & Cultural Facilities Authority
Revenue
(Alexander Dawson School-Nevada Project)
5.00% 5/15/29	1,230,000		1,449,395
(Aspen Ridge School Project)
Series A 144A 5.00% 7/1/36 #	500,000		539,885
Series A 144A 5.25% 7/1/46 #	1,350,000		1,451,412
(Atlas Preparatory Charter School)
144A 5.25% 4/1/45 #	1,300,000		1,340,326
(Charter School Project)
5.00% 7/15/37	1,150,000		1,202,612
(Community Leadership Academy, Inc. Second
Campus Project)
7.45% 8/1/48	1,000,000		1,108,510
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/50 #	1,000,000		1,052,750
(Johnson & Wales University)
Series A 5.25% 4/1/37	1,790,000		1,921,386
(Liberty Common Charter School Project)
Series A 5.00% 1/15/39	1,000,000		1,075,460
(Littleton Preparatory Charter School Project)
5.00% 12/1/33	450,000		467,528
5.00% 12/1/42	540,000		557,291
(Loveland Classical Schools Project)
144A 5.00% 7/1/36 #	625,000		682,587
144A 5.00% 7/1/46 #	500,000		536,915

30

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000	$	764,750
		(Science Technology Engineering and Math
		School Project)
		5.00% 11/1/44	890,000		948,954
		5.00% 11/1/54	1,500,000		1,593,960
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		917,491
		144A 5.50% 7/1/49 #	870,000		930,143
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		447,580
		Series A 4.00% 3/1/36	550,000		613,778
		(University of Lab Charter School)
		5.00% 12/15/45	500,000		540,325
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		78,926
		5.00% 5/1/31	1,000,000		1,058,590
		(Vega Collegiate Academy Project)
		Series A 144A 5.00% 2/1/34 #	200,000		223,084
		Series A 144A 5.00% 2/1/61 #	1,435,000		1,545,122
		(Windsor Charter Academy Project)
		5.00% 9/1/46	890,000		897,796
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45	1,000,000		1,146,940
					30,680,575
Electric Revenue Bonds – 5.22%
	Loveland Colorado Electric & Communications
		Enterprise Revenue
		Series A 5.00% 12/1/44	2,185,000		2,646,778
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		4,015,374
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		153,425
		Series AAA 5.25% 7/1/25 ‡	95,000		85,975
		Series CCC 5.25% 7/1/27 ‡	705,000		638,025
		Series WW 5.00% 7/1/28 ‡	660,000		595,650
		Series WW 5.25% 7/1/33 ‡	210,000		190,050
		Series WW 5.50% 7/1/17 ‡	460,000		404,800

31

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series WW 5.50% 7/1/19 ‡	360,000	$	318,600
		Series XX 4.75% 7/1/26 ‡	105,000		94,500
		Series XX 5.25% 7/1/40 ‡	1,840,000		1,665,200
		Series XX 5.75% 7/1/36 ‡	365,000		332,150
		Series ZZ 4.75% 7/1/27 ‡	85,000		76,500
		Series ZZ 5.00% 7/1/19 ‡	620,000		545,600
		Series ZZ 5.25% 7/1/24 ‡	140,000		126,700
					11,889,327
Healthcare Revenue Bonds – 23.78%
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 4.00% 11/15/43	4,000,000		4,569,120
		(American Baptist)
		7.625% 8/1/33	150,000		159,792
		8.00% 8/1/43	1,000,000		1,068,890
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,479,680
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,070,000		2,090,286
		(Christian Living Community Project)
		5.25% 1/1/37	1,500,000		1,524,315
		6.375% 1/1/41	1,000,000		1,027,430
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	2,000,000		2,262,840
		Series A-1 4.00% 8/1/44	2,000,000		2,219,540
		Series A-2 4.00% 8/1/49	3,000,000		3,314,490
		Series A-2 5.00% 8/1/39	1,505,000		1,847,162
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,393,963
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,109,920
		(Craig Hospital Project)
		5.00% 12/1/32	3,500,000		3,692,010
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48	660,000		694,399
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,147,100

32

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(National Jewish Health Project)
		5.00% 1/1/27	300,000	$	308,283
		(Sanford Health)
		Series A 5.00% 11/1/44	4,500,000		5,575,635
		(SCL Health System)
		Series A 4.00% 1/1/37	2,150,000		2,520,295
		Series A 4.00% 1/1/38	3,895,000		4,551,346
		Series A 5.00% 1/1/44	3,050,000		3,319,071
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		963,854
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,166,930
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		752,657
	Denver Health & Hospital Authority Health Care
		Revenue
		Series A 4.00% 12/1/39	1,000,000		1,134,430
		Series A 4.00% 12/1/40	250,000		282,825
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	1,945,000		1,968,534
					54,144,797
Housing Revenue Bonds – 0.08%
	Colorado Housing and Finance Authority
		(Single Family Program Class 1)
		Series AA 4.50% 5/1/23 (GNMA)	95,000		95,447
		Series AA 4.50% 11/1/23 (GNMA)	95,000		95,427
					190,874
Lease Revenue Bonds – 1.99%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		786,925
		5.00% 6/15/36	1,055,000		1,254,321
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		850,642

33

Schedules of investments
Delaware Tax-Free Colorado Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Regional Transportation District Certificates of
Participation
Series A 5.00% 6/1/33	1,500,000	$	1,636,140
			4,528,028
Local General Obligation Bonds – 10.50%
Adams & Weld Counties School District No. 27J
Brighton
4.00% 12/1/30	300,000		338,616
4.00% 12/1/31	1,000,000		1,125,270
Arapahoe County School District No. 6 Littleton
(Littleton Public Schools)
Series A 5.50% 12/1/33	1,000,000		1,304,860
Series A 5.50% 12/1/38	350,000		450,170
Beacon Point Metropolitan District
5.00% 12/1/30 (AGM)	1,130,000		1,325,840
Boulder Valley School District No. Re-2 Boulder
Series A 4.00% 12/1/48	1,370,000		1,572,335
Commerce City Northern Infrastructure General
Improvement District
5.00% 12/1/32 (AGM)	2,125,000		2,289,751
Denver City & County
Series B 5.00% 8/1/30	1,000,000		1,339,460
El Paso County School District No 2. Harrison
5.00% 12/1/38	1,000,000		1,254,000
Grand River Hospital District
5.25% 12/1/35 (AGM)	1,000,000		1,171,060
Jefferson County School District No. R-1
5.25% 12/15/24	1,250,000		1,475,613
Leyden Rock Metropolitan District No. 10
Series A 5.00% 12/1/45	1,000,000		1,040,310
Sierra Ridge Metropolitan District No. 2
Series A 5.50% 12/1/46	1,000,000		1,041,170
Weld County Reorganized School District No. Re-8
5.00% 12/1/31	990,000		1,211,473
5.00% 12/1/32	660,000		806,824
Weld County School District No. Re-1
5.00% 12/15/31 (AGM)	1,000,000		1,218,590
Weld County School District No. Re-2 Eaton
Series 2 5.00% 12/1/44	2,000,000		2,518,200

34

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Weld County School District No. Re-3J
5.00% 12/15/34 (BAM)	2,000,000	$	2,423,420
			23,906,962
Pre-Refunded Bonds – 11.07%
Central Colorado Water Conservancy District
(Limited Tax)
5.00% 12/1/33-23 §	1,000,000		1,125,550
Colorado Health Facilities Authority Revenue
(Catholic Health Initiatives)
Series A 5.25% 1/1/45-23 §	2,000,000		2,180,580
(Covenant Retirement Communities)
Series A 5.00% 12/1/33-22 §	4,000,000		4,333,960
(NCMC Project)
4.00% 5/15/32-26 §	2,000,000		2,335,500
(The Evangelical Lutheran Good Samaritan
Society Project)
5.625% 6/1/43-23 §	1,150,000		1,287,597
Denver City & County Airport System Revenue
Series B 5.00% 11/15/30-22 §	250,000		270,388
Series B 5.00% 11/15/32-22 §	1,000,000		1,081,550
Series B 5.00% 11/15/37-22 §	8,000,000		8,652,399
Eaton Area Park & Recreation District
5.25% 12/1/34-22 §	360,000		390,963
5.50% 12/1/38-22 §	455,000		496,114
Tallyn’s Reach Metropolitan District No. 3
(Limited Tax Convertible)
5.125% 11/1/38-23 §	740,000		830,014
University of Colorado
Series A 5.00% 6/1/33-23 §	2,000,000		2,213,700
			25,198,315
Special Tax Revenue Bonds – 15.98%
Broomfield Colorado Sales & Use Tax Revenue
5.00% 12/1/33	1,000,000		1,225,710
Central Platte Valley Metropolitan District
5.00% 12/1/43	725,000		765,991
Commerce City
5.00% 8/1/44 (AGM)	1,500,000		1,684,230
Denver Convention Center Hotel Authority Revenue
5.00% 12/1/40	2,660,000		3,001,438

35

Schedules of investments
Delaware Tax-Free Colorado Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Fountain Urban Renewal Authority Tax Increment
Revenue
(Academy Highlands Project)
Series A 5.50% 11/1/44	1,375,000	$	1,438,649
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42	1,795,000		1,835,926
Series A 5.25% 1/1/36	1,675,000		1,719,086
Lincoln Park Metropolitan District
5.00% 12/1/46 (AGM)	1,000,000		1,169,470
Plaza Metropolitan District No. 1
144A 5.00% 12/1/40 #	1,265,000		1,301,824
Prairie Center Metropolitan District No. 3
Series A 144A 5.00% 12/15/41 #	1,000,000		1,064,210
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53	4,045,000		4,414,834
Series A-1 5.00% 7/1/58	3,122,000		3,457,740
Series A-2 4.536% 7/1/53	3,000,000		3,232,890
Regional Transportation District Sales Tax Revenue
(FasTracks Project)
Series A 5.00% 11/1/30	670,000		813,246
Series A 5.00% 11/1/31	1,495,000		1,809,144
Series A 5.00% 11/1/36	2,750,000		3,294,473
Solaris Metropolitan District No. 3
Series A 5.00% 12/1/46	500,000		524,210
Southlands Metropolitan District No. 1
Series A-1 5.00% 12/1/37	300,000		338,760
Series A-1 5.00% 12/1/47	700,000		777,679
Thornton Development Authority
(East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35	485,000		556,892
Series B 5.00% 12/1/36	810,000		929,418
Virgin Islands Public Finance Authority
(Matching Fund Loan Senior Lien)
5.00% 10/1/29 (AGM)	1,000,000		1,017,600
			36,373,420
State General Obligation Bonds – 2.67%
Commonwealth of Puerto Rico
Series A 8.00% 7/1/35 ‡	1,215,000		946,181
(Public Improvement)
Series A 5.00% 7/1/41 ‡	680,000		531,250

36

	Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Commonwealth of Puerto Rico
(Public Improvement)
Series A 5.375% 7/1/33 ‡	675,000	$	583,031
Series A 5.50% 7/1/39 ‡	2,950,000		2,419,000
Series B 5.75% 7/1/38 ‡	960,000		834,000
Series C 6.00% 7/1/39 ‡	890,000		770,963
			6,084,425
Transportation Revenue Bonds – 6.96%
Colorado High Performance Transportation
Enterprise Revenue
(C-470 Express Lanes)
5.00% 12/31/56	2,000,000		2,236,600
(Senior U.S. 36 & I-25 Managed Lanes)
5.75% 1/1/44 (AMT)	2,140,000		2,306,000
Denver City & County Airport System Revenue
Series A 4.00% 12/1/48 (AMT)	400,000		437,744
Series A 5.00% 11/15/30 (AMT)	1,750,000		2,133,040
Series A 5.00% 12/1/48 (AMT)	2,000,000		2,361,760
E-470 Public Highway Authority
Series A 5.00% 9/1/34	900,000		1,153,575
Series A 5.00% 9/1/35	400,000		511,388
Series A 5.00% 9/1/36	1,300,000		1,655,472
Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39	1,000,000		1,222,560
Series A 4.00% 7/15/40	1,500,000		1,836,780
			15,854,919
Water & Sewer Revenue Bonds – 3.99%
Arapahoe County Water & Wastewater Authority
4.00% 12/1/37	1,000,000		1,197,600
4.00% 12/1/38	1,845,000		2,202,948
Central Weld County Water District
4.00% 12/1/39 (AGM)	1,150,000		1,350,008
Dominion Water & Sanitation District
6.00% 12/1/46	725,000		759,931
Douglas County Centennial Water & Sanitation
District
4.00% 12/1/38	500,000		578,700
Guam Government Waterworks Authority Water &
Wastewater System Revenue
5.00% 7/1/37	675,000		781,940

37

Schedules of investments
Delaware Tax-Free Colorado Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Metro Wastewater Reclamation District
Series A 5.00% 4/1/33	1,000,000	$	1,312,440
Morgan County Quality Water District
4.00% 12/1/50 (AGM)	790,000		909,164
			9,092,731
Total Municipal Bonds (cost $211,616,943)			224,755,971
	Number of shares
Short-Term Investments – 1.06%
Money Market Mutual Fund – 1.06%
Dreyfus AMT-Free Tax Exempt Cash Management
Fund - Institutional Shares (seven-day effective
yield 0.00%)	2,418,982		2,418,982
Total Short-Term Investments (cost $2,418,982)			2,418,982
Total Value of Securities–99.77%
(cost $214,035,925)		$	227,174,953

°	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, 2021, the aggregate value of Rule 144A securities was $14,639,889, which represents 6.43% 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.”

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
GNMA – Government National Mortgage Association
USD – US Dollar

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

38

Schedules of investments
Delaware Tax-Free Idaho Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 99.02%
Corporate Revenue Bonds – 2.87%
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000	$	1,287,038
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,009,360
					3,296,398
Education Revenue Bonds – 17.52%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		578,330
		Series A 5.00% 4/1/48	1,000,000		1,178,690
	Idaho Housing & Finance Association
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		1,082,750
		Series A 144A 6.00% 7/1/39 #	370,000		440,126
		Series A 144A 6.00% 7/1/49 #	595,000		696,703
		Series A 144A 6.00% 7/1/54 #	570,000		665,412
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		373,775
		Series A 4.00% 5/1/50	285,000		318,981
		Series A 4.00% 5/1/55	205,000		228,809
		Series A 5.00% 12/1/38	2,050,000		2,256,599
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,072,460
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		565,414
		Series A 6.75% 7/1/48	529,151		576,822
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	1,055,000		1,159,930
		Series A 4.00% 5/1/55	1,000,000		1,096,440
		(Victory Charter School Project)
		Series B 5.00% 7/1/39	1,000,000		1,094,070
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,374,131
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,722,049
		5.00% 4/1/40	190,000		231,139
		5.00% 4/1/43	250,000		301,665
		5.00% 4/1/44	250,000		300,985

39

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)	275,000	$	353,268
		Series A 5.00% 4/1/39 (AGM)	250,000		320,127
		Series A 5.00% 4/1/40 (AGM)	250,000		318,805
		Series A 5.00% 4/1/41 (AGM)	300,000		381,294
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		409,119
		Unrefunded Series A 5.25% 4/1/41 •	1,000,000		1,004,090
					20,101,983
Electric Revenue Bonds – 4.52%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,286,120
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		67,688
		Series AAA 5.25% 7/1/25 ‡	45,000		40,725
		Series CCC 5.25% 7/1/27 ‡	345,000		312,225
		Series WW 5.00% 7/1/28 ‡	320,000		288,800
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,361,250
		Series XX 4.75% 7/1/26 ‡	50,000		45,000
		Series XX 5.25% 7/1/40 ‡	595,000		538,475
		Series XX 5.75% 7/1/36 ‡	175,000		159,250
		Series ZZ 4.75% 7/1/27 ‡	40,000		36,000
		Series ZZ 5.25% 7/1/24 ‡	60,000		54,300
					5,189,833
Healthcare Revenue Bonds – 10.02%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,493,613
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/27	1,000,000		1,224,650
		Series A 5.00% 3/1/37	500,000		601,915
		Series A 5.00% 3/1/47	1,500,000		1,535,370
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47	390,000		463,960
		Series ID 4.00% 12/1/43	1,000,000		1,123,290
		Series ID 5.00% 12/1/46	750,000		884,595
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	950,000		968,468
		Series A 5.25% 11/15/37	1,005,000		1,034,065

40

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Idaho Health Facilities Authority Revenue
		(Valley Vista Care Corporation)
		Series A 5.25% 11/15/47	1,130,000	$	1,133,073
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		Series A 6.00% 7/1/33	1,020,000		1,032,342
					11,495,341
Housing Revenue Bonds – 3.53%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	610,734		657,363
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.05% 7/1/39 (GNMA)	1,665,000		1,734,264
		Series A 3.25% 1/1/43 (GNMA)	820,000		854,743
		Series C 3.00% 1/1/43 (FHA)	785,000		807,271
					4,053,641
Lease Revenue Bonds – 12.96%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		865,635
		5.00% 12/15/32	750,000		862,552
	Idaho Falls Certificates of Participation
		4.00% 9/15/37	840,000		992,023
		4.00% 9/15/39	1,050,000		1,227,671
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters
		Office Project)
		4.00% 12/1/36	650,000		760,643
		4.00% 12/1/39	1,545,000		1,785,819
		4.00% 12/1/42	1,300,000		1,489,202
		4.00% 12/1/44	250,000		284,835
		(Idaho Department of Fish & Game Nampa
		Regional Office Project)
		5.00% 12/1/41	200,000		241,348
	Idaho Housing & Finance Association Economic
		Development Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	885,000		887,974
		Series A 7.00% 2/1/36	1,500,000		1,504,590

41

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26	485,000	$	530,217
		Series A 4.50% 9/1/27	505,000		550,500
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	1,935,000		2,088,465
		Series B 4.00% 9/1/48	750,000		807,810
					14,879,284
Local General Obligation Bonds – 18.97%
	Ada & Boise Counties Independent School District
		Boise City
		5.00% 8/1/31	1,350,000		1,724,665
		5.00% 8/1/33	1,010,000		1,217,323
		5.00% 8/1/34	1,500,000		1,803,390
		5.00% 8/1/35	1,160,000		1,391,606
		5.00% 8/1/36	500,000		598,260
	Ada & Canyon Counties Joint School District No.
		3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33	1,000,000		1,208,880
		Series B 5.00% 9/15/35	1,100,000		1,323,531
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,431,700
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)	1,000,000		1,023,160
		Series A 5.00% 9/15/23 (AGM)	1,810,000		1,816,425
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,587,241
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000		606,807
		Series A 4.00% 9/15/37	1,000,000		1,133,590
		Series C 5.00% 9/15/42	500,000		601,385
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,290,028
		Series B 5.00% 8/15/26	500,000		614,805

42

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Nez Perce County Independent School District No.
		1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000	$	1,203,200
		Series B 5.00% 9/15/37	1,000,000		1,200,320
					21,776,316
Pre-Refunded Bonds – 7.27%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §	1,250,000		1,302,213
		Series A 5.00% 4/1/42-22 §	1,350,000		1,420,969
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	1,000,000		1,120,280
	Idaho Health Facilities Authority Revenue
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §	1,000,000		1,060,020
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §	250,000		268,165
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,179,610
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,151,820
	University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		842,615
					8,345,692
Special Tax Revenue Bonds – 14.68%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	2,406,932		2,057,926
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42	545,000		557,426
		Series A 5.25% 1/1/36	705,000		723,556
		Series B-1 5.00% 1/1/42	1,425,000		1,455,438
	Idaho Water Resource Board Loan Program
		Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,795,299

43

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Ketchum Urban Renewal Agency Tax Increment
		Revenue
		5.50% 10/15/34	1,500,000	$	1,501,110
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		953,794
		Series A-1 4.75% 7/1/53	2,735,000		2,985,061
		Series A-1 5.00% 7/1/58	1,831,000		2,027,906
		Series A-2 4.329% 7/1/40	730,000		785,224
					16,842,740
State General Obligation Bonds — 3.81%
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	775,000		603,531
		Series B 5.00% 7/1/35 ‡	145,000		125,244
		Series B 5.75% 7/1/38 ‡	460,000		399,625
		Series C 6.00% 7/1/39 ‡	465,000		402,806
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	210,000		181,388
		Series A 5.00% 7/1/41 ‡	325,000		253,906
		Series A 5.125% 7/1/37 ‡	1,645,000		1,332,450
		Series A 5.25% 7/1/34 ‡	880,000		762,300
		Series A 5.375% 7/1/33 ‡	365,000		315,269
					4,376,519
Transportation Revenue Bonds — 2.01%
	Boise City Airport Revenue
		(Parking Facilities Project)
		4.00% 9/1/32	2,180,000		2,206,247
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31	80,000		101,619
					2,307,866
Water & Sewer Revenue Bonds — 0.86%
	Guam Government Waterworks Authority
		5.00% 7/1/40	370,000		426,051
		5.00% 1/1/46	500,000		560,145
					986,196
Total Municipal Bonds (cost $107,818,221)					113,651,809

44

			Number of shares		Value (US $)
Short-Term Investments — 0.04%
Money Market Mutual Fund — 0.04%
	Dreyfus AMT-Free Tax Exempt Cash Management
		Fund - Institutional Shares (seven-day effective
		yield 0.00%)	42,687	$	42,687
Total Short-Term Investments (cost $42,687)					42,687
Total Value of Securities—99.06%
	(cost $107,860,908)			$	113,694,496

°	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, 2021, the aggregate value of Rule 144A securities was $5,702,475, which represents 4.97% 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.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. 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.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

45

Schedules of investments
Delaware Tax-Free Idaho Fund

Summary of abbreviations: (continued)

USD – US Dollar

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

46

Schedules of investments
Delaware Tax-Free New York Fund	February 28, 2021 (Unaudited)

			Principal amount°		Value (US $)
Municipal Bonds — 99.10%
Corporate Revenue Bonds — 6.33%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^	65,000,000	$	2,778,100
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/37 (AGM)	1,000,000		1,057,240
		Series A 3.00% 1/1/39 (AGM)	1,000,000		1,049,010
		Series A 3.00% 1/1/46 (AGM)	2,000,000		2,067,180
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,401,290
	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		1,180,550
		5.00% 1/1/36 (AMT)	1,000,000		1,174,830
	Suffolk Tobacco Asset Securitization
		(Asset-Backed)
		Series B 5.25% 6/1/37	700,000		723,730
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	900,000		1,038,924
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		785,827
					13,256,681
Education Revenue Bonds — 21.77%
	Albany Industrial Development Agency Civic
		Facilities Revenue
		(Brighter Choice Charter School)
		Series A 5.00% 4/1/37	250,000		250,440
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		546,040
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		526,690
		Series A 5.50% 4/1/43	500,000		527,245
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.50% 5/1/48 #	500,000		561,845

47

Schedules of investments
Delaware Tax-Free New York Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
		(Manhattan College Project)
		5.00% 8/1/47	500,000	$	573,910
		(Metropolitan College of New York Project)
		5.50% 11/1/44	600,000		650,076
		(Metropolitan Lighthouse Charter School Project)
		Series A 144A 5.00% 6/1/52 #	250,000		274,618
		(New Dawn Charter Schools Project)
		144A 5.75% 2/1/49 #	500,000		538,895
		(The Packer Collegiate Institute Project)
		5.00% 6/1/40	750,000		823,500
	Dutchess County Local Development
		(The Culinary Institute of America Project)
		Series A-1 5.00% 7/1/46	300,000		326,895
		(Vassar College Project)
		5.00% 7/1/35	1,000,000		1,195,320
		5.00% 7/1/36	1,000,000		1,192,010
		5.00% 7/1/37	1,000,000		1,188,900
	Hempstead Town Local Development
		(Hofstra University Project)
		5.00% 7/1/42	500,000		597,245
	Madison County Capital Resource Revenue
		(Colgate University Refunding Project)
		Series A 5.00% 7/1/35	1,000,000		1,144,890
		Series B 5.00% 7/1/39	1,000,000		1,137,980
	Monroe County Industrial Development Revenue
		(St. John Fisher College Project)
		Series A 5.50% 6/1/39	300,000		332,544
		(True North Rochester Preparatory Charter School
		Project)
		Series A 144A 5.00% 6/1/40 #	1,000,000		1,163,880
		(University of Rochester Project)
		Series A 5.00% 7/1/37	1,000,000		1,196,830
		Series C 4.00% 7/1/43	500,000		555,000
	New York City Trust for Cultural Resources
		(Alvin Ailey Dance Foundation)
		Series A 4.00% 7/1/46	1,000,000		1,049,470
		(Whitney Museum of American Art)
		5.00% 7/1/31	325,000		438,929
	New York State Dormitory Authority
		(Barnard College)
		Series A 5.00% 7/1/35	400,000		462,868

48

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
		(Colgate University)
		6.00% 7/1/21 (NATL)	525,000	$	535,127
		(Fordham University)
		5.00% 7/1/44	650,000		724,776
		(New York University)
		5.50% 7/1/40 (AMBAC)	740,000		1,079,053
		(Touro College & University)
		Series A 5.50% 1/1/44	1,000,000		1,065,710
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(Hudson City School District)
		Unrefunded Series A 5.625% 10/1/29 (AGC)	375,000		376,474
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/35	50,000		60,983
		Series A 5.00% 7/1/37	2,200,000		2,666,906
		Series A 5.00% 7/1/42	1,645,000		1,940,080
		(New York University)
		Series A 5.00% 7/1/36	2,000,000		2,405,500
		Series A 5.00% 7/1/39	2,000,000		2,394,040
		(School Districts Financing Program)
		Series B 5.00% 10/1/42 (AGM)	3,565,000		4,257,893
		(Vaughn College of Aeronautics and Technology)
		Series A 144A 5.50% 12/1/46 #	300,000		315,954
	Onondaga Civic Development Revenue
		(Le Moyne College Project)
		Series B 4.00% 7/1/38	255,000		281,591
		Series B 4.00% 7/1/39	325,000		357,874
		Series B 4.00% 7/1/40	300,000		329,496
	Saratoga County Capital Resource Revenue
		(Skidmore College Project)
		5.00% 7/1/43	3,570,000		4,274,539
		5.00% 7/1/48	1,000,000		1,189,420
	St. Lawrence County Industrial Development
		Agency Civic Development Revenue
		(St. Lawrence University Project)
		Series A 4.00% 7/1/43	1,000,000		1,092,540
	Tompkins County Development
		(Ithaca College Project)
		5.00% 7/1/34	750,000		862,073
		5.00% 7/1/41	500,000		592,565

49

Schedules of investments
Delaware Tax-Free New York Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Troy Industrial Development Authority
		(Rensselaer Polytechnic Institute Project)
		Series E 5.20% 4/1/37	500,000	$	508,010
	Yonkers Economic Development Educational
		Revenue
		(Lamartine/Warburton LLC - Charter School of
		Educational Excellence Project)
		Series A 5.00% 10/15/49	640,000		712,384
		Series A 5.00% 10/15/50	250,000		280,178
					45,559,186
Electric Revenue Bonds – 8.28%
	Build NYC Resource
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #	1,000,000		1,081,870
	Long Island Power Authority Electric System
		Revenue
		5.00% 9/1/37	450,000		557,586
		5.00% 9/1/39	2,000,000		2,466,340
		5.00% 9/1/42	2,000,000		2,410,280
		5.00% 9/1/47	500,000		598,310
		Series A 5.00% 9/1/44	1,950,000		2,190,181
		Series B 5.00% 9/1/41	1,000,000		1,179,050
	New York State Power Authority Revenue
		Series A 4.00% 11/15/50	1,000,000		1,151,350
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	65,000		58,663
		Series A 6.75% 7/1/36 ‡	625,000		576,562
		Series AAA 5.25% 7/1/25 ‡	35,000		31,675
		Series TT 5.00% 7/1/32 ‡	1,120,000		1,010,800
		Series WW 5.00% 7/1/28 ‡	270,000		243,675
		Series WW 5.25% 7/1/33 ‡	195,000		176,475
		Series WW 5.50% 7/1/17 ‡	420,000		369,600
		Series WW 5.50% 7/1/19 ‡	330,000		292,050
		Series XX 4.75% 7/1/26 ‡	40,000		36,000
		Series XX 5.25% 7/1/40 ‡	1,430,000		1,294,150
		Series XX 5.75% 7/1/36 ‡	140,000		127,400
		Series ZZ 4.75% 7/1/27 ‡	30,000		27,000
		Series ZZ 5.00% 7/1/19 ‡	570,000		501,600
		Series ZZ 5.25% 7/1/24 ‡	50,000		45,250

50

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Utility Debt Securitization Authority
		(Restructuring Bonds)
		5.00% 12/15/37	750,000	$	891,623
					17,317,490
Healthcare Revenue Bonds – 5.88%
	Buffalo & Erie County Industrial Land Development
		(Catholic Health System Project)
		Series N 5.25% 7/1/35	250,000		285,110
	Build NYC Resource
		(The Children’s Aid Society Project)
		4.00% 7/1/49	1,000,000		1,111,910
	Dutchess County Local Development
		(Nuvance Health)
		Series B 4.00% 7/1/49	1,000,000		1,119,090
	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		474,478
		5.00% 12/1/46	540,000		618,813
	Nassau County Local Economic Assistance
		(Catholic Health Services of Long Island Obligated
		Group Project)
		5.00% 7/1/33	725,000		802,901
	New York State Dormitory Authority
		(Montefiore Obligated Group)
		Series A 4.00% 8/1/38	1,000,000		1,112,400
		Series A 4.00% 9/1/50	2,500,000		2,775,975
		(NYU Langone Hospitals Obligated Group)
		Series A 4.00% 7/1/53	500,000		565,135
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(NYU Hospitals Center)
		Series A 4.00% 7/1/40	465,000		512,653
		(Orange Regional Medical Center Obligated
		Group)
		144A 5.00% 12/1/34 #	500,000		574,875
		144A 5.00% 12/1/45 #	700,000		771,890

51

Schedules of investments
Delaware Tax-Free New York Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Orange County Funding Assisted Living Residence
		Revenue
		(The Hamlet at Wallkill Assisted Living Project)
		6.50% 1/1/46	400,000	$	402,756
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000		796,733
					12,299,719
Housing Revenue Bond – 0.89%
	New York City Housing Development Multi-Family
		Revenue
		Series L-1 5.00% 11/1/26	1,840,000		1,852,402
					1,852,402
Lease Revenue Bonds – 6.27%
	Hudson Yards Infrastructure
		Unrefunded Fiscal 2012 Series A 5.75% 2/15/47	1,095,000		1,099,369
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56	710,000		771,372
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,568,175
	New York City Transitional Finance Authority
		Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00%
		7/15/45	445,000		500,371
	New York Liberty Development
		(4 World Trade Center Project)
		5.00% 11/15/31	500,000		514,825
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	2,000,000		2,175,700
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		555,195
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48	80,000		89,314
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		3,158,525

52

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	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	$	2,681,384
					13,114,230
Local General Obligation Bonds – 3.41%
	New York City
		Fiscal 2017 Subordinate
		Series B-1 5.00% 12/1/34	2,500,000		3,012,700
		Fiscal 2018 Subordinate
		Series E-1 5.25% 3/1/35	500,000		617,655
		Fiscal 2018 Subordinate
		Series F-1 5.00% 4/1/35	1,895,000		2,301,098
		Fiscal 2018 Subordinate
		Series F-1 5.00% 4/1/39	1,000,000		1,198,950
					7,130,403
Pre-Refunded/Escrowed to Maturity Bonds – 4.49%
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000		1,150,240
	Monroe County, Industrial Development Revenue
		(Nazareth College of Rochester Project)
		5.50% 10/1/41-21 §	500,000		515,335
	New York City Municipal Water Finance Authority
		Water & Sewer System Revenue
		Series A 6.00% 6/15/21 (AGM)	1,500,000		1,525,170
	New York State Dormitory Authority
		Series A 5.00% 3/15/38-23 §	2,000,000		2,195,400
		(Pratt Institute)
		Series A 5.00% 7/1/34-24 §	500,000		576,015
	New York State Dormitory Authority Revenue
		Non-State Supported Debt
		(New York University)
		Series A 5.00% 7/1/37-23 §	1,000,000		1,111,050
	Onondaga Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	380,000		401,595
		5.00% 7/1/42-22 §	750,000		797,603

53

Schedules of investments
Delaware Tax-Free New York Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Onondaga County Trust for Cultural Resources
		(Syracuse University Project)
		Series A 5.00% 12/1/30-23 §	1,000,000	$	1,130,260
					9,402,668
Resource Recovery Revenue Bond – 0.75%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,570,680
					1,570,680
Special Tax Revenue Bonds – 20.60%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40	450,000		493,600
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000		280,103
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36	240,000		246,317
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		4,148,130
	New York City Transitional Finance Authority
		Revenue
		(Building Aid)
		Fiscal 2012 Subordinate
		Series S-1A 5.25% 7/15/37	1,000,000		1,017,540
		Fiscal 2015 Subordinate
		Series S-1 5.00% 7/15/43	1,000,000		1,142,890
		Fiscal 2019 Subordinate
		Series S-3A 5.00% 7/15/37	1,000,000		1,221,620
		(Future Tax Secured)
		Fiscal 2011 Subordinate
		Series D-1 5.00% 2/1/28	2,500,000		2,508,825
		Fiscal 2014 Subordinate
		Series B-1 5.00% 11/1/40	750,000		844,267
		Fiscal 2015 Subordinate
		Series B-1 5.00% 8/1/42	2,000,000		2,262,820
		Fiscal 2015 Subordinate
		Series E-1 5.00% 2/1/41	1,000,000		1,138,910
		Fiscal 2016 Subordinate
		Series C-1 4.00% 11/1/42	500,000		562,855

54

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York City Transitional Finance Authority
		Revenue
		(Future Tax Secured)
		Fiscal 2017 Subordinate
		Series A-1 4.00% 5/1/42	500,000	$	550,980
		Fiscal 2017 Subordinate
		Series E-1 5.00% 2/1/43	1,000,000		1,190,520
		Series A-1 5.00% 11/1/42	750,000		834,585
		Unrefunded Fiscal 2011 Subordinate
		Series D-1 5.25% 2/1/29	195,000		195,716
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,137,950
		5.00% 11/15/40	1,000,000		1,127,750
	New York State Dormitory Authority Personal
		Income Tax Revenue
		(General Purpose)
		Series A 5.00% 3/15/40	5,000,000		6,145,100
		Series C 5.00% 3/15/34	500,000		501,715
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36	500,000		559,015
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	425,000		463,271
		Series A-1 4.75% 7/1/53	5,720,000		6,242,980
		Series A-1 5.00% 7/1/58	5,685,000		6,296,365
		Series A-2 4.329% 7/1/40	370,000		397,990
		Series A-2 4.536% 7/1/53	1,330,000		1,433,248
	Virgin Islands Public Finance Authority Revenue
		Series A 5.00% 10/1/29	170,000		170,396
					43,115,458
State General Obligation Bonds – 2.85%
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	1,920,000		1,495,200
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	270,000		233,212
		Series A 5.00% 7/1/41 ‡	675,000		527,344
		Series A 5.125% 7/1/37 ‡	685,000		554,850
		Series A 5.25% 7/1/34 ‡	945,000		818,606
		Series A 5.375% 7/1/33 ‡	665,000		574,394

55

Schedules of investments
Delaware Tax-Free New York Fund

			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 ‡	625,000	$	542,969
		Series C 6.00% 7/1/39 ‡	1,215,000		1,052,494
		Unrefunded Series B 5.00% 7/1/35 ‡	185,000		159,794
					5,958,863
Transportation Revenue Bonds – 12.00%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47	435,000		503,947
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32	500,000		530,520
		(Climate Bond Certified)
		Series E 4.00% 11/15/45	1,500,000		1,649,280
		(Green Bonds)
		Series B 4.00% 11/15/50	1,000,000		1,079,760
		Series C-1 5.25% 11/15/55	1,500,000		1,801,650
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50	1,000,000		1,121,500
		Series L 5.00% 1/1/35	1,535,000		1,882,923
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56	1,000,000		1,174,300
	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		372,651
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)	715,000		856,899
		Series A 5.00% 4/1/35 (AMT)	775,000		923,033
		Series A 5.00% 4/1/37 (AMT)	750,000		887,242
		Series A 5.00% 4/1/39 (AMT)	350,000		411,835
	Port Authority of Guam
		(Governmental)
		Series A 5.00% 7/1/48	1,375,000		1,600,032
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen
		Series)
		4.00% 11/1/49	1,000,000		1,135,520

56

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Sixteen
		Series)
		4.00% 9/1/49	1,000,000	$	1,133,380
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42	2,500,000		2,969,425
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41	2,000,000		2,331,540
		Series A 5.00% 11/15/47	1,000,000		1,186,170
		Series A 5.00% 11/15/49	325,000		407,706
	Westchester County Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities
		Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	1,100,000		1,151,161
					25,110,474
Water & Sewer Revenue Bonds – 5.58%
	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		2,343,620
		Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,198,710
		Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		3,040,250
		Fiscal 2019 Subordinate
		Series FF-1 4.00% 6/15/49	1,000,000		1,133,020
		Fiscal 2020 Series AA 4.00% 6/15/40	1,000,000		1,158,330
		Fiscal 2021 Subordinate
		Series BB-1 4.00% 6/15/50	1,000,000		1,153,470
	New York State Environmental Facilities Clean
		Water and Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Fiscal 2011 Series B 5.00% 6/15/30	500,000		506,785
		Series B 4.00% 6/15/49	1,000,000		1,143,590
					11,677,775
Total Municipal Bonds (cost $192,543,267)					207,366,029
Total Value of Securities–99.10%
	(cost $192,543,267)			$	207,366,029

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

57

Schedules of investments
Delaware Tax-Free New York Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $13,889,663, which represents 6.64% 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.”

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
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

58

Schedules of investments
Delaware Tax-Free Pennsylvania Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 100.14%
Corporate Revenue Bonds – 7.07%
	Allegheny County Industrial Development Authority
		Revenue
		(United States Steel Corporation Project)
		4.875% 11/1/24	2,650,000	$	2,839,131
		5.125% 5/1/30	750,000		849,840
	Pennsylvania Commonwealth Financing Authority
		Revenue
		(Tobacco Master Settlement Payment Revenue)
		4.00% 6/1/39 (AGM)	5,045,000		5,707,913
	Pennsylvania Economic Development Financing
		Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,000,000		4,152,600
	Pennsylvania Economic Development Financing
		Authority Solid Waste Disposal Revenue
		(CarbonLite P, LLC Project)
		144A 5.25% 6/1/26 (AMT) #	1,750,000		1,561,472
		144A 5.75% 6/1/36 (AMT) #	2,375,000		2,094,774
		(Proctor & Gamble Paper Project)
		5.375% 3/1/31 (AMT)	11,000,000		14,431,780
					31,637,510
Education Revenue Bonds – 11.16%
	Allegheny County Higher Education Building
		Authority Revenue
		(Carnegie Mellon University)
		Series A 5.00% 3/1/24	1,000,000		1,046,860
		(Chatham University)
		Series A 5.00% 9/1/30	1,500,000		1,555,695
		(Robert Morris University)
		5.00% 10/15/47	1,500,000		1,660,785
	Bucks County Industrial Development Authority
		Revenue
		(George School Project)
		5.00% 9/15/36	4,455,000		4,564,148
		(School Lane Charter School Project)
		Series A 5.125% 3/15/46	2,500,000		2,771,850
	Chester County Industrial Development Authority
		Revenue
		(Avon Grove Charter School Project)
		Series A 5.00% 12/15/47	1,160,000		1,288,424
		Series A 5.00% 12/15/51	770,000		854,138

59

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Chester County Industrial Development Authority
		Revenue
		(Renaissance Academy Charter School Project)
		5.00% 10/1/34	1,000,000	$	1,076,990
		5.00% 10/1/39	1,250,000		1,338,650
		5.00% 10/1/44	1,000,000		1,064,260
	Delaware County Authority Revenue
		(Cabrini University)
		5.00% 7/1/47	2,000,000		2,203,540
	Montgomery County Higher Education and Health
		Authority
		(Arcadia University)
		5.75% 4/1/40	2,000,000		2,188,740
	Northeastern Pennsylvania Hospital and Education
		Authority Revenue
		(King’s College Project)
		5.00% 5/1/44	1,000,000		1,174,390
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Drexel University)
		5.00% 5/1/41	1,000,000		1,165,900
	Pennsylvania State University
		Series A 5.00% 9/1/45	5,640,000		7,066,412
		Series A 5.00% 9/1/47	2,730,000		3,395,574
	Philadelphia Authority for Industrial Development
		Revenue
		(First Philadelphia Preparatory Charter School
		Project)
		Series A 7.25% 6/15/43	2,500,000		2,862,050
		(Green Woods Charter School Project)
		Series A 5.50% 6/15/22	390,000		401,524
		Series A 5.75% 6/15/42	2,500,000		2,583,725
		(International Apartments of Temple University)
		Series A 5.375% 6/15/30	1,500,000		1,503,075
		Series A 5.625% 6/15/42	3,000,000		3,005,130
		(Tacony Academy Charter School Project)
		Series A-1 6.75% 6/15/33	1,020,000		1,128,671
		Series A-1 7.00% 6/15/43	1,535,000		1,693,980
State Public School Building Authority
		(Montgomery County Community College)
		5.00% 5/1/28	2,000,000		2,316,160
					49,910,671

60

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 2.80%
	City of Philadelphia Gas Works Revenue
		(1998 General Ordinance)
		Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000	$	2,278,340
	Puerto Rico Electric Power Authority
		Series A 5.00% 7/1/42 ‡	1,110,000		1,001,775
		Series A 5.05% 7/1/42 ‡	400,000		361,000
		Series AAA 5.25% 7/1/25 ‡	225,000		203,625
		Series WW 5.00% 7/1/28 ‡	1,895,000		1,710,237
		Series WW 5.25% 7/1/33 ‡	1,055,000		954,775
		Series WW 5.50% 7/1/38 ‡	1,530,000		1,388,475
		Series XX 4.75% 7/1/26 ‡	185,000		166,500
		Series XX 5.25% 7/1/40 ‡	3,825,000		3,461,625
		Series XX 5.75% 7/1/36 ‡	655,000		596,050
		Series ZZ 4.75% 7/1/27 ‡	145,000		130,500
		Series ZZ 5.25% 7/1/24 ‡	315,000		285,075
					12,537,977
Healthcare Revenue Bonds – 32.44%
	Allegheny County Hospital Development Authority
		Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	1,350,000		1,475,334
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/36	1,750,000		1,999,445
		Series A 4.00% 7/15/37	1,500,000		1,708,065
	Berks County Industrial Development Authority
		Revenue
		(The Highlands at Wyomissing)
		5.00% 5/15/38	415,000		460,609
		5.00% 5/15/43	500,000		550,945
		5.00% 5/15/48	1,000,000		1,098,110
		Series A 5.00% 5/15/37	1,365,000		1,544,811
		Series A 5.00% 5/15/42	500,000		559,795
		Series A 5.00% 5/15/47	600,000		667,794
		Series C 5.00% 5/15/42	1,000,000		1,093,370
		Series C 5.00% 5/15/47	1,000,000		1,089,810
	Bucks County Industrial Development Authority
		Revenue
		(Saint Luke’s University Health Network Project)
		4.00% 8/15/44	2,400,000		2,647,824
		4.00% 8/15/50	1,400,000		1,535,492

61

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Butler County Hospital Authority Revenue
		(Butler Health System Project)
		Series A 5.00% 7/1/39	1,625,000	$	1,784,234
	Centre County Hospital Authority Revenue
		(Mount Nittany Medical Center Project)
		Series A 4.00% 11/15/47	1,400,000		1,529,486
	Chester County Health and Education Facilities
		Authority
		(Main Line Health System)
		Series A 4.00% 9/1/40	785,000		917,838
		Series A 4.00% 9/1/50	2,750,000		3,160,712
	Cumberland County Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	4,000,000		4,306,440
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38	1,805,000		1,986,150
		(Penn State Health)
		4.00% 11/1/49	9,825,000		11,115,219
	DuBois Hospital Authority
		(Penn Highlands Healthcare)
		4.00% 7/15/48	2,000,000		2,124,640
	Geisinger Authority Health System Revenue
		(Geisinger Health System)
		Series A-1 5.00% 2/15/45	5,000,000		5,888,250
		Series A-1 5.125% 6/1/41	4,000,000		4,034,880
	General Authority of Southcentral Pennsylvania
		Revenue
		(WellSpan Health Obligated Group)
		Series A 5.00% 6/1/39	5,000,000		6,212,400
	Hospitals & Higher Education Facilities Authority of
		Philadelphia
		(The Children’s Hospital of Philadelphia Project)
		Series D 5.00% 7/1/32	500,000		507,300
	Indiana County Hospital Authority Revenue
		(Indiana Regional Medical Center)
		Series A 6.00% 6/1/39	1,625,000		1,708,005
	Lancaster County Hospital Authority Revenue
		(Brethren Village Project)
		5.25% 7/1/35	250,000		265,053
		5.50% 7/1/45	1,000,000		1,055,380
		(Landis Homes Retirement Community Project)
		Series A 5.00% 7/1/45	2,000,000		2,142,740

62

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lancaster County Hospital Authority Revenue
		(Masonic Villages Project)
		5.00% 11/1/35	1,000,000	$	1,154,170
		5.00% 11/1/36	510,000		586,923
		5.00% 11/1/37	250,000		287,152
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42	1,500,000		1,539,480
	Lehigh County General Purpose Hospital Authority
		Revenue
		(Lehigh Valley Health Network)
		Series A 4.00% 7/1/49	5,000,000		5,571,500
	Monroe County Hospital Authority Revenue
		(Pocono Medical Center)
		5.00% 7/1/36	1,710,000		2,011,730
		5.00% 7/1/41	1,000,000		1,158,720
	Monroeville Finance Authority
		(University of Pittsburgh Medical Center)
		5.00% 2/15/25	1,000,000		1,168,630
	Montgomery County Higher Education and Health
		Authority
		(Thomas Jefferson University)
		5.00% 9/1/51	2,000,000		2,393,740
		Series A 4.00% 9/1/49	2,500,000		2,744,975
	Montgomery County Industrial Development
		Authority Revenue
		(Waverly Heights Project)
		5.00% 12/1/44	500,000		562,255
		5.00% 12/1/49	1,250,000		1,401,912
		(Whitemarsh Continuing Care Retirement
		Community Project)
		4.00% 1/1/25	430,000		439,611
		5.375% 1/1/50	4,000,000		4,178,840
		Series A 5.375% 1/1/51	1,500,000		1,592,205
	Moon Industrial Development Authority Revenue
		(Baptist Homes Society)
		6.125% 7/1/50	4,000,000		4,243,200
	Northampton County Industrial Development
		Authority
		(Morningstar Senior Living Project)
		5.00% 11/1/44	1,000,000		1,062,020

63

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Economic Development Financing
		Authority First Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #	715,000	$	536,250
		Series A 144A 6.75% 12/1/53 #	5,400,000		4,050,000
	Pennsylvania Economic Development Financing
		Authority Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43	1,265,000		1,374,435
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,582,650
		Series A 5.25% 9/1/50	2,500,000		2,809,100
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49	6,000,000		6,752,520
		5.00% 8/15/49	5,000,000		6,115,550
		Series A 4.00% 8/15/42	4,200,000		4,715,466
	Philadelphia Authority for Industrial Development
		Revenue
		(Children’s Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		5,999,900
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,924,675
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,569,425
	Pocono Mountains Industrial Park Authority
		Revenue
		(St. Luke’s Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000		4,442,560
					145,139,725
Housing Revenue Bond – 0.44%
	Philadelphia Authority for Industrial Development
		Revenue
		(The PresbyHomes Germantown Project)
		Series A 5.625% 7/1/35 (HUD)	1,950,000		1,950,936
					1,950,936

64

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 1.13%
	Pennsylvania Economic Development Financing
		Authority Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement
		Project)
		5.00% 12/31/29 (AMT)	500,000	$	592,635
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,487,625
		5.00% 4/1/38	1,000,000		1,187,550
		5.00% 4/1/39	1,500,000		1,776,690
					5,044,500
Local General Obligation Bonds – 7.21%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000		5,579,139
	Chester County
		4.00% 7/15/31	250,000		302,092
		4.00% 7/15/32	1,000,000		1,203,640
		4.00% 7/15/33	300,000		359,370
		4.00% 7/15/36	500,000		591,995
		4.00% 7/15/38	455,000		534,043
		4.00% 7/15/39	500,000		584,620
		4.00% 7/15/40	500,000		583,690
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,510,576
		Series A 5.00% 8/1/37	1,750,000		2,118,480
		Series A 5.25% 7/15/29	2,500,000		2,821,725
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50	2,875,000		3,265,109
	Montgomery County
		Series A 5.00% 1/1/35	3,730,000		4,968,658
	Philadelphia School District
		Series F 5.00% 9/1/36	2,000,000		2,390,680
		Series F 5.00% 9/1/37	1,500,000		1,789,485
		Series F 5.00% 9/1/38	2,000,000		2,381,320
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		336,573
		2.00% 10/15/29 (AGM)	700,000		721,280
		2.00% 10/15/30 (AGM)	190,000		194,938
					32,237,413

65

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 8.39%
	Allegheny County
		Series C-69 5.00% 12/1/28-22 §	1,000,000	$	1,084,410
		Series C-70 5.00% 12/1/33-22 §	2,205,000		2,391,124
	Allegheny County Higher Education Building
		Authority Revenue
		(Carlow University Project)
		6.75% 11/1/31-21 §	750,000		782,318
		7.00% 11/1/40-21 §	1,000,000		1,044,740
	Central Bradford Progress Authority
		(Guthrie Health Issue)
		5.375% 12/1/41-21 §	1,000,000		1,038,850
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §	3,000,000		3,217,980
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	195,000		227,200
	Delaware County Regional Water Quality Control
		Authority
		5.00% 5/1/32-23 §	2,000,000		2,205,800
	Monroe County Hospital Authority
		(Pocono Medical Center)
		Series A 5.00% 1/1/32-22 §	1,150,000		1,194,597
		Series A 5.00% 1/1/41-22 §	1,500,000		1,558,170
	Montgomery County Industrial Development
		Authority Retirement Community Revenue
		(ACTS Retirement Life Communities Obligated
		Group)
		5.00% 11/15/27-22 §	1,250,000		1,323,137
		5.00% 11/15/28-22 §	1,600,000		1,693,616
		5.00% 11/15/29-22 §	680,000		719,787
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(AICUP Financing Program - St. Francis University
		Project)
		Series JJ2 6.25% 11/1/41-21 §	2,355,000		2,449,624
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §	1,740,000		1,846,575
		Series A 5.00% 7/1/41-22 §	1,500,000		1,591,875
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000		2,211,320

66

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Shippensburg University - Student Housing
		Project)
		6.25% 10/1/43-21 §	2,000,000	$	2,070,280
		(University of the Arts)
		5.20% 3/15/25 (AGC)	4,490,000		4,910,084
	Philadelphia Authority for Industrial Development
		Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,112,770
	Port Authority of Allegheny County
		5.75% 3/1/29	2,850,000		2,850,000
					37,524,257
Special Tax Revenue Bonds – 14.53%
	Allentown Neighborhood Improvement Zone
		Development Authority Revenue
		Series A 5.00% 5/1/42	2,500,000		2,591,475
	Allentown, Pennsylvania Neighborhood
		Improvement Zone Development Authority
		Revenue
		(City Center Project)
		144A 5.375% 5/1/42 #	2,500,000		2,876,625
	Chester County Industrial Development Authority
		Special Obligation Revenue
		(Woodlands at Greystone Project)
		144A 5.00% 3/1/38 #	560,000		578,346
		144A 5.125% 3/1/48 #	1,000,000		1,026,290
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	8,776,308		7,503,743
	Northampton County Industrial Development
		Authority
		(Route 33 Project)
		7.00% 7/1/32	1,800,000		1,939,698
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A 4.905% 7/1/51 ^	25,000,000		5,504,250
		Series A-1 5.179% 7/1/46 ^	19,900,000		6,118,056
		(Restructured)
		Series A-1 4.75% 7/1/53	8,273,000		9,029,400
		Series A-1 5.00% 7/1/58	17,281,000		19,139,399

67

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-2 4.329% 7/1/40	5,585,000	$	6,007,505
		Series A-2 4.536% 7/1/53	1,000,000		1,077,630
	Washington County Redevelopment Authority
		Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000		1,617,615
					65,010,032
State General Obligation Bonds – 4.94%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	5,840,000		7,179,521
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	2,175,000		1,693,781
		Series B 5.00% 7/1/35 ‡	605,000		522,569
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	890,000		768,737
		Series A 5.125% 7/1/37 ‡	8,195,000		6,637,950
		Series A 5.25% 7/1/34 ‡	725,000		628,031
		Series A 5.375% 7/1/33 ‡	600,000		518,250
		Series A 6.00% 7/1/38 ‡	880,000		767,800
		Series B 5.75% 7/1/38 ‡	2,000,000		1,737,500
		Series C 6.00% 7/1/39 ‡	1,880,000		1,628,550
					22,082,689
Transportation Revenue Bonds – 8.78%
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000		5,962,650
	Pennsylvania Economic Development Financing
		Authority Exempt Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000		3,737,055
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,315,500
	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		2,472,964
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,763,551
		Series A 5.00% 12/1/49	2,000,000		2,438,120

68

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission Revenue
		Series C 5.00% 12/1/44	5,000,000	$	5,661,250
		Subordinate Series A 4.00% 12/1/50	1,000,000		1,122,000
	Philadelphia Airport Revenue
		Series A 5.00% 7/1/47	3,750,000		4,381,425
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,459,060
	Susquehanna Area Regional Airport Authority
		Revenue
		5.00% 1/1/35 (AMT)	800,000		879,120
		5.00% 1/1/38 (AMT)	1,000,000		1,093,160
					39,285,855
Water & Sewer Revenue Bonds – 1.25%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,805,277
	Philadelphia Water & Wastewater Revenue
		Series A 5.00% 7/1/45	2,500,000		2,812,825
					5,618,102
Total Municipal Bonds (cost $417,664,359)					447,979,667
Total Value of Securities–100.14%
	(cost $417,664,359)			$	447,979,667

°	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, 2021, the aggregate value of Rule 144A securities was $12,723,757, which represents 2.84% 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.

69

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

HUD – Housing and Urban Development Section 8

LLC – Limited Liability Corporation

USD – US Dollar

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

70

Statement of assets and liabilities
	February 28, 2021 (Unaudited)

		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Arizona Fund		California Fund		Colorado Fund
Assets:
	Investments, at value*	$	84,124,320	$	122,824,819	$	227,174,953
	Cash		141,848		—		—
	Dividend and interest receivable		610,853		1,232,094		2,236,590
	Receivable for fund shares sold		356,434		110,461		295,857
	Prepaid expenses		—		8,195		—
	Other assets		—		2,021		—
	Total Assets		85,233,455		124,177,590		229,707,400
Liabilities:
	Due to custodian		—		1,200,585		1,395,553
	Payable for fund shares redeemed		483,088		185,870		380,728
	Audit and tax fees payable		22,570		28,070		22,570
	Investment management fees payable
	to affiliates		20,913		27,055		70,612
	Distribution payable		18,740		53,514		45,248
	Distribution fees payable to affiliates		14,244		19,739		36,817
	Accounting and administration
	expenses payable to non-affiliates		9,848		12,269		12,681
	Other accrued expenses		7,785		—		18,032
	Reports and statements to
	shareholders expenses payable to
	non-affiliates		4,748		6,135		10,046
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		3,939		8,053		16,867
	Dividend disbursing and transfer agent
	fees and expenses payable to
	affiliates		545		789		1,471
	Accounting and administration
	expenses payable to affiliates		526		624		899
	Trustees’ fees and expenses payable		310		451		840
	Legal fees payable to affiliates		132		192		358
	Reports and statements to
	shareholders expenses payable to
	affiliates		99		144		267
	Total Liabilities		587,487		1,543,490		2,012,989
Total Net Assets		$	84,645,968	$	122,634,100	$	227,694,411

71

Statements of assets and liabilities

		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Arizona Fund			California Fund			Colorado Fund
Net Assets Consist of:
	Paid-in capital	$	79,166,575		$	113,827,237		$	216,290,935
	Total distributable earnings (loss)		5,479,393			8,806,863			11,403,476
Total Net Assets		$	84,645,968		$	122,634,100		$	227,694,411
Net Asset Value
Class A:
Net assets		$	65,314,966		$	82,147,729		$	161,360,153
Shares of beneficial interest outstanding,
	unlimited authorization, no par		5,552,154			6,647,388			14,083,911
Net asset value per share		$	11.76		$	12.36		$	11.46
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.31		$	12.94		$	12.00
Class C:
Net assets		$	1,852,576		$	4,612,293		$	6,631,022
Shares of beneficial interest outstanding,
	unlimited authorization, no par		157,078			372,486			577,331
Net asset value per share		$	11.79		$	12.38		$	11.49
Institutional Class:
Net assets		$	17,478,426		$	35,874,078		$	59,703,236
Shares of beneficial interest outstanding,
	unlimited authorization, no par		1,485,588			2,902,385			5,211,317
Net asset value per share		$	11.77		$	12.36		$	11.46
____________________
*  Investments, at cost		$	78,947,223		$	114,129,858		$	214,035,925

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

72

		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Idaho Fund		New York Fund		Pennsylvania Fund
Assets:
	Investments, at value*	$	113,694,496	$	207,366,029	$	447,979,667
	Cash		—		96,028		—
	Dividend and interest receivable		1,272,326		2,052,809		4,639,143
	Receivable for fund shares sold		64,321		116,897		529,050
	Receivable for securities sold		—		—		467,486
	Prepaid expenses		—		2,226		—
	Other assets		—		5,720		—
	Total Assets		115,031,143		209,639,709		453,615,346
Liabilities:
	Due to custodian		21,061		—		3,803,727
	Payable for fund shares redeemed		99,207		145,367		692,558
	Investment management fees payable
	to affiliates		34,846		55,857		157,185
	Distribution payable		24,740		79,865		136,480
	Audit and tax fees payable		22,570		28,070		22,570
	Distribution fees payable to affiliates		18,252		35,549		81,121
	Other accrued expenses		12,214		—		26,961
	Accounting and administration
	expenses payable to non-affiliates		10,430		13,998		16,978
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		6,958		13,241		28,618
	Reports and statements to
	shareholders expenses payable to
	non-affiliates		4,990		6,944		18,366
	Dividend disbursing and transfer agent
	fees and expenses payable to
	affiliates		735		1,353		2,882
	Accounting and administration
	expenses payable to affiliates		603		851		1,466
	Trustees’ fees and expenses payable		419		779		1,652
	Legal fees payable to affiliates		179		332		705
	Reports and statements to
	shareholders expenses payable to
	affiliates		134		245		524
	Payable for securities purchased		—		—		1,254,979
	Total Liabilities		257,338		382,451		6,246,772
Total Net Assets		$	114,773,805	$	209,257,258	$	447,368,574

73

Statements of assets and liabilities

		Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Net Assets Consist of:
	Paid-in capital	$	113,521,010		$	194,312,839		$	418,024,419
	Total distributable earnings (loss)		1,252,795			14,944,419			29,344,155
Total Net Assets		$	114,773,805		$	209,257,258		$	447,368,574
Net Asset Value
Class A:
Net assets		$	65,838,154		$	160,795,749		$	367,835,820
Shares of beneficial interest outstanding,
	unlimited authorization, no par		5,648,237			13,711,452			45,220,098
Net asset value per share		$	11.66		$	11.73		$	8.13
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.21		$	12.28		$	8.51
Class C:
Net assets		$	6,728,119		$	5,261,889		$	13,791,031
Shares of beneficial interest outstanding,
	unlimited authorization, no par		577,652			449,754			1,694,934
Net asset value per share		$	11.65		$	11.70		$	8.14
Institutional Class:
Net assets		$	42,207,532		$	43,199,620		$	65,741,723
Shares of beneficial interest outstanding,
	unlimited authorization, no par		3,620,290			3,684,801			8,087,803
Net asset value per share		$	11.66		$	11.72		$	8.13
____________________
*Investments, at cost		$	107,860,908		$	192,543,267		$	417,664,359

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

74

Statements of operations

Six months ended February 28, 2021 (Unaudited)

			Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund
Investment Income:
	Interest		$	1,449,063		$	2,018,459		$	3,937,486
	Dividends			—			—			73
				1,449,063			2,018,459			3,937,559
Expenses:
	Management fees			202,619			278,485			616,904
	Distribution expenses — Class A			78,354			75,593			201,182
	Distribution expenses — Class C			11,271			30,196			37,900
	Accounting and administration expenses			25,793			29,342			37,182
	Dividend disbursing and transfer agent
		fees and expenses		24,218			28,836			69,668
	Audit and tax fees			22,570			29,237			22,570
	Registration fees			8,635			9,909			6,135
	Reports and statements to shareholders
		expenses		8,386			8,336			14,960
	Legal fees			3,260			23,344			8,769
	Trustees’ fees and expenses			2,060			2,542			5,718
	Custodian fees			1,365			1,666			3,274
	Other			9,464			10,382			14,472
				397,995			527,868			1,038,734
	Less expenses waived			(69,315	)		(110,975	)		(145,642	)
	Less expenses paid indirectly			(16	)		(35	)		(53	)
	Total operating expenses			328,664			416,858			893,039
Net Investment Income				1,120,399			1,601,601			3,044,520
Net Realized and Unrealized Gain:
	Net realized gain on investments			395,825			377,786			248,627
	Net change in unrealized appreciation
		(depreciation) of investments		1,089,109			652,272			1,531,776
Net Realized and Unrealized Gain				1,484,934			1,030,058			1,780,403
Net Increase in Net Assets Resulting
	from Operations		$	2,605,333		$	2,631,659		$	4,824,923

75

Statements of operations

			Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Investment Income:
	Interest		$	1,945,149		$	2,499,244		$	8,268,095
	Dividends			34			—			—
				1,945,183			2,499,244			8,268,095
Expenses:
	Management fees			299,144			394,107			1,209,083
	Distribution expenses — Class A			77,434			121,806			441,362
	Distribution expenses — Class C			42,535			31,484			88,924
	Accounting and administration expenses			27,993			32,648			54,293
	Dividend disbursing and transfer agent
		fees and expenses		34,516			42,005			125,958
	Audit and tax fees			22,570			29,404			22,570
	Registration fees			5,052			14,214			10,635
	Reports and statements to shareholders
		expenses		8,497			9,532			28,210
	Legal fees			4,248			24,275			19,054
	Trustees’ fees and expenses			2,757			3,519			11,220
	Custodian fees			1,576			2,445			6,031
	Other			9,986			11,258			18,692
				536,308			716,697			2,036,032
	Less expenses waived			(84,688	)		(144,456	)		(208,389	)
	Less expenses paid indirectly			(18	)		(85	)		(151	)
	Total operating expenses			451,602			572,156			1,827,492
Net Investment Income				1,493,581			1,927,088			6,440,603
Net Realized and Unrealized Gain:
	Net realized gain on investments			313,878			146,323			1,437,517
	Net change in unrealized appreciation
		(depreciation) of investments		916,142			155,586			5,021,398
Net Realized and Unrealized Gain				1,230,020			301,909			6,458,915
Net Increase in Net Assets Resulting
	from Operations		$	2,723,601		$	2,228,997		$	12,899,518

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

76

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

			Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,120,399		$	2,279,854
	Net realized gain			395,825			142,666
	Net change in unrealized appreciation (depreciation)			1,089,109			(1,042,553	)
	Net increase in net assets resulting from operations			2,605,333			1,379,967
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(906,455	)		(1,860,733	)
		Class C		(24,133	)		(63,009	)
		Institutional Class		(252,480	)		(503,085	)
				(1,183,068	)		(2,426,827	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		3,600,355			4,040,085
		Class C		93,709			475,896
		Institutional Class		3,193,864			4,314,261
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		797,921			1,492,624
		Class C		23,707			58,762
		Institutional Class		247,821			476,431
				7,957,377			10,858,059

77

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

			Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(2,366,450	)	$	(4,618,457	)
		Class C		(872,447	)		(1,028,355	)
		Institutional Class		(1,314,194	)		(3,614,076	)
				(4,553,091	)		(9,260,888	)
	Increase in net assets derived from capital share transactions			3,404,286			1,597,171
Net Increase in Net Assets				4,826,551			550,311
Net Assets:
	Beginning of period			79,819,417			79,269,106
	End of period		$	84,645,968		$	79,819,417

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

78

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

	Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,601,601		$	2,951,871
Net realized gain (loss)		377,786			(75,285	)
Net change in unrealized appreciation (depreciation)		652,272			(2,508,025	)
Net increase in net assets resulting from operations		2,631,659			368,561
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(933,332	)		(1,696,888	)
Class C		(71,109	)		(337,450	)
Institutional Class		(582,578	)		(1,813,306	)
		(1,587,019	)		(3,847,644	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,814,229			9,654,592
Class C		421,391			600,032
Institutional Class		4,176,263			21,957,497
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		844,000			1,518,859
Class C		70,579			281,331
Institutional Class		396,792			1,276,762
		49,058,010			35,289,073

79

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

	Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(4,712,619	)	$	(8,275,307	)
Class C		(2,811,007	)		(5,300,634	)
Institutional Class		(4,930,946	)		(31,647,616	)
		(12,454,572	)		(45,223,557	)
Increase (decrease) in net assets derived from capital share
transactions		36,603,438			(9,934,484	)
Net Increase (Decrease) in Net Assets		37,648,078			(13,413,567	)
Net Assets:
Beginning of period		84,986,022			98,399,589
End of period	$	122,634,100		$	84,986,022

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

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

80

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

	Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,044,520		$	6,482,950
Net realized gain		248,627			841,092
Net change in unrealized appreciation (depreciation)		1,531,776			(3,462,710	)
Net increase in net assets resulting from operations		4,824,923			3,861,332
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,150,595	)		(4,770,153	)
Class C		(72,977	)		(201,810	)
Institutional Class		(813,372	)		(1,499,974	)
		(3,036,944	)		(6,471,937	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,369,092			13,355,973
Class C		411,899			755,250
Institutional Class		10,527,757			23,852,027
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		2,021,114			4,244,536
Class C		74,306			195,451
Institutional Class		750,916			1,381,497
		20,155,084			43,784,734

81

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

	Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(11,282,601	)	$	(19,822,488	)
Class C		(2,054,147	)		(3,060,813	)
Institutional Class		(3,928,981	)		(15,090,632	)
		(17,265,729	)		(37,973,933	)
Increase in net assets derived from capital share transactions		2,889,355			5,810,801
Net Increase in Net Assets		4,677,334			3,200,196
Net Assets:
Beginning of period		223,017,077			219,816,881
End of period	$	227,694,411		$	223,017,077

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

82

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

	Six months ended 2/28/21 (Unaudited)			Year ended 8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,493,581		$	3,013,071
Net realized gain (loss)		313,878			(436,187	)
Net change in unrealized appreciation (depreciation)		916,142			(1,157,926	)
Net increase in net assets resulting from operations		2,723,601			1,418,958
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(838,254	)		(1,630,043	)
Class C		(83,091	)		(231,712	)
Institutional Class		(563,994	)		(1,140,918	)
		(1,485,339	)		(3,002,673	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,693,846			11,036,343
Class C		1,157,540			1,110,294
Institutional Class		8,118,358			12,301,476
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		805,627			1,518,853
Class C		83,932			222,405
Institutional Class		497,563			1,009,131
		16,356,866			27,198,502

83

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

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(2,018,294	)	$	(6,770,542	)
Class C		(3,459,336	)		(5,190,934	)
Institutional Class		(2,886,413	)		(11,622,682	)
		(8,364,043	)		(23,584,158	)
Increase in net assets derived from capital share transactions		7,992,823			3,614,344
Net Increase in Net Assets		9,231,085			2,030,629
Net Assets:
Beginning of period		105,542,720			103,512,091
End of period	$	114,773,805		$	105,542,720

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

84

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

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,927,088		$	2,506,580
Net realized gain		146,323			721,770
Net change in unrealized appreciation (depreciation)		155,586			(1,943,082	)
Net increase in net assets resulting from operations		2,228,997			1,285,268
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,444,399	)		(1,250,944	)
Class C		(87,514	)		(299,096	)
Institutional Class		(745,339	)		(1,387,966	)
		(2,277,252	)		(2,938,006	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,421,440			11,463,562
Class C		62,880			553,210
Institutional Class		5,318,582			9,818,570
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		1,227,388			1,098,145
Class C		60,106			204,540
Institutional Class		676,819			1,267,893
		132,608,619			24,405,920

85

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

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(5,656,313	)	$	(5,523,695	)
Class C		(1,949,871	)		(6,950,159	)
Institutional Class		(3,641,716	)		(11,214,772	)
		(11,247,900	)		(23,688,626	)
Increase in net assets derived from capital share transactions		121,360,719			717,294
Net Increase (Decrease) in Net Assets		121,312,464			(935,444	)
Net Assets:
Beginning of period		87,944,794			88,880,238
End of period	$	209,257,258		$	87,944,794

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

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

86

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

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,440,603		$	13,510,292
Net realized gain		1,437,517			1,773,628
Net change in unrealized appreciation (depreciation)		5,021,398			(8,662,514	)
Net increase in net assets resulting from operations		12,899,518			6,621,406
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(7,280,391	)		(14,779,475	)
Class C		(294,237	)		(710,638	)
Institutional Class		(1,254,444	)		(2,147,319	)
		(8,829,072	)		(17,637,432	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		16,330,580			34,845,316
Class C		1,047,896			2,876,652
Institutional Class		12,015,354			14,679,950
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		6,594,783			13,086,822
Class C		288,476			679,779
Institutional Class		1,105,003			1,843,684
		37,382,092			68,012,203

87

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

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(22,921,582	)	$	(51,146,281	)
Class C		(6,773,581	)		(8,994,602	)
Institutional Class		(3,796,469	)		(6,718,565	)
		(33,491,632	)		(66,859,448	)
Increase in net assets derived from capital share transactions		3,890,460			1,152,755
Net Increase (Decrease) in Net Assets		7,960,906			(9,863,271	)
Net Assets:
Beginning of period		439,407,668			449,270,939
End of period	$	447,368,574		$	439,407,668

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

88

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

90

Six months ended
2/28/211			Year ended
(Unaudited)				8/31/20			8/31/19		8/31/18			8/31/17			8/31/16
$	11.55		$	11.70		$	11.24		$	11.48		$	11.83		$	11.44
	0.16			0.33			0.37			0.36			0.37			0.38
	0.22			(0.13	)		0.46			(0.24	)		(0.35	)		0.39
	0.38			0.20			0.83			0.12			0.02			0.77
	(0.16	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)		(0.38	)
	(0.01	)		–			–			–			–			–
	(0.17	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)		(0.38	)
$	11.76		$	11.55		$	11.70		$	11.24		$	11.48		$	11.83
	3.29%			1.79%			7.51%			1.11%			0.24%			6.79%
$	65,315		$	62,186		$	62,033		$	63,327		$	66,839		$	74,556
	0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
	1.01%			1.01%			1.02%			1.00%			0.97%			0.96%
	2.74%			2.87%			3.29%			3.23%			3.25%			3.23%
	2.57%			2.70%			3.11%			3.07%			3.12%			3.11%
	12%			36%			31%			6%			9%			14%

91

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

92

Six months ended
2/28/211			Year ended
(Unaudited)			8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
$	11.58		$	11.73		$	11.27		$	11.51		$	11.87		$	11.47
	0.12			0.24			0.28			0.28			0.29			0.29
	0.22			(0.12	)		0.46			(0.24	)		(0.37	)		0.40
	0.34			0.12			0.74			0.04			(0.08	)		0.69
	(0.12	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)		(0.29	)
	(0.01	)		–			–			–			–			–
	(0.13	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)		(0.29	)
$	11.79		$	11.58		$	11.73		$	11.27		$	11.51		$	11.87
	2.90%			1.03%			6.70%			0.36%			(0.59%	)		6.07%
$	1,853		$	2,561		$	3,100		$	3,122		$	5,215		$	6,816
	1.59%			1.59%			1.59%			1.59%			1.59%			1.59%
	1.76%			1.76%			1.77%			1.75%			1.72%			1.71%
	1.99%			2.12%			2.54%			2.48%			2.50%			2.48%
	1.82%			1.95%			2.36%			2.32%			2.37%			2.36%
	12%			36%			31%			6%			9%			14%

93

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

94

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.55		$	11.70		$	11.24		$	11.48		$	11.84		$	11.44
		0.17			0.36			0.39			0.39			0.40			0.41
		0.24			(0.13	)		0.46			(0.24	)		(0.36	)		0.39
		0.41			0.23			0.85			0.15			0.04			0.80
		(0.18	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)		(0.40	)
		(0.01	)		—			—			—			—			—
		(0.19	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)		(0.40	)
	$	11.77		$	11.55		$	11.70		$	11.24		$	11.48		$	11.84
		3.50%			2.05%			7.78%			1.36%			0.40%			7.14%
	$	17,478		$	15,072		$	14,136		$	10,097		$	7,080		$	3,645
		0.59%			0.59%			0.59%			0.59%			0.59%			0.59%
		0.76%			0.76%			0.77%			0.75%			0.72%			0.71%
		2.99%			3.12%			3.54%			3.48%			3.50%			3.48%
		2.82%			2.95%			3.36%			3.32%			3.37%			3.36%
		12%			36%			31%			6%			9%			14%

95

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

96

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.18		$	12.49		$	11.98		$	12.26		$	12.60		$	12.11
		0.19			0.38			0.40			0.40			0.41			0.43
		0.18			(0.20	)		0.53			(0.28	)		(0.34	)		0.48
		0.37			0.18			0.93			0.12			0.07			0.91
		(0.19	)		(0.38	)		(0.40	)		(0.40	)		(0.41	)		(0.42	)
		—			(0.11	)		(0.02	)		—			—			—
		(0.19	)		(0.49	)		(0.42	)		(0.40	)		(0.41	)		(0.42	)
	$	12.36		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60
		3.05%			1.59%			7.99%			1.00%			0.63%			7.67%
	$	82,148		$	44,059		$	42,203		$	53,171		$	54,076		$	63,284
		0.86%			0.82%			0.82%			0.82%			0.82%			0.82%
		1.08%			1.03%			1.03%			1.02%			1.01%			1.01%
		3.13%			3.17%			3.36%			3.30%			3.36%			3.43%
		2.91%			2.96%			3.15%			3.10%			3.17%			3.24%
		9%			36%			32%			16%			27%			18%

97

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

98

Six months ended
	2/28/211			Year ended
	(Unaudited)			8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.21		$	12.52		$	12.00		$	12.28		$	12.62		$	12.13
		0.14			0.29			0.32			0.31			0.32			0.33
		0.17			(0.20	)		0.54			(0.28	)		(0.34	)		0.49
		0.31			0.09			0.86			0.03			(0.02	)		0.82
		(0.14	)		(0.29	)		(0.32	)		(0.31	)		(0.32	)		(0.33	)
		—			(0.11	)		(0.02	)		—			—			—
		(0.14	)		(0.40	)		(0.34	)		(0.31	)		(0.32	)		(0.33	)
	$	12.38		$	12.21		$	12.52		$	12.00		$	12.28		$	12.62
		2.58	%		0.83	%		7.26	%		0.25	%		(0.12	%)		6.86	%
	$	4,612		$	6,829		$	11,551		$	13,015		$	16,473		$	18,827
		1.61	%		1.57	%		1.57	%		1.57	%		1.57	%		1.57	%
		1.83	%		1.78	%		1.78	%		1.77	%		1.76	%		1.76	%
		2.38	%		2.42	%		2.61	%		2.55	%		2.61	%		2.68	%
		2.16	%		2.21	%		2.40	%		2.35	%		2.42	%		2.49	%
		9	%		36	%		32	%		16	%		27	%		18	%

99

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

Six months ended
	2/28/211			Year ended
	(Unaudited)			8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.18		$	12.49		$	11.98		$	12.26		$	12.60		$	12.11
		0.21			0.41			0.43			0.43			0.44			0.46
		0.18			(0.20	)		0.53			(0.28	)		(0.34	)		0.49
		0.39			0.21			0.96			0.15			0.10			0.95
		(0.21	)		(0.41	)		(0.43	)		(0.43	)		(0.44	)		(0.46	)
		—			(0.11	)		(0.02	)		—			—			—
		(0.21	)		(0.52	)		(0.45	)		(0.43	)		(0.44	)		(0.46	)
	$	12.36		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60
		3.18	%		1.84	%		8.25	%		1.26	%		0.89	%		7.94	%
	$	35,874		$	34,098		$	44,646		$	32,953		$	28,209		$	17,410
		0.61	%		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
		0.83	%		0.78	%		0.78	%		0.77	%		0.76	%		0.76	%
		3.38	%		3.42	%		3.61	%		3.55	%		3.61	%		3.68	%
		3.16	%		3.21	%		3.40	%		3.35	%		3.42	%		3.49	%
		9	%		36	%		32	%		16	%		27	%		18	%

101

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

Six months ended
	2/28/211			Year ended
	(Unaudited)			8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.36		$	11.48		$	11.04		$	11.28		$	11.65		$	11.24
		0.15			0.33			0.37			0.37			0.39			0.40
		0.10			(0.12	)		0.44			(0.24	)		(0.37	)		0.41
		0.25			0.21			0.81			0.13			0.02			0.81
		(0.15	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)		(0.40	)
		(0.15	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)		(0.40	)
	$	11.46		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65
		2.22	%		1.88	%		7.48	%		1.22	%		0.26	%		7.33	%
	$	161,360		$	162,955		$	167,136		$	164,087		$	165,554		$	182,764
		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
		0.96	%		0.96	%		0.97	%		0.97	%		0.96	%		0.96	%
		2.68	%		2.91	%		3.31	%		3.36	%		3.48	%		3.50	%
		2.55	%		2.79	%		3.18	%		3.23	%		3.36	%		3.38	%
		8	%		18	%		16	%		6	%		17	%		6	%

103

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.39		$	11.51		$	11.07		$	11.31		$	11.68		$	11.27
		0.11			0.24			0.29			0.29			0.31			0.32
		0.10			(0.12	)		0.44			(0.24	)		(0.37	)		0.41
		0.21			0.12			0.73			0.05			(0.06	)		0.73
		(0.11	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)		(0.32	)
		(0.11	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)		(0.32	)
	$	11.49		$	11.39		$	11.51		$	11.07		$	11.31		$	11.68
		1.84%			1.12%			6.67%			0.47%			(0.48%	)		6.52%
	$	6,631		$	8,121		$	10,364		$	10,923		$	15,975		$	16,461
		1.58%			1.59%			1.59%			1.59%			1.59%			1.59%
		1.71%			1.71%			1.72%			1.72%			1.71%			1.71%
		1.93%			2.16%			2.56%			2.61%			2.73%			2.75%
		1.80%			2.04%			2.43%			2.48%			2.61%			2.63%
		8%			18%			16%			6%			17%			6%

105

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.36		$	11.48		$	11.04		$	11.28		$	11.65		$	11.24
		0.17			0.36			0.40			0.40			0.42			0.43
		0.10			(0.12	)		0.44			(0.24	)		(0.37	)		0.41
		0.27			0.24			0.84			0.16			0.05			0.84
		(0.17	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)		(0.43	)
		(0.17	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)		(0.43	)
	$	11.46		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65
		2.35%			2.14%			7.74%			1.47%			0.51%			7.60%
	$	59,703		$	51,941		$	42,317		$	27,433		$	19,788		$	12,211
		0.58%			0.59%			0.59%			0.59%			0.59%			0.59%
		0.71%			0.71%			0.72%			0.72%			0.71%			0.71%
		2.93%			3.16%			3.56%			3.61%			3.73%			3.75%
		2.80%			3.04%			3.43%			3.48%			3.61%			3.63%
		8%			18%			16%			6%			17%			6%

107

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

Six months ended
2/28/211										Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.52		$	11.65		$	11.21		$	11.49		$	11.79		$	11.51
		0.16			0.33			0.35			0.34			0.35			0.36
		0.14			(0.13	)		0.44			(0.28	)		(0.30	)		0.28
		0.30			0.20			0.79			0.06			0.05			0.64
		(0.16	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)		(0.36	)
		(0.16	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)		(0.36	)
	$	11.66		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79
		2.58%			1.77%			7.19%			0.56%			0.47%			5.66%
	$	65,838		$	60,667		$	55,480		$	59,425		$	67,907		$	70,306
		0.86%			0.86%			0.86%			0.86%			0.86%			0.86%
		1.02%			1.02%			1.03%			1.01%			1.00%			0.99%
		2.72%			2.87%			3.11%			3.04%			3.03%			3.11%
		2.56%			2.71%			2.94%			2.89%			2.89%			2.98%
		11%			22%			14%			11%			10%			11%

109

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

Six months ended
2/28/211										Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.51		$	11.64		$	11.20		$	11.48		$	11.78		$	11.50
		0.11			0.24			0.27			0.26			0.26			0.27
		0.14			(0.13	)		0.44			(0.28	)		(0.30	)		0.28
		0.25			0.11			0.71			(0.02	)		(0.04	)		0.55
		(0.11	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)		(0.27	)
		(0.11	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)		(0.27	)
	$	11.65		$	11.51		$	11.64		$	11.20		$	11.48		$	11.78
		2.20%			1.00%			6.40%			(0.19%	)		(0.29%	)		4.88%
	$	6,728		$	8,819		$	12,875		$	17,597		$	29,375		$	30,834
		1.61%			1.61%			1.61%			1.61%			1.61%			1.61%
		1.77%			1.77%			1.78%			1.76%			1.75%			1.74%
		1.97%			2.12%			2.36%			2.29%			2.28%			2.36%
		1.81%			1.96%			2.19%			2.14%			2.14%			2.23%
		11%			22%			14%			11%			10%			11%

111

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

Six months ended
2/28/211										Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.52		$	11.65		$	11.21		$	11.49		$	11.79		$	11.51
		0.17			0.36			0.38			0.37			0.37			0.39
		0.14			(0.13	)		0.44			(0.28	)		(0.29	)		0.28
		0.31			0.23			0.82			0.09			0.08			0.67
		(0.17	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)		(0.39	)
		(0.17	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)		(0.39	)
	$	11.66		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79
		2.71%			2.02%			7.46%			0.82%			0.71%			5.92%
	$	42,208		$	36,057		$	35,157		$	21,310		$	12,090		$	10,248
		0.61%			0.61%			0.61%			0.61%			0.61%			0.61%
		0.77%			0.77%			0.78%			0.76%			0.75%			0.74%
		2.97%			3.12%			3.36%			3.29%			3.28%			3.36%
		2.81%			2.96%			3.19%			3.14%			3.14%			3.23%
		11%			22%			14%			11%			10%			11%

113

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.66		$	11.86		$	11.33		$	11.62		$	11.98		$	11.48
		0.15			0.33			0.36			0.36			0.35			0.36
		0.12			(0.14	)		0.53			(0.29	)		(0.35	)		0.50
		0.27			0.19			0.89			0.07			—	3		0.86
		(0.15	)		(0.33	)		(0.36	)		(0.36	)		(0.36	)		(0.36	)
		(0.05	)		(0.06	)		—			—			—			—
		(0.20	)		(0.39	)		(0.36	)		(0.36	)		(0.36	)		(0.36	)
	$	11.73		$	11.66		$	11.86		$	11.33		$	11.62		$	11.98
		2.34%			1.68%			8.00%			0.60%			0.05%			7.57%
	$	160,796		$	42,514		$	36,058		$	38,139		$	40,647		$	55,418
		0.83%			0.80%			0.80%			0.80%			0.80%			0.80%
		1.03%			1.05%			1.07%			1.08%			1.03%			1.02%
		2.64%			2.86%			3.12%			3.10%			3.04%			3.06%
		2.44%			2.61%			2.85%			2.82%			2.81%			2.84%
		8%			31%			21%			10%			14%			8%

115

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.63		$	11.83		$	11.30		$	11.59		$	11.95		$	11.45
		0.11			0.24			0.27			0.27			0.26			0.27
		0.12			(0.14	)		0.53			(0.29	)		(0.35	)		0.50
		0.23			0.10			0.80			(0.02	)		(0.09	)		0.77
		(0.11	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)		(0.27	)
		(0.05	)		(0.06	)		—			—			—			—
		(0.16	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)		(0.27	)
	$	11.70		$	11.63		$	11.83		$	11.30		$	11.59		$	11.95
		1.96%			0.92%			7.20%			(0.16%	)		(0.71%	)		6.78%
	$	5,262		$	7,037		$	13,459		$	14,941		$	17,073		$	20,899
		1.58%			1.55%			1.55%			1.55%			1.55%			1.55%
		1.78%			1.80%			1.82%			1.83%			1.78%			1.77%
		1.89%			2.11%			2.37%			2.35%			2.29%			2.31%
		1.69%			1.86%			2.10%			2.07%			2.06%			2.09%
		8%			31%			21%			10%			14%			8%

117

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.66		$	11.85		$	11.33		$	11.61		$	11.97		$	11.47
		0.17			0.36			0.38			0.39			0.38			0.39
		0.11			(0.13	)		0.52			(0.28	)		(0.35	)		0.50
		0.28			0.23			0.90			0.11			0.03			0.89
		(0.17	)		(0.36	)		(0.38	)		(0.39	)		(0.39	)		(0.39	)
		(0.05	)		(0.06	)		—			—			—			—
		(0.22	)		(0.42	)		(0.38	)		(0.39	)		(0.39	)		(0.39	)
	$	11.72		$	11.66		$	11.85		$	11.33		$	11.61		$	11.97
		2.38%			2.03%			8.17%			0.93%			0.29%			7.84%
	$	43,199		$	38,394		$	39,363		$	32,981		$	32,192		$	19,929
		0.58%			0.55%			0.55%			0.55%			0.55%			0.55%
		0.78%			0.80%			0.82%			0.83%			0.78%			0.77%
		2.89%			3.11%			3.37%			3.35%			3.29%			3.31%
		2.69%			2.86%			3.10%			3.07%			3.06%			3.09%
		8%			31%			21%			10%			14%			8%

119

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

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	8.06		$	8.25		$	7.93		$	8.14		$	8.39		$	8.15
		0.12			0.25			0.28			0.28			0.28			0.29
		0.11			(0.11	)		0.32			(0.20	)		(0.25	)		0.24
		0.23			0.14			0.60			0.08			0.03			0.53
		(0.12	)		(0.25	)		(0.28	)		(0.28	)		(0.28	)		(0.29	)
		(0.04	)		(0.08	)		—			(0.01	)		—			—
		(0.16	)		(0.33	)		(0.28	)		(0.29	)		(0.28	)		(0.29	)
	$	8.13		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39
		2.90%			1.72%			7.72%			0.93%			0.48%			6.60%
	$	367,836		$	364,480		$	376,965		$	378,038		$	399,001		$	439,379
		0.84%			0.83%			0.85%			0.88%			0.88%			0.88%
		0.93%			0.92%			0.93%			0.93%			0.94%			0.94%
		2.92%			3.09%			3.49%			3.48%			3.51%			3.50%
		2.83%			3.00%			3.41%			3.43%			3.45%			3.44%
		17%			40%			23%			19%			15%			14%

121

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

122

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	8.06		$	8.25		$	7.93		$	8.14		$	8.39		$	8.15
		0.09			0.19			0.22			0.22			0.22			0.23
		0.12			(0.11	)		0.32			(0.20	)		(0.25	)		0.24
		0.21			0.08			0.54			0.02			(0.03	)		0.47
		(0.09	)		(0.19	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)
		(0.04	)		(0.08	)		—			(0.01	)		—			—
		(0.13	)		(0.27	)		(0.22	)		(0.23	)		(0.22	)		(0.23	)
	$	8.14		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39
		2.64%			0.95%			6.91%			0.16%			(0.27%	)		5.79%
	$	13,791		$	19,009		$	25,065		$	26,376		$	33,298		$	36,215
		1.59%			1.59%			1.61%			1.64%			1.64%			1.64%
		1.68%			1.68%			1.69%			1.69%			1.70%			1.70%
		2.17%			2.33%			2.73%			2.72%			2.75%			2.74%
		2.08%			2.24%			2.65%			2.67%			2.69%			2.68%
		17%			40%			23%			19%			15%			14%

123

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

124

Six months ended
2/28/211										Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	8.05		$	8.25		$	7.92		$	8.13		$	8.38		$	8.14
		0.13			0.27			0.30			0.30			0.30			0.31
		0.12			(0.12	)		0.33			(0.20	)		(0.25	)		0.24
		0.25			0.15			0.63			0.10			0.05			0.55
		(0.13	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)		(0.31	)
		(0.04	)		(0.08	)		—			(0.01	)		—			—
		(0.17	)		(0.35	)		(0.30	)		(0.31	)		(0.30	)		(0.31	)
	$	8.13		$	8.05		$	8.25		$	7.92		$	8.13		$	8.38
		3.16%			1.84%			8.12%			1.16%			0.73%			6.86%
	$	65,742		$	55,919		$	47,241		$	41,427		$	33,373		$	26,372
		0.59%			0.59%			0.61%			0.64%			0.64%			0.64%
		0.68%			0.68%			0.69%			0.69%			0.70%			0.70%
		3.17%			3.33%			3.73%			3.72%			3.75%			3.74%
		3.08%			3.24%			3.65%			3.67%			3.69%			3.68%
		17%			40%			23%			19%			15%			14%

125

Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds	February 28, 2021 (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 together, 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 the 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 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.

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,

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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 Boards.

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, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), 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, 2021, 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) 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.

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

1. Significant Accounting Policies (continued)

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. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no earnings credits for the six months ended February 28, 2021 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, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	16
Delaware Tax-Free California Fund			35
Delaware Tax-Free Colorado Fund			53
Delaware Tax-Free Idaho Fund			18
Delaware Tax-Free New York Fund			85
Delaware Tax-Free Pennsylvania Fund			151

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, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and

128

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, 2020 through February 28, 2021.* These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	September 1, 2020-	December 29, 2020-
Fund	December 28, 2020	February 28, 2021
Delaware Tax-Free Arizona Fund	0.59%	0.59%
Delaware Tax-Free California Fund	0.57%	0.57%
Delaware Tax-Free Colorado Fund	0.59%	0.57%
Delaware Tax-Free Idaho Fund	0.61%	0.61%
Delaware Tax-Free New York Fund	0.55%	0.55%
Delaware Tax-Free Pennsylvania Fund	0.59%	0.59%

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, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,346
Delaware Tax-Free California Fund		3,954
Delaware Tax-Free Colorado Fund		5,761
Delaware Tax-Free Idaho Fund		3,813
Delaware Tax-Free New York Fund		4,662
Delaware Tax-Free Pennsylvania Fund		9,390

129

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

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

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, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,570
Delaware Tax-Free California Fund		5,083
Delaware Tax-Free Colorado Fund		9,887
Delaware Tax-Free Idaho Fund		4,790
Delaware Tax-Free New York Fund		6,244
Delaware Tax-Free Pennsylvania Fund		19,378

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 the Funds and are also included on the “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 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	1,204
Delaware Tax-Free California Fund		4,886
Delaware Tax-Free Colorado Fund		3,294
Delaware Tax-Free Idaho Fund		1,602
Delaware Tax-Free New York Fund		5,578
Delaware Tax-Free Pennsylvania Fund		6,466

For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Arizona Fund		$	217
Delaware Tax-Free California Fund			719
Delaware Tax-Free Colorado Fund			5,307
Delaware Tax-Free Idaho Fund			4,869
Delaware Tax-Free New York Fund			2,576
Delaware Tax-Free Pennsylvania Fund			7,884

For the six months ended February 28, 2021, 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	$	25	$	6
Delaware Tax-Free Colorado Fund		—		235
Delaware Tax-Free Idaho Fund		—		14
Delaware Tax-Free Pennsylvania Fund		3,209		49

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, 2021, 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

131

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

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued) 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, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free Arizona Fund	$	1,200,011	$	3,534,208		$	166,595
Delaware Tax-Free California Fund		4,020,077		4,315,333			104,013
Delaware Tax-Free Colorado Fund		3,880,484		340,008			—
Delaware Tax-Free Idaho Fund		3,475,321		3,056,210			147,049
Delaware Tax-Free New York Fund		2,502,293		935,343			(712	)
Delaware Tax-Free Pennsylvania Fund		7,735,722		14,945,447			21,566

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the 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 the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.

3. Investments

For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Arizona Fund	$	13,122,037	$	9,491,762
Delaware Tax-Free California Fund		13,187,950		8,767,712
Delaware Tax-Free Colorado Fund		20,211,796		17,677,757
Delaware Tax-Free Idaho Fund		22,498,718		12,283,557
Delaware Tax-Free New York Fund		11,134,928		11,567,795
Delaware Tax-Free Pennsylvania Fund		82,156,656		72,506,000

132

At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, 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	$	78,925,430	$	5,448,667	$	(249,777	)	$	5,198,890
Delaware Tax-Free
California Fund		114,086,710		9,092,260		(354,151	)		8,738,109
Delaware Tax-Free
Colorado Fund		214,013,313		13,416,368		(254,728	)		13,161,640
Delaware Tax-Free
Idaho Fund		107,808,973		6,118,173		(232,650	)		5,885,523
Delaware Tax-Free New
York Fund		192,519,244		15,250,093		(403,308	)		14,846,785
Delaware Tax-Free
Pennsylvania Fund		417,664,359		33,201,348		(2,886,041	)		30,315,307

At August 31, 2020, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free
Arizona Fund	$	86,581	$	—	$	86,581
Delaware Tax-Free
Colorado Fund		2,311,032		—		2,311,032
Delaware Tax-Free
Idaho Fund		2,504,581		2,415,214		4,919,795

At August 31, 2020, there were no capital loss carryforwards for Delaware Tax-Free California Fund, Delaware Tax-Free New York 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

133

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

3. Investments (continued)

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)

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, 2021:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	83,024,320
Short-Term Investments			1,100,000
Total Value of Securities		$	84,124,320

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	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	122,824,819

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	224,755,971	$	224,755,971
Short-Term Investments		2,418,982		—		2,418,982
Total Value of Securities	$	2,418,982	$	224,755,971	$	227,174,953

	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	113,651,809	$	113,651,809
Short-Term Investments		42,687		—		42,687
Total Value of Securities	$	42,687	$	113,651,809	$	113,694,496

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	207,366,029

	Delaware Tax-Free Pennsylvania Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	447,979,667

During the six months ended February 28, 2021, 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, interim, or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2021, there were no Level 3 investments.

135

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

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
	2/28/21		8/31/20		2/28/21		8/31/20		2/28/21		8/31/20
Shares sold:
Class A	304,626		349,787		545,945		798,154		552,917		1,177,515
Class C	7,855		41,794		33,752		48,347		35,633		66,422
Institutional Class	272,782		372,503		339,317		1,795,851		917,202		2,117,070
Shares from merger:
Class A	—		—		2,796,713		—		—		—
Institutional Class	—		—		133,509		—		—		—
Shares issued upon reinvestment of dividends and distributions:
Class A	68,132		130,770		68,272		125,573		176,366		378,666
Class C	2,023		5,131		5,721		23,216		6,471		17,390
Institutional Class	21,167		41,773		32,198		105,460		65,515		123,322
	676,585		941,758		3,955,427		2,896,601		1,754,104		3,880,385
Shares redeemed:
Class A	(203,023	)	(400,570	)	(379,738	)	(685,580	)	(985,493	)	(1,773,322	)
Class C	(73,934	)	(90,096	)	(226,517	)	(434,992	)	(177,622	)	(271,283	)
Institutional Class	(112,752	)	(318,049	)	(401,465	)	(2,676,045	)	(342,450	)	(1,355,362	)
	(389,709	)	(808,715	)	(1,007,720	)	(3,796,617	)	(1,505,565	)	(3,399,967	)
Net increase (decrease)	286,876		133,043		2,947,707		(900,016	)	248,539		480,418

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	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
	2/28/21		8/31/20		2/28/21		8/31/20		2/28/21		8/31/20
Shares sold:
Class A	486,521		959,882		288,465		995,411		2,004,488		4,314,169
Class C	100,168		95,887		5,353		47,380		129,418		354,617
Institutional Class	696,933		1,075,303		452,680		842,455		1,476,070		1,831,656
Shares from merger:
Class A	—		—		10,151,853		—		—		—
Institutional Class	—		—		191,220		—		—		—
Shares issued upon reinvestment of dividends and distributions:
Class A	69,354		133,062		104,069		95,051		814,962		1,636,289
Class C	7,233		19,494		5,137		17,739		35,658		84,927
Institutional Class	42,811		88,432		57,664		109,851		136,568		230,937
	1,403,020		2,372,060		11,256,441		2,107,887		4,597,164		8,452,595
Shares redeemed:
Class A	(173,427	)	(589,708	)	(478,016	)	(486,526	)	(2,825,196	)	(6,405,705	)
Class C	(295,786	)	(455,467	)	(165,666	)	(598,180	)	(828,225	)	(1,117,945	)
Institutional Class	(248,494	)	(1,052,192	)	(310,253	)	(980,134	)	(468,274	)	(847,916	)
	(717,707	)	(2,097,367	)	(953,935	)	(2,064,840	)	(4,121,695	)	(8,371,566	)
Net increase	685,313		274,693		10,302,506		43,047		475,469		81,029

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, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free California Fund
Six months ended
2/28/21	41	8,772	—	8,791	41	$	110,208
Year ended
8/31/20	41,500	—	—	—	41,591		497,495

137

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

4. Capital Shares (continued)

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Colorado Fund
Six months ended
2/28/21	363	23,555	—	23,639	363	$	277,845
Year ended
8/31/20	14,854	—	—	—	14,879		162,881
Delaware Tax-Free Idaho Fund
Six months ended
2/28/21	—	15,335	—	14,096	1,236		179,793
Year ended
8/31/20	975	47	—	47	976		11,445
Delaware Tax-Free New York Fund
Six months ended
2/28/21	—	3,108	—	3,104	—		36,804
Year ended
8/31/20	—	689	—	687	—		7,995
Delaware Tax-Free Pennsylvania Fund
Six months ended
2/28/21	18,446	79,541	647	64,255	34,494		808,716
Year ended
8/31/20	178,615	34,561	—	27,646	185,745		1,704,166

Delaware Tax-Free Arizona Fund did not have any exchange transactions for the six months ended February 28, 2021 and the year ended August 31, 2020.

5. Reorganization

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

138

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 cost and market value of the investments of the Acquired Funds’ as of the close of business on December 4, 2020 were as follows:

Fund	Cost		Market Value
Delaware Tax-Free California II Fund	$	31,985,714	$	35,005,847
Delaware Tax-Free New York II Fund	$	109,029,216	$	120,027,548

The share transactions associated with the merger are as follows:

				Shares
	Acquired		Acquired Fund	Converted
	Fund Net		Shares	to Acquiring	Acquiring Fund		Conversion
	Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Tax-Free California II Fund				Delaware Tax-Free California Fund
Class A	$	34,679,243	2,710,905	2,796,713	$	44,625,207	1.032
Class C		—	—	—		6,281,715	—
Institutional Class		1,655,513	129,715	133,509		34,207,309	1.029
	Delaware Tax-Free New York II Fund				Delaware Tax-Free New York Fund
Class A		119,588,826	8,207,503	10,151,853		42,891,574	1.237
Class C		—	—	—		6,850,309	—
Institutional Class		2,252,578	154,568	191,220		40,282,693	1.237

The net assets of the Acquiring Funds before the Reorganization was $85,114,231 and $90,024,576. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980.

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the six months ended February 28, 2021, would have been as follows:

	Delaware Tax-Free			Delaware Tax-Free
	California Fund			New York Fund
Net investment income (loss)		$	2,592,957		$	5,151,784
Net realized gain (loss) on investments			944,870			1,085,038
Net change in unrealized appreciation (depreciation)			222,347			1,055,797
Net increase (decrease) in net assets resulting from      operations		$	3,760,174		$	7,292,619

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.

139

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

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 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%, 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 2, 2020.

On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.

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

140

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.

At February 28, 2021, the percentages of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified on the “Schedules of investments.”

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
American Capital Access		0.81	%		—			—
Assured Guaranty Municipal Corporation		1.39	%		1.66	%		5.33	%
Build America Mutual Assurance		—			—			1.06	%
National Public Finance
Guarantee Corporation		—			0.86	%		—
Total		2.20	%		2.52	%		6.39	%
	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Idaho Fund			New York Fund			Pennsylvania Fund
Assured Guaranty Corporation		—			0.18	%		1.10	%
Assured Guaranty Municipal      Corporation		3.67	%		4.76	%		2.07	%
AMBAC Assurance Corporation		—			2.03	%		—
Build America Mutual Assurance		—			—			0.63	%
National Public Finance      Guarantee Corporation		—			0.26	%		—
Total		3.67	%		7.23	%		3.80	%

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 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.

141

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

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

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-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

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.

142

9. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, FASB issued 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, 2021, that would require recognition or disclosure in the Funds’ financial statements.

143

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 John A. Fry President Drexel University Philadelphia, PA	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 Schedules 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.

144

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the 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.

DELAWARE GROUP^® STATE TAX-FREE INCOME TRUST

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 5, 2021

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 5, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 5, 2021