Delaware Group State Tax-free Income Trust NCSR Certified 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:	August 31, 2021

Item 1. Reports to Stockholders

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	Annual report

Fixed income mutual funds

Delaware Tax-Free Arizona Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Colorado Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Delaware Tax-Free Pennsylvania Fund

August 31, 2021

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

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

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Experience Delaware Funds by Macquarie^®

Macquarie Investment Management (MIM) is a global asset manager with offices 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.

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

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Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2021 (Unaudited)

Performance preview (for the year ended August 31, 2021)
Delaware Tax-Free Arizona Fund (Institutional Class shares)	1-year return	+7.78%
Delaware Tax-Free Arizona Fund (Class A shares)	1-year return	+7.51%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Other States Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Arizona Fund, please see the table on page 9.

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

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

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

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

Delaware Tax-Free California Fund (Institutional Class shares)	1-year return	+7.14%
Delaware Tax-Free California Fund (Class A shares)	1-year return	+6.88%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper California Municipal Debt Funds Average	1-year return	+4.86%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free California Fund, please see the table on page 14.

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

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

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

Delaware Tax-Free Colorado Fund (Institutional Class shares)	1-year return	+5.91%
Delaware Tax-Free Colorado Fund (Class A shares)	1-year return	+5.64%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Colorado Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Colorado Fund, please see the table on page 19.

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

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

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

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

Delaware Tax-Free Idaho Fund (Institutional Class shares)	1-year return	+6.29%
Delaware Tax-Free Idaho Fund (Class A shares)	1-year return	+6.03%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Other States Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Idaho Fund, please see the table on page 24.

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

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

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

Delaware Tax-Free New York Fund (Institutional Class shares)	1-year return	+6.73%
Delaware Tax-Free New York Fund (Class A shares)	1-year return	+6.46%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper New York Municipal Debt Funds Average	1-year return	+5.55%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free New York Fund, please see the table on page 29.

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

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

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

Delaware Tax-Free Pennsylvania Fund (Institutional Class shares)	1-year return	+7.31%
Delaware Tax-Free Pennsylvania Fund (Class A shares)	1-year return	+7.04%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Pennsylvania Municipal Debt Funds Average	1-year return	+4.59%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Pennsylvania Fund, please see the table on page 34.

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

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

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

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Investment objectives

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

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

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

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

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

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

Economic backdrop

During the fiscal year ended August 31, 2021, the US economy expanded at a rapid pace, as states and municipalities opened up their economies and ended or scaled back pandemic-related restrictions. A $1.9 trillion federal economic stimulus program – the American Rescue Plan Act, passed in March 2021 – and continued aggressive monetary policy further supported the economy’s recovery after a difficult 2020.

Investors’ optimism began to grow in late 2020, along with the introduction of vaccines for COVID-19, which helped lead to a dramatic decline in virus cases and hospitalization rates. Uncertainty returned in the final months of the fiscal year, however, as the Delta variant of COVID-19 aggressively spread and new concerns emerged about the future path of the economic recovery.

Against this backdrop, the US economy enjoyed robust growth throughout the fiscal year. In the third quarter of 2020, for example, US gross domestic product (GDP) – a measure of national economic output – expanded by an annualized 33.4%. This was the fastest such increase in the country’s history, following an equally unprecedented 31.4% decline in the prior three-month period. US GDP grew by 4.5% in the fourth quarter of 2020, followed by increases of 6.3% in the first quarter of 2021 and an estimated 6.6% in the second quarter of 2021.

Employment trends similarly reflected the favorable economic backdrop. After the US jobless rate peaked in April 2020 at 14.7% – the highest level seen since the Great Depression – the employment picture quickly improved as state and local economies reopened. At the beginning of the Funds’ fiscal year in September 2020, US unemployment stood at a still historically high 8.4%. A year later, the country’s jobless rate had fallen to 5.2%.

Early in the pandemic, the US Federal Reserve cut its benchmark short-term interest rate, the federal funds rate, to essentially zero, where the rate remained throughout the fiscal year ended August 31, 2021. As signs mounted that inflation was accelerating, the Fed suggested it would consider increasing interest rates as early as 2023, moving up its previous timeline by a year.

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

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

Municipal bond market conditions

Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, gained 3.40% for the fiscal year ended August 31, 2021.

Municipal bonds benefited from a favorable technical backdrop, with robust demand for tax-exempt bonds accompanied by relatively limited supply. As the pandemic progressed, investors’ appetite for municipal debt remained strong, reflecting increased confidence in issuers’ underlying credit quality and expectations for higher tax rates in the future.

In this environment, longer-maturity bonds generally outperformed their intermediate- and shorter-dated counterparts, while lower-rated bonds outpaced higher-quality issues. High yield municipal debt – bonds with credit ratings below BBB – enjoyed particularly strong results.

The following tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended August 31, 2021.

Returns by maturity
1 year		0.62%
3 years		1.17%
5 years		1.70%
10 years		3.10%
22+ years		5.54%

Returns by credit rating
AAA		1.70%
AA		2.50%
A		4.72%
BBB		8.52%

Source: Bloomberg.

Economic backdrop in the states

Arizona’s budget for the 2022 fiscal year included a significant change to the state’s approach to taxing personal income. With this $12.8 billion budget, the state begins to phase in a flat income tax by 2025 and eliminates the progressive income tax. At 2.5%, Arizona’s rate will be the lowest of the seven US states with a flat income tax. As a result of Proposition 208, which passed on the state’s November 2020 ballot and will help fund higher teacher salaries, high-income taxpayers will continue to pay a 3.5% surcharge on incomes. Going into the COVID-19 pandemic, Arizona had a $1 billion rainy day fund. From three federal aid programs to help states manage pandemic-related revenue losses, Arizona received $4.7 billion, of which the state has allocated 35% to date. Revenues for the 2021 fiscal year were 8.3% above projections. In July 2021, Arizona’s unemployment rate was 6.6%, exceeding the 4.9% rate of July 2019 but below the state’s April 2020 pandemic high of 14.2%. According to the 2020 US Census, Phoenix is now the country’s fifth-largest city and grew faster than any other large US city in the past decade. (Sources: azospb.gov, azleg.gov, bls.gov.)

California’s revenue projections meaningfully shifted with COVID-19. Before the pandemic, California had anticipated a budget surplus of $5.6 billion. Afterwards, the state faced a budget shortfall of $54 billion and the prospect of major budget cuts for the 2021 fiscal year. However, California ended up with a $75 billion surplus, reflecting the impact of federal aid programs and capital-gains tax collections due to a rising equity market. Of this surplus, $27 billion will go to K-12 education spending. California’s two largest pension funds generated returns of 21% and 27% during the 2021 fiscal year. Meanwhile, personal-income taxes, originally projected to fall by 7.1%, instead rose by 7.4% from the prior fiscal year. California’s budget for fiscal 2022 was

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$196 billion, the state’s largest ever and a $30 billion increase over the fiscal 2021 budget. State reserves reached $25.2 billion, or $3 billion more than the previous high. California is receiving $26 billion in funding from the federal American Rescue Plan Act, on top of the $9.2 billion of federal aid the state already received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In July 2021, California’s unemployment rate was 7.6%, considerably higher than the 4.1% jobless rate seen two years earlier but less than half the pandemic high of 16% in April 2020. (Sources: dof.ca.gov, bls.gov, politico.com, standardandpoors.com.)

The $34.1 billion budget for Colorado’s 2022 fiscal year, which began on June 30, was $4 billion higher than the state’s fiscal 2021 budget. The current budget includes a 3% raise for state employees, an additional $480 million for K-12 education spending (amounting to 32.8% of General Fund spending), $430 million of restored cuts to state higher education, and $800 million for infrastructure spending. The budget does not include $3.8 billion of federal American Rescue Plan Act stimulus funds. In fiscal 2021, Colorado received $1.7 billion in COVID-19 federal stimulus funds via the CARES Act. With the revenue improvement came a $1.5 billion deposit into the state’s reserve fund, totaling 13% of General Fund spending. The state’s original projections for the 2021 fiscal year included a budget deficit of $3 billion, though Colorado finished the year with a nearly $5.3 billion surplus. Colorado’s unemployment rate was 6.1% in July 2021, higher than the 2.6% rate seen in July 2019 but well below the state’s 12.1% pandemic high in April 2020. (Sources: bls.gov, cpr.org, leg.colorado.gov.)

Idaho received approximately $1.3 billion in pandemic-related federal funding through the CARES Act, as well as $3.2 billion from the American Rescue Plan Act. Spending the latter will require two-thirds’ approval from the Idaho legislature, which has not yet provided approval. Idaho ended its 2021 fiscal year with its largest-ever budget surplus of $900 million. Revenues were $600 million ahead of estimates, as sales, personal-income, and corporate taxes were 7.7%, 24.5%, and 33.2% higher than budgeted amounts, respectively. The state provided $435 million in tax relief in fiscal year 2022, including $220 million via a one-time tax rebate. Idaho’s unemployment rate in July 2021 was the country’s second lowest at 3%, slightly above the state’s July 2019 rate of 2.8% and far below the April 2020 pandemic-era high of 11.6%. (Sources: dfm.idaho.gov, legislature.idaho.gov, bls.gov.)

New York’s fiscal year ends on March 31, so early in the pandemic the state, anticipating economic decline, had to rapidly cut its budget for the 2021 fiscal year. New York’s revenue collections for fiscal 2021 wound up $513.3 million below the prior year’s, even as they were still $3 billion above budget. The state will receive a total of $12.7 billion in federal pandemic assistance via the American Rescue Plan Act. As with most states, New York has spent only a small portion of that amount so far ($378 million since April). The state’s fiscal 2022 budget of $212 billion ($20 billion higher than the governor’s request) included a record $29.5 billion in K-12 education spending. New York’s pension-discount rate was lowered to less than 6%, the lowest nationally, due to outsized returns for the 2021 fiscal year. As part of its fiscal 2022 budget, the state increased tax rates for corporations as well as the highest earners. As of July 2021, the state’s unemployment rate was 7.6%, double the level in July 2019 but below the high of 16.2% seen in April 2020. (Sources: bls.gov, budget.ny.gov, bloomberg.com.)

Pennsylvania finished its 2021 fiscal year in June with $40.4 billion in General Fund revenue, 9.3% higher than originally estimated and contrasting with the prior year’s estimate of a 9.1% decline.

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

Sales-tax receipts for fiscal 2021 were 7.8% above budget, while personal-income tax and corporate-tax revenues were 5.5% and 23.3% higher, respectively. Pennsylvania’s budget for fiscal 2022 featured a spending increase of 7.8% and was the state’s first budget to exceed $40 billion. Pennsylvania received $7 billion from three federal aid packages due to the COVID-19 pandemic, using $1 billion of that amount in its budget for fiscal 2022. The state is spending an additional $300 million on education, putting K-12 expenditures at 33.2% of all state spending. Pennsylvania will have nearly $8 billion in cash available to begin the 2022 fiscal year, compared with just $246 million the prior fiscal year. The state will put $2.5 billion in its rainy day fund. As of July 2021, Pennsylvania’s unemployment rate was down to 6.6%, higher than the July 2019 rate of 4.4% but below the pandemic high of 16.2% in May 2020. (Sources: bls.gov, patreasury.gov.)

A consistent management approach

For all the Funds discussed in this report, we continued to follow the same management strategy we use regardless of the market environment. We emphasize a bottom-up investment approach, meaning we rely on our team’s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Funds’ shareholders what we view as an attractive trade-off between return opportunity and risk.

We prefer to overweight bonds with lower-investment-grade or below-investment-grade credit ratings and that, in our opinion, are backed by solid underlying credit quality, due to these securities’ tendency to offer better income characteristics.

In certain states, particularly those with larger municipal bond marketplaces, executing this strategy tends to be straightforward. However, in other states with more constrained supply of municipal debt – especially lower-rated municipal debt – it could sometimes be difficult to invest in the bonds we would ordinarily prefer. In these cases, to keep the Funds fully invested, we sought bonds that offered what we viewed as an appropriate risk-reward trade-off, while remaining on the lookout for suitable lower-rated issues to support our long-term portfolio management objectives.

As of the end of the fiscal year on August 31, 2021, roughly 39% of the net assets of Delaware Tax-Free Arizona Fund was invested in bonds with lower-investment-grade credit ratings (A and BBB), while about 40% of the net assets of Delaware Tax-Free California Fund was invested in these same credit tiers. Roughly 29% of Delaware Tax-Free Colorado Fund was invested in bonds rated lower investment grade, compared with about 32% of Delaware Tax-Free Idaho Fund, 32% of Delaware Tax-Free New York Fund, and 44% of Delaware Tax-Free Pennsylvania Fund.

All six Funds also maintained allocations to high yield municipal bonds. By prospectus, the Funds may hold up to 20% of their net assets in high yield debt.

Consistently seeking value

At the start of the fiscal year, the US was only a few months into the coronavirus pandemic, and municipal bond valuations remained depressed in several sectors. This was especially true of market areas uniquely vulnerable to the spread of COVID-19, such as continuing care retirement communities and charter schools.

When possible, we prioritized opportunities to buy suitable higher yielding bonds in these and other sectors that we believed would allow us to enhance the Funds’ income-generating capability while potentially providing total return opportunity. These included select opportunities among bonds in the healthcare and education sectors. Over

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time, bonds in these sectors experienced narrowing credit spreads and provided lower yields, gradually making them less attractive areas for new investment, in our view.

To varying extents in each Fund, we also bought tax-exempt bonds affiliated with the US territory of Puerto Rico, where we continued to find value amid that commonwealth’s ongoing financial restructuring.

Over time, as credit spreads narrowed, we became especially selective with new investments, focusing on purchasing bonds that we believed offered the Funds’ shareholders a favorable risk-reward trade-off. As attractive value opportunities became harder to find, we continued to prioritize our research efforts to try to find higher yielding state bonds that we believed represented long-term value, and we were willing to remain patient while pursuing this goal.

Individual performance effects

As we mentioned, longer-duration bonds – those with more sensitivity to interest rates – generally outperformed shorter-duration bonds, and lower-rated bonds outpaced higher-quality bonds. Often during this fiscal year, the Funds’ leading individual contributors and detractors reflected these performance trends.

In Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free Pennsylvania Fund, for example, the strongest-performing securities were Puerto Rico dedicated-tax bonds. (Bonds issued by Puerto Rico and other US territories are generally fully tax-exempt for US residents.) These bonds, with a credit rating below investment grade and a 2040 maturity date, generated returns ranging between 45% and 55%, having benefited from Puerto Rico’s improved credit quality, investors’ optimism about its debt restructuring plan, and the bonds’ relatively low valuations to begin the fiscal year. In addition, Delaware Tax-Free Colorado Fund and Delaware Tax-Free New York Fund saw strong performance from a position in Puerto Rico Electric Power Authority bonds. These bonds, yielding 5.25% and maturing in 2024, returned nearly 45% for the Funds.

In Delaware Tax-Free Arizona Fund, bonds for the Legacy Sports Park USA project in Mesa were strong individual performers. The securities gained 30% for the Fund’s fiscal year, reflecting favorable revenue projections for this sports-facility project. The Fund also benefited from the timing of this purchase, as we bought these bonds early in the pandemic at what we anticipated was a temporarily depressed price. As the municipal bond market bounced back, this debt gained disproportionately in value, lifting the Fund’s result.

Many other strong performers similarly reflected recoveries from unusually low valuations to begin the fiscal year. Delaware Tax-Free Colorado Fund, for instance, benefited from an investment in bonds for Sunny Vista Living Center, a Colorado Springs continuing care retirement facility. These nonrated bonds returned more than 14% for the Fund. In Delaware Tax-Free Pennsylvania Fund, senior-housing bonds issued by the Cumberland County Municipal Authority strongly appreciated this fiscal year, gaining more than 19% for the Fund.

Delaware Tax-Free California Fund benefited from its holding in nonrated zero-coupon Inland Empire tobacco-securitization bonds, which rose 45% for the Fund. Similarly, Delaware Tax-Free New York Fund benefited from Erie County tobacco securitization bonds, which gained close to 20%. Older tobacco bonds such as these continued to benefit from their relative scarcity, rising in price as many tobacco issuers have refinanced outstanding debt and replaced older bonds with newer, lower-coupon debt.

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

Another notable individual contributor was bonds for the North Star Charter School in Eagle, Idaho. These securities gained more than 55% for Delaware Tax-Free Idaho Fund as investors’ concerns about the issuer’s credit quality eased.

In contrast, many of the Funds’ weakest-performing bonds – many of which still managed a small positive return – featured relatively high credit quality or short durations. In Delaware Tax-Free Arizona Fund, for example, pre-refunded bonds for Regents University and water quality bonds issued by Arizona Water Infrastructure Finance Authority achieved only a small gain for the Fund’s fiscal year, trailing the overall municipal bond market by several percentage points.

Delaware Tax-Free California Fund’s leading detractors for the fiscal year, because of their high credit quality or limited durations, included AAA-rated Stanford University bonds, which declined more than 1%, and California State Prisons municipal lease debt, which had a roughly flat return.

Delaware Tax-Free Colorado Fund saw relative underperformance from its position in pre-refunded North Colorado Medical Center hospital bonds issued by the Colorado Health Facilities Authority, as well as general obligation debt of Jefferson County School District. Highly rated, low-duration school district bonds for Madison County and Canyon County were weaker performers for Delaware Tax-Free Idaho Fund, while Delaware Tax-Free New York Fund’s detractors included pre-refunded bonds for Nazareth College and short-duration municipal lease debt for the 4 World Trade Center Project in New York City.

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Performance summaries
Delaware Tax-Free Arizona Fund	August 31, 2021 (Unaudited)

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

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. April 1, 1991)

Excluding sales charge

+7.51

+3.58

+4.20

+5.20

Including sales charge

+2.71

+2.63

+3.72

+5.04

Class C (Est. May 25, 1994)

Excluding sales charge

+6.70

+2.79

+3.42

+4.04

Including sales charge

+5.70

+2.79

+3.42

+4.04

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+7.78

+3.82

—

+5.09

Including sales charge

+7.78

+3.82

—

+5.09

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

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

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

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

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

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Performance summaries
Delaware Tax-Free Arizona Fund

bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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

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

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

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

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The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.59% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.01%	1.76%	0.76%
Net expenses (including fee
waivers, if any)	0.84%	1.59%	0.59%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance summaries
Delaware Tax-Free Arizona Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000		$14,874
	Delaware Tax-Free Arizona Fund — Class A shares		$9,550		$14,411

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free Arizona Fund — Institutional Class shares		$10,000		$14,632
	Bloomberg Municipal Bond Index		$10,000		$13,550

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The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on August 31, 2011, and includes the effect of a 4.50% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2011.

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

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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

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Performance summaries
Delaware Tax-Free California Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. March 2, 1995)

Excluding sales charge

+6.88

+3.57

+4.90

+5.39

Including sales charge

+2.10

+2.62

+4.41

+5.21

Class C (Est. April 9, 1996)

Excluding sales charge

+5.99

+2.79

+4.12

+4.54

Including sales charge

+4.99

+2.79

+4.12

+4.54

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+7.14

+3.83

—

+5.35

Including sales charge

+7.14

+3.83

—

+5.35

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

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

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bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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Performance summaries
Delaware Tax-Free California Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.57% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.03%	1.78%	0.78%
Net expenses (including fee
waivers, if any)	0.82%	1.57%	0.57%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free California Fund — Class A shares		$	9,550		$	15,402
	Bloomberg Municipal Bond Index		$	10,000		$	14,874

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free California Fund — Institutional Class shares		$	10,000		$	14,911
	Bloomberg Municipal Bond Index		$	10,000		$	13,550

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Performance summaries
Delaware Tax-Free California Fund

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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Performance summaries
Delaware Tax-Free Colorado Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. April 23, 1987)

Excluding sales charge

+5.64

+3.26

+4.19

+5.57

Including sales charge

+0.85

+2.31

+3.72

+5.42

Class C (Est. May 5, 1994)

Excluding sales charge

+4.85

+2.49

+3.41

+4.06

Including sales charge

+3.85

+2.49

+3.41

+4.06

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+5.91

+3.52

—

+4.96

Including sales charge

+5.91

+3.52

—

+4.96

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

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

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

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Performance summaries
Delaware Tax-Free Colorado Fund

bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.57% of the Fund’s average daily net assets from December 29, 2020 to August 31, 2021.* Prior to December 29, 2020, expense waiver was 0.59% of the Fund’s average daily net assets. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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

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

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Performance summaries
Delaware Tax-Free Colorado Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value			Ending value
	Bloomberg Municipal Bond Index		$	10,000		$	14,874
	Delaware Tax-Free Colorado Fund — Class A shares		$	9,550		$	14,406

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free Colorado Fund — Institutional Class shares		$	10,000		$	14,495
	Bloomberg Municipal Bond Index		$	10,000		$	13,550

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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Performance summaries
Delaware Tax-Free Idaho Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. January 4, 1995)

Excluding sales charge

+6.03

+3.16

+3.33

+4.74

Including sales charge

+1.28

+2.21

+2.86

+4.56

Class C (Est. January 10, 1995)

Excluding sales charge

+5.24

+2.39

+2.56

+3.94

Including sales charge

+4.24

+2.39

+2.56

+3.94

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+6.29

+3.42

—

+4.33

Including sales charge

+6.29

+3.42

—

+4.33

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

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

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

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

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Performance summaries
Delaware Tax-Free Idaho Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.61% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.02%	1.77%	0.77%
Net expenses (including fee
waivers, if any)	0.86%	1.61%	0.61%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value	Ending value
	Bloomberg Municipal Bond Index	$10,000	$14,874
	Delaware Tax-Free Idaho Fund — Class A shares	$9,550	$13,258

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value	Ending value
	Delaware Tax-Free Idaho Fund — Institutional Class shares	$10,000	$13,841
	Bloomberg Municipal Bond Index	$10,000	$13,550

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Performance summaries
Delaware Tax-Free Idaho Fund

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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Performance summaries
Delaware Tax-Free New York Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. November 6, 1987)
Excluding sales charge	+6.46%	+3.31%	+4.43%	+5.48%
Including sales charge	+1.67%	+2.37%	+3.95%	+5.34%
Class C (Est. April 26, 1995)
Excluding sales charge	+5.68%	+2.54%	+3.64%	+3.95%
Including sales charge	+4.68%	+2.54%	+3.64%	+3.95%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+6.73%	+3.58%	—	+5.07%
Including sales charge	+6.73%	+3.58%	—	+5.07%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.34%*

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

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

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Performance summaries
Delaware Tax-Free New York Fund

bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.55% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.05%	1.80%	0.80%
Net expenses (including fee
waivers, if any)	0.80%	1.55%	0.55%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance summaries
Delaware Tax-Free New York Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000		$14,874
	Delaware Tax-Free New York Fund — Class A shares		$9,550		$14,726

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free New York Fund — Institutional Class shares		$10,000		$14,610
	Bloomberg Municipal Bond Index		$10,000		$13,550

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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Performance summaries
Delaware Tax-Free Pennsylvania Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. March 23, 1977)
Excluding sales charge	+7.04%	+3.53%	+4.30%	+5.47%
Including sales charge	+2.23%	+2.57%	+3.83%	+5.36%
Class C (Est. November 29, 1995)
Excluding sales charge	+6.24%	+2.75%	+3.52%	+3.72%
Including sales charge	+5.24%	+2.75%	+3.52%	+3.72%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+7.31%	+3.78%	—	+5.05%
Including sales charge	+7.31%	+3.78%	—	+5.05%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.34%	*

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

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

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.24% 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. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net

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assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

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

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

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Performance summaries
Delaware Tax-Free Pennsylvania Fund


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.92%	1.68%	0.68%
Net expenses (including fee
waivers, if any)	0.83%	1.59%	0.59%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000	$14,874
	Delaware Tax-Free Pennsylvania Fund — Class A shares		$9,550	$14,556

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free Pennsylvania Fund — Institutional Class shares		$10,000	$14,584
	Bloomberg Municipal Bond Index		$10,000	$13,550

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Performance summaries
Delaware Tax-Free Pennsylvania Fund

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

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

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

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

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Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2021 to August 31, 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.

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.90	0.84%		$	4.32
Class C			1,000.00			1,036.90	1.59%			8.16
Institutional Class			1,000.00			1,041.30	0.59%			3.04
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.97	0.84%		$	4.28
Class C			1,000.00			1,017.19	1.59%			8.08
Institutional Class			1,000.00			1,022.23	0.59%			3.01

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,037.10	0.86%		$	4.42
Class C			1,000.00			1,033.20	1.61%			8.25
Institutional Class			1,000.00			1,038.40	0.61%			3.13
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.87	0.86%		$	4.38
Class C			1,000.00			1,017.09	1.61%			8.19
Institutional Class			1,000.00			1,022.13	0.61%			3.11

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,033.40	0.83%		$	4.25
Class C			1,000.00			1,029.50	1.58%			8.08
Institutional Class			1,000.00			1,034.70	0.58%			2.97
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02	0.83%		$	4.23
Class C			1,000.00			1,017.24	1.58%			8.03
Institutional Class			1,000.00			1,022.28	0.58%			2.96

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,033.60	0.86%		$	4.41
Class C			1,000.00			1,029.70	1.61%			8.24
Institutional Class			1,000.00			1,034.90	0.61%			3.13
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.87	0.86%		$	4.38
Class C			1,000.00			1,017.09	1.61%			8.19
Institutional Class			1,000.00			1,022.13	0.61%			3.11

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/21			8/31/21			Expense Ratio			3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.30		0.83	%		$	4.27
Class C			1,000.00			1,036.40		1.58	%			8.11
Institutional Class			1,000.00			1,042.50		0.58	%			2.99
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02		0.83	%		$	4.23
Class C			1,000.00			1,017.24		1.58	%			8.03
Institutional Class			1,000.00			1,022.28		0.58	%			2.96

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/21			8/31/21			Expense Ratio			3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.30		0.83	%		$	4.27
Class C			1,000.00			1,035.10		1.59	%			8.16
Institutional Class			1,000.00			1,040.30		0.59	%			3.03
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02		0.83	%		$	4.23
Class C			1,000.00			1,017.19		1.59	%			8.08
Institutional Class			1,000.00			1,022.23		0.59	%			3.01

^*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds’ expenses reflected 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.

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of August 31, 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*		98.43	%
Corporate Revenue Bonds		5.69	%
Education Revenue Bonds		26.36	%
Electric Revenue Bonds		7.00	%
Healthcare Revenue Bonds		21.42	%
Lease Revenue Bonds		4.68	%
Local General Obligation Bonds		3.85	%
Pre-Refunded Bonds		2.16	%
Special Tax Revenue Bonds		13.69	%
State General Obligation Bonds		2.96	%
Transportation Revenue Bonds		5.15	%
Water & Sewer Revenue Bonds		5.47	%
Short-Term Investments		0.89	%
Total Value of Securities		99.32	%
Receivables and Other Assets Net of Liabilities		0.68	%
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		82.30	%
Guam		0.32	%
Puerto Rico		16.70	%
Total Value of Securities		99.32	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of August 31, 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*		100.22	%
Corporate Revenue Bonds		10.85	%
Education Revenue Bonds		22.26	%
Electric Revenue Bonds		3.14	%
Healthcare Revenue Bonds		10.36	%
Housing Revenue Bonds		3.11	%
Lease Revenue Bonds		3.70	%
Local General Obligation Bonds		3.35	%
Pre-Refunded/Escrowed to Maturity Bonds		9.41	%
Special Tax Revenue Bonds		13.35	%
State General Obligation Bonds		10.23	%
Transportation Revenue Bonds		10.46	%
Short-Term Investments		0.74	%
Total Value of Securities		100.96	%
Liabilities Net of Receivables and Other Assets		(0.96	%)
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		84.63	%
Guam		0.32	%
Puerto Rico		14.72	%
Texas		0.37	%
US Virgin Islands		0.17	%
Wisconsin		0.75	%
Total Value of Securities		100.96	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of August 31, 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*		97.39	%
Corporate Revenue Bonds		2.87	%
Education Revenue Bonds		12.39	%
Electric Revenue Bonds		6.86	%
Healthcare Revenue Bonds		24.02	%
Lease Revenue Bonds		1.83	%
Local General Obligation Bonds		10.08	%
Pre-Refunded Bonds		10.88	%
Special Tax Revenue Bonds		15.09	%
State General Obligation Bonds		2.68	%
Transportation Revenue Bonds		6.48	%
Water & Sewer Revenue Bonds		4.21	%
Short-Term Investments		2.11	%
Total Value of Securities		99.50	%
Receivables and Other Assets Net of Liabilities		0.50	%
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		86.84	%
Guam		1.75	%
Puerto Rico		10.49	%
US Virgin Islands		0.42	%
Total Value of Securities		99.50	%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of August 31, 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*		98.27%
Corporate Revenue Bonds		4.53%
Education Revenue Bonds		21.26%
Electric Revenue Bonds		5.59%
Healthcare Revenue Bonds		10.31%
Housing Revenue Bonds		2.26%
Lease Revenue Bonds		13.27%
Local General Obligation Bonds		15.51%
Pre-Refunded Bonds		6.36%
Special Tax Revenue Bonds		12.95%
State General Obligation Bonds		3.69%
Transportation Revenue Bonds		1.77%
Water & Sewer Revenue Bonds		0.77%
Short-Term Investments		2.33%
Total Value of Securities		100.60%
Liabilities Net of Receivables and Other Assets		(0.60%	)
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		2.88%
Idaho		82.84%
Puerto Rico		14.88%
Total Value of Securities		100.60%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of August 31, 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*		99.45%
Corporate Revenue Bonds		6.58%
Education Revenue Bonds		23.50%
Electric Revenue Bonds		8.25%
Healthcare Revenue Bonds		5.80%
Lease Revenue Bonds		7.90%
Local General Obligation Bonds		3.35%
Pre-Refunded Bonds		2.81%
Resource Recovery Revenue Bond		0.73%
Special Tax Revenue Bonds		19.33%
State General Obligation Bonds		2.98%
Transportation Revenue Bonds		13.00%
Water & Sewer Revenue Bonds		5.22%
Short-Term Investments		0.37%
Total Value of Securities		99.82%
Receivables and Other Assets Net of Liabilities		0.18%
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		0.85%
New York		85.18%
Puerto Rico		13.71%
US Virgin Islands		0.08%
Total Value of Securities		99.82%

Table of Contents

Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of August 31, 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*		100.70%
Corporate Revenue Bonds		6.10%
Education Revenue Bonds		10.84%
Electric Revenue Bonds		4.78%
Healthcare Revenue Bonds		33.18%
Lease Revenue Bonds		1.08%
Local General Obligation Bonds		5.87%
Pre-Refunded/Escrowed to Maturity Bonds		7.42%
Special Tax Revenue Bonds		12.86%
State General Obligation Bonds		4.29%
Transportation Revenue Bonds		13.69%
Water & Sewer Revenue Bond		0.59%
Total Value of Securities		100.70%
Liabilities Net of Receivables and Other Assets		(0.70%	)
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		85.23%
Puerto Rico		15.47%
Total Value of Securities		100.70%

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds — 98.43%
Corporate Revenue Bonds — 5.69%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 6.00% 7/1/51 #	550,000	$	610,907
		Series A 144A 7.75% 7/1/50 #	285,000		343,528
	Chandler, Arizona Industrial Development Authority Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	1,300,000		1,357,200
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	2,000,000		2,829,360
					5,140,995
Education Revenue Bonds — 26.36%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51	1,000,000		1,151,190
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	350,000		399,536
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	250,000		309,110
		144A 6.00% 7/1/47 #	400,000		486,644
		(Doral Academy of Nevada - Fire Mesa and Red Rock Campus
		Projects)
		Series A 144A 5.00% 7/15/49 #	375,000		426,750
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	500,000		554,010
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49	1,600,000		1,790,832
		(Great Hearts Arizona Projects)
		Series A 2.25% 7/1/46	1,000,000		965,610
		Series A 2.375% 7/1/52	1,000,000		973,130
		(KIPP NYC Public Charter Schools - Macombs Facility Project)
		Series A 4.00% 7/1/61	1,980,000		2,240,984
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	375,000		408,251
		(Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose
		Campus Projects)
		Series A 144A 5.75% 7/15/48 #	250,000		292,145
	Arizona State University Energy Management Revenue
		(Arizona State University Tempe Campus II Project)
		4.50% 7/1/24	1,000,000		1,003,560
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31	645,000		661,480

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Maricopa County Industrial Development Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000	$	293,025
		(Creighton University Project)
		4.00% 7/1/50	1,000,000		1,160,870
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52	725,000		844,966
		(Highland Prep Projects)
		Series A 4.00% 7/1/56	2,000,000		2,303,180
		(Reid Traditional Schools Projects)
		5.00% 7/1/47	785,000		885,652
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic Village Project)
		5.00% 7/1/31	500,000		599,830
	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		510,360
		(Great Hearts Academic Project)
		5.00% 7/1/46	1,000,000		1,109,860
		(Rowan University Project)
		5.00% 6/1/42	2,000,000		2,064,440
	Pima County Industrial Development Authority Education Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #	500,000		547,610
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44	475,000		556,025
					23,826,900
Electric Revenue Bonds – 7.00%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	450,000		441,000
		Series A 5.05% 7/1/42 ‡	55,000		53,900
		Series AAA 5.25% 7/1/25 ‡	35,000		34,431
		Series WW 5.00% 7/1/28 ‡	450,000		441,000
		Series WW 5.25% 7/1/33 ‡	430,000		423,012
		Series WW 5.50% 7/1/38 ‡	620,000		611,475
		Series XX 4.75% 7/1/26 ‡	35,000		34,169
		Series XX 5.25% 7/1/40 ‡	355,000		349,231
		Series XX 5.75% 7/1/36 ‡	125,000		123,750
		Series ZZ 4.75% 7/1/27 ‡	30,000		29,288
		Series ZZ 5.25% 7/1/24 ‡	45,000		44,269

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Salt River Project Agricultural Improvement & Power District Electric
		System Revenue
		Series A 5.00% 1/1/39	2,000,000	$	2,463,900
		Series A 5.00% 1/1/47	1,000,000		1,276,010
					6,325,435
Healthcare Revenue Bonds – 21.42%
	Arizona Health Facilities Authority Hospital System Revenue
		(Phoenix Children’s Hospital)
		Series A 5.00% 2/1/34	995,000		1,014,572
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,138,490
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project First Tier)
		Series A 5.00% 1/1/54	145,000		152,663
		(Great Lakes Senior Living Communities LLC Project Fourth Tier)
		144A 7.75% 1/1/54 #	150,000		120,014
		(Great Lakes Senior Living Communities LLC Project Second Tier)
		Series B 5.00% 1/1/49	55,000		54,398
		Series B 5.125% 1/1/54	65,000		65,037
		(Great Lakes Senior Living Communities LLC Project Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		450,495
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50	1,040,000		1,214,138
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		278,454
		5.25% 11/15/46	415,000		427,325
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		1,139,820
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,161,030
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000		214,754
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	275,000		293,343
	Maricopa County Industrial Development Authority Health Facilities
		Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		1,147,780
		Series A 4.00% 1/1/44	1,500,000		1,753,650

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maricopa County Industrial Development Authority Hospital
		Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000	$	529,250
		Series A 4.00% 9/1/51	250,000		294,462
	Maricopa County Industrial Development Authority Senior Living
		Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		421,982
	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		792,480
	Tempe Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/42	1,200,000		1,209,276
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		889,552
	Yavapai County Industrial Development Authority Hospital Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,744,110
		Series A 5.25% 8/1/33	2,000,000		2,178,300
	Yuma Industrial Development Authority Hospital Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		331,999
		Series A 5.25% 8/1/32	300,000		340,722
					19,358,096
Lease Revenue Bonds – 4.68%
	Arizona Game & Fish Department & Community Beneficial Interest
		Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000		1,003,970
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36	350,000		360,693
	Maricopa County Industrial Development Authority Correctional
		Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)	355,000		356,061

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49	2,000,000	$	2,508,340
					4,229,064
Local General Obligation Bonds – 3.85%
	Maricopa County High School District No. 214 Tolleson Union High
		School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000		1,174,610
	Maricopa County School District No. 3 Tempe Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		709,632
	Maricopa County Unified School District No. 69 Paradise Valley
		4.00% 7/1/39	600,000		720,942
	Maricopa County Unified School District No. 95 Queen Creek
		(School Improvement)
		4.00% 7/1/35	500,000		592,065
	Pinal County Community College District
		4.00% 7/1/31	250,000		286,935
					3,484,184
Pre-Refunded Bonds – 2.16%
	Arizona Health Facilities Authority Hospital System Revenue
		(Banner Health)
		Series A 5.00% 1/1/43-22 §	500,000		508,110
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §	10,000		10,366
		Series A 5.00% 6/1/38-23 §	1,000,000		1,084,770
		Unrefunded Series A 5.00% 6/1/25-22 §	335,000		346,738
					1,949,984
Special Tax Revenue Bonds – 13.69%
	Bullhead City, Arizona Excise Taxes Revenue
		2.30% 7/1/41	1,000,000		999,890
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	1,431,462		1,345,574
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		604,360
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,166,590

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
	(Restructured)
	Series A-1 4.75% 7/1/53	2,485,000	$	2,843,834
	Series A-1 4.922% 7/1/51 ^	3,150,000		765,482
	Series A-1 5.00% 7/1/58	750,000		868,387
	Series A-2 4.329% 7/1/40	2,825,000		3,211,403
	Regional Public Transportation Authority
	(Maricopa County Public Transportation)
	5.25% 7/1/24	500,000		571,040
				12,376,560
State General Obligation Bonds – 2.96%
	Commonwealth of Puerto Rico
	Series A 5.00% 7/1/41 ‡	235,000		201,806
	Series A 5.125% 7/1/37 ‡	1,190,000		1,044,225
	Series A 5.375% 7/1/33 ‡	270,000		253,125
	Series A 8.00% 7/1/35 ‡	640,000		544,800
	Series B 5.75% 7/1/38 ‡	680,000		628,150
				2,672,106
Transportation Revenue Bonds – 5.15%
	Arizona Department of Transportation State Highway Fund Revenue
	5.00% 7/1/35	500,000		599,815
	Phoenix Civic Improvement Airport Revenue
	(Junior Lien)
	Series B 5.00% 7/1/49 (AMT)	400,000		494,024
	(Senior Lien)
	4.00% 7/1/48 (AMT)	500,000		567,020
	5.00% 7/1/32 (AMT)	500,000		540,395
	Series A 5.00% 7/1/36 (AMT)	1,000,000		1,225,490
	Series B 5.00% 7/1/37	1,000,000		1,233,120
				4,659,864
Water & Sewer Revenue Bonds – 5.47%
	Arizona Water Infrastructure Finance Authority
	(Water Quality Revenue)
	Series A 5.00% 10/1/26	1,000,000		1,145,270
	Central Arizona Water Conservation District
	(Central Arizona Project)
	5.00% 1/1/31	600,000		710,922
	Guam Government Waterworks Authority Revenue
	5.00% 7/1/37	250,000		291,403

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Mesa Utility System Revenue
	4.00% 7/1/31	850,000	$	976,879
	Phoenix Civic Improvement Corporation
	(Junior Lien)
	5.00% 7/1/27	1,000,000		1,216,060
	5.00% 7/1/31	500,000		602,980
				4,943,514
Total Municipal Bonds (cost $81,748,359)				88,966,702

Short-Term Investments – 0.89%
Variable Rate Demand Note – 0.89%¤
	Phoenix Industrial Development Authority
	(Mayo Clinic) Series B 0.01% 11/15/52
	(SPA - Northern Trust Company)	800,000		800,000
Total Short-Term Investments (cost $800,000)				800,000
Total Value of Securities–99.32%
	(cost $82,548,359)		$	89,766,702

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $6,553,559, which represents 7.25% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 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 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 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.
KIPP – Knowledge is Power Program
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund	August 31, 2021

		Principal
		amount°	Value (US $)
Municipal Bonds – 100.22%
Corporate Revenue Bonds – 10.85%
	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		2,479,968
	(Capital Appreciation Asset-Backed)
	First Subordinate Series B 1.302% 6/1/47 ^	2,335,000		528,737
	(Enhanced Asset-Backed)
	Series A 5.00% 6/1/29	1,000,000		1,084,540
	Series A 5.00% 6/1/45	1,000,000		1,147,570
	Inland Empire Tobacco Securitization Authority
	(Capital Appreciation Turbo Asset-Backed)
	Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,739,904
	M-S-R Energy Authority Revenue
	Series B 6.50% 11/1/39	500,000		821,945
	Tobacco Securitization Authority of Northern California
	(Sacramento County)
	Series A Class 1 Senior 4.00% 6/1/36	300,000		370,284
	Series A Class 1 Senior 4.00% 6/1/37	300,000		368,862
	Series A Class 1 Senior 4.00% 6/1/38	400,000		490,016
	Series A Class 1 Senior 4.00% 6/1/39	250,000		305,513
	Series A Class 1 Senior 4.00% 6/1/40	300,000		365,985
	Series A Class 1 Senior 4.00% 6/1/49	1,000,000		1,200,100
	Tobacco Securitization Authority of Southern California
	(San Diego County)
	Capital Appreciation Second Subordinate
	Series C 0.549% 6/1/46 ^	13,190,000		2,775,308
	Capital Appreciation Third Subordinate Series D 0.301% 6/1/46 ^	4,915,000		874,673
				14,748,405
Education Revenue Bonds – 22.26%
	California Educational Facilities Authority
	(Loma Linda University)
	Series A 5.00% 4/1/47	1,000,000		1,179,770
	(Stanford University - Green Bonds)
	Series V-2 2.25% 4/1/51	300,000		296,763
	(Stanford University)
	Series U-1 5.25% 4/1/40	1,840,000		2,762,429
	Series V-1 5.00% 5/1/49	1,460,000		2,278,841

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
		(Bella Mente Montessori Academy Project)
		Series A 144A 5.00% 6/1/48 #	500,000	$	576,800
		(Biola University)
		5.00% 10/1/39	1,000,000		1,185,680
		(California Baptist University)
		Series A 144A 5.375% 11/1/40 #	1,000,000		1,157,580
		(CHF - Davis I, LLC - West Village Student Housing Project)
		5.00% 5/15/48	1,000,000		1,235,010
		(Emerson College)
		Series B 5.00% 1/1/32	1,000,000		1,221,760
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	850,000		884,918
		(Literacy First Charter Schools Project)
		Series A 5.00% 12/1/49	750,000		904,965
		(Southwestern Law School)
		6.50% 11/1/41	1,140,000		1,149,485
	California School Finance Authority
		(Aspire Public Schools - Obligated Group Issue #3)
		Series A 144A 5.00% 8/1/40 #	1,000,000		1,206,790
		(Aspire Public Schools - Obligated Group)
		Series A 144A 5.00% 8/1/45 #	715,000		808,636
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/42 #	500,000		502,475
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	250,000		283,868
		(Granada Hills Charter Obligated Group)
		144A 5.00% 7/1/49 #	475,000		542,607
		(Green Dot Public Schools Project)
		Series A 144A 5.00% 8/1/35 #	1,000,000		1,128,580
		(Grimmway Schools - Obligated Group)
		Series A 144A 5.00% 7/1/36 #	500,000		569,220
		(ICEF - View Park Elementary & Middle Schools)
		Series A 5.625% 10/1/34	575,000		637,140
		(KIPP LA Projects)
		Series A 5.125% 7/1/44	1,000,000		1,100,490
		(KIPP SoCal Projects)
		Series A 144A 5.00% 7/1/49 #	1,000,000		1,216,290
		(Partnerships to Uplift Communities Valley Project)
		Series A 144A 6.75% 8/1/44 #	1,000,000		1,107,860
	California State University Systemwide Revenue
		Series A 5.00% 11/1/47	1,000,000		1,219,230

Table of Contents

			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	$	301,410
	California Statewide Communities Development Authority Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	750,000		833,092
	California Statewide Communities Development Authority Student
		Housing Revenue
		(University of California Irvine East Campus Apartments)
		5.375% 5/15/38	1,000,000		1,003,840
	Mt. San Antonio Community College District Convertible Capital
		Appreciation Election 2008
		Series A 0.00% 8/1/28 ~	1,000,000		1,188,610
	Regents of the University of California General Revenue
		Series BE 4.00% 5/15/50	1,500,000		1,768,350
					30,252,489
Electric Revenue Bonds – 3.14%
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Series A 5.00% 7/1/42	1,000,000		1,207,240
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	350,000		343,000
		Series A 5.05% 7/1/42 ‡	70,000		68,600
		Series A 6.75% 7/1/36 ‡	185,000		186,156
		Series AAA 5.25% 7/1/25 ‡	40,000		39,350
		Series CCC 5.25% 7/1/27 ‡	325,000		319,719
		Series TT 5.00% 7/1/32 ‡	340,000		333,200
		Series WW 5.00% 7/1/28 ‡	470,000		460,600
		Series WW 5.25% 7/1/33 ‡	335,000		329,556
		Series WW 5.50% 7/1/38 ‡	480,000		473,400
		Series XX 4.75% 7/1/26 ‡	45,000		43,931
		Series XX 5.25% 7/1/40 ‡	230,000		226,263
		Series XX 5.75% 7/1/36 ‡	150,000		148,500
		Series ZZ 4.75% 7/1/27 ‡	35,000		34,169
		Series ZZ 5.25% 7/1/24 ‡	55,000		54,106
					4,267,790

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 10.36%
	ABAG Finance Authority for Nonprofit Corporations
		(Episcopal Senior Communities)
		6.125% 7/1/41	850,000	$	853,119
	California Health Facilities Financing Authority Revenue
		(Cedars-Sinai Medical Center)
		Series B 4.00% 8/15/36	500,000		570,280
		(Children’s Hospital Los Angeles)
		Series A 5.00% 11/15/34	500,000		522,115
		Series A 5.00% 8/15/47	500,000		596,225
		(Children’s Hospital of Orange County)
		Series A 2.125% 11/1/41	2,500,000		2,445,325
		(Kaiser Permanente)
		Subordinate Series A-2 4.00% 11/1/44	1,005,000		1,168,091
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	750,000		898,170
		Series A 5.00% 2/1/47	250,000		297,658
		(Goodwill Industry of Sacramento Valley & Northern Nevada
		Project)
		5.00% 1/1/35	635,000		639,140
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		581,795
	California Public Finance Authority Senior Living Revenue
		(Enso Village Project - Green Bonds)
		Series A 144A 5.00% 11/15/51 #	500,000		581,640
	California Statewide Communities Development Authority Revenue
		(Adventist Health System/West)
		Series A 4.00% 3/1/48	1,000,000		1,137,080
		(Emanate Health)
		Series A 4.00% 4/1/45	255,000		298,113
		(Episcopal Communities & Services)
		5.00% 5/15/32	600,000		615,204
		(Huntington Memorial Hospital)
		4.00% 7/1/48	500,000		565,995
		(Marin General Hospital - Green Bonds)
		Series A 4.00% 8/1/45	500,000		518,400
		(Redlands Community Hospital)
		5.00% 10/1/46	1,000,000		1,162,850
	Palomar Health
		5.00% 11/1/47 (AGM)	500,000		618,660
					14,069,860

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 3.11%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	487,194	$	582,061
	California Municipal Finance Authority Mobile Home Park Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47	250,000		258,507
	Independent Cities Finance Authority Mobile Home Park Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,085,180
		Series A 5.25% 5/15/49	1,200,000		1,300,368
	Santa Clara County Multifamily Housing Authority Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	1,000,000		1,003,490
					4,229,606
Lease Revenue Bonds – 3.70%
	California Infrastructure & Economic Development Bank
		(Academy of Motion Picture Arts & Sciences Obligated Group)
		Series A 5.00% 11/1/41	1,000,000		1,101,220
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure Improvement Program
		- Phase II)
		Series A 5.00% 6/1/43	750,000		918,075
	California State Public Works Board
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,112,690
	City of Concord Certificates of Participation
		(2021 Capital Improvement Project)
		2.125% 4/1/41	780,000		753,706
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000		1,144,140
					5,029,831
Local General Obligation Bonds – 3.35%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^	1,000,000		965,690
	Fresno Unified School District
		Election of 2016
		Series A 5.00% 8/1/41	500,000		593,010

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000	$	579,785
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		615,050
	Natomas Unified School District
		(1999 Refunding)
		5.95% 9/1/21 (NATL)	40,000		40,000
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40	1,000,000		1,162,610
	San Francisco Bay Area Rapid Transit District Election of 2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		599,735
					4,555,880
Pre-Refunded/Escrowed to Maturity Bonds – 9.41%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37-22 §	1,000,000		1,040,410
		(Sharp HealthCare)
		Series A 5.00% 8/1/28-22 §	250,000		255,045
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,077,360
	California Educational Facilities Authority
		(Harvey Mudd College)
		5.25% 12/1/31-21 §	500,000		506,375
	California Health Facilities Financing Authority Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,184,970
	California State Public Works Board
		(California State University: Various Buildings)
		Series E 5.00% 9/1/33-22 §	1,000,000		1,048,930
		(Department of Corrections and Rehabilitation)
		Series C 5.00% 10/1/26	1,000,000		1,003,870
		(Various Judicial Council Projects)
		Series D 5.00% 12/1/29	500,000		505,935
	California Statewide Communities Development Authority Revenue
		(Covenant Retirement Communities)
		Series C 5.625% 12/1/36-23 §	1,000,000		1,119,880

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	La Verne
		(Brethren Hillcrest Homes)
		5.00% 5/15/36-22 §	750,000	$	782,917
	Oro Grande Elementary School District Certificates of Participation
		5.00% 9/15/27-22 §	25,000		26,032
	Rancho Santa Fe Community Services District Financing Authority
		Revenue
		(Superior Lien Bonds)
		Series A 5.75% 9/1/30-21 §	800,000		800,000
	San Buenaventura
		(Community Memorial Health System)
		7.50% 12/1/41-21 §	785,000		799,091
	San Francisco Municipal Transportation Agency Revenue
		5.00% 3/1/32-23 §	1,000,000		1,073,290
		Series B 5.00% 3/1/37-22 §	1,000,000		1,024,500
	San Jose Financing Authority Lease Revenue
		(Civic Center Project)
		Series A 5.00% 6/1/33-23 §	500,000		542,205
					12,790,810
Special Tax Revenue Bonds – 13.35%
	City of Irvine Limited Obligation Improvement Bonds (Reassessment
		District No. 21-1)
		4.00% 9/2/46 (BAM)	1,340,000		1,616,134
	GDB Debt Recovery Authority
		7.50% 8/20/40	1,419,650		1,334,471
	Public Finance Authority Subordinate Secured Revenue
		(Mclemore Hotel & Conference Center)
		Series B 144A 6.50% 6/1/56 #	1,000,000		1,017,150
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	3,105,000		3,553,362
		Series A-1 4.822% 7/1/46 ^	8,105,000		2,708,124
		Series A-1 4.91% 7/1/51 ^	2,250,000		546,772
		Series A-1 5.00% 7/1/58	2,720,000		3,149,352
		Series A-2 4.329% 7/1/40	1,485,000		1,688,118
	Sacramento Transient Occupancy Tax Revenue
		(Convention Center Complex)
		Senior Series A 5.00% 6/1/38	500,000		605,060
		Senior Series A 5.00% 6/1/48	1,000,000		1,191,360

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	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	$	100,251
		Series A Working Capital 4.00% 10/1/22	130,000		128,967
	Yucaipa Special Tax Community Facilities District No. 98-1
		(Chapman Heights)
		5.375% 9/1/30	500,000		503,715
					18,142,836
State General Obligation Bonds – 10.23%
	California
		(Various Purpose)
		4.00% 3/1/36	500,000		609,265
		5.00% 9/1/31	1,000,000		1,093,660
		5.00% 4/1/32	300,000		418,161
		5.00% 9/1/32	2,500,000		3,436,600
		5.00% 4/1/37	2,000,000		2,146,500
		5.00% 8/1/46	1,000,000		1,200,880
		5.25% 4/1/35	1,000,000		1,029,310
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	265,000		249,431
		Series A 5.00% 7/1/41 ‡	425,000		364,969
		Series A 5.125% 7/1/37 ‡	560,000		491,400
		Series A 5.25% 7/1/34 ‡	395,000		374,756
		Series A 5.375% 7/1/33 ‡	485,000		454,688
		Series A 8.00% 7/1/35 ‡	855,000		727,819
		Series B 5.00% 7/1/35 ‡	180,000		169,650
		Series B 5.75% 7/1/38 ‡	610,000		563,488
		Series C 6.00% 7/1/39 ‡	615,000		573,487
					13,904,064
Transportation Revenue Bonds – 10.46%
	Bay Area Toll Authority
		Series S-H 5.00% 4/1/44	1,000,000		1,255,150
	California Municipal Finance Authority Senior Lien
		(LINXS APM Project)
		Series A 5.00% 12/31/47 (AMT)	745,000		902,419
	Long Beach Marina Revenue
		(Alamitos Bay Marina Project)
		5.00% 5/15/45	500,000		550,275

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Los Angeles Department of Airports
		(Los Angeles International Airport)
		Senior Series D 5.00% 5/15/36 (AMT)	1,000,000	$	1,154,870
		Series A Private Activity 5.00% 5/15/51 (AMT)	1,500,000		1,901,025
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48	375,000		440,775
	Port of Beaumont Texas Navigation District Dock & Wharf Facility
		Revenue
		(Jefferson Gulf Coast Energy Project)
		Series A 144A 3.00% 1/1/50 (AMT) #	500,000		496,205
	Riverside County Transportation Commission Senior Lien
		(Current Interest Obligations)
		Series A 5.75% 6/1/44	500,000		539,245
	Sacramento County Airport System Revenue
		Series C 5.00% 7/1/39 (AMT)	500,000		615,550
		Subordinate Series B 5.00% 7/1/41	500,000		595,625
	San Diego Redevelopment Agency
		(Centre City Redevelopment Project)
		Series A 6.40% 9/1/25	745,000		748,829
	San Francisco City & County Airports Commission
		(San Francisco International Airport)
		Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,265,670
		Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,227,970
		Second Series E 5.00% 5/1/50 (AMT)	500,000		613,150
	San Jose Airport Revenue
		Series B 5.00% 3/1/36	575,000		694,715
		Series B 5.00% 3/1/42	1,000,000		1,207,610
					14,209,083
Total Municipal Bonds (cost $124,851,645)					136,200,654

Short-Term Investments – 0.74%
Variable Rate Demand Notes – 0.74%¤
	Los Angeles Department of Water & Power Revenue (Power System)
		Subordinate Series A-1 0.01% 7/1/50 (SPA - Royal Bank of
		Canada)	500,000		500,000

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Metropolitan Water District of Southern California
		Series A-2 0.01% 7/1/37 (SPA - TD Bank N.A.)	500,000	$	500,000
Total Short-Term Investments (cost $1,000,000)					1,000,000
Total Value of Securities–100.96%
	(cost $125,851,645)			$	137,200,654

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $14,015,523, which represents 10.31% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 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 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

ICE – Intercontinental Exchange, Inc.

ICEF – Inner City Education Foundation

KIPP – Knowledge is Power Program

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

Table of Contents

Summary of abbreviations: (continued)

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.39%
Corporate Revenue Bonds – 2.87%
	Denver City & County
		(United Airlines Project)
		5.00% 10/1/32 (AMT)	415,000	$	441,884
	Public Authority for Colorado Energy Natural Gas Revenue
		6.50% 11/15/38	4,250,000		6,637,480
					7,079,364
Education Revenue Bonds – 12.39%
	Board of Governors of the Colorado State University System
		Enterprise Revenue
		Series A 5.00% 3/1/43	2,480,000		3,609,814
	Board of Trustees For Colorado Mesa University Enterprise Revenue
		Series B 5.00% 5/15/44	1,000,000		1,250,760
		Series B 5.00% 5/15/49	750,000		933,997
	Colorado Educational & Cultural Facilities Authority Revenue
		(Alexander Dawson School-Nevada Project)
		5.00% 5/15/29	1,230,000		1,449,998
		(Aspen Ridge School Project)
		Series A 144A 5.00% 7/1/36 #	500,000		546,905
		Series A 144A 5.25% 7/1/46 #	1,350,000		1,470,825
		(Aspen View Academy Project)
		4.00% 5/1/51	500,000		554,845
		4.00% 5/1/61	750,000		824,955
		(Atlas Preparatory Charter School)
		144A 5.25% 4/1/45 #	1,300,000		1,362,062
		(Charter School Project)
		5.00% 7/15/37	1,150,000		1,186,363
		(Community Leadership Academy, Inc. Second Campus Project)
		7.45% 8/1/48	1,000,000		1,098,430
		(Global Village Academy)
		144A 5.00% 12/1/50 #	1,000,000		1,098,500
		(Liberty Common Charter School Project)
		Series A 5.00% 1/15/39	1,000,000		1,069,400
		(Littleton Preparatory Charter School Project)
		5.00% 12/1/33	450,000		465,966
		5.00% 12/1/42	540,000		556,454
		(Loveland Classical Schools Project)
		144A 5.00% 7/1/36 #	625,000		695,356
		144A 5.00% 7/1/46 #	500,000		547,700
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000		753,053

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority Revenue
		(Science Technology Engineering and Math School Project)
		5.00% 11/1/44	890,000	$	950,653
		5.00% 11/1/54	1,500,000		1,596,825
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		923,709
		144A 5.50% 7/1/49 #	870,000		936,164
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		458,544
		Series A 4.00% 3/1/36	550,000		628,920
		(University of Lab Charter School)
		5.00% 12/15/45	500,000		543,295
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		84,471
		5.00% 5/1/31	1,000,000		1,134,850
		(Vega Collegiate Academy Project)
		Series A 144A 5.00% 2/1/34 #	200,000		229,072
		Series A 144A 5.00% 2/1/61 #	1,435,000		1,589,793
		(Windsor Charter Academy Project)
		5.00% 9/1/46	890,000		890,516
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45	1,000,000		1,169,130
					30,611,325
Electric Revenue Bonds – 6.86%
	Colorado Springs Utilities System Revenue
		Series B 4.00% 11/15/46	3,750,000		4,548,713
	Loveland Colorado Electric & Communications Enterprise Revenue
		Series A 5.00% 12/1/44	2,185,000		2,702,255
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		4,000,788
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		166,600
		Series AAA 5.25% 7/1/25 ‡	95,000		93,456
		Series CCC 5.25% 7/1/27 ‡	705,000		693,544
		Series WW 5.00% 7/1/28 ‡	660,000		646,800
		Series WW 5.25% 7/1/33 ‡	210,000		206,588
		Series WW 5.50% 7/1/17 ‡	460,000		446,775
		Series WW 5.50% 7/1/19 ‡	360,000		350,550
		Series XX 4.75% 7/1/26 ‡	105,000		102,506
		Series XX 5.25% 7/1/40 ‡	1,840,000		1,810,100

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.75% 7/1/36 ‡	365,000	$	361,350
		Series ZZ 4.75% 7/1/27 ‡	85,000		82,981
		Series ZZ 5.00% 7/1/19 ‡	620,000		600,625
		Series ZZ 5.25% 7/1/24 ‡	140,000		137,725
					16,951,356
Healthcare Revenue Bonds – 24.02%
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	3,825,000		4,110,268
		Series A 4.00% 11/15/43	4,000,000		4,726,560
		(American Baptist)
		7.625% 8/1/33	150,000		160,034
		8.00% 8/1/43	1,000,000		1,069,930
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,634,570
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,070,000		2,139,055
		(Christian Living Community Project)
		5.25% 1/1/37	1,500,000		1,525,065
		6.375% 1/1/41	1,000,000		1,020,350
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	2,000,000		2,331,880
		Series A-1 4.00% 8/1/44	2,000,000		2,303,180
		Series A-2 4.00% 8/1/49	3,000,000		3,434,370
		Series A-2 5.00% 8/1/39	1,505,000		1,888,293
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,457,925
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,128,250
		(Craig Hospital Project)
		5.00% 12/1/32	3,500,000		3,661,525
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48	660,000		693,759
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,178,800
		(National Jewish Health Project)
		5.00% 1/1/27	300,000		304,194
		(Sanford Health)
		Series A 5.00% 11/1/44	4,500,000		5,676,120

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(SCL Health System)
		Series A 4.00% 1/1/37	2,150,000	$	2,567,896
		Series A 4.00% 1/1/38	3,895,000		4,630,921
		Series A 5.00% 1/1/44	3,050,000		3,361,375
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		1,017,869
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,163,380
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		776,146
	Denver Health & Hospital Authority Health Care Revenue
		Series A 4.00% 12/1/39	1,000,000		1,162,430
		Series A 4.00% 12/1/40	250,000		290,003
	Puerto Rico Industrial Tourist Educational Medical & Environmental
		Control Facilities Financing Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	1,945,000		1,951,107
					59,365,255
Lease Revenue Bonds – 1.83%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		785,592
		5.00% 6/15/36	1,055,000		1,251,409
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		862,657
	Regional Transportation District Certificates of Participation
		Series A 5.00% 6/1/33	1,500,000		1,609,500
					4,509,158
Local General Obligation Bonds – 10.08%
	Adams & Weld Counties School District No. 27J Brighton
		4.00% 12/1/30	300,000		344,427
		4.00% 12/1/31	1,000,000		1,146,380
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/33	1,000,000		1,323,540
		Series A 5.50% 12/1/38	350,000		458,945
	Beacon Point Metropolitan District
		5.00% 12/1/30 (AGM)	1,130,000		1,338,587
	Boulder Valley School District No. Re-2 Boulder
		Series A 4.00% 12/1/48	1,370,000		1,601,242

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Commerce City Northern Infrastructure General Improvement
		District
		5.00% 12/1/32 (AGM)	2,125,000	$	2,249,036
	El Paso County School District No 2. Harrison
		5.00% 12/1/38	1,000,000		1,266,860
	Grand River Hospital District
		5.25% 12/1/35 (AGM)	1,000,000		1,234,220
	Jefferson County School District No. R-1
		5.25% 12/15/24	1,250,000		1,455,088
	Leyden Rock Metropolitan District No. 10
		Series A 5.00% 12/1/45	1,000,000		1,034,980
	Sierra Ridge Metropolitan District No. 2
		Series A 5.50% 12/1/46	1,000,000		1,035,560
	Verve Metropolitan District No. 1
		5.00% 12/1/51	2,000,000		2,200,800
	Weld County Reorganized School District No. Re-8
		5.00% 12/1/31	990,000		1,210,512
		5.00% 12/1/32	660,000		806,243
	Weld County School District No. Re-1
		5.00% 12/15/31 (AGM)	1,000,000		1,215,930
	Weld County School District No. Re-2 Eaton
		Series 2 5.00% 12/1/44	2,000,000		2,550,780
	Weld County School District No. Re-3J
		5.00% 12/15/34 (BAM)	2,000,000		2,437,660
					24,910,790
Pre-Refunded Bonds – 10.88%
	Central Colorado Water Conservancy District
		(Limited Tax)
		5.00% 12/1/33-23 §	1,000,000		1,107,560
	Colorado Educational & Cultural Facilities Authority Revenue
		(Johnson & Wales University)
		Series A 5.25% 4/1/37-23 §	1,790,000		1,930,193
	Colorado Health Facilities Authority Revenue
		(Catholic Health Initiatives)
		Series A 5.25% 1/1/45-23 §	2,000,000		2,133,560
		(Covenant Retirement Communities)
		Series A 5.00% 12/1/33-22 §	4,000,000		4,241,080
		(NCMC Project)
		4.00% 5/15/32-26 §	2,000,000		2,322,900
		(The Evangelical Lutheran Good Samaritan Society Project)
		5.625% 6/1/43-23 §	1,150,000		1,258,962

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Denver City & County Airport System Revenue
		Series B 5.00% 11/15/30-22 §	250,000	$	264,533
		Series B 5.00% 11/15/32-22 §	1,000,000		1,058,130
		Series B 5.00% 11/15/37-22 §	8,000,000		8,465,040
	Eaton Area Park & Recreation District
		5.25% 12/1/34-22 §	360,000		382,820
		5.50% 12/1/38-22 §	700,000		745,640
	Tallyn’s Reach Metropolitan District No. 3
		5.125% 11/1/38-23 §	740,000		815,495
	University of Colorado
		Series A 5.00% 6/1/33-23 §	2,000,000		2,169,540
					26,895,453
Special Tax Revenue Bonds – 15.09%
	Broomfield Colorado Sales & Use Tax Revenue
		5.00% 12/1/33	1,000,000		1,246,350
	Central Platte Valley Metropolitan District
		5.00% 12/1/43	725,000		767,209
	Commerce City
		5.00% 8/1/44 (AGM)	1,500,000		1,676,115
	Denver Convention Center Hotel Authority Revenue
		5.00% 12/1/40	2,660,000		3,077,833
	Fountain Urban Renewal Authority Tax Increment Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	1,375,000		1,464,705
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42	1,795,000		1,823,630
		Series A 5.25% 1/1/36	1,675,000		1,702,420
	Lincoln Park Metropolitan District
		5.00% 12/1/46 (AGM)	1,000,000		1,195,080
	Plaza Metropolitan District No. 1
		144A 5.00% 12/1/40 #	1,265,000		1,299,142
	Prairie Center Metropolitan District No. 3
		Series A 144A 5.00% 12/15/41 #	1,000,000		1,096,840
	Pueblo Urban Renewal Authority Revenue
		(EVRAZ Project)
		Series B 144A 5.00% 12/1/25 #, ^	200,000		174,990
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	4,045,000		4,629,098
		Series A-1 5.00% 7/1/58	3,122,000		3,614,808
		Series A-2 4.536% 7/1/53	3,000,000		3,393,030

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Regional Transportation District Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	670,000	$	817,313
		Series A 5.00% 11/1/31	1,495,000		1,822,868
		Series A 5.00% 11/1/36	2,750,000		3,323,540
	Solaris Metropolitan District No. 3
		Series A 5.00% 12/1/46	500,000		518,840
	Southlands Metropolitan District No. 1
		Series A-1 5.00% 12/1/37	300,000		345,765
		Series A-1 5.00% 12/1/47	700,000		794,535
	Thornton Development Authority
		(East 144th Avenue I-25 Project)
		Series B 5.00% 12/1/35	485,000		550,655
		Series B 5.00% 12/1/36	810,000		918,815
	Virgin Islands Public Finance Authority
		(Matching Fund Loan Senior Lien)
		5.00% 10/1/29 (AGM)	1,000,000		1,032,700
					37,286,281
State General Obligation Bonds – 2.68%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	680,000		583,950
		Series A 5.375% 7/1/33 ‡	675,000		632,812
		Series A 5.50% 7/1/39 ‡	2,950,000		2,655,000
		Series A 8.00% 7/1/35 ‡	1,215,000		1,034,269
		Series B 5.75% 7/1/38 ‡	960,000		886,800
		Series C 6.00% 7/1/39 ‡	890,000		829,925
					6,622,756
Transportation Revenue Bonds – 6.48%
	Colorado High Performance Transportation Enterprise Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	2,000,000		2,278,120
		(Senior U.S. 36 & I-25 Managed Lanes)
		5.75% 1/1/44 (AMT)	2,140,000		2,290,570
	Denver City & County Airport System Revenue
		Series A 4.00% 12/1/48 (AMT)	400,000		453,192
		Series A 5.00% 11/15/30 (AMT)	1,500,000		1,856,790
		Series A 5.00% 12/1/48 (AMT)	2,000,000		2,445,420
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	900,000		1,176,030
		Series A 5.00% 9/1/35	400,000		521,744

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	E-470 Public Highway Authority
		Series A 5.00% 9/1/36	1,300,000	$	1,690,780
	Regional Transportation District
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/39	1,000,000		1,319,470
		Series A 4.00% 7/15/40	1,500,000		1,990,530
					16,022,646
Water & Sewer Revenue Bonds – 4.21%
	Arapahoe County Water & Wastewater Authority
		4.00% 12/1/37	1,000,000		1,213,260
		4.00% 12/1/38	1,845,000		2,233,151
	Central Weld County Water District
		4.00% 12/1/39 (AGM)	1,150,000		1,387,912
	Dominion Water & Sanitation District
		6.00% 12/1/46	725,000		747,026
	Douglas County Centennial Water & Sanitation District
		4.00% 12/1/38	500,000		593,025
	Guam Government Waterworks Authority Water & Wastewater
		System Revenue
		5.00% 7/1/37	675,000		786,787
	Johnstown Wastewater Revenue
		4.00% 12/1/51 (AGM)	1,000,000		1,191,550
	Metro Wastewater Reclamation District
		Series A 5.00% 4/1/33	1,000,000		1,320,340
	Morgan County Quality Water District
		4.00% 12/1/50 (AGM)	790,000		926,962
					10,400,013
Total Municipal Bonds (cost $222,662,848)					240,654,397

			Number of
			shares
Short-Term Investments – 2.11%
Money Market Mutual Funds – 0.33%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.00%)	828,461		828,461
					828,461

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Variable Rate Demand Notes – 1.78%¤
	Colorado Educational & Cultural Facilities Authority Revenue
		(National Jewish Federation Bond Program)
		Series B-5 0.01% 1/1/39 (LOC - TD Bank N.A.)	350,000	$	350,000
		Series D-6 0.01% 9/1/38 (LOC - JPMorgan Chase Bank, N.A.)	480,000		480,000
		Series F-2 0.01% 7/1/41 (LOC - Northern Trust Company)	380,000		380,000
	Colorado Health Facilities Authority Revenue (Children’s Hospital)
		Series A 0.01% 12/1/52 (LOC - TD Bank N.A.)	400,000		400,000
	Denver City & County
		Series A1 0.01% 12/1/29 (SPA - JPMorgan Chase Bank, N.A.)	190,000		190,000
		Series A2 0.01% 12/1/29 (SPA - JPMorgan Chase Bank, N.A.)	1,210,000		1,210,000
		Series A3 0.01% 12/1/31 (SPA - JPMorgan Chase Bank, N.A.)	1,390,000		1,390,000
					4,400,000
Total Short-Term Investments (cost $5,228,461)					5,228,461
Total Value of Securities–99.50%
	(cost $227,891,309)			$	245,882,858

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $15,127,982, which represents 6.12% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LOC – Letter of Credit
N.A. – National Association

Table of Contents

Summary of abbreviations: (continued)
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.27%
Corporate Revenue Bonds – 4.53%
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	2,523,144	$	2,503,867
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000		1,332,688
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,010,640
					5,847,195
Education Revenue Bonds – 21.26%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		601,125
		Series A 5.00% 4/1/48	1,000,000		1,214,470
	Idaho Housing & Finance Association
		(Anser of Idaho Project)
		Series A 2.25% 5/1/51	1,165,000		1,106,482
		Series A 3.00% 5/1/41	1,650,000		1,765,714
		Series A 4.00% 5/1/56	1,585,000		1,811,275
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		1,129,240
		Series A 144A 6.00% 7/1/39 #	370,000		456,325
		Series A 144A 6.00% 7/1/49 #	595,000		722,907
		Series A 144A 6.00% 7/1/54 #	570,000		690,544
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		387,974
		Series A 4.00% 5/1/50	285,000		330,808
		Series A 4.00% 5/1/55	205,000		237,101
		Series A 5.00% 12/1/38	2,050,000		2,364,654
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,119,580
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		759,960
		Series A 6.75% 7/1/48	529,151		600,137
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	2,005,000		2,310,021
		Series A 4.00% 5/1/55	2,640,000		3,030,773

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(Victory Charter School Project)
		Series B 5.00% 7/1/39	1,000,000	$	1,144,610
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,411,782
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,771,298
		5.00% 4/1/43	250,000		305,942
		5.00% 4/1/44	250,000		305,350
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)	275,000		362,280
		Series A 5.00% 4/1/39 (AGM)	250,000		328,445
		Series A 5.00% 4/1/40 (AGM)	250,000		327,685
		Series A 5.00% 4/1/41 (AGM)	300,000		392,106
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		414,759
					27,403,347
Electric Revenue Bonds – 5.59%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,265,920
	Idaho Energy Resources Authority
		(Idaho Falls Power Project)
		5.00% 9/15/33	1,325,000		1,789,028
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		73,500
		Series AAA 5.25% 7/1/25 ‡	45,000		44,269
		Series CCC 5.25% 7/1/27 ‡	345,000		339,394
		Series WW 5.00% 7/1/28 ‡	320,000		313,600
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,479,375
		Series XX 4.75% 7/1/26 ‡	50,000		48,812
		Series XX 5.25% 7/1/40 ‡	595,000		585,331
		Series XX 5.75% 7/1/36 ‡	175,000		173,250
		Series ZZ 4.75% 7/1/27 ‡	40,000		39,050
		Series ZZ 5.25% 7/1/24 ‡	60,000		59,025
					7,210,554
Healthcare Revenue Bonds – 10.31%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,550,124

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/27	1,000,000	$	1,225,160
		Series A 5.00% 3/1/33	1,250,000		1,562,462
		Series A 5.00% 3/1/37	500,000		618,520
		Series A 5.00% 3/1/47	1,500,000		1,530,180
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47	390,000		477,941
		Series ID 4.00% 12/1/43	1,000,000		1,163,920
		Series ID 5.00% 12/1/46	750,000		909,878
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	950,000		979,697
		Series A 5.25% 11/15/37	1,005,000		1,074,476
		Series A 5.25% 11/15/47	1,130,000		1,178,443
	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		1,023,203
					13,294,004
Housing Revenue Bonds – 2.26%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	415,901		427,913
	Idaho Housing & Finance Association Single Family Mortgage
		Revenue
		Series A 3.05% 7/1/39 (GNMA)	1,115,000		1,167,438
		Series A 3.25% 1/1/43 (GNMA)	545,000		571,481
		Series C 3.00% 1/1/43 (FHA)	710,000		743,555
					2,910,387
Lease Revenue Bonds – 13.27%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		892,252
		5.00% 12/15/32	750,000		890,138
	Fremont County Annual Appropriation Certificates of Participation
		4.00% 9/1/36	750,000		900,510
	Idaho Falls Certificates of Participation
		4.00% 9/15/39	1,050,000		1,248,041
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters Office Project)
		4.00% 12/1/36	650,000		771,290
		4.00% 12/1/39	1,545,000		1,812,702
		4.00% 12/1/42	1,300,000		1,514,162

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters Office Project)
		4.00% 12/1/44	250,000	$	289,990
		(Idaho Department of Fish & Game Nampa Regional Office
		Project)
		5.00% 12/1/41	200,000		243,314
	Idaho Housing & Finance Association Economic Development
		Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	885,000		888,390
		Series A 7.00% 2/1/36	1,500,000		1,505,295
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/39	1,750,000		2,116,800
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26	485,000		525,832
		Series A 4.50% 9/1/27	505,000		546,895
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	2,025,000		2,152,413
		Series B 4.00% 9/1/48	750,000		815,842
					17,113,866
Local General Obligation Bonds – 15.51%
	Ada & Boise Counties Independent School District Boise City
		5.00% 8/1/31	1,350,000		1,726,582
		5.00% 8/1/33	1,010,000		1,227,362
		5.00% 8/1/34	1,500,000		1,818,765
		5.00% 8/1/35	1,160,000		1,404,772
		5.00% 8/1/36	500,000		604,320
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33	1,000,000		1,224,450
		Series B 5.00% 9/15/35	1,100,000		1,342,275
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,407,794
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)	1,000,000		1,003,960
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,553,808

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000	$	610,115
		Series A 4.00% 9/15/37	1,000,000		1,142,720
		Series C 5.00% 9/15/42	500,000		604,545
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,276,582
		Series B 5.00% 8/15/26	500,000		610,065
	Nez Perce County Independent School District
		No. 1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000		1,219,250
		Series B 5.00% 9/15/37	1,000,000		1,216,210
					19,993,575
Pre-Refunded Bonds – 6.36%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §	1,250,000		1,278,350
		Series A 5.00% 4/1/42-22 §	1,350,000		1,388,462
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	1,000,000		1,098,560
	Idaho Health Facilities Authority Revenue
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §	1,000,000		1,036,200
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §	250,000		262,180
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,163,590
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,136,340
	University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		839,282
					8,202,964
Special Tax Revenue Bonds – 12.95%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	3,369,108		3,166,961
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42	545,000		553,693

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36	705,000	$	716,541
		Series B-1 5.00% 1/1/42	1,425,000		1,447,144
	Idaho Water Resource Board Loan Program Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,721,860
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		1,006,880
		Series A-1 4.75% 7/1/53	2,735,000		3,129,934
		Series A-1 5.00% 7/1/58	1,831,000		2,120,023
		Series A-2 4.329% 7/1/40	730,000		829,850
					16,692,886
State General Obligation Bonds – 3.69%
	Commonwealth of Puerto Rico
		Series A 5.00% 7/1/24 ‡	210,000		197,663
		Series A 5.00% 7/1/41 ‡	325,000		279,094
		Series A 5.125% 7/1/37 ‡	1,645,000		1,443,487
		Series A 5.25% 7/1/34 ‡	880,000		834,900
		Series A 5.375% 7/1/33 ‡	365,000		342,187
		Series A 8.00% 7/1/35 ‡	775,000		659,719
		Series B 5.00% 7/1/35 ‡	145,000		136,663
		Series B 5.75% 7/1/38 ‡	460,000		424,925
		Series C 6.00% 7/1/39 ‡	465,000		433,612
					4,752,250
Transportation Revenue Bonds – 1.77%
	Boise City Airport Revenue
		(Parking Facilities Project)
		4.00% 9/1/32	2,180,000		2,180,000
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31	80,000		103,300
					2,283,300
Water & Sewer Revenue Bonds – 0.77%
	Guam Government Waterworks Authority
		5.00% 7/1/40	370,000		429,577
		5.00% 1/1/46	500,000		565,150
					994,727
Total Municipal Bonds (cost $118,485,352)					126,699,055

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

		Number of
		shares	Value (US $)
Short-Term Investments – 2.33%
Money Market Mutual Funds – 2.33%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
	Institutional Shares (seven-day effective yield 0.00%)	3,002,704	$	3,002,704
Total Short-Term Investments (cost $3,002,704)				3,002,704
Total Value of Securities–100.60%
	(cost $121,488,056)		$	129,701,759

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $6,042,146, which represents 4.69% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”

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

USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds – 99.45%
Corporate Revenue Bonds – 6.58%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^	65,000,000	$	3,544,450
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/37 (AGM)	1,000,000		1,103,700
		Series A 3.00% 1/1/39 (AGM)	1,000,000		1,095,810
		Series A 3.00% 1/1/46 (AGM)	2,000,000		2,138,560
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,437,770
	New York Transportation Development Corporation Special
		Facilities Revenue
		(Delta Air Lines - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	1,000,000		1,212,620
		5.00% 1/1/36 (AMT)	1,000,000		1,210,370
	Suffolk Tobacco Asset Securitization
		(Asset-Backed)
		Series B 5.25% 6/1/37	700,000		717,080
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	900,000		1,056,546
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		784,980
					14,301,886
Education Revenue Bonds – 23.50%
	Albany Industrial Development Agency Civic Facilities Revenue
		(Brighter Choice Charter School)
		Series A 5.00% 4/1/37	250,000		250,815
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		568,605
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		527,060
		Series A 5.50% 4/1/43	500,000		528,000
		(Inwood Academy for Leadership Charter School Project)
		Series A 144A 5.50% 5/1/48 #	500,000		584,840
		(Manhattan College Project)
		5.00% 8/1/47	500,000		598,120

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
	(Metropolitan College of New York Project)
	5.50% 11/1/44	600,000	$	659,154
	(Metropolitan Lighthouse Charter School Project)
	Series A 144A 5.00% 6/1/52 #	250,000		279,065
	(New Dawn Charter Schools Project)
	144A 5.75% 2/1/49 #	500,000		547,980
	(New World Preparatory Charter School Project)
	Series A 4.00% 6/15/51	315,000		346,298
	Series A 4.00% 6/15/56	450,000		492,696
	(The Packer Collegiate Institute Project)
	5.00% 6/1/40	750,000		834,105
	Dutchess County Local Development
	�� (The Culinary Institute of America Project)
	Series A-1 5.00% 7/1/46	300,000		339,531
	(Vassar College Project)
	5.00% 7/1/35	1,000,000		1,230,730
	5.00% 7/1/36	1,000,000		1,228,670
	5.00% 7/1/37	1,000,000		1,227,380
	Hempstead Town Local Development
	(Hofstra University Project)
	5.00% 7/1/42	500,000		610,525
	Madison County Capital Resource Revenue
	(Colgate University Refunding Project)
	Series A 5.00% 7/1/35	1,000,000		1,157,890
	Series B 5.00% 7/1/39	1,000,000		1,156,650
	Monroe County Industrial Development Revenue
	(St. John Fisher College Project)
	Series A 5.50% 6/1/39	300,000		335,481
	(True North Rochester Preparatory Charter School Project)
	Series A 144A 5.00% 6/1/40 #	1,000,000		1,192,980
	(University of Rochester Project)
	Series A 5.00% 7/1/37	1,000,000		1,229,930
	Series C 4.00% 7/1/43	500,000		573,270
	New York City Trust for Cultural Resources
	(Alvin Ailey Dance Foundation)
	Series A 4.00% 7/1/46	1,000,000		1,102,040
	(Whitney Museum of American Art)
	5.00% 7/1/31	3,015,000		4,124,520
	New York State Dormitory Authority
	(Barnard College)
	Series A 5.00% 7/1/35	400,000		461,844

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
	(Fordham University)
	5.00% 7/1/44	650,000	$	725,751
	(New York University)
	5.50% 7/1/40 (AMBAC)	740,000		1,115,602
	(Touro College & University)
	Series A 5.50% 1/1/44	1,000,000		1,101,920
	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		376,699
	(New York State University Dormitory Facilities)
	Series A 5.00% 7/1/35	50,000		62,589
	Series A 5.00% 7/1/37	2,200,000		2,733,896
	Series A 5.00% 7/1/42	1,645,000		2,005,501
	(New York University)
	Series A 5.00% 7/1/36	2,000,000		2,400,300
	Series A 5.00% 7/1/39	2,000,000		2,390,860
	(School Districts Financing Program)
	Series B 5.00% 10/1/42 (AGM)	3,565,000		4,331,903
	(Vaughn College of Aeronautics and Technology)
	Series A 144A 5.50% 12/1/46 #	300,000		329,421
	Onondaga Civic Development Revenue
	(Le Moyne College Project)
	Series B 4.00% 7/1/38	255,000		297,636
	Series B 4.00% 7/1/39	325,000		378,352
	Series B 4.00% 7/1/40	300,000		348,213
	Saratoga County Capital Resource Revenue
	(Skidmore College Project)
	5.00% 7/1/43	3,570,000		4,389,850
	5.00% 7/1/48	1,000,000		1,219,290
	St. Lawrence County Industrial Development Agency Civic
	Development Revenue
	(St. Lawrence University Project)
	Series A 4.00% 7/1/43	1,000,000		1,109,860
	Tompkins County Development
	(Ithaca College Project)
	5.00% 7/1/34	750,000		865,875
	5.00% 7/1/41	500,000		613,750
	Troy Capital Resource
	(Rensselaer Polytechnic Institute Project)
	4.00% 9/1/35	170,000		204,384

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Troy Capital Resource
	(Rensselaer Polytechnic Institute Project)
	4.00% 9/1/36	280,000	$	335,639
	Troy Industrial Development Authority
	(Rensselaer Polytechnic Institute Project)
	Series E 5.20% 4/1/37	500,000		500,000
	Yonkers Economic Development Educational Revenue
	(Lamartine/Warburton LLC - Charter School of Educational
	Excellence Project)
	Series A 5.00% 10/15/49	640,000		747,674
	Series A 5.00% 10/15/50	250,000		295,975
				51,069,119
Electric Revenue Bonds – 8.25%
	Build NYC Resource
	(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
	144A 5.25% 12/31/33 (AMT) #	1,000,000		1,106,100
	Long Island Power Authority Electric System Revenue
	5.00% 9/1/37	450,000		571,415
	5.00% 9/1/39	2,000,000		2,526,120
	5.00% 9/1/42	2,000,000		2,442,660
	5.00% 9/1/47	500,000		606,795
	Series A 5.00% 9/1/44	1,950,000		2,190,669
	Series B 5.00% 9/1/41	1,000,000		1,197,190
	New York State Power Authority Revenue
	Series A 4.00% 11/15/50	1,000,000		1,179,780
	Puerto Rico Electric Power Authority Revenue
	Series A 5.05% 7/1/42 ‡	65,000		63,700
	Series A 6.75% 7/1/36 ‡	625,000		628,906
	Series AAA 5.25% 7/1/25 ‡	35,000		34,431
	Series TT 5.00% 7/1/32 ‡	1,120,000		1,097,600
	Series WW 5.00% 7/1/28 ‡	270,000		264,600
	Series WW 5.25% 7/1/33 ‡	195,000		191,831
	Series WW 5.50% 7/1/17 ‡	420,000		407,925
	Series WW 5.50% 7/1/19 ‡	330,000		321,338
	Series XX 4.75% 7/1/26 ‡	40,000		39,050
	Series XX 5.25% 7/1/40 ‡	1,430,000		1,406,762
	Series XX 5.75% 7/1/36 ‡	140,000		138,600
	Series ZZ 4.75% 7/1/27 ‡	30,000		29,288
	Series ZZ 5.00% 7/1/19 ‡	570,000		552,187
	Series ZZ 5.25% 7/1/24 ‡	50,000		49,188

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Utility Debt Securitization Authority
	(Restructuring Bonds)
	5.00% 12/15/37	750,000	$	887,775
				17,933,910
Healthcare Revenue Bonds – 5.80%
	Buffalo & Erie County Industrial Land Development
	(Catholic Health System Project)
	Series N 5.25% 7/1/35	250,000		289,567
	Build NYC Resource
	(The Children’s Aid Society Project)
	4.00% 7/1/49	1,000,000		1,151,200
	Dutchess County Local Development
	(Nuvance Health)
	Series B 4.00% 7/1/49	1,000,000		1,151,200
	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		475,863
	5.00% 12/1/46	540,000		622,469
	Nassau County Local Economic Assistance
	(Catholic Health Services of Long Island Obligated Group Project)
	5.00% 7/1/33	725,000		810,637
	New York State Dormitory Authority
	(Montefiore Obligated Group)
	Series A 4.00% 8/1/38	1,000,000		1,140,930
	Series A 4.00% 9/1/50	2,500,000		2,846,525
	(NYU Langone Hospitals Obligated Group)
	Series A 4.00% 7/1/53	500,000		582,750
	New York State Dormitory Authority Revenue Non-State Supported
	Debt
	(NYU Hospitals Center)
	Series A 4.00% 7/1/40	465,000		519,084
	(Orange Regional Medical Center Obligated Group)
	144A 5.00% 12/1/34 #	500,000		603,605
	144A 5.00% 12/1/45 #	700,000		799,967
	Orange County Funding Assisted Living Residence Revenue
	(The Hamlet at Wallkill Assisted Living Project)
	6.50% 1/1/46	400,000		404,664

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000	$	822,855
					12,596,316
Lease Revenue Bonds – 7.90%
	Hudson Yards Infrastructure
		Unrefunded Fiscal 2012 Series A 5.75% 2/15/47	945,000		949,262
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56	710,000		762,739
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,551,030
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00% 7/15/45	445,000		523,703
	New York Liberty Development
		(4 World Trade Center Project)
		5.00% 11/15/31	500,000		504,975
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	2,000,000		2,211,420
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		562,860
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48	80,000		91,720
	New York State Dormitory Authority Revenue Non-State Supported
		Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		3,172,675
	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		2,717,597
	New York State Thruway Authority State Personal Income Tax
		Revenue
		Series A-1 4.00% 3/15/52	3,500,000		4,114,775
					17,162,756
Local General Obligation Bonds – 3.35%
	New York City
		Fiscal 2017 Subordinate Series B-1 5.00% 12/1/34	2,500,000		3,051,075

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	New York City
		Fiscal 2018 Subordinate Series E-1 5.25% 3/1/35	500,000	$	633,440
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35	1,895,000		2,357,494
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39	1,000,000		1,235,770
					7,277,779
Pre-Refunded Bonds – 2.81%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40-25 §	450,000		529,920
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000		1,133,580
	Monroe County, Industrial Development Revenue
		(Nazareth College of Rochester Project)
		5.50% 10/1/41-21 §	500,000		502,135
	New York State Dormitory Authority
		(Pratt Institute)
		Series A 5.00% 7/1/34-24 §	500,000		566,790
	New York State Dormitory Authority Revenue Non-State Supported
		Debt
		(New York University)
		Series A 5.00% 7/1/37-23 §	1,000,000		1,089,010
	Onondaga Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	380,000		393,745
		5.00% 7/1/42-22 §	750,000		780,240
	Onondaga County Trust for Cultural Resources
		(Syracuse University Project)
		Series A 5.00% 12/1/30-23 §	1,000,000		1,109,000
					6,104,420
Resource Recovery Revenue Bond – 0.73%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,583,745
					1,583,745
Special Tax Revenue Bonds – 19.33%
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	3,470,000		3,261,800

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000	$	276,915
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36	240,000		243,929
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		4,222,365
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2015 Subordinate Series S-1 5.00% 7/15/43	1,000,000		1,145,670
		Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37	1,000,000		1,259,740
		(Future Tax Secured)
		Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40	750,000		837,652
		Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42	2,000,000		2,252,080
		Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41	1,000,000		1,145,210
		Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42	500,000		589,860
		Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42	500,000		553,765
		Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43	1,000,000		1,206,430
		Series A-1 5.00% 11/1/42	750,000		821,468
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,177,430
		5.00% 11/15/40	1,000,000		1,172,890
	New York State Dormitory Authority Personal Income Tax Revenue
		(General Purpose)
		Series A 5.00% 3/15/40	5,000,000		6,257,300
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36	500,000		565,220
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	425,000		489,056
		Series A-1 4.75% 7/1/53	5,720,000		6,545,968
		Series A-1 5.00% 7/1/58	5,085,000		5,887,667
		Series A-2 4.329% 7/1/40	370,000		420,609
		Series A-2 4.536% 7/1/53	1,330,000		1,504,243
	Virgin Islands Public Finance Authority Revenue
		Series A 5.00% 10/1/29	170,000		170,427
					42,007,694

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds – 2.98%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	270,000	$	254,138
		Series A 5.00% 7/1/41 ‡	675,000		579,656
		Series A 5.125% 7/1/37 ‡	685,000		601,087
		Series A 5.25% 7/1/34 ‡	945,000		896,569
		Series A 5.375% 7/1/33 ‡	665,000		623,437
		Series A 8.00% 7/1/35 ‡	1,920,000		1,634,400
		Series B 5.00% 7/1/35 ‡	185,000		174,363
		Series B 5.75% 7/1/38 ‡	625,000		577,344
		Series C 6.00% 7/1/39 ‡	1,215,000		1,132,987
					6,473,981
Transportation Revenue Bonds – 13.00%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47	435,000		519,908
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32	500,000		525,705
		(Climate Bond Certified)
		Series E 4.00% 11/15/45	1,500,000		1,729,320
		(Green Bonds)
		Series B 4.00% 11/15/50	1,000,000		1,126,480
		Series C-1 5.25% 11/15/55	1,500,000		1,863,135
		Subordinate Series A-1 5.00% 11/15/47	2,000,000		2,465,160
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50	1,000,000		1,164,220
		Series L 5.00% 1/1/35	1,535,000		1,894,420
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56	1,000,000		1,176,850
	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		388,392
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)	715,000		903,567
		Series A 5.00% 4/1/35 (AMT)	775,000		974,376
		Series A 5.00% 4/1/37 (AMT)	750,000		937,530
		Series A 5.00% 4/1/39 (AMT)	350,000		435,600
	Port Authority of Guam
		(Governmental)
		Series A 5.00% 7/1/48	1,375,000		1,616,175

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen Series)
		4.00% 11/1/49	1,000,000	$	1,166,190
		(Consolidated Bonds - Two Hundred Sixteen Series)
		4.00% 9/1/49	1,000,000		1,163,050
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42	2,500,000		3,024,125
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41	2,000,000		2,361,960
		Series A 5.00% 11/15/47	1,000,000		1,218,220
		Series A 5.00% 11/15/49	325,000		418,187
	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		1,184,502
					28,257,072
Water & Sewer Revenue Bonds – 5.22%
	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		2,327,260
		Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,210,740
		Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		3,098,325
		Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49	1,000,000		1,169,310
		Fiscal 2020 Series AA 4.00% 6/15/40	1,000,000		1,197,980
		Fiscal 2021 Subordinate Series BB-1 4.00% 6/15/50	1,000,000		1,173,110
	New York State Environmental Facilities Clean Water and Drinking
		Water Revenue
		(New York City Municipal Water Finance Authority Projects -
		Second Resolution)
		Series B 4.00% 6/15/49	1,000,000		1,171,700
					11,348,425
Total Municipal Bonds (cost $195,492,288)					216,117,103

Short-Term Investments – 0.37%
Variable Rate Demand Notes – 0.37%¤
	New York City
		Fiscal 2018 Subordinate Series B-4 0.01% 10/1/46 (SPA -
		Barclays Bank)	170,000		170,000

Table of Contents

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	New York City Municipal Water Finance Authority Water & Sewer
		System Revenue
		(Second General Resolution) Fiscal 2011
		Series DD-1 0.01% 6/15/43 (SPA - TD Bank N.A.)	390,000	$	390,000
	New York City Transitional Finance Authority Revenue
		(Future Tax Secured) Fiscal 2010 Subordinate Series G-6 0.01%
		5/1/34 (SPA - Barclays Bank)	250,000		250,000
Total Short-Term Investments (cost $810,000)					810,000
Total Value of Securities–99.82%
	(cost $196,302,288)			$	216,927,103

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $14,905,935, which represents 6.86% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
L.P. – Limited Partnership
LLC – Limited Liability Corporation
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds – 100.70%
Corporate Revenue Bonds – 6.10%
	Allegheny County Industrial Development Authority Revenue
		(United States Steel Corporation Project)
		4.875% 11/1/24	2,650,000	$	2,880,682
		5.125% 5/1/30	750,000		915,210
	Pennsylvania Commonwealth Financing Authority Revenue
		(Tobacco Master Settlement Payment Revenue)
		4.00% 6/1/39 (AGM)	5,045,000		5,797,008
	Pennsylvania Economic Development Financing Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,000,000		4,269,560
	Pennsylvania Economic Development Financing Authority Solid
		Waste Disposal Revenue
		(Proctor & Gamble Paper Project)
		5.375% 3/1/31 (AMT)	11,000,000		14,864,960
					28,727,420
Education Revenue Bonds – 10.84%
	Allegheny County Higher Education Building Authority Revenue
		(Carnegie Mellon University)
		Series A 5.00% 3/1/24	1,000,000		1,023,660
		(Chatham University)
		Series A 5.00% 9/1/30	1,500,000		1,545,720
		(Robert Morris University)
		5.00% 10/15/47	1,500,000		1,714,230
	Bucks County Industrial Development Authority Revenue
		(School Lane Charter School Project)
		Series A 5.125% 3/15/46	2,500,000		2,794,050
	Chester County Industrial Development Authority Revenue
		(Avon Grove Charter School Project)
		Series A 5.00% 12/15/47	1,160,000		1,302,715
		Series A 5.00% 12/15/51	770,000		863,663
		(Renaissance Academy Charter School Project)
		5.00% 10/1/34	1,000,000		1,098,370
		5.00% 10/1/39	1,250,000		1,366,350
		5.00% 10/1/44	1,000,000		1,087,750
		(Westtown School)
		Series A 2.625% 1/1/52	750,000		710,025
		Series A 4.00% 1/1/52	2,250,000		2,610,450
	City of Erie Higher Education Building Authority Revenue
		(Gannon University Project - AICUP Financing Program)
		Series TT1 4.00% 5/1/36	300,000		345,987
		Series TT1 4.00% 5/1/41	475,000		540,165

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	City of Erie Higher Education Building Authority Revenue
		(Gannon University Project - AICUP Financing Program)
		Series TT1 5.00% 5/1/47	475,000	$	582,882
	Delaware County Authority Revenue
		(Cabrini University)
		5.00% 7/1/47	2,000,000		2,283,900
	Montgomery County Higher Education and Health Authority
		(Arcadia University)
		5.75% 4/1/40	2,000,000		2,187,500
	Montgomery County Industrial Development Authority Revenue
		(Germantown Academy Project)
		Series A 4.00% 10/1/36	1,000,000		1,114,170
		Series A 4.00% 10/1/46	1,550,000		1,807,796
	Northeastern Pennsylvania Hospital and Education Authority
		Revenue
		(King’s College Project)
		5.00% 5/1/44	1,000,000		1,187,500
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Drexel University)
		5.00% 5/1/41	1,000,000		1,224,400
	Pennsylvania State University
		Series A 5.00% 9/1/45	4,000,000		5,098,720
		Series A 5.00% 9/1/47	2,730,000		3,452,767
	Philadelphia Authority for Industrial Development Revenue
		(First Philadelphia Preparatory Charter School Project)
		Series A 7.25% 6/15/43	2,500,000		2,872,200
		(Green Woods Charter School Project)
		Series A 5.50% 6/15/22	200,000		207,042
		Series A 5.75% 6/15/42	2,500,000		2,581,450
		(International Apartments of Temple University)
		Series A 5.375% 6/15/30	1,385,000		1,388,698
		Series A 5.625% 6/15/42	3,000,000		3,006,930
		(Tacony Academy Charter School Project)
		Series A-1 6.75% 6/15/33	1,020,000		1,118,950
		Series A-1 7.00% 6/15/43	1,535,000		1,680,319
	State Public School Building Authority
		(Montgomery County Community College)
		5.00% 5/1/28	2,000,000		2,301,220
					51,099,579

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 4.78%
	City of Philadelphia Gas Works Revenue
		(1998 General Ordinance)
		Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000	$	2,346,640
		Sixteenth Series B 4.00% 8/1/37 (AGM)	2,000,000		2,395,760
		Sixteenth Series B 4.00% 8/1/38 (AGM)	4,250,000		5,078,113
		Sixteenth Series B 4.00% 8/1/39 (AGM)	1,300,000		1,549,210
	Puerto Rico Electric Power Authority
		Series A 5.00% 7/1/42 ‡	1,110,000		1,087,800
		Series A 5.05% 7/1/42 ‡	400,000		392,000
		Series AAA 5.25% 7/1/25 ‡	225,000		221,344
		Series WW 5.00% 7/1/28 ‡	1,895,000		1,857,100
		Series WW 5.25% 7/1/33 ‡	1,055,000		1,037,856
		Series WW 5.50% 7/1/38 ‡	1,530,000		1,508,963
		Series XX 4.75% 7/1/26 ‡	185,000		180,606
		Series XX 5.25% 7/1/40 ‡	3,825,000		3,762,844
		Series XX 5.75% 7/1/36 ‡	655,000		648,450
		Series ZZ 4.75% 7/1/27 ‡	145,000		141,556
		Series ZZ 5.25% 7/1/24 ‡	315,000		309,881
					22,518,123
Healthcare Revenue Bonds – 33.18%
	Allegheny County Hospital Development Authority Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	1,350,000		1,533,020
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/36	1,750,000		2,075,307
		Series A 4.00% 7/15/37	1,500,000		1,772,685
	Berks County Industrial Development Authority Revenue
		(The Highlands at Wyomissing)
		5.00% 5/15/38	415,000		470,602
		5.00% 5/15/43	500,000		564,090
		5.00% 5/15/48	1,000,000		1,124,720
		Series A 5.00% 5/15/37	1,365,000		1,605,554
		Series A 5.00% 5/15/42	500,000		583,675
		Series A 5.00% 5/15/47	600,000		696,534
		Series C 5.00% 5/15/42	1,000,000		1,110,620
		Series C 5.00% 5/15/47	1,000,000		1,107,510
	Bucks County Industrial Development Authority Revenue
		(Saint Luke’s University Health Network Project)
		4.00% 8/15/44	2,400,000		2,744,352
		4.00% 8/15/50	1,400,000		1,591,366

Table of Contents

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	$	1,834,901
	Centre County Hospital Authority Revenue
		(Mount Nittany Medical Center Project)
		Series A 4.00% 11/15/47	1,400,000		1,588,090
	Chester County Health and Education Facilities Authority
		(Main Line Health System)
		Series A 4.00% 9/1/40	785,000		937,580
		Series A 4.00% 9/1/50	2,750,000		3,227,428
	Cumberland County Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	3,000,000		3,316,710
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38	1,805,000		2,005,084
		(Penn State Health)
		4.00% 11/1/49	9,825,000		11,320,856
	DuBois Hospital Authority
		(Penn Highlands Healthcare)
		4.00% 7/15/48	2,000,000		2,213,060
	Geisinger Authority Health System Revenue
		(Geisinger Health System)
		Series A 4.00% 4/1/50	8,085,000		9,317,962
		Series A-1 5.00% 2/15/45	5,000,000		5,927,600
	General Authority of Southcentral Pennsylvania Revenue
		(WellSpan Health Obligated Group)
		Series A 5.00% 6/1/39	5,000,000		6,318,900
	Indiana County Hospital Authority Revenue
		(Indiana Regional Medical Center)
		Series A 6.00% 6/1/39	1,625,000		1,719,673
	Lancaster County Hospital Authority Revenue
		(Brethren Village Project)
		5.25% 7/1/35	250,000		273,710
		5.50% 7/1/45	1,000,000		1,091,300
		(Landis Homes Retirement Community Project)
		Series A 5.00% 7/1/45	2,000,000		2,198,380
		(Masonic Villages Project)
		5.00% 11/1/35	1,000,000		1,207,530
		5.00% 11/1/36	510,000		614,443
		5.00% 11/1/37	250,000		300,702

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			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42	1,500,000	$	1,531,260
	Lehigh County General Purpose Hospital Authority Revenue
		(Lehigh Valley Health Network)
		Series A 4.00% 7/1/49	5,000,000		5,728,550
	Monroe County Hospital Authority Revenue
		(Pocono Medical Center)
		5.00% 7/1/36	1,710,000		2,010,721
		5.00% 7/1/41	1,000,000		1,169,060
	Monroeville Finance Authority
		(University of Pittsburgh Medical Center)
		5.00% 2/15/25	1,000,000		1,158,930
	Montgomery County Higher Education and Health Authority
		(Thomas Jefferson University)
		5.00% 9/1/51	2,000,000		2,457,900
		Series A 4.00% 9/1/49	2,500,000		2,835,175
	Montgomery County Industrial Development Authority Revenue
		(Waverly Heights Project)
		5.00% 12/1/44	500,000		579,580
		5.00% 12/1/49	1,250,000		1,444,113
		(Whitemarsh Continuing Care Retirement Community Project)
		4.00% 1/1/25	430,000		445,785
		5.375% 1/1/50	4,000,000		4,311,960
		Series A 5.375% 1/1/51	1,500,000		1,643,745
	Moon Industrial Development Authority Revenue
		(Baptist Homes Society)
		6.125% 7/1/50	4,000,000		4,322,440
	Pennsylvania Economic Development Financing Authority First
		Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #, ‡	715,000		421,850
		Series A 144A 6.75% 12/1/53 #, ‡	5,400,000		3,186,000
	Pennsylvania Economic Development Financing Authority Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43	1,265,000		1,363,088
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,676,600
		Series A 5.25% 9/1/50	2,500,000		2,856,600

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49	6,000,000	$	6,978,060
		5.00% 8/15/49	5,000,000		6,272,550
		Series A 4.00% 8/15/42	4,000,000		4,560,600
	Philadelphia Authority for Industrial Development Revenue
		(Children’s Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		6,165,600
		Series A 5.00% 7/1/32	4,750,000		6,597,465
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,986,600
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,795,300
	Pocono Mountains Industrial Park Authority Revenue
		(St. Luke’s Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000		4,475,960
					156,369,436
Lease Revenue Bonds – 1.08%
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/29 (AMT)	500,000		598,030
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,502,775
		5.00% 4/1/38	1,000,000		1,199,060
		5.00% 4/1/39	1,500,000		1,795,515
					5,095,380
Local General Obligation Bonds – 5.87%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000		5,645,621
	Chester County
		4.00% 7/15/32	1,000,000		1,214,330
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,524,486
		Series A 5.00% 8/1/37	1,750,000		2,128,735
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50	2,875,000		3,335,719
	Montgomery County
		Series A 5.00% 1/1/35	2,000,000		2,672,340
		Series A 5.00% 1/1/37	2,500,000		3,313,300

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			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Philadelphia School District
		Series F 5.00% 9/1/36	2,000,000	$	2,392,220
		Series F 5.00% 9/1/37	1,500,000		1,790,925
		Series F 5.00% 9/1/38	2,000,000		2,383,600
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		340,802
		2.00% 10/15/29 (AGM)	700,000		728,805
		2.00% 10/15/30 (AGM)	190,000		196,933
					27,667,816
Pre-Refunded/Escrowed to Maturity Bonds – 7.42%
	Allegheny County
		Series C-70 5.00% 12/1/33-22 §	2,205,000		2,339,329
	Bucks County Industrial Development Authority Revenue
		(George School Project)
		5.00% 9/15/36	4,455,000		4,462,796
	City of Philadelphia
		Series A 5.25% 7/15/29-24 §	2,500,000		2,798,275
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §	3,000,000		3,146,160
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	195,000		224,786
	Delaware County Regional Water Quality Control Authority
		5.00% 5/1/32-23 §	2,000,000		2,161,480
	Monroe County Hospital Authority
		(Pocono Medical Center)
		Series A 5.00% 1/1/32-22 §	1,150,000		1,167,871
		Series A 5.00% 1/1/41-22 §	1,500,000		1,523,310
	Montgomery County Industrial Development Authority Retirement
		Community Revenue
		(ACTS Retirement Life Communities Obligated Group)
		5.00% 11/15/27-22 §	1,250,000		1,293,100
		5.00% 11/15/28-22 §	1,600,000		1,655,168
		5.00% 11/15/29-22 §	680,000		703,446
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §	1,740,000		1,810,000
		Series A 5.00% 7/1/41-22 §	1,500,000		1,560,345

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000	$	2,167,700
		(University of the Arts)
		5.20% 3/15/25 (AGC)	3,680,000		4,037,660
	Philadelphia Authority for Industrial Development Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,081,930
	Philadelphia Water & Wastewater Revenue
		Series A 5.00% 7/1/45-24 §	2,500,000		2,837,000
					34,970,356
Special Tax Revenue Bonds – 12.86%
	Allentown Neighborhood Improvement Zone Development Authority
		Revenue
		Series A 5.00% 5/1/42	2,500,000		2,579,725
		(Forward Delivery)
		5.00% 5/1/35	850,000		1,086,903
		5.00% 5/1/36	850,000		1,083,623
		5.00% 5/1/42	4,000,000		5,031,880
	Chester County Industrial Development Authority Special Obligation
		Revenue
		(Woodlands at Greystone Project)
		144A 5.00% 3/1/38 #	460,000		547,391
		144A 5.125% 3/1/48 #	1,000,000		1,181,540
	CPR Custodial Receipt
		(Taxable)
		Series 1 144A 0.649% 1/1/45 #	7,000,000		6,475,000
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	8,414,512		7,909,641
	Northampton County Industrial Development Authority
		(Route 33 Project)
		7.00% 7/1/32	1,700,000		1,822,349
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 5.399% 7/1/46 ^	10,665,000		3,563,497
		(Restructured)
		Series A-1 4.75% 7/1/53	7,958,000		9,107,135
		Series A-1 5.00% 7/1/58	10,000,000		11,578,500
		Series A-2 4.329% 7/1/40	5,150,000		5,854,417
		Series A-2 4.536% 7/1/53	1,000,000		1,131,010

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			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Washington County Redevelopment Authority Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000	$	1,650,840
					60,603,451
State General Obligation Bonds – 4.29%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	3,340,000		4,089,229
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	890,000		837,712
		Series A 5.125% 7/1/37 ‡	8,195,000		7,191,112
		Series A 5.25% 7/1/34 ‡	725,000		687,844
		Series A 5.375% 7/1/33 ‡	600,000		562,500
		Series A 6.00% 7/1/38 ‡	880,000		838,200
		Series A 8.00% 7/1/35 ‡	2,175,000		1,851,469
		Series B 5.00% 7/1/35 ‡	605,000		570,213
		Series B 5.75% 7/1/38 ‡	2,000,000		1,847,500
		Series C 6.00% 7/1/39 ‡	1,880,000		1,753,100
					20,228,879
Transportation Revenue Bonds – 13.69%
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000		5,989,550
	Pennsylvania Economic Development Financing Authority Exempt
		Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000		3,674,335
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,232,900
	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		2,501,347
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,715,996
		Series A 5.00% 12/1/49	2,000,000		2,519,580
		Series C 5.00% 12/1/44	5,000,000		5,674,250
		Subordinate Series A 4.00% 12/1/50	1,000,000		1,173,370
		Subordinate Series B 4.00% 12/1/46	6,500,000		7,655,895
		Subordinate Series B 4.00% 12/1/51	4,285,000		5,036,118
	Philadelphia Airport Revenue
		5.00% 7/1/51 (AMT)	9,500,000		12,041,060

105

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Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Philadelphia Airport Revenue
		Series A 5.00% 7/1/47	3,750,000	$	4,595,625
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,603,030
	Susquehanna Area Regional Airport Authority Revenue
		5.00% 1/1/35 (AMT)	800,000		942,872
		5.00% 1/1/38 (AMT)	1,000,000		1,170,310
					64,526,238
Water & Sewer Revenue Bond — 0.59%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,789,823
					2,789,823
Total Municipal Bonds (cost $435,284,106)					474,596,501
Total Value of Securities–100.70%
	(cost $435,284,106)			$	474,596,501

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
‡	Non-income producing security. Security is currently in default.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $11,811,781, which represents 2.51% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AICUP – Association of Independent Colleges & Universities of Pennsylvania
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
USD – US Dollar

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

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Statements of assets and liabilities

August 31, 2021

		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Arizona Fund		California Fund		Colorado Fund
Assets:
	Investments, at value*	$	89,766,702	$	137,200,654	$	245,882,858
	Cash		442,262		523,267		23,305
	Dividend and interest receivable		647,296		1,339,986		2,319,073
	Receivable for fund shares sold		50,555		667,538		469,031
	Other assets		—		2,021		—
	Total Assets		90,906,815		139,733,466		248,694,267
Liabilities:
	Payable for securities purchased		214,747		3,403,700		1,183,480
	Payable for fund shares redeemed		200,998		261,049		146,716
	Investment management fees payable to
	affiliates		30,787		41,171		94,669
	Accounting and administration expenses
	payable to non-affiliates		15,884		17,318		20,869
	Distribution fees payable to affiliates		15,557		21,504		40,649
	Distribution payable		14,661		46,717		41,464
	Other accrued expenses		8,269		17,148		12,881
	Reports and statements to shareholders
	expenses payable to non-affiliates		8,005		8,875		14,021
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		7,391		10,691		22,120
	Audit and tax fees payable		4,950		5,099		4,950
	Dividend disbursing and transfer agent
	fees and expenses payable to affiliates		656		980		1,784
	Accounting and administration expenses
	payable to affiliates		614		749		1,084
	Trustees’ fees and expenses payable to
	affiliates		267		397		718
	Legal fees payable to affiliates		228		339		614
	Reports and statements to shareholders
	expenses payable to affiliates		110		165		301
	Total Liabilities		523,124		3,835,902		1,586,320
Total Net Assets		$	90,383,691	$	135,897,564	$	247,107,947

Net Assets Consist of:
	Paid-in capital	$	82,566,891	$	124,259,775	$	230,794,943
	Total distributable earnings (loss)		7,816,800		11,637,789		16,313,004
Total Net Assets		$	90,383,691	$	135,897,564	$	247,107,947

107

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Statements of assets and liabilities

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
Net Asset Value
Class A:
Net assets	$	66,709,639		$	86,058,896		$	164,257,602
Shares of beneficial interest outstanding,
unlimited authorization, no par		5,519,596			6,809,482			14,037,157
Net asset value per share	$	12.09		$	12.64		$	11.70
Sales charge		4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	12.66		$	13.24		$	12.25
Class C:
Net assets	$	1,527,424		$	3,843,137		$	6,757,853
Shares of beneficial interest outstanding,
unlimited authorization, no par		126,065			303,494			576,076
Net asset value per share	$	12.12		$	12.66		$	11.73
Institutional Class:
Net assets	$	22,146,628		$	45,995,531		$	76,092,492
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,832,164			3,638,742			6,503,004
Net asset value per share	$	12.09		$	12.64		$	11.70
____________________
*Investments, at cost	$	82,548,359		$	125,851,645		$	227,891,309

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

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		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Idaho Fund		New York Fund		Pennsylvania Fund
Assets:
	Investments, at value*	$	129,701,759	$	216,927,103	$	474,596,501
	Cash		21,172		923,687		4,218,080
	Dividend and interest receivable		1,383,111		2,048,545		4,509,789
	Receivable for fund shares sold		181,824		225,876		313,710
	Other assets		—		5,720		—
	Total Assets		131,287,866		220,130,931		483,638,080
Liabilities:
	Payable for securities purchased		2,125,329		2,334,665		11,308,090
	Payable for fund shares redeemed		98,515		232,294		524,774
	Investment management fees payable to
	affiliates		45,174		64,113		191,085
	Distribution fees payable to affiliates		20,466		38,519		91,909
	Distribution payable		18,998		64,607		106,962
	Accounting and administration expenses
	payable to non-affiliates		17,003		20,001		28,162
	Other accrued expenses		12,242		27,677		19,970
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		11,095		18,231		41,777
	Reports and statements to shareholders
	expenses payable to non-affiliates		8,853		11,565		23,582
	Audit and tax fees payable		4,950		4,950		4,950
	Dividend disbursing and transfer agent
	fees and expenses payable to affiliates		922		1,576		3,412
	Accounting and administration expenses
	payable to affiliates		724		997		1,763
	Trustees’ fees and expenses payable to
	affiliates		369		639		1,386
	Legal fees payable to affiliates		315		547		574
	Reports and statements to shareholders
	expenses payable to affiliates		157		265		1,185
	Total Liabilities		2,365,112		2,820,646		12,349,581
Total Net Assets		$	128,922,754	$	217,310,285	$	471,288,499

Net Assets Consist of:
	Paid-in capital	$	125,173,618	$	197,052,062	$	430,653,680
	Total distributable earnings (loss)		3,749,136		20,258,223		40,634,819
Total Net Assets		$	128,922,754	$	217,310,285	$	471,288,499

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Statements of assets and liabilities

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Idaho Fund			New York Fund			Pennsylvania Fund
Net Asset Value
Class A:
Net assets	$	71,344,918		$	161,593,469		$	384,915,619
Shares of beneficial interest outstanding,
unlimited authorization, no par		5,991,537			13,397,605			46,158,217
Net asset value per share	$	11.91		$	12.06		$	8.34
Sales charge		4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	12.47		$	12.63		$	8.73
Class C:
Net assets	$	6,452,973		$	4,720,276		$	14,040,087
Shares of beneficial interest outstanding,
unlimited authorization, no par		542,369			392,284			1,683,191
Net asset value per share	$	11.90		$	12.03		$	8.34
Institutional Class:
Net assets	$	51,124,863		$	50,996,540		$	72,332,793
Shares of beneficial interest outstanding,
unlimited authorization, no par		4,292,611			4,229,331			8,680,239
Net asset value per share	$	11.91		$	12.06		$	8.33
____________________
* Investments, at cost	$	121,488,056		$	196,302,288		$	435,284,106

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

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Statements of operations

Year ended August 31, 2021

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
Investment Income:
Interest	$	2,920,073		$	4,416,892		$	7,823,699
Dividends		—			—			133
		2,920,073			4,416,892			7,823,832

Expenses:
Management fees		424,142			637,906			1,276,395
Distribution expenses — Class A		162,046			181,524			407,268
Distribution expenses — Class C		19,713			50,501			71,993
Dividend disbursing and transfer agent
fees and expenses		55,513			65,334			143,283
Accounting and administration expenses		52,513			59,437			76,019
Audit and tax fees		40,626			51,719			40,626
Registration fees		17,896			27,055			10,068
Reports and statements to shareholders
expenses		15,684			24,962			28,536
Legal fees		4,967			40,990			13,237
Trustees’ fees and expenses		3,601			4,787			9,874
Custodian fees		2,692			3,874			6,990
Other		19,063			22,791			27,476
		818,456			1,170,880			2,111,765
Less expenses waived		(136,242	)		(229,803	)		(295,200	)
Less expenses paid indirectly		(20	)		(49	)		(68	)
Total operating expenses		682,194			941,028			1,816,497
Net Investment Income		2,237,879			3,475,864			6,007,335
Net Realized and Unrealized Gain:
Net realized gain on investments		682,993			538,129			297,584
Net change in unrealized appreciation
(depreciation) of investments		3,130,355			3,306,320			6,384,297
Net Realized and Unrealized Gain		3,813,348			3,844,449			6,681,881
Net Increase in Net Assets Resulting
from Operations	$	6,051,227		$	7,320,313		$	12,689,216

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Statements of operations

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Idaho Fund			New York Fund			Pennsylvania Fund
Investment Income:
Interest	$	3,903,101		$	5,931,679		$	16,672,525
Dividends		104			—			—
		3,903,205			5,931,679			16,672,525

Expenses:
Management fees		633,664			987,578			2,482,577
Distribution expenses — Class A		163,169			325,202			905,148
Distribution expenses — Class C		75,347			57,206			158,524
Dividend disbursing and transfer agent
fees and expenses		74,244			101,271			260,864
Accounting and administration expenses		57,363			69,555			111,018
Audit and tax fees		40,626			52,371			40,626
Registration fees		14,085			40,201			19,803
Reports and statements to shareholders
expenses		17,033			31,460			52,929
Legal fees		6,597			44,303			27,293
Trustees’ fees and expenses		4,859			7,240			19,290
Custodian fees		3,393			5,667			14,172
Other		20,432			28,825			34,962
		1,110,812			1,750,879			4,127,206
Less expenses waived		(169,840	)		(330,412	)		(400,261	)
Less expenses paid indirectly		(22	)		(122	)		(202	)
Total operating expenses		940,950			1,420,345			3,726,743
Net Investment Income		2,962,255			4,511,334			12,945,782
Net Realized and Unrealized Gain:
Net realized gain on investments		417,531			272,033			3,678,994
Net change in unrealized appreciation
(depreciation) of investments		3,296,257			5,957,639			14,018,485
Net Realized and Unrealized Gain		3,713,788			6,229,672			17,697,479
Net Increase in Net Assets Resulting
from Operations	$	6,676,043		$	10,741,006		$	30,643,261

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

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

	Year ended
	8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,237,879		$	2,279,854
Net realized gain		682,993			142,666
Net change in unrealized appreciation (depreciation)		3,130,355			(1,042,553	)
Net increase in net assets resulting from operations		6,051,227			1,379,967

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,730,876	)		(1,860,733	)
Class C		(38,579	)		(63,009	)
Institutional Class		(522,100	)		(503,085	)
		(2,291,555	)		(2,426,827	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		6,099,220			4,040,085
Class C		276,688			475,896
Institutional Class		8,718,668			4,314,261

Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,537,728			1,492,624
Class C		37,027			58,762
Institutional Class		506,851			476,431
		17,176,182			10,858,059

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(5,997,493	)	$	(4,618,457	)
		Class C		(1,441,218	)		(1,028,355	)
		Institutional Class		(2,932,869	)		(3,614,076	)
				(10,371,580	)		(9,260,888	)
	Increase in net assets derived from capital share transactions			6,804,602			1,597,171
Net Increase in Net Assets				10,564,274			550,311
Net Assets:
	Beginning of year			79,819,417			79,269,106
	End of year		$	90,383,691		$	79,819,417

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	3,475,864		$	2,951,871
	Net realized gain (loss)			538,129			(75,285	)
	Net change in unrealized appreciation (depreciation)			3,306,320			(2,508,025	)
	Net increase in net assets resulting from operations			7,320,313			368,561

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(2,115,156	)		(1,696,888	)
		Class C		(112,952	)		(337,450	)
		Institutional Class		(1,216,639	)		(1,813,306	)
				(3,444,747	)		(3,847,644	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		12,832,211			9,654,592
		Class C		629,708			600,032
		Institutional Class		16,266,239			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		1,912,654			1,518,859
		Class C		110,017			281,331
		Institutional Class		853,026			1,276,762
				68,938,611			35,289,073

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(9,752,132	)	$	(8,275,307	)
		Class C		(3,919,733	)		(5,300,634	)
		Institutional Class		(8,230,770	)		(31,647,616	)
				(21,902,635	)		(45,223,557	)
	Increase (decrease) in net assets derived from capital share
		transactions		47,035,976			(9,934,484	)
Net Increase (Decrease) in Net Assets				50,911,542			(13,413,567	)
Net Assets:
	Beginning of year			84,986,022			98,399,589
	End of year		$	135,897,564		$	84,986,022

¹	See Note 7 in the Notes to financial statements.

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	6,007,335		$	6,482,950
	Net realized gain			297,584			841,092
	Net change in unrealized appreciation (depreciation)			6,384,297			(3,462,710	)
	Net increase in net assets resulting from operations			12,689,216			3,861,332

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,143,610	)		(4,770,153	)
		Class C		(129,827	)		(201,810	)
		Institutional Class		(1,718,272	)		(1,499,974	)
				(5,991,709	)		(6,471,937	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		12,168,978			13,355,973
		Class C		897,711			755,250
		Institutional Class		30,007,649			23,852,027

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		3,824,323			4,244,536
		Class C		130,352			195,451
		Institutional Class		1,584,582			1,381,497
				48,613,595			43,784,734

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(19,435,502	)	$	(19,822,488	)
		Class C		(2,612,192	)		(3,060,813	)
		Institutional Class		(9,172,538	)		(15,090,632	)
				(31,220,232	)		(37,973,933	)
	Increase in net assets derived from capital share transactions			17,393,363			5,810,801
Net Increase in Net Assets				24,090,870			3,200,196

Net Assets:
	Beginning of year			223,017,077			219,816,881
	End of year		$	247,107,947		$	223,017,077

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,962,255		$	3,013,071
	Net realized gain (loss)			417,531			(436,187	)
	Net change in unrealized appreciation (depreciation)			3,296,257			(1,157,926	)
	Net increase in net assets resulting from operations			6,676,043			1,418,958

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,641,809	)		(1,630,043	)
		Class C		(135,399	)		(231,712	)
		Institutional Class		(1,164,232	)		(1,140,918	)
				(2,941,440	)		(3,002,673	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		11,579,114			11,036,343
		Class C		1,980,826			1,110,294
		Institutional Class		18,581,380			12,301,476
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,564,179			1,518,853
		Class C		134,242			222,405
		Institutional Class		1,022,029			1,009,131
				34,861,770			27,198,502

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(4,580,947	)	$	(6,770,542	)
		Class C		(4,746,986	)		(5,190,934	)
		Institutional Class		(5,888,406	)		(11,622,682	)
				(15,216,339	)		(23,584,158	)
	Increase in net assets derived from capital share transactions			19,645,431			3,614,344
Net Increase in Net Assets				23,380,034			2,030,629

Net Assets:
	Beginning of year			105,542,720			103,512,091
	End of year		$	128,922,754		$	105,542,720

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	4,511,334		$	2,506,580
	Net realized gain			272,033			721,770
	Net change in unrealized appreciation (depreciation)			5,957,639			(1,943,082	)
	Net increase in net assets resulting from operations			10,741,006			1,285,268

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(3,347,685	)		(1,250,944	)
		Class C		(128,393	)		(299,096	)
		Institutional Class		(1,363,462	)		(1,387,966	)
				(4,839,540	)		(2,938,006	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		7,493,592			11,463,562
		Class C		398,690			553,210
		Institutional Class		14,181,292			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		2,783,113			1,098,145
		Class C		87,874			204,540
		Institutional Class		1,239,511			1,267,893
				148,025,476			24,405,920

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(15,016,082	)	$	(5,523,695	)
		Class C		(3,001,127	)		(6,950,159	)
		Institutional Class		(6,544,242	)		(11,214,772	)
				(24,561,451	)		(23,688,626	)
	Increase in net assets derived from capital share transactions			123,464,025			717,294
Net Increase (Decrease) in Net Assets				129,365,491			(935,444	)

Net Assets:
	Beginning of year			87,944,794			88,880,238
	End of year		$	217,310,285		$	87,944,794

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

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	12,945,782		$	13,510,292
	Net realized gain			3,678,994			1,773,628
	Net change in unrealized appreciation (depreciation)			14,018,485			(8,662,514	)
	Net increase in net assets resulting from operations			30,643,261			6,621,406

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(12,542,265	)		(14,779,475	)
		Class C		(434,719	)		(710,638	)
		Institutional Class		(2,305,167	)		(2,147,319	)
				(15,282,151	)		(17,637,432	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		34,561,794			34,845,316
		Class C		1,969,889			2,876,652
		Institutional Class		20,875,991			14,679,950

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		11,233,439			13,086,822
		Class C		422,283			679,779
		Institutional Class		2,035,086			1,843,684
				71,098,482			68,012,203

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(37,976,217	)	$	(51,146,281	)
		Class C		(7,917,147	)		(8,994,602	)
		Institutional Class		(8,685,397	)		(6,718,565	)
				(54,578,761	)		(66,859,448	)
	Increase in net assets derived from capital share transactions			16,519,721			1,152,755
Net Increase (Decrease) in Net Assets				31,880,831			(9,863,271	)

Net Assets:
	Beginning of year			439,407,668			449,270,939
	End of year		$	471,288,499		$	439,407,668

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

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Financial highlights
Delaware Tax-Free Arizona Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.55		$	11.70		$	11.24		$	11.48		$	11.83


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


	(0.31	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)
	(0.01	)		—			—			—			—
	(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)

$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

	7.51%			1.79%			7.51%			1.11%			0.24%


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

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Financial highlights
Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.58		$	11.73		$	11.27		$	11.51		$	11.87


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


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

$	12.12		$	11.58		$	11.73		$	11.27		$	11.51

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


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

129

Table of Contents

Financial highlights
Delaware Tax-Free Arizona Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

130

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.55		$	11.70		$	11.24		$	11.48		$	11.84


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


	(0.34	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)
	(0.01	)		—			—			—			—
	(0.35	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)

$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

	7.78%			2.05%			7.78%			1.36%			0.40%


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

131

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

132

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


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


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

$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

	6.88%			1.59%			7.99%			1.00%			0.63%


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

133

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

134

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.21		$	12.52		$	12.00		$	12.28		$	12.62


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


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

$	12.66		$	12.21		$	12.52		$	12.00		$	12.28

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


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

135

Table of Contents

Financial highlights
Delaware Tax-Free California Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

136

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


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


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

$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

	7.14%			1.84%			8.25%			1.26%			0.89%


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

137

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

138

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


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


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

$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

	5.64%			1.88%			7.48%			1.22%			0.26%


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

139

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

140

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.39		$	11.51		$	11.07		$	11.31		$	11.68


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


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

$	11.73		$	11.39		$	11.51		$	11.07		$	11.31

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


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

141

Table of Contents

Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

142

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


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


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

$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

	5.91%			2.14%			7.74%			1.47%			0.51%


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

143

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

144

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


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


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

$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

	6.03%			1.77%			7.19%			0.56%			0.47%


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

145

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

146

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.51		$	11.64		$	11.20		$	11.48		$	11.78


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


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

$	11.90		$	11.51		$	11.64		$	11.20		$	11.48

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


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

147

Table of Contents

Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

148

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


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


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

$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

	6.29%			2.02%			7.46%			0.82%			0.71%


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

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Financial highlights
Delaware Tax-Free New York Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.66		$	11.86		$	11.33		$	11.62		$	11.98


	0.29			0.33			0.36			0.36			0.35
	0.45			(0.14	)		0.53			(0.29	)		(0.35	)
	0.74			0.19			0.89			0.07			—²


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

$	12.06		$	11.66		$	11.86		$	11.33		$	11.62

	6.46%			1.68%			8.00%			0.60%			0.05%


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

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Financial highlights
Delaware Tax-Free New York Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.63		$	11.83		$	11.30		$	11.59		$	11.95


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


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

$	12.03		$	11.63		$	11.83		$	11.30		$	11.59

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


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

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Financial highlights
Delaware Tax-Free New York Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.66		$	11.85		$	11.33		$	11.61		$	11.97


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


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

$	12.06		$	11.66		$	11.85		$	11.33		$	11.61

	6.73%			2.03%			8.17%			0.93%			0.29%


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

155

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Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


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


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

$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

	7.04%			1.72%			7.72%			0.93%			0.48%


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

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Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


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


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

$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

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


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

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Financial highlights
Delaware Tax-Free Pennsylvania Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.05		$	8.25		$	7.92		$	8.13		$	8.38


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


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

$	8.33		$	8.05		$	8.25		$	7.92		$	8.13

	7.31%			1.84%			8.12%			1.16%			0.73%


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

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Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2021

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 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 CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

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 Board.

Federal Income Taxes – No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended August 31, 2021, and for all open tax years (years ended August 31, 2018–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 year ended August 31, 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 such earnings credits for the year ended August 31, 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 year ended August 31, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	20
Delaware Tax-Free California Fund			49
Delaware Tax-Free Colorado Fund			68
Delaware Tax-Free Idaho Fund			22
Delaware Tax-Free New York Fund			122
Delaware Tax-Free Pennsylvania Fund			202

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

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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 August 31, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	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	August 31, 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 year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	6,894
Delaware Tax-Free California Fund		8,231
Delaware Tax-Free Colorado Fund		11,924
Delaware Tax-Free Idaho Fund		7,933
Delaware Tax-Free New York Fund		10,409
Delaware Tax-Free
Pennsylvania Fund		19,413

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

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

daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	7,300
Delaware Tax-Free California Fund		10,584
Delaware Tax-Free Colorado Fund		19,981
Delaware Tax-Free Idaho Fund		9,910
Delaware Tax-Free New York Fund		15,326
Delaware Tax-Free Pennsylvania Fund		38,868

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the “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 each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended August 31, 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	$	2,690
Delaware Tax-Free California Fund		7,071
Delaware Tax-Free Colorado Fund		7,311
Delaware Tax-Free Idaho Fund		3,643
Delaware Tax-Free New York Fund		9,191
Delaware Tax-Free
Pennsylvania Fund		14,224

For the year ended August 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Arizona Fund		$	1,421
Delaware Tax-Free California Fund			3,037
Delaware Tax-Free Colorado Fund			11,132
Delaware Tax-Free Idaho Fund			11,309
Delaware Tax-Free New York Fund			4,658
Delaware Tax-Free Pennsylvania Fund			14,162

For the year ended August 31, 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 Arizona Fund	$	2,500		$	800
Delaware Tax-Free California Fund		101			87
Delaware Tax-Free Colorado Fund		6,018			841
Delaware Tax-Free Idaho Fund		2,488			74
Delaware Tax-Free New York Fund		2,269			—
Delaware Tax-Free Pennsylvania Fund		4,657			222

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

Cross trades for the year ended August 31, 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

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

trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/ trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended August 31, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:

	Purchases			Sales			Net realized gain (loss)
Delaware Tax-Free Arizona Fund		$	4,017,514		$	9,341,835		$	306,110
Delaware Tax-Free California Fund			12,019,473			12,905,387			104,013
Delaware Tax-Free Colorado Fund			6,174,915			5,870,021			—
Delaware Tax-Free Idaho Fund			11,958,262			3,906,215			147,049
Delaware Tax-Free New York Fund			6,959,039			2,315,402			(712	)
Delaware Tax-Free
Pennsylvania Fund			9,235,737			20,415,634			799,408

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 year ended August 31, 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	$	22,988,692	$	15,495,786
Delaware Tax-Free California Fund		30,982,032		15,986,528
Delaware Tax-Free Colorado Fund		37,726,224		23,345,899
Delaware Tax-Free Idaho Fund		40,481,563		19,270,318
Delaware Tax-Free New York Fund		26,152,372		23,112,733
Delaware Tax-Free Pennsylvania Fund		170,595,671		143,283,871

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The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes 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	$	82,515,141	$	7,337,422	$	(85,861	)	$	7,251,561
Delaware Tax-Free
California Fund		125,785,668		11,639,463		(224,477	)		11,414,986
Delaware Tax-Free
Colorado Fund		227,908,964		18,024,250		(50,356	)		17,973,894
Delaware Tax-Free
Idaho Fund		121,432,567		8,390,126		(120,934	)		8,269,192
Delaware Tax-Free New
York Fund		196,256,356		20,872,291		(201,544	)		20,670,747
Delaware Tax-Free
Pennsylvania Fund		435,329,338		42,129,932		(2,862,769	)		39,267,163

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

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

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt

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3. Investments (continued)

	securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2021:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	88,966,702
Short-Term Investments			800,000
Total Value of Securities		$	89,766,702

	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	136,200,654
Short-Term Investments			1,000,000
Total Value of Securities		$	137,200,654

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	240,654,397	$	240,654,397
Short-Term Investments¹		828,461		4,400,000		5,228,461
Total Value of Securities	$	828,461	$	245,054,397	$	245,882,858

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	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	126,699,055	$	126,699,055
Short-Term Investments		3,002,704		—		3,002,704
Total Value of Securities	$	3,002,704	$	126,699,055	$	129,701,759

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	216,117,103
Short-Term Investments			810,000
Total Value of Securities		$	216,927,103

	Delaware Tax-Free Pennsylvania Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	474,596,501

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

	Delaware Tax-Free
	Colorado Fund
	Level 1		Level 2		Total
Short-Term Investments	15.85	%	84.15	%	100.00	%

During the year ended August 31, 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 year ended August 31, 2021, there were no Level 3 investments.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2021 and 2020 were as follows:

	Tax-exempt income		Ordinary income		Long-term capital gains		Total
Year ended August 31, 2021:
Delaware Tax-Free Arizona Fund	$	2,225,211	$	17,738	$	48,606	$	2,291,555
Delaware Tax-Free California Fund		3,444,661		86		—		3,444,747
Delaware Tax-Free Colorado Fund		5,990,721		988		—		5,991,709
Delaware Tax-Free Idaho Fund		2,941,289		151		—		2,941,440
Delaware Tax-Free New York Fund		4,474,462		—		365,078		4,839,540
Delaware Tax-Free Pennsylvania Fund		12,345,155		600,806		2,336,190		15,282,151
Year ended August 31, 2020:
Delaware Tax-Free Arizona Fund		2,294,008		132,819		—		2,426,827
Delaware Tax-Free California Fund		2,942,472		328,078		577,094		3,847,644
Delaware Tax-Free Colorado Fund		6,470,990		947		—		6,471,937
Delaware Tax-Free Idaho Fund		3,002,673		—		—		3,002,673
Delaware Tax-Free New York Fund		2,498,126		291,958		147,922		2,938,006
Delaware Tax-Free Pennsylvania Fund		13,525,071		1,397,137		2,715,224		17,637,432

5. Components of Net Assets on a Tax Basis

As of August 31, 2021, the components of net assets on a tax basis were as follows:

	Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund
Shares of beneficial interest		$	82,566,891			$	124,259,775			$	230,794,943
Undistributed ordinary
income			107,751				—				—
Undistributed tax-exempt
income			34,542				56,488				394,022
Undistributed long-term
capital gains			437,607				213,032				—
Distributions payable			(14,661	)			(46,717	)			(41,464	)
Capital loss carryforwards			—				—				(2,013,448	)
Unrealized appreciation of
investments			7,251,561				11,414,986				17,973,894
Net assets		$	90,383,691			$	135,897,564			$	247,107,947

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	Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Shares of beneficial interest		$	125,173,618			$	197,052,062			$	430,653,680
Undistributed ordinary
income			—				—				1,474,618
Undistributed tax-exempt
income			2,259				65,740				—
Undistributed long-term
capital gains			—				53,570				—
Distributions payable			(18,998	)			(64,607	)			(106,962	)
Capital loss carryforwards			(4,503,317	)			(467,227	)*			—
Unrealized appreciation of
investments			8,269,192				20,670,747				39,267,163
Net assets		$	128,922,754			$	217,310,285			$	471,288,499

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

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended August 31, 2021, Delaware Tax-Free New York Fund adjustments were to decrease total distributable earnings and increase paid-in capital in excess of par by $635,917 due to capital loss carryforward from merger. Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free Pennsylvania Fund had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2021, the Funds utilized capital loss carryforwards as follows:

Delaware Tax-Free Arizona Fund	$	86,581
Delaware Tax-Free Colorado Fund		297,584
Delaware Tax-Free Idaho Fund		416,478
Delaware Tax-Free New York Fund		168,690

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

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

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

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

6. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Arizona Fund				California Fund				Colorado Fund
		Year ended				Year ended				Year ended
		8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
	Class A	513,124		349,787		1,023,677		798,154		1,050,651		1,177,515
	Class C	23,292		41,794		50,194		48,347		77,408		66,422
	Institutional Class	733,558		372,503		1,301,732		1,795,851		2,586,555		2,117,070

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

Shares issued upon reinvestment of dividends and distributions:
	Class A	129,794		130,770		153,210		125,573		331,105		378,666
	Class C	3,131		5,131		8,850		23,216		11,269		17,390
	Institutional Class	42,741		41,773		68,426		105,460		137,029		123,322
		1,445,640		941,758		5,536,311		2,896,601		4,194,017		3,880,385

Shares redeemed:
	Class A	(505,741	)	(400,570	)	(780,314	)	(685,580	)	(1,684,720	)	(1,773,322	)
	Class C	(121,492	)	(90,096	)	(315,080	)	(434,992	)	(225,450	)	(271,283	)
	Institutional Class	(248,526	)	(318,049	)	(663,751	)	(2,676,045	)	(791,630	)	(1,355,362	)
		(875,759	)	(808,715	)	(1,759,145	)	(3,796,617	)	(2,701,800	)	(3,399,967	)
Net increase (decrease)		569,881		133,043		3,777,166		(900,016	)	1,492,217		480,418

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		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Idaho Fund				New York Fund				Pennsylvania Fund
		Year ended				Year ended				Year ended
		8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
	Class A	981,935		959,882		627,672		995,411		4,204,401		4,314,169
	Class C	169,886		95,887		33,490		47,380		240,336		354,617
	Institutional Class	1,578,301		1,075,303		1,191,983		842,455		2,547,206		1,831,656

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

Shares issued upon reinvestment of dividends and distributions:
	Class A	133,396		133,062		233,817		95,051		1,375,466		1,636,289
	Class C	11,485		19,494		7,458		17,739		51,827		84,927
	Institutional Class	87,070		88,432		104,568		109,851		249,015		230,937
		2,962,073		2,372,060		12,542,061		2,107,887		8,668,251		8,452,595

Shares redeemed:
	Class A	(389,583	)	(589,708	)	(1,260,818	)	(486,526	)	(4,647,494	)	(6,405,705	)
	Class C	(405,039	)	(455,467	)	(253,594	)	(598,180	)	(967,055	)	(1,117,945	)
	Institutional Class	(501,800	)	(1,052,192	)	(551,930	)	(980,134	)	(1,059,421	)	(847,916	)
		(1,296,422	)	(2,097,367	)	(2,066,342	)	(2,064,840	)	(6,673,970	)	(8,371,566	)
Net increase		1,665,651		274,693		10,475,719		43,047		1,994,281		81,029

¹	See Note 7.

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 years ended August 31, 2021 and 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 Arizona Fund
Year ended
8/31/21	—	17,945	—	517	17,475	$	212,441
Delaware Tax-Free California Fund
Year ended
8/31/21	41	9,178	—	9,199	41		115,246
8/31/20	41,500	—	—	—	41,591		497,495

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6. 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
Year ended
8/31/21	363	23,555	—	23,639	363	$	277,845
8/31/20	14,854	—	—	—	14,879		162,881

Delaware Tax-Free Idaho Fund
Year ended
8/31/21	17,257	39,913	—	30,392	26,800		675,359
8/31/20	975	47	—	47	976		11,445

Delaware Tax-Free New York Fund
Year ended
8/31/21	—	4,465	8,571	13,029	—		156,853
8/31/20	—	689	—	687	—		7,995

Delaware Tax-Free Pennsylvania Fund
Year ended
8/31/21	42,470	104,699	647	89,432	58,557		1,214,761
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 year ended August 31, 2020.

7. 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 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.

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The share transactions associated with the merger are as follows:

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

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

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

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

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

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

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

8. 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 August 31, 2021, or at any time during the year then ended.

9. Geographic, Credit, and Market Risks

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

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

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

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

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

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

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

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

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

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

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

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

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

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

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II and Delaware Group^®State Tax-Free Income Trust and Shareholders of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, Delaware Tax-Free Colorado Fund and Delaware Tax-Free Pennsylvania Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Tax-Free Arizona Fund (constituting Voyageur Insured Funds), Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund (three of the funds constituting Voyageur Mutual Funds), Delaware Tax-Free Colorado Fund (constituting Voyageur Mutual Funds II) and Delaware Tax-Free Pennsylvania Fund (constituting Delaware Group^®State Tax-Free Income Trust) (hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021 and each of the financial highlights for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2021

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

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

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

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Tax Information

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

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

For the fiscal year ended August 31, 2021, the Fund reports distributions paid during the year as follows:

	(A)
	Long-Term	(B)	(C)
	Capital Gains	Ordinary Income	Tax-Exempt	Total
	Distributions	Distributions	Distributions	Distributions
	(Tax Basis)	(Tax Basis)	(Tax Basis)	(Tax Basis)
Delaware Tax-Free
Arizona Fund	2.12%	0.77%	97.11%	100.00%
Delaware Tax-Free
California Fund	—	—	100.00%	100.00%
Delaware Tax-Free
Colorado Fund	—	0.02%	99.98%	100.00%
Delaware Tax-Free
Idaho Fund	—	0.01%	99.99%	100.00%
Delaware Tax-Free New
York Fund	7.54%	—	92.46%	100.00%
Delaware Tax-Free
Pennsylvania Fund	15.29%	3.93%	80.78%	100.00%

____________________

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

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

Board consideration of Investment Advisory Agreements for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds; the costs of such services to the Funds; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie^®(“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in

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the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for each Fund showed the Fund’s investment performance in comparison to a group of similar funds (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that each Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Delaware Tax-Free Arizona Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free California Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional California municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year, 5-year, and since inception periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Colorado Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Idaho Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year and since inception periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3- and 5-year period was in the first quartile of its Performance Universe. The Board was satisfied with performance.

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

Delaware Tax-Free New York Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional New York municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Pennsylvania Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional Pennsylvania municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of each Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

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

Delaware Tax-Free California Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered favorably fee waivers in place through December 2021 and various initiatives implemented by Management, such as a negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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

Delaware Tax-Free Idaho Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free New York Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free Pennsylvania Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for

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

procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed each Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2021, the Funds had each not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if each Fund increases sufficiently in size, then economies of scale may be shared.

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

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

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

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

189

Table of Contents

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

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

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December 2019)
			Morgan Chase & Co.

190

Table of Contents

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

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

John A. Fry	Trustee	Since January 2001	President — Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College (July 2002–June 2010)		Community Health Systems
May 1960					(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

191

Table of Contents

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

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

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–Present)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

192

Table of Contents

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

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group (2010–April 2013)		Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

193

Table of Contents

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

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

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

194

Table of Contents

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

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company
Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None³
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None³
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

195

Table of Contents

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

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

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

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

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

196

Table of Contents

About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Philadelphia, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO

Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ	Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	John A. Fry President Drexel University Philadelphia, PA

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

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the 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.

197

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

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

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

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

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

e. An understanding of audit committee functions.

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

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

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

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

d. Other relevant experience.

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

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

Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $35,676 for the fiscal year ended August 31, 2021.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2021.

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

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

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

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

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $5,500 for the fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended August 31, 2021.

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

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

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

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

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $5,607,000 for the registrant’s fiscal years ended August 31, 2021 and August 31, 2020, respectively.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial 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:	November 3, 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:	November 3, 2021


/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	November 3, 2021

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