For state-specific tax-free funds

For the calendar year 2014, income dividends received from investments in all classes of the funds in the chart below were generally exempt from federal income tax. Dividends that are exempt from federal income tax may or may not be exempt under the laws of a particular state or local taxing authority. Generally, however, income from bonds issued by municipalities in a particular state is not taxable in that state. Most states do not grant tax-free treatment to interest from municipal securities of other states. We recommend that you consult your tax advisor in this regard.

Listed here, on a state-by-state basis, are the percentages of interest income earned on municipal obligations of issuers in each such state during the calendar year 2014.

A note about AMT

A portion of the income paid to Delaware Investments® state-specific tax-free funds shareholders may be subject to the federal alternative minimum tax (AMT) that applies to some investors. See Tax-free funds and AMT — state tax-free funds for more information.

Percentage of interest income earned on municipal obligations, state by state, for 2014

Delaware Investments tax-exempt fund Source of income
Delaware Tax-Free Arizona Fund Arizona: 95.84%
Puerto Rico: 2.56%
Guam: 1.60%
Delaware Tax-Free California Fund California: 95.18%
Puerto Rico: 4.26%
Virgin Islands: 0.56%
Delaware Tax-Free Colorado Fund Colorado: 96.62%
Puerto Rico: 1.61%
Guam: 1.62%
Virgin Islands: 0.15%
Delaware Tax-Free Idaho Fund Idaho: 93.44%
Puerto Rico: 3.02%
Guam: 2.28%
Virgin Islands: 1.26%
Delaware Minnesota High-Yield Municipal Bond Fund Minnesota: 99.91%
Puerto Rico: 0.06%
Virgin Islands: 0.03%
Delaware Tax-Free Minnesota Fund Minnesota: 99.87%
Puerto Rico: 0.03%
Virgin Islands: 0.10%
Delaware Tax-Free Minnesota Intermediate Fund Minnesota: 99.98%
Puerto Rico: 0.02%
Delaware Tax-Free New York Fund New York: 98.42%
Puerto Rico: 1.00%
Guam: 0.41%
Virgin Islands: 0.17%
Delaware Tax-Free Pennsylvania Fund Pennsylvania: 98.25%
Puerto Rico: 0.90%
Guam: 0.85%
Source: Delaware Investments

Investing involves risk, including the possible loss of principal.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting our fund literature page or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

The information contained in the Tax Center is not intended to be legal or tax advice. If you need assistance preparing your tax return, please consult a tax advisor.

Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. Advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.