Delaware Tax-Free Arizona Fund

Holdings as of 07/30/2010 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
ARIZONA BRD REGENTS UNIV ARIZ	1,255,000.00	1.21	$1,419,517.95	5.00	06/01/2021	AZSHGR
ARIZONA BRD REGENTS UNIV ARIZ	1,500,000.00	1.33	$1,562,985.00	5.00	06/01/2039	AZSHGR
ARIZONA GAME & FISH DEPT &	1,300,000.00	1.11	$1,307,215.00	5.00	07/01/2032	AZSCTF
ARIZONA HEALTH FACS AUTH HEALT	1,500,000.00	1.29	$1,510,530.00	5.12	01/01/2030	AZSMED
ARIZONA HEALTH FACS AUTH REV	1,500,000.00	1.28	$1,504,215.00	5.00	07/01/2028	AZSMED
ARIZONA MUNICIPAL CASH TRUST S	1,814,995.29	1.55	$1,814,995.29	0.01	08/02/2010	080210FAZ
ARIZONA ST CTFS PARTN	1,500,000.00	1.37	$1,611,075.00	5.25	10/01/2025	AZSCTF
ARIZONA ST TRANSN BRD	1,250,000.00	1.23	$1,442,225.00	5.00	07/01/2014	AZSTRN
ARIZONA ST TRANSN BRD HWY REV	1,000,000.00	0.93	$1,090,700.00	5.00	07/01/2023	AZSTRN
ARIZONA ST UNIV CTFS PARTN	2,000,000.00	1.71	$2,008,340.00	5.00	09/01/2030	AZSHGR
ARIZONA ST UNIV ENERGY MGMT	1,385,000.00	1.21	$1,425,469.70	4.50	07/01/2024	AZSHGR
ARIZONA TOURISM & SPORTS AUTH	1,345,000.00	1.15	$1,349,290.55	5.00	07/01/2028	AZSGEN
CASH	-206,007.57	-0.18	-$206,007.57	0.00	12/15/2038	US-CASH
COCONINO & YAVAPAI CNTYS ARIZ	1,350,000.00	1.24	$1,460,160.00	5.38	07/01/2028	CCOSCD
COCONINO & YAVAPAI CNTYS ARIZ	1,520,000.00	1.50	$1,763,200.00	4.50	07/01/2018	CCOSCD
DC RANCH CMNTY FACS DIST SCOTT	1,000,000.00	0.84	$988,720.00	5.00	07/15/2027	DCRFAC
ENERGY MGMT SVCS (MAIN) LLC	1,500,000.00	1.38	$1,616,700.00	5.25	07/01/2017	ENE
FLAGSTAFF ARIZ	1,350,000.00	1.15	$1,350,445.50	5.00	01/01/2032	FLA
GILA CNTY ARIZ UNI SCH DIST NO	1,000,000.00	0.91	$1,064,610.00	5.25	07/01/2027	GILSCD
GILBERT ARIZ PUB FACS MUN PPTY	1,250,000.00	1.14	$1,340,537.50	5.00	07/01/2025	GBTFAC
GLENDALE ARIZ INDL DEV AUTH	1,200,000.00	1.03	$1,205,868.00	5.12	05/15/2040	GLEDEV
GLENDALE ARIZ INDL DEV AUTH	2,500,000.00	1.92	$2,256,250.00	5.00	12/01/2042	GLEMED
GUAM GOVT	115,000.00	0.10	$123,819.35	6.75	11/15/2029	GMSFAC
GUAM GOVT	1,250,000.00	1.16	$1,357,375.00	7.00	11/15/2039	GMSFAC
LONG TERM RECEIVABLES	-221,625.20	-0.19	-$221,625.20	0.00	N/A	SECNCAHUS
MARANA ARIZ MUN PPTY CORP MUN	575,000.00	0.50	$590,996.50	5.00	07/01/2028	MRADEV
MARANA ARIZ TANGERINE FARMS RD	924,000.00	0.75	$881,690.04	4.60	01/01/2026	MRAGEN
MARICOPA CNTY ARIZ INDL DEV	1,000,000.00	0.85	$1,000,940.00	5.38	07/01/2022	MARDEV
MARICOPA CNTY ARIZ INDL DEV AU	1,000,000.00	0.88	$1,028,110.00	5.50	07/01/2026	MARMED
MARICOPA CNTY ARIZ INDL DEV AU	2,500,000.00	2.27	$2,661,350.00	6.00	07/01/2039	MARMED
MARICOPA CNTY ARIZ POLLUTION	1,500,000.00	1.30	$1,524,150.00	5.20	06/01/2043	MARPOL
MARICOPA CNTY ARIZ POLLUTION	2,000,000.00	1.62	$1,904,340.00	5.05	05/01/2029	MARPOL
MESA ARIZ STR & HWY REV	1,000,000.00	0.98	$1,144,610.00	5.00	07/01/2020	MESTRN
MESA ARIZ UTIL SYS REV	2,150,000.00	2.12	$2,493,763.50	5.00	07/01/2018	MESUTL
NAVAJO CNTY ARIZ POLLUTN CTL	1,500,000.00	1.37	$1,602,975.00	5.75	06/01/2034	NVAPOL
PEORIA ARIZ MUN DEV AUTH INC	1,000,000.00	0.96	$1,122,320.00	4.50	01/01/2016	PEODEV
PHOENIX ARIZ	2,435,000.00	2.13	$2,501,938.15	5.00	07/01/2027	PHO
PHOENIX ARIZ CIVIC IMPT CORP	1,000,000.00	0.86	$1,008,120.00	5.25	07/01/2027	PHOAPT
PHOENIX ARIZ CIVIC IMPT CORP	3,000,000.00	2.56	$3,006,900.00	5.25	07/01/2032	PHOAPT
PHOENIX ARIZ CIVIC IMPT CORP	3,750,000.00	3.30	$3,872,812.50	5.00	07/01/2026	PHOWTR
PHOENIX ARIZ CIVIC IMPT CORP T	2,270,000.00	2.08	$2,436,640.70	5.00	07/01/2020	PHOGEN
PHOENIX ARIZ CIVIC IMPT CORP W	1,000,000.00	0.88	$1,029,640.00	5.00	07/01/2024	PHOUTL
PHOENIX ARIZ CIVIC IMPT CORP W	2,750,000.00	2.68	$3,144,845.00	5.00	07/01/2019	PHOUTL
PHOENIX ARIZ INDL DEV AUTH	2,000,000.00	1.71	$2,006,380.00	5.00	09/15/2028	PHODEV
PIMA CNTY ARIZ INDL DEV AUTH E	1,000,000.00	0.68	$793,620.00	5.00	06/01/2037	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH L	1,500,000.00	1.32	$1,549,275.00	5.38	07/01/2039	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH L	1,500,000.00	1.33	$1,557,825.00	5.25	07/01/2031	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH P	1,500,000.00	1.32	$1,552,035.00	4.95	10/01/2020	PIMPOL
PIMA CNTY ARIZ INDL DEV AUTH R	750,000.00	0.65	$767,370.00	5.75	09/01/2029	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH S	15,000.00	0.01	$15,018.90	6.12	11/01/2033	PIMSFH
PINAL CNTY ARIZ CTFS PARTN	1,300,000.00	1.11	$1,302,418.00	5.00	12/01/2029	PINCTF
PINAL CNTY ARIZ CTFS PARTN	2,000,000.00	1.74	$2,044,100.00	5.12	06/01/2021	PINCTF
PUERTO RICO COMWLTH	480,000.00	0.41	$481,152.00	5.12	07/01/2030	PRC
PUERTO RICO COMWLTH	1,010,000.00	0.91	$1,073,327.00	6.00	07/01/2039	PRC
PUERTO RICO COMWLTH	1,300,000.00	1.21	$1,418,027.00	5.50	07/01/2019	PRC
PUERTO RICO COMWLTH	2,000,000.00	1.70	$2,000,720.00	5.12	07/01/2031	PRC
PUERTO RICO COMWLTH HWY & TRAN	750,000.00	0.76	$890,280.00	5.00	07/01/2035	PRCTRN
PUERTO RICO COMWLTH INFRASTRUC	1,955,000.00	1.80	$2,113,648.25	5.50	07/01/2025	PRCFAC
PUERTO RICO ELEC PWR AUTH PWR	600,000.00	0.52	$614,862.00	5.50	07/01/2038	PRCPWR
PUERTO RICO ELEC PWR AUTH PWR	1,250,000.00	1.08	$1,262,950.00	5.25	07/01/2040	PRCPWR
PUERTO RICO ELEC PWR AUTH PWR	1,430,000.00	1.23	$1,444,371.50	5.00	07/01/2028	PRCPWR
PUERTO RICO ELEC PWR AUTH PWR	1,500,000.00	1.33	$1,565,355.00	5.25	07/01/2026	PRCPWR
PUERTO RICO PORTS AUTH REV	1,115,000.00	0.78	$918,403.20	6.25	06/01/2026	745290EB8
PUERTO RICO PUB BLDGS AUTH REV	5,000.00	0.00	$5,784.45	5.25	07/01/2033	PRCFAC
PUERTO RICO PUB BLDGS AUTH REV	470,000.00	0.40	$471,593.30	5.25	07/01/2027	PRCFAC
PUERTO RICO SALES TAX FING	835,000.00	0.77	$904,196.45	6.00	08/01/2039	PRCGEN
PUERTO RICO SALES TAX FING	1,190,000.00	1.06	$1,248,786.00	5.75	08/01/2037	PRCGEN
PUERTO RICO SALES TAX FING	3,045,000.00	2.14	$2,511,607.35	0.00	08/01/2032	PRCGEN
SALT RIVER PROJ ARIZ AGRIC IMP	2,000,000.00	1.74	$2,044,460.00	5.00	01/01/2031	SALPWR
SALT VERDE FINL CORP GAS REV A	1,395,000.00	1.06	$1,243,670.40	5.00	12/01/2037	SLTPWR
SCOTTSDALE ARIZ INDL DEV AUTH	1,250,000.00	1.06	$1,245,325.00	5.25	09/01/2030	SCOMED
SCOTTSDALE ARIZ WTR & SWR REV	1,150,000.00	1.23	$1,439,811.50	5.25	07/01/2022	SCOUTL
SECURITIZED NET CASH - ACR1	889,402.69	0.76	$889,402.69	0.00	N/A	SECCASHAC
SOUTH CAMPUS GROUP LLC ARIZ	1,000,000.00	0.86	$1,008,240.00	5.62	09/01/2035	SCMHSG
SOUTHERN ARIZ CAP FACS FIN	3,250,000.00	3.04	$3,569,020.00	5.10	09/01/2033	STHEDU
TUCSON ARIZ INDL DEV AUTH LEAS	1,000,000.00	0.86	$1,008,690.00	5.00	07/15/2027	TUCDEV
UNIVERSITY ARIZ CTFS PARTN	85,000.00	0.08	$90,396.65	5.12	06/01/2021	UNICTF
UNIVERSITY ARIZ CTFS PARTN	915,000.00	0.84	$992,454.75	5.12	06/01/2021	UNICTF
UNIVERSITY AZ CTFS PARTN	1,000,000.00	0.86	$1,006,760.00	5.00	06/01/2031	UNIHGR
UNIVERSITY MED CTR CORP ARIZ	1,610,000.00	1.27	$1,491,149.80	5.00	07/01/2035	UMCMED
UNIVERSITY MED CTR CORP ARIZ	2,500,000.00	2.29	$2,688,825.00	6.50	07/01/2039	UMCMED
VIRGIN ISLANDS PUB FIN AUTH RE	1,000,000.00	0.84	$990,270.00	5.00	10/01/2031	VITGEN
YAVAPAI CNTY ARIZ INDL DEV AUT	2,000,000.00	1.72	$2,018,220.00	5.25	08/01/2021	YAVMED