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:		811-07410
Exact name of registrant as specified in charter:		Delaware Investments® National Municipal Income Fund
Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103
Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103
Registrant’s telephone number, including area code:		(800) 523-1918
Date of fiscal year end:		March 31
Date of reporting period:		March 31, 2013

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Item 1. Reports to Stockholders

Table of contents

	> Portfolio management review	1
	> Fund basics	2
	> Security type/Sector/State allocations	3
	> Statements of net assets	5
	> Statements of assets and liabilities	17
	> Statements of operations	18
	> Statements of changes in net assets	19
	> Financial highlights	20
	> Notes to financial statements	23
	> Report of independent registered public accounting firm	31
	> Other Fund information	32
	> Board of trustees/directors and officers addendum	34
	> About the organization	37

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services. For more information, including press releases, please visit delawareinvestments.com.

Unless otherwise noted, views expressed herein are current as of March 31, 2013, and subject to change. Information is as of the date indicated and subject to change.

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. Mutual fund advisory services are provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Investments in Delaware Investments^® Closed-End Municipal Bond Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

© 2013 Delaware Management Holdings, Inc.

All third-party marks cited are the property of their respective owners.

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Portfolio management review

Delaware Investments^® Closed-End Municipal Bond Funds
April 9, 2013

Municipal bond market conditions

During the Funds’ fiscal year ended March 31, 2013, the U.S. tax-exempt bond market, as measured by the Barclays Municipal Bond Index, returned 5.25%. In this favorable environment, higher yielding, lower-rated municipal bonds fared the best overall, with below-investment-grade issues gaining 14.23%, compared to returns of 6.50% and 3.78% generated by the higher-rated BBB and AAA segments of the market, respectively. (Data: Barclays.)

On Jan. 1, 2013, an agreement was reached in Washington, D.C., known as the American Taxpayer Relief Act of 2012. The good news for the municipal market was that the deal did not include a 28% cap on the municipal tax exemption.

Fund positioning: maintaining a long-standing approach

Our portfolio management strategy remained consistent throughout the Funds’ fiscal year. We continued investing by utilizing a bottom-up approach to portfolio construction, meaning that we evaluated investment opportunities individually based on thorough research; ultimately, we selected bonds that we believed offered a favorable balance between risk and potential reward.

We were also mindful of market shifts that could lead to new opportunities (or risks) for investors. Several such situations occurred during the fiscal year, as risks emerged that we believed justified making the portfolio slightly more defensive.

One of these shifts took place in the final months of the fiscal year. Especially in light of back-to-back years of strong performance in the municipal bond market, we thought it prudent to take a defensive position in an effort to seek to mitigate some of the risk to the Funds from a potential rise in long-term interest rates. This entailed modestly reducing the Funds’ exposure to longer-maturity securities. In addition, given global macroeconomic challenges, we limited the Funds’ allocations to certain lower-rated bonds that we believed were potentially at risk. We should note that this shift represented only subtle changes to the Funds’ portfolios. Throughout the Funds’ fiscal year, we maintained our usual focus on seeking to generate relative outperformance by emphasizing bonds within the lower tiers of the investment-grade credit ratings.

This is a segment of the market in which we believe our credit research capabilities have the potential to add value to the overall investment process.

Performance effects

Although we slightly reduced the Funds’ exposure to lower rated credit and decreased positions in bonds with longer maturities, these credits were among the strongest-performing bonds within the Funds. Additionally, the typically maintained overweight positions in these securities during the fiscal year.

Within Delaware Investments Colorado Municipal Income Fund, Inc., the strongest performing bonds tended to include issues within the healthcare sector (one example was issued by the Colorado Health Facilities Authority, with a coupon of 5% and a maturity date of 2040). The weaker performers, meanwhile, included an issue by the Puerto Rico Infrastructure Financing Authority, which felt much pressure among that commonwealth’s pension-related challenges and uncertainty surrounding a newly elected governor.

Within Delaware Investments Minnesota Municipal Income Fund, II Inc., notable performers included bonds issued by the Dakota and Washington Counties Housing and Redevelopment Authority. These bonds were issued with a 8.375% coupon, and are scheduled to mature in 2021. Other contributors included tobacco settlement bonds, with an S&P rating of A- and a maturity date of 2031. The positive effects generated by these bonds were offset somewhat by the underperformance of bonds such as those issued by the Laurentian Energy Authority, with a 5.0% coupon and a maturity of 2021. Puerto Rican bonds likewise posed a mild drag on the Fund’s performance, including bonds issued by the Puerto Rico Electric Power Authority.

Delaware Investments National Municipal Income Fund experienced a positive contribution from so-called tobacco settlement bonds. Another notable contributor to the Fund’s performance was a bond issued by the West Virginia Hospital Finance Authority, with a stated coupon of 9.125% and a maturity date of 2041. Bonds issued out of Puerto Rico, including an issue by the Puerto Rico Sales Tax Financing Corporation, were the weakest performers across the Fund.

1

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Fund basics

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

As of March 31, 2013

Fund objective

The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state personal income tax, consistent with the preservation of capital.

Total Fund net assets

$74 million

Number of holdings

78

Fund start date

July 29, 1993

CUSIP number

246101109

Delaware Investments Minnesota Municipal Income Fund II, Inc. As of March 31, 2013

Fund objective

The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota state personal income tax, consistent with the preservation of capital.

Total Fund net assets

$176 million

Number of holdings

139

Fund start date

Feb. 26, 1993

CUSIP number

24610V103

Delaware Investments National Municipal Income Fund As of March 31, 2013

Fund objective

The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital.

Total Fund net assets

$68 million

Number of holdings

163

Fund start date

Feb. 26, 1993

CUSIP number

24610T108

2

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Security type/Sector/State allocations
As of March 31, 2013 (Unaudited)

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

Delaware Investments®
Colorado Municipal Income Fund, Inc.
				Percentage
Security type/Sector				of Net Assets
Municipal Bonds*				138.04	%
Corporate-Backed Revenue Bond				1.39	%
Education Revenue Bonds				21.32	%
Electric Revenue Bonds				6.41	%
Healthcare Revenue Bonds				29.67	%
Housing Revenue Bonds				2.38	%
Lease Revenue Bonds				10.56	%
Local General Obligation Bonds				13.81	%
Pre-Refunded Bonds				7.54	%
Special Tax Revenue Bonds				33.52	%
State & Territory General Obligation Bonds				1.80	%
Transportation Revenue Bonds				8.12	%
Water & Sewer Revenue Bond				1.52	%
Short-Term Investment				0.27	%
Total Value of Securities				138.31	%
Liquidation Value of Preferred Stock				(40.35	%)
Receivables and Other Assets Net of Liabilities				2.04	%
Total Net Assets				100.00	%
*		As of the date of this report, Delaware Investments Colorado Municipal Income Fund, Inc. held bonds issued by or on behalf of territories of the United States as follows:
Territory			(as a % of fixed income investments)
Guam				1.1	%
Puerto Rico				12.4	%

Delaware Investments
Minnesota Municipal Income Fund II, Inc.
				Percentage
Security type/Sector				of Net Assets
Municipal Bonds†				140.31	%
Corporate-Backed Revenue Bonds				7.39	%
Education Revenue Bonds				16.90	%
Electric Revenue Bonds				6.43	%
Healthcare Revenue Bonds				40.12	%
Housing Revenue Bonds				6.31	%
Lease Revenue Bonds				14.94	%
Local General Obligation Bonds				8.45	%
Pre-Refunded/Escrowed to Maturity Bonds				17.94	%
Special Tax Revenue Bonds				7.69	%
State & Territory General Obligation Bonds				9.16	%
Transportation Revenue Bonds				3.37	%
Water & Sewer Revenue Bonds				1.61	%
Total Value of Securities				140.31	%
Liquidation Value of Preferred Stock				(42.70	%)
Receivables and Other Assets Net of Liabilities				2.39	%
Total Net Assets				100.00	%
†		As of the date of this report, Delaware Investments Minnesota Municipal Income Fund II, Inc. held bonds issued by or on behalf of territories of the United States as follows:
Territory			(as a % of fixed income investments)
Guam				0.1	%
Puerto Rico				2.3	%

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Security type/Sector/State allocations

As of March 31, 2013 (Unaudited)

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

Delaware Investments^®
National Municipal Income Fund

		Percentage
Security type/Sector		of Net Assets
Municipal Bonds		143.61	%
Corporate-Backed Revenue Bonds		15.82	%
Education Revenue Bonds		24.78	%
Electric Revenue Bonds		4.75	%
Healthcare Revenue Bonds		20.02	%
Housing Revenue Bonds		2.44	%
Lease Revenue Bonds		12.35	%
Local General Obligation Bonds		3.33	%
Special Tax Revenue Bonds		25.68	%
State & Territory General Obligation Bonds		6.30	%
Transportation Revenue Bonds		22.55	%
Water & Sewer Revenue Bonds		5.59	%
Total Value of Securities		143.61	%
Liquidation Value of Preferred Stock		(44.20	%)
Receivables and Other Assets Net of Liabilities		0.59	%
Total Net Assets		100.00	%

State/Territory			(as a % of fixed income investments)
Alaska			0.35	%
Arizona			12.52	%
California			11.70	%
Colorado			1.21	%
Florida			2.92	%
Georgia			1.62	%
Guam			2.06	%
Hawaii			0.34	%
Idaho			1.12	%
Illinois			1.38	%
Indiana			1.02	%
Iowa			0.55	%
Kansas			0.16	%
Louisiana			2.40	%
Maine			0.37	%
Maryland			2.55	%
Massachusetts			0.99	%
Minnesota			1.28	%
Missouri			2.21	%
New Hampshire			0.36	%
New Jersey			5.42	%
New Mexico			0.56	%
New York			18.02	%
Ohio			1.85	%
Oregon			4.01	%
Pennsylvania			6.39	%
Puerto Rico			6.48	%
Texas			6.57	%
Virginia			1.85	%
Washington D.C.			0.28	%
West Virginia			0.66	%
Wisconsin			0.51	%
Wyoming			0.29	%
Total			100.00	%

4

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 138.04%
Corporate-Backed Revenue Bond – 1.39%
	Public Authority for Colorado Energy
	Natural Gas Revenue Series 2008
	6.50% 11/15/38		$	750,000		$	1,030,680
							1,030,680
Education Revenue Bonds – 21.32%
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(Academy Charter School Project)
	5.50% 5/1/36 (SGI)			1,720,000			1,784,552
	(Bromley Charter School Project)
	5.25% 9/15/32 (SGI)			3,245,000			3,331,187
	(Johnson & Wales University Project)
	Series A 5.00% 4/1/28 (SGI)			3,000,000			3,002,850
	(Littleton Charter School Project)
	4.375% 1/15/36 (ASSURED GTY)			1,200,000			1,201,800
	(Student Housing - Campus
	Village Apartments) 5.00% 6/1/23			1,065,000			1,187,400
	Colorado State Board of Governors
	Revenue (University Enterprise
	System) Series A 5.00% 3/1/39			700,000			780,087
	University of Colorado 5.00% 6/1/31			3,185,000			3,677,337
	University of Colorado Enterprise
	Systems Revenue
	Series A 5.375% 6/1/38			750,000			883,208
							15,848,421
Electric Revenue Bonds – 6.41%
	Colorado Springs Utilities System
	Improvement Revenue
	Series C 5.50% 11/15/48			750,000			866,955
	Platte River Power Authority Revenue
	Series HH 5.00% 6/1/28			1,500,000			1,781,130
	Puerto Rico Electric Power
	Authority Revenue
	Series A 5.00% 7/1/42			500,000			460,735
	Series TT 5.00% 7/1/37			685,000			639,804
	Series WW 5.50% 7/1/38			300,000			299,364
	Series XX 5.25% 7/1/40			750,000			720,030
							4,768,018
Healthcare Revenue Bonds – 29.67%
	Aurora Hospital Revenue (Children’s
	Hospital Association Project)
	Series A 5.00% 12/1/40			2,000,000			2,185,480
	Colorado Health Facilities
	Authority Revenue
	(Boulder Community Hospital
	Project) 5.00% 10/1/32			500,000			556,155
	(Catholic Health Initiatives)
	Series A 5.00% 7/1/39			750,000			819,488
	Series A 5.00% 2/1/41			2,400,000			2,623,391
	Series A 5.25% 2/1/33			1,625,000			1,861,015
	Series C-1 5.10% 10/1/41 (AGM)			1,000,000			1,079,830
	Series D 6.125% 10/1/28			750,000			900,075
	(Christian Living
	Communities Project)
	6.375% 1/1/41			615,000			702,441
	Series A 5.75% 1/1/37			885,000			943,260
	(Covenant Retirement
	Communities) 5.00% 12/1/33			1,000,000			1,059,340
	(Evangelical Lutheran Good
	Samaritan Society) 5.25% 6/1/23			1,000,000			1,072,410
	(National Jewish Health Project)
	5.00% 1/1/27			500,000			534,510
	(Sisters of Charity of Leavenworth
	Health System) 5.00% 1/1/40			4,750,000			5,141,067
	(Total Long-Term Care)
	Series A 6.00% 11/15/30			400,000			452,560
	Denver Health & Hospital Authority
	Revenue (Recovery Zone Facilities)
	5.625% 12/1/40			750,000			817,140
	University of Colorado Hospital
	Authority Revenue Series A
	5.00% 11/15/37			500,000			535,030
	6.00% 11/15/29			650,000			773,533
							22,056,725
Housing Revenue Bonds – 2.38%
	Colorado Housing & Finance
	Authority (Single Family
	Mortgage - Class 1) Series A
	5.50% 11/1/29 (FHA) (VA) (HUD)			365,000			378,808
	Puerto Rico Housing Finance
	Authority Subordinated-Capital
	Fund Modernization
	5.125% 12/1/27 (HUD)			1,000,000			1,052,770
	5.50% 12/1/18 (HUD)			300,000			339,978
							1,771,556
Lease Revenue Bonds – 10.56%
	Aurora Certificates of Participation
	Refunding Series A 5.00% 12/1/30			630,000			721,545
	Colorado State Building Excellent
	Schools Today Certificates
	of Participation
	Series G 5.00% 3/15/32			2,000,000			2,244,581
	Glendale Certificates of Participation
	5.00% 12/1/25 (SGI)			1,500,000			1,604,565
	Pueblo County Certificates of
	Participation (County Judicial
	Complex Project)
	5.00% 9/15/42 (AGM)			2,000,000			2,227,100

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.

			Principal
			Amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
•	Puerto Rico Public Buildings
	Authority Revenue (Guaranteed
	Government Facilities)
	Series M-2 5.50% 7/1/35 (AMBAC)		$	500,000		$	531,925
	Regional Transportation District
	Certificates of Participation
	Series A 5.375% 6/1/31			460,000			518,323
							7,848,039
Local General Obligation Bonds – 13.81%
	Arapahoe County School District #1
	Englewood 5.00% 12/1/31			2,935,000			3,418,071
	Boulder, Larimer & Weld Counties
	St. Vrain Valley School District
	No. Re-1J 5.00% 12/15/33			750,000			852,570
	Bowles Metropolitan District
	5.00% 12/1/33 (AGM)			2,000,000			2,021,680
	Denver City & County
	(Better Denver & Zoo)
	Series A 5.00% 8/1/25			650,000			779,246
	Denver International Business Center
	Metropolitan District #1
	5.00% 12/1/30			650,000			681,824
	Jefferson County School District #R-1
	5.25% 12/15/24			750,000			967,733
	Pueblo County School District #70
	5.00% 12/1/31			500,000			585,020
	Rangely Hospital District
	6.00% 11/1/26			750,000			893,715
	Sand Creek Metropolitan District
	5.00% 12/1/31 (SGI)			70,000			70,237
							10,270,096
§Pre-Refunded Bonds – 7.54%
	Adams & Arapahoe Counties Joint
	School District #28J (Aurora)
	6.00% 12/1/28-18			600,000			766,776
	Colorado Health Facilities Authority
	Revenue (Evangelical Lutheran
	Good Samaritan Society)
	Series A 6.125% 6/1/38-14			750,000			801,180
	Colorado Water Resources & Power
	Development Authority Revenue
	(Parker Water & Sanitation
	District) Series D
	5.125% 9/1/34-14 (NATL-RE)			1,500,000			1,598,625
	5.25% 9/1/43-14 (NATL-RE)			2,000,000			2,138,600
	Sand Creek Metropolitan District
	5.00% 12/1/31-13 (SGI)			295,000			304,582
							5,609,763
Special Tax Revenue Bonds – 33.52%
	Castle Rock Sales & Use Tax Revenue
	5.00% 6/1/35			750,000			861,150
	Denver Convention Center Hotel
	Authority Revenue Refunding
	5.00% 12/1/35 (SGI)			2,795,000			2,899,393
	Guam Government Business Privilege
	Tax Revenue Series A
	5.125% 1/1/42			435,000			478,082
	5.25% 1/1/36			565,000			630,642
	Puerto Rico Infrastructure Financing
	Authority Special Tax Revenue
	Series B 5.00% 7/1/41			2,475,000			2,228,144
	Puerto Rico Sales Tax Financing
	Revenue First Subordinate
	Series A 5.50% 8/1/37			700,000			722,267
	Series A 5.50% 8/1/42			1,000,000			1,027,720
	Series A 5.75% 8/1/37			590,000			628,751
	Series A-1 5.00% 8/1/43			2,000,000			1,995,220
	Series C 5.00% 8/1/40			1,000,000			1,035,450
	Series C 6.00% 8/1/39			500,000			541,055
	Regional Transportation District
	Revenue (FasTracks Project) Series A
	4.375% 11/1/31 (AMBAC)			1,250,000			1,303,100
	4.50% 11/1/36 (AGM)			3,000,000			3,158,040
	5.00% 11/1/28 (AMBAC)			2,500,000			2,815,650
	5.00% 11/1/38			4,085,000			4,598,974
							24,923,638
State & Territory General Obligation Bonds – 1.80%
	Puerto Rico Commonwealth
	(Public Improvement)
	Series C 6.00% 7/1/39			505,000			515,090
	Western State College
	5.00% 5/15/34			750,000			824,805
							1,339,895
Transportation Revenue Bonds – 8.12%
	Denver City & County Airport
	System Revenue
	Series A 5.25% 11/15/36			750,000			844,275
	Series B 5.00% 11/15/27			1,000,000			1,176,060
	Series B 5.00% 11/15/28			1,000,000			1,168,450
	E-470 Public Highway Authority
	Revenue Series C 5.25% 9/1/25			310,000			343,911
	Regional Transportation District
	Revenue (Denver Transit Partners)
	6.00% 1/15/41			2,175,000			2,504,991
							6,037,687
Water & Sewer Revenue Bond – 1.52%
	Parker Water & Sanitation District
	5.00% 8/1/43			1,000,000			1,127,520
							1,127,520
Total Municipal Bonds
	(cost $96,096,590)						102,632,038

6

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			Principal
			Amount			Value
Short-Term Investment – 0.27%
¤ Variable Rate Demand Note – 0.27%
	Colorado State Educational &
	Cultural Facilities Authority
	Revenue (National Jewish
	Federation Bond Program)
	Series D-5 0.15% 10/1/38
	(LOC-JPMorgan Chase Bank N.A.)		$	200,000		$	200,000
Total Short-Term Investments
	(cost $200,000)						200,000
Total Value of Securities – 138.31%
	(cost $96,296,590)						102,832,038
†Liquidation Value of Preferred
	Stock – (40.35%)						(30,000,000	)
Receivables and Other Assets
	Net of Liabilities – 2.04%						1,516,600
Net Assets Applicable to 4,837,100
	Shares Outstanding; Equivalent to
	$15.37 Per Share – 100.00%					$	74,348,638

Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, 200 million shares
authorized to the Fund						$	66,918,121
Undistributed net investment income							800,128
Accumulated net realized gain on investments							94,941
Net unrealized appreciation of investments							6,535,448
Total net assets						$	74,348,638

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
ASSURED GTY — Insured by Assured Guaranty Corporation
FHA — Federal Housing Administration
HUD — Housing & Urban Development Section 8
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
SGI — Insured by Syncora Guarantee Inc.
VA — Veterans Administration collateral

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

(continues)       7

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Statements of net assets

Delaware Investments^® Minnesota Municipal Income Fund II, Inc.
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 140.31%
Corporate-Backed Revenue Bonds – 7.39%
	Cloquet Pollution Control Revenue
	(Potlatch Project) 5.90% 10/1/26		$	5,500,000		$	5,520,515
	Laurentian Energy Authority
	Cogeneration Revenue
	Series A 5.00% 12/1/21			3,325,000			3,268,575
	Sartell Environmental Improvement
	Revenue (International Paper)
	Series A 5.20% 6/1/27			1,000,000			1,006,910
	St. Paul Port Authority Revenue
	(Gerdau St. Paul Steel Mill Project)
	Series 7 4.50% 10/1/37 (AMT)			3,155,000			3,182,953
							12,978,953
Education Revenue Bonds – 16.90%
	Bayton Township Lease Revenue
	(St. Croix Preparatory Academy)
	5.75% 8/1/42			300,000			302,715
	Minnesota Higher Education Facilities
	Authority Revenue
	(Augsburg College)
	Series 6-J1 5.00% 5/1/28			1,500,000			1,534,140
	(Carleton College)
	Series D 5.00% 3/1/30			1,120,000			1,271,637
	Series 6-T 5.00% 1/1/28			1,000,000			1,138,660
	(College of St. Benedict)
	Series 7-M 5.00% 3/1/31			300,000			319,194
	Series 7-M 5.125% 3/1/36			275,000			291,242
	(Macalester College)
	Series 7-S 4.00% 5/1/43			1,250,000			1,294,125
	(St. Catherine University)
	Series 7-Q 5.00% 10/1/32			700,000			780,402
	(St. Mary’s University)
	Series 5-U 4.80% 10/1/23			1,400,000			1,411,312
	(St. Scholastic College)
	Series H 5.25% 12/1/35			1,000,000			1,089,960
	(University of St. Thomas)
	Series 6-X 5.00% 4/1/29			2,250,000			2,519,258
	Series 7-A 5.00% 10/1/39			1,000,000			1,104,690
	Series 7-U 5.00% 4/1/20			495,000			600,415
	Series 7-U 5.00% 4/1/21			450,000			549,180
	Series 7-U 5.00% 4/1/22			750,000			919,590
	St. Paul Housing & Redevelopment
	Authority Charter School
	Lease Revenue
	(Nova Classical Academy)
	Series A 6.375% 9/1/31			750,000			833,505
	University of Minnesota
	Series A
	5.00% 12/1/27			1,110,000			1,333,421
	5.00% 12/1/28			1,880,000			2,248,480
	5.00% 12/1/29			2,265,000			2,695,327
	5.00% 12/1/31			1,000,000			1,180,600
	5.00% 12/1/36			3,000,000			3,486,269
	5.25% 4/1/29			1,000,000			1,189,680
	Series C 5.00% 12/1/19			1,290,000			1,582,443
							29,676,245
Electric Revenue Bonds – 6.43%
	Central Minnesota Municipal
	Power Agency Revenue
	(Brookings Southeast Twin
	Cities Transportation)
	5.00% 1/1/32			1,130,000			1,278,245
	Chaska Electric Revenue
	(Generating Facilities)
	Series A 5.25% 10/1/25			250,000			276,550
	Minnesota Municipal Power Agency
	Electric Revenue Series A
	5.00% 10/1/34			1,900,000			2,007,160
	5.25% 10/1/19			1,610,000			1,721,283
	Southern Minnesota Municipal
	Power Agency Supply Revenue
	Series A 5.25% 1/1/30			1,000,000			1,117,850
	Western Minnesota Municipal Power
	Agency Supply Revenue Series A
	5.00% 1/1/25			3,000,000			3,676,350
	5.00% 1/1/26			1,000,000			1,213,810
							11,291,248
Healthcare Revenue Bonds – 40.12%
	Anoka Health Care Facility
	Revenue (Homestead
	Anoka Income Project)
	Series A 7.00% 11/1/46			1,200,000			1,294,644
	Center City Health Care
	Facilities Revenue (Hazelden
	Foundation Project)
	4.75% 11/1/31			850,000			900,482
	5.00% 11/1/41			1,600,000			1,724,032
	Duluth Economic Development
	Authority Revenue
	(St. Luke’s Hospital
	Authority Obligation Group)
	5.75% 6/15/32			200,000			213,538
	6.00% 6/15/39			1,000,000			1,079,150
	Fergus Falls Health Care Facilities
	Revenue (Lake Region Healthcare)
	5.00% 8/1/30			1,000,000			1,041,670
	Glencoe Health Care Facilities
	Revenue (Glencoe Regional
	Health Services Project)
	5.00% 4/1/25			2,000,000			2,020,780
	Maple Grove Health Care System
	Revenue (Maple Grove Hospital)
	5.25% 5/1/37			1,100,000			1,146,112
	Minneapolis Health Care System
	Revenue (Fairview Health Services)
	Series A 6.375% 11/15/23			605,000			735,160
	Series A 6.625% 11/15/28			1,040,000			1,270,766
	Series B 6.50% 11/15/38
	(ASSURED GTY)			2,295,000			2,806,418
	Series D 5.00% 11/15/34
	(AMBAC)			2,000,000			2,057,180

8

---

			Principal
			Amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Revenue (National
	Marrow Donor Program Project)
	4.875% 8/1/25		$	1,000,000		$	1,038,390
	Minnesota Agricultural & Economic
	Development Board Revenue
	Un-Refunded Balance Series A
	5.75% 11/15/26 (NATL-RE)			100,000			100,173
	6.375% 11/15/29			195,000			195,778
	Rochester Health Care & Housing
	Revenue (Samaritan Bethany)
	Series A 7.375% 12/1/41			1,220,000			1,370,694
	Rochester Health Care Facilities
	Revenue (Mayo Clinic)
	4.00% 11/15/41			8,780,000			9,151,657
	•Series A 4.00% 11/15/30			1,240,000			1,430,154
	•Series C 4.50% 11/15/38			2,000,000			2,384,520
	Sartell Health Care Facility Revenue
	(Country Manor Campus Project)
	5.25% 9/1/30			1,000,000			1,024,230
	Shakopee Health Care Facilities
	Revenue (St. Francis Regional
	Medical Center) 5.25% 9/1/34			1,560,000			1,583,353
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.50% 5/1/39 (ASSURED GTY)			1,500,000			1,648,740
	Series A 5.125% 5/1/30			4,425,000			4,883,209
	St. Louis Park Health Care
	Facilities Revenue
	(Park Nicollet Health Services)
	5.75% 7/1/39			3,315,000			3,721,850
	Series C 5.50% 7/1/23			1,000,000			1,123,320
	St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Allina Health System)
	Series A 5.00% 11/15/18 (NATL-RE)			1,380,000			1,608,114
	Series A-1 5.25% 11/15/29			1,395,000			1,558,745
	(Childrens Health Care Facilities)
	Series A1 5.00% 8/15/34 (AGM)			500,000			544,150
	(Episcopal Homes Project)
	Series A 4.75% 11/1/31			740,000			745,128
	(Franciscan Health Elderly Project)
	5.40% 11/20/42 (GNMA) (FHA)			2,700,000			2,703,213
	(Health East Project)
	6.00% 11/15/30			2,775,000			2,982,848
	6.00% 11/15/35			2,500,000			2,677,425
	(Health Partners Obligation Group
	Project) 5.25% 5/15/36			2,000,000			2,090,820
	(Regions Hospital Project)
	5.30% 5/15/28			1,000,000			1,001,150
	(Senior Carondelet Village Project)
	Series A 6.00% 8/1/42			770,000			817,062
	Washington County Housing &
	Redevelopment Authority
	Revenue (Birchwood & Woodbury
	Projects) Series A 5.625% 6/1/37			1,500,000			1,533,405
	Wayzata Senior Housing Revenue
	(Folkestone Senior Living
	Community) Series A
	5.50% 11/1/32			420,000			447,031
	5.75% 11/1/39			945,000			1,014,883
	6.00% 5/1/47			1,475,000			1,595,257
	Winona Health Care Facilities
	Revenue (Winona Health
	Obligated Group)
	4.65% 7/1/26			465,000			488,492
	4.75% 7/1/27			785,000			821,793
	5.00% 7/1/23			1,010,000			1,095,820
	5.00% 7/1/34			750,000			785,325
							70,456,661
Housing Revenue Bonds – 6.31%
	Minneapolis Multifamily
	Housing Revenue
	•(Gaar Scott Loft Project)
	5.95% 5/1/30 (AMT)
	(LOC-U.S. Bank N.A.)			835,000			837,689
	(Olson Townhomes Project)
	6.00% 12/1/19 (AMT)			600,000			600,240
	(Seward Towers Project)
	5.00% 5/20/36 (GNMA)			2,000,000			2,044,119
	(Sumner Housing Project) Series A
	5.15% 2/20/45 (GNMA) (AMT)			2,000,000			2,010,100
	Minnesota State Housing Finance
	Agency Revenue (Mortgage-
	Backed Securities Program)
	4.40% 7/1/32 (GNMA)
	(FNMA) (FHLMC)			1,460,000			1,616,804
	(Rental Housing)
	Series A 5.00% 2/1/35 (AMT)			1,000,000			1,003,620
	(Residential Housing)
	•Series D 4.75% 7/1/32 (AMT)			880,000			905,485
	Series I 5.15% 7/1/38 (AMT)			625,000			642,981
	Series L 5.10% 7/1/38 (AMT)			1,330,000			1,420,906
							11,081,944
Lease Revenue Bonds – 14.94%
	Andover Economic Development
	Authority Public Facilities
	Lease Revenue (Andover
	Community Center)
	5.125% 2/1/24			205,000			212,442
	5.20% 2/1/29			410,000			425,141

(continues)       9

---

Statements of net assets

Delaware Investments^® Minnesota Municipal Income Fund II, Inc.

			Principal
			Amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	St. Paul Port Authority Lease Revenue
	(Cedar Street Office Building Project)
	5.00% 12/1/22		$	2,385,000		$	2,394,302
	5.25% 12/1/27			2,800,000			2,810,640
	(Robert Street Office
	Building Project)
	Series 3-11 5.00% 12/1/27			2,000,000			2,057,900
	State of Minnesota General Fund
	Revenue Appropriations Series B
	4.00% 3/1/26			3,720,000			4,123,620
	5.00% 3/1/27			2,160,000			2,574,871
	5.00% 3/1/29			3,525,000			4,147,304
	University of Minnesota
	Special Purpose Revenue
	(State Supported Biomed
	Science Research)
	5.00% 8/1/35			1,040,000			1,192,703
	5.00% 8/1/36			4,000,000			4,597,519
	Virginia Housing & Redevelopment
	Authority Health Care Facility
	Lease Revenue
	5.25% 10/1/25			680,000			703,705
	5.375% 10/1/30			965,000			1,006,080
							26,246,227
Local General Obligation Bonds – 8.45%
	City of Willmar (Rice Memorial
	Hospital Project)
	Series A 4.00% 2/1/32			2,940,000			3,128,130
	Dakota County Community
	Development Agency
	(Senior Housing Facilities)
	Series A 5.00% 1/1/23			1,100,000			1,184,623
	Hopkins Independent School
	District #270 Series A 5.00% 2/1/28			1,000,000			1,172,710
	Rocori Independent School District #750
	(School Building) Series B
	5.00% 2/1/22			1,010,000			1,193,588
	5.00% 2/1/24			1,075,000			1,264,523
	5.00% 2/1/25			1,115,000			1,307,527
	5.00% 2/1/26			1,155,000			1,354,434
	Shakopee Independent School
	District #720
	(School Building-Crossover)
	5.00% 2/1/23			1,440,000			1,803,398
	Thief River Falls Independent School
	District #564 (School Building)
	Series A 4.00% 2/1/32			1,160,000			1,252,742
	Washington County Housing &
	Redevelopment Authority Series B
	5.50% 2/1/22 (NATL-RE)			525,000			527,037
	5.50% 2/1/32 (NATL-RE)			655,000			657,260
							14,845,972
§Pre-Refunded/Escrowed to Maturity Bonds – 17.94%
	Dakota-Washington Counties
	Housing & Redevelopment
	Authority Revenue
	(Bloomington Single Family
	Residential Mortgage)
	Series B 8.375% 9/1/21
	(GNMA) (FHA) (VA) (AMT)			7,055,000			10,162,022
	Southern Minnesota Municipal
	Power Agency Supply
	Revenue Refunding
	Series A 5.75% 1/1/18-13			3,350,000			3,585,472
	St. Paul Housing & Redevelopment
	Authority Sales Tax
	(Civic Center Project)
	5.55% 11/1/23			2,300,000			2,573,631
	5.55% 11/1/23 (NATL-RE) (IBC)			4,200,000			4,699,674
	University of Minnesota Hospital &
	Clinics 6.75% 12/1/16			2,580,000			3,041,175
	University of Minnesota Series A
	5.50% 7/1/21			4,000,000			4,992,360
	5.75% 7/1/18			2,000,000			2,458,900
							31,513,234
Special Tax Revenue Bonds – 7.69%
	Guam Government Business
	Privilege Tax Revenue
	Series A 5.25% 1/1/36			150,000			167,427
	Hennepin County Sales Tax Revenue
	(Second Lien-Ballpark Project)
	Series B 4.75% 12/15/27			1,905,000			2,146,440
	Minneapolis Community Planning &
	Economic Development
	Department (Limited Tax
	Supported Common Bond Fund)
	6.25% 12/1/30			1,000,000			1,210,210
	Series 1 5.50% 12/1/24 (AMT)			1,000,000			1,069,760
	Series 5 5.70% 12/1/27			375,000			377,194
	Minnesota Public Safety Radio
	5.00% 6/1/23			2,845,000			3,352,149
	Puerto Rico Sales Tax
	Financing Revenue
	^(Capital Appreciation) Series A
	5.73% 8/1/44 (NATL-RE)			8,485,000			1,371,515
	First Subordinate
	Series A 5.75% 8/1/37			1,200,000			1,278,816
	Series C
	5.00% 8/1/40			985,000			1,019,918
	5.25% 8/1/40			485,000			510,555
	St. Paul Port Authority (Brownsfields
	Redevelopment Tax) Series 2
	5.00% 3/1/37			895,000			995,464
							13,499,448

10

---

			Principal
			Amount			Value
Municipal Bonds (continued)
State & Territory General Obligation Bonds – 9.16%
	Minnesota State Refunding
	(State Various Purpose)
	Series D 5.00% 8/1/24		$	2,700,000		$	3,270,753
	Minnesota State (State Trunk Highway)
	Series B
	5.00% 10/1/22			5,500,000			6,875,275
	5.00% 10/1/29			3,715,000			4,436,973
	Puerto Rico Commonwealth
	Public Improvement
	Series A 5.75% 7/1/41			1,500,000			1,506,210
							16,089,211
Transportation Revenue Bonds – 3.37%
	Minneapolis - St. Paul Metropolitan
	Airports Commission Revenue
	5.00% 1/1/22			670,000			802,848
	Series A 5.00% 1/1/35 (AMBAC)			2,000,000			2,108,260
	Series B 5.00% 1/1/26			540,000			632,826
	Series B 5.00% 1/1/27			1,190,000			1,384,517
	Series B 5.00% 1/1/30			500,000			572,560
	St. Paul Port Authority Revenue
	(Amherst H Wilder Foundation)
	Series 3 5.00% 12/1/36			380,000			424,148
							5,925,159
Water & Sewer Revenue Bonds – 1.61%
	Metropolitan Council Wastewater
	Revenue Series B 4.00% 9/1/27			1,145,000			1,262,901
	St. Paul Sewer Revenue
	Series D 5.00% 12/1/21			1,325,000			1,564,758
							2,827,659
Total Municipal Bonds
	(cost $232,122,331)						246,431,961
Total Value of Securities – 140.31%
	(cost $232,122,331)						246,431,961
†Liquidation Value of Preferred
	Stock – (42.70%)						(75,000,000	)
Receivables and Other Assets Net of
	Liabilities – 2.39%						4,197,259
Net Assets Applicable to 11,504,975
	Shares Outstanding; Equivalent to
	$15.27 Per Share – 100.00%					$	175,629,220
Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, 200 million shares
	authorized to the Fund					$	157,931,075
Undistributed net investment income							1,759,475
Accumulated net realized gain on investments							1,629,040
Net unrealized appreciation of investments							14,309,630
Total net assets						$	175,629,220

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by Assured Guaranty Corporation
FHA — Federal Housing Administration
FHLMC — Federal Home Loan Mortgage Corporation collateral
FNMA — Federal National Mortgage Association collateral
GNMA — Government National Mortgage Association collateral
IBC — Insured Bond Certificate
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
VA — Veterans Administration collateral

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

(continues)       11

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 143.61%
Corporate-Backed Revenue Bonds – 15.82%
	Buckeye, Ohio Tobacco Settlement
	Financing Authority Asset-Backed
	Senior Turbo Series A-2
	5.875% 6/1/47		$	480,000		$	427,642
	6.50% 6/1/47			430,000			419,022
	Golden State, California Tobacco
	Securitization Corporate Settlement
	Revenue (Asset-Backed Senior
	Notes) Series A-1
	5.125% 6/1/47			500,000			439,320
	5.75% 6/1/47			1,615,000			1,554,210
	Harris County, Texas Industrial
	Development Solid Waste
	Disposal Revenue (Deer Park
	Refining Project) 5.00% 2/1/23			150,000			167,156
	Illinois Railsplitter Tobacco Settlement
	Authority 6.25% 6/1/24			500,000			555,800
	Louisiana Local Government
	Environmental Facilities &
	Community Development
	Authority (Westlake Chemical)
	Series A 6.50% 8/1/29			645,000			765,338
	Series A-1 6.50% 11/1/35			255,000			300,301
	Maryland Economic Development
	Port Facilities Revenue (CNX
	Marine Terminals) 5.75% 9/1/25			260,000			289,060
	M-S-R Energy Authority, California
	Gas Series C 7.00% 11/1/34			1,000,000			1,400,420
•	Navajo County, Arizona Pollution
	Control Revenue
	Series D 5.75% 6/1/34			500,000			562,400
	New Jersey Economic Development
	Authority Special Facilities
	Revenue (Continental Airlines
	Project) 5.25% 9/15/29 (AMT)			500,000			516,880
	New York Liberty Development
	Revenue (Goldman Sachs
	Headquarters) 5.25% 10/1/35			500,000			586,020
	Ohio State Air Quality Development
	Authority Revenue (First Energy
	Generation) Series A
	5.70% 8/1/20			260,000			310,666
	Pennsylvania Economic Development
	Financing Authority Exempt
	Facilities Revenue (Allegheny
	Energy Supply) 7.00% 7/15/39			345,000			411,292
	Pima County, Arizona Industrial
	Development Authority Pollution
	Control Revenue (Tucson Electric
	Power San Juan) 5.75% 9/1/29			250,000			263,758
	Salt Verde Financial, Arizona Gas
	Revenue Senior Note
	5.00% 12/1/37			400,000			447,496
	St. John the Baptist Parish, Louisiana
	(Marathon Oil) Series A
	5.125% 6/1/37			500,000			530,085
	Suffolk County, New York Tobacco
	Asset Securitization Series B
	5.00% 6/1/32			750,000			792,615
							10,739,481
Education Revenue Bonds – 24.78%
	Arizona Board of Regents System
	Revenue (University of
	Arizona) Series A
	5.00% 7/1/33			1,000,000			1,150,549
	5.00% 6/1/39			500,000			559,405
	Bowling Green, Ohio Student
	Housing Revenue (CFP I State
	University Project) 6.00% 6/1/45			270,000			299,819
	Build New York City, New York
	Resource (International Leadership
	Charter School)
	6.00% 7/1/43			500,000			501,465
	California Statewide Communities
	Development Authority School
	Facility Revenue (Aspire Public
	Schools) 6.125% 7/1/46			625,000			661,350
	California Statewide Communities
	Development Authority Student
	Housing Revenue (Irvine, LLC -
	UCI East Campus) 6.00% 5/15/23			470,000			530,367
	Delaware County, Pennsylvania
	Authority (Villanova University)
	5.00% 8/1/20			500,000			601,030
	Iowa Higher Education Loan Authority
	Revenue (Private College Facility)
	5.00% 10/1/38			500,000			532,785
	Marietta, Georgia Development
	Authority Revenue (Life University
	Income Project) 7.00% 6/15/39			430,000			462,267
	Maryland Health & Higher
	Educational Facilities Authority
	(Loyola University) Series A
	5.00% 10/1/39			650,000			735,300
	Maryland State Economic
	Development Student Housing
	Revenue (University of Maryland
	College Park Projects) 5.75% 6/1/33			370,000			402,590
	Massachusetts State Health &
	Educational Facilities Authority
	Revenue (Harvard University)
	Series A 5.00% 12/15/29			600,000			711,630
	Missouri State Health & Educational
	Facilities Authority Revenue
	(Washington University)
	Series B 5.00% 11/15/30			600,000			713,472
	Monroe County, New York Industrial
	Development Revenue (Nazareth
	College Rochester Project)
	5.50% 10/1/41			495,000			546,411

12

---

			Principal
			Amount			Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Montgomery County, Pennsylvania
	Higher Education & Health
	Authority Revenue
	(Arcadia University)
	5.25% 4/1/30		$	550,000		$	593,571
	New Jersey Economic Development
	Authority Revenue
	(MSU Student Housing Project)
	5.875% 6/1/42			735,000			826,022
	New York City, New York Trust for
	Cultural Resources (Whitney
	Museum of American Art)
	5.00% 7/1/31			500,000			555,390
	New York State Dormitory
	Authority (Columbia University)
	5.00% 10/1/41			600,000			691,086
	Oregon State Facilities Authority
	Revenue (CHF-Ashland)
	5.00% 7/1/44 (AGM)			1,000,000			1,094,090
	#(Concordia University Project)
	Series A 144A 6.125% 9/1/30			135,000			146,583
	Pennsylvania State Higher Educational
	Facilities Authority Student Housing
	Revenue (Edinboro University
	Foundation) 5.80% 7/1/30			400,000			451,928
	(University Properties - East
	Stroudsburg University)
	5.25% 7/1/19			510,000			565,794
	Phoenix, Arizona Industrial
	Development Authority Revenue
	(Eagle College Prep Project)
	Series A 5.00% 7/1/43			500,000			499,960
	(Rowan University) 5.00% 6/1/42			1,000,000			1,075,710
	Pima County, Arizona Industrial
	Development Authority Revenue
	(Edkey Charter Schools Project)
	6.00% 7/1/48			500,000			501,420
	Private Colleges & Universities
	Authority Revenue (Mercer
	University Project) Series A
	5.00% 10/1/32			135,000			146,428
	St. Lawrence County, New York
	Industrial Development Agency
	(St. Lawrence University Project)
	5.00% 7/1/26			270,000			320,911
	Troy, New York Capital Resource
	Revenue (Rensselaer Polytechnic)
	Series A 5.125% 9/1/40			600,000			656,886
	Wyoming Community Development
	Authority Student Housing
	Revenue (CHF-Wyoming LLC)
	6.50% 7/1/43			250,000			284,555
							16,818,774
Electric Revenue Bonds – 4.75%
	Puerto Rico Electric Power
	Authority Revenue
	Series A 5.00% 7/1/42			830,000			764,820
	Series TT 5.00% 7/1/26			1,165,000			1,153,233
	Series WW 5.50% 7/1/38			200,000			199,576
	Series XX 5.25% 7/1/40			805,000			772,832
	Series ZZ 5.25% 7/1/26			330,000			332,845
							3,223,306
Healthcare Revenue Bonds – 20.02%
	Arizona Health Facilities Authority
	Revenue (Catholic Healthcare
	West) Series D 5.00% 7/1/28			500,000			543,995
	Brevard County, Florida Health
	Facilities Authority Revenue
	(Heath First Project) 7.00% 4/1/39			90,000			109,963
	Butler County, Pennsylvania Hospital
	Authority Revenue (Butler Health
	System Project) 7.125% 7/1/29			300,000			373,311
	Hawaii Pacific Health Special Purpose
	Revenue Series A 5.50% 7/1/40			300,000			328,581
	Illinois Finance Authority Revenue
	(Franciscan Communities)
	Series A 5.125% 5/15/43			250,000			256,443
	(Silver Cross & Medical Centers)
	7.00% 8/15/44			450,000			531,864
	Koyukuk, Alaska Revenue (Tanana
	Chiefs Conference Health Care
	Facility Project) 7.75% 10/1/41			300,000			340,191
	Louisiana Public Facilities Authority
	Revenue (Ochsner Clinic
	Foundation Project) 6.50% 5/15/37			105,000			124,785
	Lycoming County, Pennsylvania
	Authority Health System
	Revenue (Susquehanna Health
	System Project)
	Series A 5.50% 7/1/28			500,000			546,770
	Maine Health & Higher Educational
	Facilities Authority Revenue
	(Maine General Medical Center)
	6.75% 7/1/41			300,000			360,672
	Maricopa County, Arizona Industrial
	Development Authority
	Health Facilities Revenue
	(Catholic Healthcare West)
	Series A 6.00% 7/1/39			500,000			568,325
	Maryland Health & Higher Educational
	Facilities Authority Revenue (Carroll
	Hospital) Series A 5.00% 7/1/37			500,000			549,915
	Monroe County, Pennsylvania
	Hospital Authority Revenue
	(Pocono Medical Center)
	Series A 5.00% 1/1/41			500,000			534,130
	Montgomery County, Pennsylvania
	Industrial Development Authority
	Revenue (Mortgage-Whitemarsh
	Continuing Care) 6.25% 2/1/35			675,000			685,402

(continues)       13

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
 

		Principal
		Amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New Hampshire Health & Education
	Facilities Authority Revenue
	(Dartmouth-Hitchcock Medical
	Center) 6.00% 8/1/38	$	300,000		$	348,321
	New Jersey Health Care Facilities
	Financing Authority Revenue
	Refunding (St. Peters University
	Hospital) 6.25% 7/1/35		300,000			349,461
	New Mexico State Hospital
	Equipment Loan Council Revenue
	(Presbyterian Healthcare)
	5.00% 8/1/39		500,000			546,405
	New York State Dormitory Authority
	Revenue Non State Supported
	Debt (Orange Regional Medical
	Center) 6.25% 12/1/37		500,000			553,370
	Ohio State Hospital Facilities Revenue
	Refunding (Cleveland Clinic
	Health) Series A 5.50% 1/1/39		300,000			347,019
	Orange County, Florida Health
	Facilities Authority Revenue
	(Mayflower Retirement Center)
	5.00% 6/1/32		400,000			423,488
	5.00% 6/1/36		250,000			262,733
	5.125% 6/1/42		750,000			790,373
	Oregon Health & Science University
	Series E 4.00% 7/1/29		1,000,000			1,056,639
	Philadelphia, Pennsylvania Hospitals &
	Higher Education Facilities Authority
	Revenue (Temple University Health
	System) Series A 5.50% 7/1/30		300,000			320,223
	University Medical Center, Tuscon,
	Arizona Hospital Revenue
	6.50% 7/1/39		500,000			576,785
	West Virginia Hospital Finance
	Authority (Highland Hospital
	Obligation Group) 9.125% 10/1/41		500,000			639,230
	Yavapai County, Arizona Industrial
	Development Authority Revenue
	(Yavapai Regional Medical Center)
	Series A 5.25% 8/1/21 (RADIAN)		1,500,000			1,523,999
						13,592,393
Housing Revenue Bonds – 2.44%
	California Municipal Finance Authority
	Mobile Home Park Revenue
	(Caritas Projects) Series A
	5.50% 8/15/47		750,000			796,807
	6.40% 8/15/45		430,000			474,272
	Florida Housing Finance Homeowner
	Mortgage Revenue Series 2
	5.90% 7/1/29 (NATL-RE) (AMT)		185,000			187,004
	Puerto Rico Housing Finance
	Authority (Subordinated-Capital
	Fund Modernization)
	5.50% 12/1/18 (HUD)		175,000			198,321
						1,656,404
Lease Revenue Bonds – 12.35%
	California State Public Works Board
	Lease Revenue (Various Capital
	Projects) Series A 5.00% 4/1/37		1,000,000			1,081,700
	Hudson Yards, New York
	Infrastructure Revenue
	Series A 5.75% 2/15/47		1,100,000			1,289,958
	Idaho State Building Authority
	Revenue (Health & Welfare Project)
	Series A 5.00% 9/1/24		135,000			164,487
	(State Police) Series I 5.00% 9/1/23		760,000			926,539
	Minnesota State General Revenue
	Series B 5.00% 3/1/22		1,000,000			1,252,070
	New Jersey Economic Development
	Authority (School Facilities
	Construction) Series EE
	5.00% 9/1/18		100,000			119,424
	New York City, New York Industrial
	Development Agency (Senior Trips)
	Series A 5.00% 7/1/28 (AMT)		250,000			265,195
	New York Liberty Development
	Revenue (4 World Trade Center)
	5.75% 11/15/51		970,000			1,137,238
	Pima County, Arizona Industrial
	Development Authority Metro
	Police Facility Revenue
	(Nevada Project) Series A
	5.25% 7/1/31		500,000			539,290
	5.375% 7/1/39		500,000			543,755
	Public Finance Authority, Wisconsin
	Airport Facilities Refunding
	(AFCO Investors II Portfolio)
	5.75% 10/1/31 (AMT)		500,000			496,340
	Ventura County, California Public
	Financing Authority
	Series A 5.00% 11/1/32		500,000			564,340
						8,380,336
Local General Obligation Bonds – 3.33%
	Gila County, Arizona Unified School
	District #10 (Payson School
	Improvement Project of 2006)
	Series A 5.25% 7/1/27 (AMBAC)		500,000			565,890
	New York City, New York
	Series A-1 5.25% 8/15/21		250,000			301,068
	Series I-1 5.375% 4/1/36		250,000			294,060
	Ramapo Local Development, New York
	Revenue Refunding Guaranteed
	5.00% 3/15/33		1,000,000			1,101,800
						2,262,818
Special Tax Revenue Bonds – 25.68%
	Anne Arundel County, Maryland
	Special Obligation Revenue
	(National Business Park -
	North Project)
	6.10% 7/1/40		200,000			217,986

14

---

		Principal
		Amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Brooklyn Arena Local Development,
	New York Pilot Revenue
	(Barclays Center Project)
	6.25% 7/15/40	$	940,000		$	1,126,223
	6.50% 7/15/30		300,000			368,151
	California State Economic Recovery
	Series A 5.25% 7/1/21		260,000			317,595
	California Statewide Communities
	Development Authority Revenue
	(Statewide Inland Regional Center
	Project) 5.375% 12/1/37		500,000			528,585
	Guam Government Business Privilege
	Tax Revenue
	Series A 5.00% 1/1/22		775,000			922,831
	Series B-1 5.00% 1/1/42		1,000,000			1,089,800
	Louisiana Stadium & Exposition
	District Refunding Senior
	Series A 5.00% 7/1/36		550,000			615,280
	Massachusetts Bay Transportation
	Authority Senior
	Series A 5.25% 7/1/29		200,000			255,024
	Miami-Dade County, Florida
	Special Obligation (Capital
	Appreciation & Income)
	Series B 5.00% 10/1/35 (NATL-RE)		1,000,000			1,075,970
	Mosaic District, Virginia Community
	Development Authority Revenue
	Series A 6.875% 3/1/36		520,000			602,290
	New Jersey Economic Development
	Authority Revenue
	5.00% 6/15/28		200,000			223,360
	5.00% 6/15/29		800,000			887,456
	New Jersey Transportation Trust Fund
	Authority Series AA 5.00% 6/15/21		1,000,000			1,203,660
	New York City, New York Industrial
	Development Agency Civic Facility
	Revenue (YMCA of Greater New
	York Project) 5.00% 8/1/36		1,000,000			1,040,620
	New York City, New York Transitional
	Finance Authority Building Aid
	Revenue Series S1 5.00% 7/15/21		750,000			925,793
	New York State Dormitory Authority
	(State Personal Income Tax
	Revenue-Education)
	Series A 5.00% 3/15/38		570,000			645,690
	Peoria, Arizona Municipal
	Development Authority Sales Tax &
	Excise Shared Revenue (Senior Lien
	& Subordinate Lien) 5.00% 1/1/18		1,085,000			1,264,449
	Puerto Rico Sales Tax
	Financing Revenue
	Series C 5.00% 8/1/40		600,000			621,270
	First Subordinate
	Series A 5.75% 8/1/37		245,000			261,092
	Series C 5.00% 8/1/22		530,000			619,406
	Series C 6.00% 8/1/39		300,000			324,633
	Ω(Convertible Capital Appreciation
	Bonds) Series A 6.75% 8/1/32		220,000			227,759
	Regional Transportation District,
	Colorado Tax Revenue (FasTracks
	Project) Series A 5.00% 11/1/26		500,000			602,125
	San Mateo, California Special Tax
	Community Facilities District
	#2008-1 (Bay Meadows)
	6.00% 9/1/42		95,000			103,935
	Virginia Public Building Authority
	Series A 5.00% 8/1/26		1,000,000			1,199,900
	^Wyandotte County, Kansas City,
	Kansas Unified Government
	Special Obligation Revenue
	(Capital Appreciation) Sales
	Tax Subordinate Lien Series B
	6.07% 6/1/21		240,000			159,120
						17,430,003
State & Territory General Obligation Bonds – 6.30%
	California State Various Purposes
	5.00% 9/1/41		460,000			501,717
	5.00% 10/1/41		440,000			480,251
	5.25% 11/1/40		320,000			368,666
	6.00% 4/1/38		105,000			125,610
	New York State Series A 5.00% 2/15/39		300,000			343,773
	Oregon State Series K 5.00% 5/1/22		1,275,000			1,613,921
	Puerto Rico Commonwealth
	(Public Improvement)
	Series A 5.75% 7/1/41		500,000			502,070
	Series C 6.00% 7/1/39		335,000			341,693
						4,277,701
Transportation Revenue Bonds – 22.55%
	Bay Area, California Toll Authority
	Revenue (San Francisco Bay Area)
	5.00% 4/1/27		750,000			887,978
	Central Texas Regional Mobility
	Authority Revenue Senior Lien
	6.00% 1/1/41		520,000			603,221
	Dallas/Fort Worth, Texas International
	Airport Series G 5.00% 11/1/33		1,000,000			1,115,090
	Harris County, Texas Metropolitan
	Transit Authority
	Series A 5.00% 11/1/24		500,000			601,365
	Indiana Finance Authority Revenue
	(Private Activity-Ohio River Bridges)
	5.00% 7/1/40 (AMT)		960,000			998,630
	Maryland State Economic
	Development Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35		255,000			289,642
	Metropolitan Transportation Authority,
	New York
	Series A 5.00% 11/15/41		500,000			550,150
	Series E 4.00% 11/15/38		1,000,000			1,000,910

(continues)       15

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
  

		Principal
		Amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan Washington D.C.
	Airports Authority Dulles Toll
	Road Revenue (First Senior Lien)
	Series A 5.25% 10/1/44	$	245,000		$	270,585
	New Jersey State Turnpike Authority
	Revenue Series A 5.00% 1/1/27		1,000,000			1,153,160
	New York Liberty Development
	Revenue (1 World Trade Center
	Port Authority Construction)
	5.00% 12/15/41		500,000			558,470
	North Texas Tollway Authority
	Special Projects System
	Series A 5.00% 9/1/20		250,000			306,358
	Pennsylvania Turnpike Commission
	Subordinate (Special Motor
	License Foundation)
	5.00% 12/1/22		500,000			590,075
	Series B 5.00% 12/1/41		500,000			552,715
	Port Authority of New York & New
	Jersey Special Obligation Revenue
	(JFK International Air Terminal)
	6.00% 12/1/42		230,000			269,408
	6.50% 12/1/28		500,000			551,965
	Regional Transportation, Colorado
	District Revenue (Denver Transit
	Partners) 6.00% 1/15/41		500,000			575,860
	St. Louis, Missouri Airport Revenue
	(Lambert St. Louis International)
	5.00% 7/1/32 (AMT)		1,000,000			1,057,240
	Series A-1 6.625% 7/1/34		325,000			383,919
	Texas Private Activity Bond Surface
	Transportation Senior Lien Revenue
	(LBJ Infrastructure)
	7.00% 6/30/40		285,000			344,648
	7.50% 6/30/33		665,000			834,821
	(NTE Mobility Partners)
	6.875% 12/31/39		1,000,000			1,189,159
	7.50% 12/31/31		500,000			618,175
						15,303,544
Water & Sewer Revenue Bonds – 5.59%
	Atlanta, Georgia Water & Wastewater
	Revenue Series A 6.25% 11/1/39		800,000			973,384
	New York City, New York Municipal
	Water Finance Authority (Second
	Generation Resolution) Fiscal 2012
	Series BB 5.25% 6/15/44		525,000			590,735
	Phoenix, Arizona Civic Improvement
	Wastewater Systems Revenue
	(Junior Lien) Series A 5.00% 7/1/39		900,000			1,018,314
	San Francisco, California City &
	County Public Utilities
	Commission Subordinate
	Series F 5.00% 11/1/27		500,000			588,470
	Texas State Series C 5.00% 8/1/22		500,000			621,870
						3,792,773
Total Municipal Bonds
	(cost $90,628,584)				$	97,477,533
Total Value of Securities – 143.61%
	(cost $90,628,584)					97,477,533
†Liquidation Value of Preferred Stock – (44.20%)						(30,000,000	)
Receivables and Other Assets
	Net of Liabilities – 0.59%					398,544
Net Assets Applicable to 4,528,443
	Shares Outstanding; Equivalent to
	$14.99 Per Share – 100.00%				$	67,876,077

Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, unlimited shares
	authorized to the Fund				$	60,617,476
Undistributed net investment income						792,940
Accumulated net realized loss on investments						(383,288	)
Net unrealized appreciation of investments						6,848,949
Total net assets					$	67,876,077

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
HUD — Housing & Urban Development Section 8
NATL-RE — Insured by National Public Finance Guarantee Corporation
RADIAN — Insured by Radian Asset Assurance

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

16

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Statements of assets and liabilities

Delaware Investments^® Closed-End Municipal Bond Funds
March 31, 2013
  

		Delaware			Delaware			Delaware
		Investments			Investments			Investments
		Colorado			Minnesota			National
		Municipal			Municipal			Municipal
		Income			Income			Income
		Fund, Inc.			Fund II, Inc.			Fund
Assets:
Investments, at value		$	102,632,038		$	246,431,961		$	97,477,533
Short-term investments, at value			200,000			—			—
Cash			28,648			524,036			71,600
Receivable for securities sold			—			5,055			15,221
Interest income receivable			1,366,817			3,510,614			1,260,801
Offering cost for preferred shareholders			205,883			368,361			283,553
Total assets			104,433,386			250,840,027			99,108,708
Liabilities:
Liquidation value of preferred stock			30,000,000			75,000,000			30,000,000
Payable for securities purchased			—			—			1,141,250
Due to manager and affiliates			18,106			43,252			14,085
Other accrued expenses			33,248			84,069			43,902
Distributions payable			33,394			83,486			33,394
Total liabilities			30,084,748			75,210,807			31,232,631
Total net assets		$	74,348,638		$	175,629,220		$	67,876,077
Investments, at cost		$	96,096,590		$	232,122,331		$	90,628,584
Short-term investments, at cost			200,000			—			—

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

17

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Statements of operations

Delaware Investments^® Closed-End Municipal Bond Funds
Year Ended March 31, 2013
 

		Delaware				Delaware				Delaware
		Investments				Investments				Investments
		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Income				Income				Income
		Fund, Inc.				Fund II, Inc.				Fund
Investment Income:
Interest		$	4,627,063			$	10,693,539			$	4,325,925
Expenses:
Management fees			420,228				1,007,362				389,540
Offering cost			41,896				89,457				57,464
Accounting and administration expenses			40,835				97,888				37,852
Rating agency fees			38,283				35,580				31,624
Dividend disbursing and transfer agent fees and expenses			34,674				70,814				34,868
Legal fees			31,098				37,986				34,618
Audit and tax			18,180				16,780				14,559
Reports and statements to shareholders			17,467				32,205				23,112
Pricing fees			7,313				12,239				14,432
Taxes (Pennsylvania franchise tax)			5,000				12,000				—
Stock exchange fees			4,678				11,232				—
Directors’/Trustees’ fees			3,546				8,082				3,200
Dues and services			1,554				3,970				1,803
Custodian fees			1,345				3,258				1,428
Insurance fees			1,128				3,726				1,217
Registration fees			868				868				868
Consulting fees			799				1,877				676
Directors’/Trustees’ expenses			224				536				199
Total operating expenses			669,116				1,445,860				647,460
Net Investment Income			3,957,947				9,247,679				3,678,465
Net Realized and Unrealized Gain:
Net realized gain on investments			89,037				2,208,718				1,281,216
Net change in unrealized appreciation (depreciation) of investments			1,916,263				1,762,327				2,597,893
Net Realized and Unrealized Gain			2,005,300				3,971,045				3,879,109
Dividends and Distributions to Preferred Shareholders			(411,526	)			(1,025,435	)			(406,627	)
Net Increase in Net Assets Resulting from Operations		$	5,551,721			$	12,193,289			$	7,150,947

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

18

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Statements of changes in net assets

Delaware Investments^® Closed-End Municipal Bond Funds
 

		Delaware Investments								Delaware Investments
		Colorado Municipal								Minnesota Municipal
		Income Fund, Inc.								Income Fund II, Inc.
		Year Ended								Year Ended
		3/31/13				3/31/12				3/31/13				3/31/12
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	3,957,947			$	3,233,923			$	9,247,679			$	7,747,076
Net realized gain			89,037				976,769				2,208,718				1,701,330
Net change in unrealized appreciation (depreciation)			1,916,263				6,668,604				1,762,327				11,778,378
Dividends and distributions to preferred shareholders			(411,526	)			(149,762	)			(1,025,435	)			(374,404	)
Net increase in net assets resulting from operations			5,551,721				10,729,534				12,193,289				20,852,380
Dividends and Distributions to Common Shareholders from:
Net investment income			(3,337,599	)			(2,805,518	)			(7,938,433	)			(6,672,886	)
Net realized gain			(478,873	)			—				(460,199	)			—
			(3,816,472	)			(2,805,518	)			(8,398,632	)			(6,672,886	)
Net Increase in Net Assets			1,735,249				7,924,016				3,794,657				14,179,494
Net Assets:
Beginning of year			72,613,389				64,689,373				171,834,563				157,655,069
End of year		$	74,348,638			$	72,613,389			$	175,629,220			$	171,834,563
Undistributed net investment income		$	800,128			$	598,215			$	1,759,475			$	1,504,205

		Delaware Investments
		National Municipal
		Income Fund
		Year Ended
		3/31/13				3/31/12
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	3,678,465			$	2,343,640
Net realized gain			1,281,216				909,697
Net change in unrealized appreciation (depreciation)			2,597,893				4,515,112
Dividends and distributions to preferred shareholders			(406,627	)			(18,904	)
Net increase in net assets resulting from operations			7,150,947				7,749,545
Dividends and Distributions to Common Shareholders from:
Net investment income			(2,762,350	)			(2,295,215	)
			(2,762,350	)			(2,295,215	)
Capital Share Transactions:
Net assets from merger to Common Shareholders*			—				40,715,147
Tender offer**			—				(13,240,759	)
			—				27,474,388
Net Increase in Net Assets			4,388,597				32,928,718
Net Assets:
Beginning of year			63,487,480				30,558,762
End of year		$	67,876,077			$	63,487,480
Undistributed net investment income		$	792,940			$	376,432

*	See Note 7 in “Notes to financial statements.”
**	See Note 6 in “Notes to financial statements.”

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

19

---

Financial highlights

Delaware Investments^® Colorado Municipal Income Fund, Inc.
 

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

		Year Ended
		3/31/13				3/31/12				3/31/11				3/31/10				3/31/09
Net asset value, beginning of period			$15.010				$13.370				$13.990				$13.220				$14.260
Income (loss) from investment operations:
Net investment income			0.818				0.669				0.601				0.607				0.755
Net realized and unrealized gain (loss)			0.416				1.582				(0.651	)			0.733				(0.965	)
Dividends and distributions on preferred stock from:
Net investment income			(0.085	)			(0.031	)			—				—				(0.173	)
Total dividends and distributions on preferred stock			(0.085	)			(0.031	)			—				—				(0.173	)
Total from investment operations			1.149				2.220				(0.050	)			1.340				(0.383	)
Less dividends and distributions to common shareholders from:
Net investment income			(0.690	)			(0.580	)			(0.570	)			(0.570	)			(0.657	)
Net realized gain			(0.099	)			—				—				—				—
Total dividends and distributions			(0.789	)			(0.580	)			(0.570	)			(0.570	)			(0.657	)
Net asset value, end of period			$15.370				$15.010				$13.370				$13.990				$13.220
Market value, end of period			$14.840				$14.600				$12.450				$13.390				$11.240
Total investment return based on:1
Market value			6.92%				22.41%				(3.00%	)			24.49%				(21.63%	)
Net asset value			7.71%				17.19%				(0.30%	)			10.55%				(2.66%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$74,349				$72,613				$64,689				$67,651				$63,952
Ratio of expenses to average net assets applicable to common shares2			0.89%				0.73%				0.56%				0.56%				0.91%
Ratio of net investment income to average net assets
applicable to common shares2			5.27%				4.68%				4.31%				4.41%				5.55%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.72%				4.46%				4.31%				4.41%				4.28%
Portfolio turnover			8%				64%				10%				20%				16%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)4			$30,000				$30,000				$—				$—				$—
Net asset coverage per share of preferred shares, end of period4		$	347,829			$	342,045				$—				$—				$—
Liquidation value per share of preferred shares4,5		$	100,000			$	100,000				$—				$—				$—

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

20

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Delaware Investments^® Minnesota Municipal Income Fund II, Inc.
 

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

		Year Ended
		3/31/13				3/31/12				3/31/11				3/31/10				3/31/09
Net asset value, beginning of period			$14.940				$13.700				$14.060				$13.140				$14.190
Income (loss) from investment operations:
Net investment income			0.804				0.673				0.612				0.602				0.776
Net realized and unrealized gain (loss)			0.345				1.180				(0.402	)			0.888				(1.013	)
Dividends and distributions on preferred stock from:
Net investment income			(0.089	)			(0.033	)			—				—				(0.175	)
Total dividends and distributions on preferred stock			(0.089	)			(0.033	)			—				—				(0.175	)
Total from investment operations			1.060				1.820				0.210				1.490				(0.412	)
Less dividends to common shareholders from:
Net investment income			(0.690	)			(0.580	)			(0.570	)			(0.570	)			(0.638	)
Net realized gain			(0.040	)			—				—				—				—
Total dividends			(0.730	)			(0.580	)			(0.570	)			(0.570	)			(0.638	)
Net asset value, end of period			$15.270				$14.940				$13.700				$14.060				$13.140
Market value, end of period			$15.630				$14.230				$12.600				$12.740				$11.250
Total investment return based on:1
Market value			15.18%				17.95%				3.32%				18.58%				(11.91%	)
Net asset value			7.18%				13.90%				1.80%				12.04%				(2.48%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)		$	175,629			$	171,835			$	157,655			$	161,723			$	151,184
Ratio of expenses to average net assets applicable to common shares2,4			0.82%				0.70%				0.56%				0.56%				0.98%
Ratio of net investment income to average net assets
applicable to common shares2			5.23%				4.67%				4.35%				4.36%				5.74%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.65%				4.44%				4.35%				4.36%				4.45%
Portfolio turnover			24%				44%				9%				19%				15%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			$75,000				$75,000				$—				$—				$—
Net asset coverage per share of preferred shares, end of period5		$	334,172			$	329,113				$—				$—				$—
Liquidation value per share of preferred shares5,6		$	100,000			$	100,000				$—				$—				$—

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

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Financial highlights

Delaware Investments^® National Municipal Income Fund

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

		Year Ended
			3/31/13			3/31/12			3/31/11			3/31/10			3/31/09
Net asset value, beginning of period			$14.020			$12.620			$13.070			$11.960			$13.360
Income (loss) from investment operations:
Net investment income			0.812			0.535			0.610			0.571			0.704
Net realized and unrealized gain (loss)			0.858			1.409			(0.532	)		1.049			(1.367	)
Dividends and distributions on preferred stock from:
Net investment income			(0.090	)		(0.004	)		—			—			(0.172	)
Total dividends and distributions on preferred stock			(0.090	)		(0.004	)		—			—			(0.172	)
Total from investment operations			1.580			1.940			0.078			1.620			(0.835	)
Less dividends and distributions to common shareholders from:
Net investment income			(0.610	)		(0.540	)		(0.528	)		(0.510	)		(0.565	)
Net realized gain			—			—			—			—			—
Total dividends and distributions			(0.610	)		(0.540	)		(0.528	)		(0.510	)		(0.565	)
Net asset value, end of period			$14.990			$14.020			$12.620			$13.070			$11.960
Market value, end of period			$14.480			$13.240			$12.200			$12.140			$10.850
Total investment return based on:1
Market value			14.12%			13.19%			4.78%			16.69%			(4.31%	)
Net asset value			11.56%			15.87%			0.67%			13.97%			(5.65%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$67,876			$63,487			$30,559			$31,650			$28,967
Ratio of expenses to average net assets applicable to common shares2			0.96%			0.99%			0.65%			0.63%			1.06%
Ratio of net investment income to average net assets
applicable to common shares2			5.46%			3.99%			4.64%			4.48%			5.63%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.86%			3.96%			4.64%			4.48%			4.25%
Portfolio turnover			42%			101%			50%			69%			36%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)4			$30,000			$30,000			$—			$—			$—
Net asset coverage per share of preferred shares, end of period4			$326,254			$311,625			$—			$—			$—
Liquidation value per share of preferred shares4,5			$100,000			$100,000			$—			$—			$—

1 Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.

2 Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable.

3 Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders.

4 In March 2012, the Fund issued a new series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share.

5 Excluding any accumulated but unpaid dividends.

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

22

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds
March 31, 2013

Delaware Investments Colorado Municipal Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are organized as Minnesota corporations and Delaware Investments National Municipal Income Fund (National Municipal Fund) is organized as a Massachusetts business trust (each referred to as a Fund and collectively as the Funds). Colorado Municipal Fund, Minnesota Municipal Fund II and National Municipal Fund are considered diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. The Funds’ shares trade on the New York Stock Exchange MKT, the successor to the American Stock Exchange.

The investment objective of each of the Colorado Municipal Fund and Minnesota Municipal Fund II is to provide current income exempt from federal income tax and from state personal income tax, if any, consistent with the preservation of capital. The investment objective of the National Municipal Fund is to provide current income exempt from federal income tax, consistent with the preservation of capital. Each of Colorado Municipal Fund and Minnesota Municipal Fund II seek to achieve its investment objective by investing substantially all of its net assets in investment grade, tax-exempt municipal obligations of its respective state at the time of investment. The National Municipal Fund seeks to achieve its investment objective by investing at least 80% of its net assets in securities the income from which is exempt from federal income tax.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. 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, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. 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 Fund’s Board of Directors/Trustees (each a Board, and 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.

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. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ 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 the Funds’ tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Interest and Related Expenses — Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees from the Funds’ participation in inverse floater programs where a Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In conveyance of the bond, the Funds receive the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Funds, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees’ expenses are recorded on the accrual basis. There were no interest and related expenses for the year ended March 31, 2013.

Use of Estimates — The preparation of financial statements in conformity with U.S. 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 Investments^® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities using the effective interest method. Each Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. Each Fund may distribute income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended March 31, 2013.

(continues)       23

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds

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 Delaware Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated daily based on the adjusted average daily net assets of each Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the year ended March 31, 2013, the Funds were charged as follows:

		Colorado		Minnesota		National
		Municipal		Municipal		Municipal
		Fund		Fund II		Fund
		$5,114		$12,259		$4,740

At March 31, 2013, each Fund had liabilities payable to affiliates as follows:

		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Fund				Fund II				Fund
Investment management fees payable to DMC		$	35,563			$	85,213			$	33,291
Accounting administration and other expenses			431				1,031				403
payable to DSC
Other expenses payable to DMC and affiliates*			1,106				2,262				879

*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, legal and tax services, registration fees and directors/trustees’ fees.

As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates’ employees. For the year ended March 31, 2013, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

		Colorado		Minnesota		National
		Municipal		Municipal		Municipal
		Fund		Fund II		Fund
		$20,507		$22,518		$16,399

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

3. Investments

For the year ended March 31, 2013, the Funds made purchases and sales of investment securities other than short-term investments as follows:

		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Fund				Fund II				Fund
Purchases		$	8,066,552			$	59,619,912			$	57,084,937
Sales			7,836,556				61,059,486				39,709,982

At March 31, 2013, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows:

		Colorado						Minnesota						National
		Municipal						Municipal						Municipal
		Fund						Fund II						Fund
Cost of investments			$	96,282,229					$	231,990,607					$	90,603,984
Aggregate unrealized appreciation			$	6,857,406					$	15,052,517					$	7,287,651
Aggregate unrealized depreciation				(307,597	)					(611,163	)					(414,102	)
Net unrealized appreciation			$	6,549,809					$	14,441,354					$	6,873,549

24

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U.S. GAAP defines fair value as the price that the Funds 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 developed 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 below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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 table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2013:

	Colorado Municipal Fund
	Level 2
Municipal Bonds		$	102,632,038
Short-Term Investments			200,000
Total		$	102,832,038

	Minnesota Municipal Fund II
	Level 2
Municipal Bonds		$	246,431,961

	National Municipal Fund
	Level 2
Municipal Bonds		$	97,477,533

During the year ended March 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Funds. The Funds’ policy is to recognize transfers between levels at the beginning of the reporting period.

(continues)       25

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds

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 U.S. 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 March 31, 2013 and 2012 was as follows:

		Colorado					Minnesota					National
		Municipal					Municipal					Municipal
		Fund					Fund II					Fund
Year Ended 3/31/13
Ordinary income			$	11,156				$	345,149				$	4,581
Tax-exempt income				3,337,599					7,938,433					2,757,769
Long-term capital gain				467,717					115,050					—
Total			$	3,816,472				$	8,398,632				$	2,762,350
Year Ended 3/31/12
Ordinary income			$	959				$	533				$	8,868
Tax-exempt income				2,804,559					6,672,353					2,286,347
Total			$	2,805,518				$	6,672,886				$	2,295,215

5. Components of Net Assets on a Tax Basis

As of March 31, 2013, the components of net assets on a tax basis were as follows:

		Colorado						Minnesota						National
		Municipal						Municipal						Municipal
		Fund						Fund II						Fund
Shares of beneficial interest			$	66,918,121					$	157,931,075					$	60,617,476
Undistributed tax-exempt income				833,522						1,833,037						826,334
Undistributed ordinary income				10,968						559,635						—
Undistributed long-term capital gains				69,612						947,605						—
Distributions payable				(33,394	)					(83,486	)					(33,394	)
Capital loss carryforwards				—						—						(407,888	)
Unrealized appreciation				6,549,809						14,441,354						6,873,549
Net assets			$	74,348,638					$	175,629,220					$	67,876,077

The differences between book basis and tax basis components of net assets are primarily attributable to tax treatment of market discount on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2013, the Funds recorded the following reclassifications.

		Colorado						Minnesota						National
		Municipal						Municipal						Municipal
		Fund						Fund II						Fund
Undistributed net investment income			$	(6,909	)				$	(28,541	)				$	(92,980	)
Accumulated net realized gain (loss)				6,909						28,541						92,980

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2013, the Funds utilized capital loss carryforwards as follows:

	Colorado		Minnesota		National
	Municipal		Municipal		Municipal
	Fund		Fund		Fund
	$—		$257,166		$1,339,948

26

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For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at March 31, 2013 will expire as follows:

			Colorado		Minnesota		National
			Municipal		Municipal		Municipal
Year of Expiration			Fund		Fund II		Fund
2018			$—		$—		$407,888

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

6. Capital Stock

Pursuant to their articles of incorporation, Colorado Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. National Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. The Funds did not repurchase any shares under the Share Repurchase Program during the year ended March 31, 2013. Shares issuable under the Funds’ dividend reinvestment plan are purchased by the Funds’ transfer agent, Computershare Shareowner Services LLC (Computershare), in the open market.

On February 18, 2011, the National Municipal Fund’s Board approved a tender offer for shares of the Arizona Municipal Fund’s common stock. The tender offer authorized the National Municipal Fund to purchase for cash up to 18% of the then-outstanding shares of the Arizona Municipal Fund’s common stock after the reorganization (Common Stock) at a per share price equal to 99% of the net asset value per share of the Common Stock at the expiration of the tender offer.

In connection with the tender offer, the National Municipal Fund purchased 994,051 shares of capital stock at a total cost of approximately $13,240,759. The tender offer was oversubscribed and all tenders of shares were subject to pro-ration (at a ratio of approximately 0.58504231) in accordance with the terms of its tender offer.

On November 15, 2011, Delaware Investments Colorado Municipal Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II), issued $30,000,000 and $75,000,000, respectively, of Series 2016 Variable Rate MuniFund Term Preferred (VMTP) Shares, with $100,000 liquidation value per share in a privately negotiated offering. On March 15, 2012, Delaware Investments National Municipal Income Fund (National Municipal Fund) issued $30,000,000 Series 2017 VMTP Shares, with $100,000 liquidation value per share in a privately negotiated offering. Proceeds from the issuance of VMTP Shares, net of offering expenses, were invested in accordance with each fund’s investment objective. The VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

Colorado Municipal Fund and Minnesota Municipal Fund II are obligated to redeem their respective VMTP Shares on December 1, 2016, unless earlier redeemed or repurchased by the Fund. National Municipal Fund is obligated to redeem its VMTP Shares on April 1, 2017, unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of a Fund, subject to payment of a premium until December 1, 2013 (with respect to Minnesota Municipal Fund II and Colorado Municipal Fund) and April 1, 2014 (with respect to National Municipal Fund), and at par thereafter. A Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Dividends on the VMTP Shares are set weekly, subject to adjustments in certain circumstances. The weight average dividend rates for the year ended March 31, 2013 were as follows:

	Colorado		Minnesota		National
	Municipal		Municipal		Municipal
	Fund		Fund II		Fund
	1.4%		1.4%		1.4%

The Funds use leverage because their managers believe that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage; accordingly, the use of structural leverage may hurt a Fund’s overall performance.

Leverage may also cause the Funds to incur certain costs. In the event that a Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings and Moody’s Investor Service, funding dividend payments or funding redemptions), that Fund will pay additional fees with respect to the leverage.

(continues)       27

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds

7. Fund Merger

On June 20, 2011, the National Municipal Fund acquired all of the assets of the Delaware Investments Arizona Municipal Fund, Inc. (Acquired Fund), a closed-end investment company, in exchange for the shares of the National Municipal Fund (Acquiring Fund) pursuant to a Plan and Agreement of Reorganization (Reorganization). The shareholders of the Acquired Fund received shares of the Acquiring Fund equal to the aggregate net asset value of their share in the Acquired Fund prior to the Reorganization, as shown in the following table:

		Acquiring		Acquired
		Fund		Fund
		Shares		Shares		Value
Common Stock		2,422,200		3,100,925		$40,715,147

The Reorganization was treated as a non-taxable event and, accordingly, the Acquired Fund’s basis in securities acquired reflected historical cost basis as of the date of transfer. The net assets and net unrealized appreciation of the Acquired Fund as of the close of business on June 17, 2011, were as follows:

Net assets	$	40,715,147
Net unrealized appreciation		65,229

The net assets of the Acquiring Fund before the acquisition were $31,792,649. The net assets of the Acquiring Fund immediately following the acquisition were $72,507,796.

Assuming that the acquisition had been completed on April 1, 2011, the beginning of the Acquiring Fund’s reporting period, the Acquiring Fund’s pro forma results of operations for the year ended March 31, 2012, are as follows:

Net investment income	$	2,611,659
Net realized gain on investments		909,699
Change in unrealized appreciation		5,974,605
Net increase in net assets resulting from operations		9,477,059

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the National Municipal Fund’s statement of operations since June 20, 2011.

8. Derivatives

U.S. GAAP requires disclosures that enable investors to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.

Inverse Floaters — Each Fund may participate in inverse floater programs where a Fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (inverse floaters) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Funds are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Funds typically use inverse floaters to adjust the duration of their portfolio. Duration measures a portfolio’s sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that a Fund transferred to the trust, the Fund seeks to adjust its portfolio’s sensitivity to changes in interest rates. The Funds may also invest in inverse floaters to add additional income to the Funds or to adjust the Funds’ exposure to a specific segment of the yield curve. At March 31, 2013, and during the year then ended, the Funds held no investments in inverse floaters.

9. Credit and Market Risk

The Funds concentrate their investments in securities issued by municipalities. Because each of the Colorado Municipal Income Fund and the Minnesota Municipal Income Fund invest substantially all of its net assets in municipal obligations of its respective state at the time of investment, events in that state may have a significant impact on the performance and investments of the Colorado Municipal Income Fund and the Minnesota Municipal Income Fund. These events may include economic or political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to the state’s municipal issuers, the effects of natural or human-made disasters, or other economic, legislative or political or social issues. Any downgrade to the credit rating of the securities issued by the U.S. government may result in a downgrade of securities issued by the states or U.S. territories. The National Municipal Fund will be subject to these risks as well but to a lesser extent because it invests at least 80% of its net assets in securities, the income from which is exempt from federal income tax and is not limited to investing substantially all of its assets in municipal obligations of a single state.

28

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Each Fund may invest a percentage of assets in obligations of governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the Virgin Islands or Guam. To the extent a Fund invests in such obligations, that Fund may be adversely affected by local political and economic conditions and developments within these U.S. territories, commonwealths and possessions. Currently Puerto Rico is experiencing financial difficulties, causing ratings organizations to downgrade Puerto Rican general obligation bonds as well as a number of other bonds issued in Puerto Rico, which negatively affects the market values and marketability of many or all Puerto Rican municipal obligations. The Funds hold some of these securities, which may negatively impact the Funds’ performance. If the economic situation in Puerto Rico changes, the volatility, credit quality and performance of the Funds could be affected to the extent a Fund holds Puerto Rican securities.

Many municipalities insure repayment for their obligations. Although bond insurance may reduce the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At March 31, 2013, the percentages of each Fund’s net assets insured by insurers are listed below and these securities have been identified in the statements of net assets.

Colorado Municipal Fund	36	%
Minnesota Municipal Fund II	8	%
National Municipal Fund	7	%

The Funds invest a portion of their assets in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s (S&P) and/or Ba or lower 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.

The Funds 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.

Certain obligations held by the Fund may have liquidity protection 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 from third parties, through various means of structuring the transaction or through a combination of such approaches. The 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 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 of 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 Fund’s 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 the Funds’ 15% limit on investments in illiquid securities. As of March 31, 2013, no securities have been determined to be illiquid under the Funds’ Liquidity Procedures. Rule 144A securities have been identified on the statements of net assets.

10. Contractual Obligations

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have 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.

29

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds

11. National Municipal Income Fund — Investments in Municipal Securities Issued by Certain States

From time to time and consistent with its investment policies, the National Municipal Income Fund may invest a considerable portion of its assets in certain municipalities. As of the date of this report, the National Municipal Income Fund has invested 11.70% and 18.02% (each as a percentage of fixed income investments), respectively, in securities issued by the State of California and the State of New York, respectively. These investments could make the National Municipal Income Fund more sensitive to economic conditions in those states.

On May 23, 2011, shareholders of the National Municipal Fund and shareholders of the Delaware Investments Arizona Municipal Income Fund, Inc. (Arizona Muni Fund) approved the acquisition of substantially all of the assets of Arizona Muni Fund in exchange for newly issued common shares of the National Municipal Fund, which was structured as a tax-free transaction. This acquisition was completed after the close of business on June 17, 2011. As of March 31, 2013, municipal bonds issued by the State of Arizona constitute approximately 13% of the National Municipal Income Fund’s portfolio. These investments could make the National Municipal Fund more sensitive to economic conditions in Arizona than other more geographically diversified national municipal income funds.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2013 that would require recognition or disclosure in the Funds’ financial statements.

30

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Report of independent
registered public accounting firm

To the Board of Directors/Trustees and the Shareholders of
Delaware Investments Colorado Municipal Income Fund, Inc.,
Delaware Investments Minnesota Municipal Income Fund II, Inc. and
Delaware Investments National Municipal Income Fund:

In our opinion, the accompanying statements of net assets, statements of assets and liabilities, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund (hereafter referred to as the “Funds”) at March 31, 2013, 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 then ended and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2013 by correspondence with the custodian, provide a reasonable basis for our opinion. The financial highlights for each of the two years in the period ended March 31, 2010 were audited by other independent accountants whose report dated May 19, 2010 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
May 21, 2013

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Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

Tax Information (Unaudited)

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 a 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 designations 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 designation, it is the intention of each Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2013, each Fund designates distributions paid during the year as follows:

		(A)		(B)		(C)
		Ordinary		Tax-Exempt		Long-Term
		Income		Income		Capital Gain					Total
		Distributions		Distributions		Distributions					Distributions
		(Tax Basis)		(Tax Basis)		(Tax Basis)					(Tax Basis)
Colorado Municipal Fund		0.27%		88.67%			11.06	%			100.00%
Minnesota Municipal Fund II		3.66%		95.12%			1.22	%			100.00%
National Municipal Fund		0.14%		99.86%			—				100.00%

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

32

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Fund management

Joseph R. Baxter
Senior Vice President, Head of Municipal Bond
Department, Senior Portfolio Manager

Joseph R. Baxter is the head of the municipal bond department and is responsible for setting the department’s investment strategy. He is also a co-portfolio manager of the firm’s municipal bond funds and several client accounts. Before joining Delaware Investments in 1999 as head municipal bond trader, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. Baxter received a bachelor’s degree in finance and marketing from La Salle University.

Stephen J. Czepiel
Senior Vice President, Senior Portfolio Manager

Stephen J. Czepiel is a member of the firm’s municipal fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts. He joined Delaware Investments in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.

Denise A. Franchetti, CFA
Vice President, Portfolio Manager, Senior Research Analyst

Denise A. Franchetti is a senior research analyst for the municipal bond department. Currently, she is responsible for following the airport, education, hotel, cogeneration, and cargo sectors for the group. In 2003, she was also named as portfolio manager on the tax-exempt closed-end funds in addition to her research duties. Prior to joining Delaware Investments in 1997 as a municipal bond analyst, she was a fixed income trader at Provident Mutual Life Insurance and an investment analyst at General Accident Insurance. Franchetti received her bachelor’s degree and an MBA from La Salle University. She is a member of the Financial Analysts of Philadelphia.

Gregory A. Gizzi
Senior Vice President, Senior Portfolio Manager

Gregory A. Gizzi is a member of the firm’s municipal fixed income portfolio management team. He is also a co-portfolio manager of the firm’s municipal bond funds and several client accounts. Before joining Delaware Investments in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.

(continues)       33

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Board of trustees/directors
and officers addendum

Delaware Investments^® Family of Funds

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
				Portfolios in Fund	Other
Name,				Complex Overseen	Directorships
Address,	Position(s)	Length of	Principal Occupation(s)	by Trustee	Held by
and Birth Date	Held with Fund(s)	Time Served	During Past 5 Years	or Officer	Trustee or Officer
Interested Trustee
Patrick P. Coyne1	Chairman,	Chairman and Trustee	Patrick P. Coyne has served in	70	Director and Audit
2005 Market Street	President,	since August 16, 2006	various executive capacities		Committee Member
Philadelphia, PA	Chief Executive		at different times at		Kaydon Corp.
19103	Officer, and		Delaware Investments.2
	Trustee
April 1963		President and			Board of Governors
		Chief Executive Officer			Member
		since August 1, 2006			Investment Company
					Institute (ICI)
Independent Trustees
Thomas L. Bennett	Trustee	Since	Private Investor	70	Director
2005 Market Street		March 2005	(March 2004–Present)		Bryn Mawr
Philadelphia, PA					Bank Corp. (BMTC)
19103					(2007–2011)
October 1947
Joseph W. Chow	Trustee	Since	Executive Vice President	70	Director and Audit Committee
2005 Market Street		January 2013	(Emerging Economies		Member — Hercules
Philadelphia, PA			Strategies, Risk and		Technology Growth
19103			Corporate Administration)		Capital, Inc.
			State Street Corporation
January 1953			(July 2004–March 2011)
John A. Fry	Trustee	Since	President	70	Board of
2005 Market Street		January 2001	Drexel University		Governors Member —
Philadelphia, PA			(August 2010–Present)		NASDAQ OMX
19103					PHLX LLC
			President
May 1960			Franklin & Marshall College		Director and Audit
			(July 2002–July 2010)		Committee Member
					Community Health
					Systems
					Director — Ecore
					International
					(2009–2010)
Anthony D. Knerr	Trustee	Since	Managing Director	70	None
2005 Market Street		April 1990	Anthony Knerr & Associates
Philadelphia, PA			(Strategic Consulting)
19103			(1990–Present)
December 1938

34

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				Number of
				Portfolios in Fund	Other
Name,				Complex Overseen	Directorships
Address,	Position(s)	Length of	Principal Occupation(s)	by Trustee	Held by
and Birth Date	Held with Fund(s)	Time Served	During Past 5 Years	or Officer	Trustee or Officer
Independent Trustees (continued)
Lucinda S. Landreth	Trustee	Since	Private Investor	70	None
2005 Market Street		March 2005	(2004–Present)
Philadelphia, PA
19103
June 1947
Frances A. Sevilla-Sacasa	Trustee	Since	Chief Executive Officer —	70	Trust Manager and
2005 Market Street		September 2011	Banco Itaú Europa		Audit Committee
Philadelphia, PA			International		Member — Camden
19103			(April 2012–Present)		Property Trust
January 1956			Executive Advisor to Dean
			(August 2011–March 2012) and
			Interim Dean
			(January 2011–July 2011) —
			University of Miami School of
			Business Administration
			President — U.S. Trust,
			Bank of America Private
			Wealth Management
			(Private Banking)
			(July 2007–December 2008)
Thomas K. Whitford	Trustee	Since	Vice Chairman	70	None
2005 Market Street		January 2013	(2010–April 2013)
Philadelphia, PA			Chief Administrative
19103			Officer (2008–2010)
			and Executive Vice
March 1956			President and Chief
			Administrative Officer
			(2007–2009) —
			PNC Financial
			Services Group
Janet L. Yeomans	Trustee	Since	Vice President and Treasurer	70	Director, Audit
2005 Market Street		April 1999	(January 2006–July 2012)		Committee Member and
Philadelphia, PA			Vice President — Mergers &		Investment Committee
19103			Acquisitions		Member
			(January 2003–January 2006),		Okabena Company
July 1948			and Vice President
			and Treasurer		Chair — 3M Investment
			(July 1995–January 2003)		Management Company
			3M Corporation		(2005–2012)
J. Richard Zecher	Trustee	Since	Founder	70	Director and
2005 Market Street		March 2005	Investor Analytics		Compensation
Philadelphia, PA			(Risk Management)		Committee Member
19103			(May 1999–Present)		Investor Analytics
July 1940			Founder		Director — P/E Investments
			P/E Investments
			(Hedge Fund)
			(September 1996–Present)

(continues)       35

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				Number of
				Portfolios in Fund	Other
Name,				Complex Overseen	Directorships
Address,	Position(s)	Length of	Principal Occupation(s)	by Trustee	Held by
and Birth Date	Held with Fund(s)	Time Served	During Past 5 Years	or Officer	Trustee or Officer
Officers
David F. Connor	Vice President,	Vice President since	David F. Connor has served as	70	None3
2005 Market Street	Deputy General	September 2000	Vice President and Deputy
Philadelphia, PA	Counsel, and Secretary	and Secretary	General Counsel of
19103		since	Delaware Investments
		October 2005	since 2000.
December 1963
Daniel V. Geatens	Vice President	Treasurer	Daniel V. Geatens has served	70	None3
2005 Market Street	and Treasurer	since	in various capacities at
Philadelphia, PA		October 2007	different times at
19103			Delaware Investments.
October 1972
David P. O’Connor	Executive Vice	Executive	David P. O’Connor has served in	70	None3
2005 Market Street	President,	Vice President	various executive and legal
Philadelphia, PA	General Counsel	since February 2012;	capacities at different times
19103	and Chief	Senior Vice President	at Delaware Investments.
	Legal Officer	October 2005–
February 1966		February 2012;
		General Counsel and
		Chief Legal Officer
		since
		October 2005
Richard Salus	Senior	Chief Financial	Richard Salus has served in	70	None3
2005 Market Street	Vice President	Officer since	various executive capacities
Philadelphia, PA	and	November 2006	at different times at
19103	Chief Financial		Delaware Investments.
	Officer
October 1963

36

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About the organization

This annual report is for the information of Delaware Investments Closed-End Municipal Bond Funds shareholders. Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Funds may, from time to time, purchase shares of their common stock on the open market at market prices.

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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 Investments Internet Web site at www.delawareinvestments.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/Directors 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/Directors 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/Directors 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.

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

Thomas L. Bennett¹
John A. Fry
Frances A. Sevilla-Sacasa
Janet L. Yeomans

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 $15,980 for the fiscal year ended March 31, 2013.

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     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 $10,634 for the fiscal year ended March 31, 2012.

     (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 March 31, 2013.

     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 $565,000 for the registrant’s fiscal year ended March 31, 2013. 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; reporting up 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 registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2012.

     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 $416,500 for the registrant’s fiscal year ended March 31, 2012. 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; reporting up and subsidiary statutory audits.

     (c) Tax fees.

     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $2,090 for the fiscal year ended March 31, 2013. 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 March 31, 2013.

     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $2,050 for the fiscal year ended March 31, 2012. 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.

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     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 March 31, 2012.

     (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 March 31, 2013.

     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 March 31, 2013.

     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 March 31, 2012.

     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 $25,000 for the registrant’s fiscal year ended March 31, 2012. 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 other services were as follows: attest examination of management's assertion to the controls in place at the transfer agent to be in compliance with Rule 17ad-13(a)(3) of the Securities Exchange Act of 1934.

     (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 Investments^® Family of Funds.

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Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $40,000 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 $10,584,953 and $10,901,705 for the registrant’s fiscal years ended March 31, 2013 and March 31, 2012, 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

     The registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the registrant’s Audit Committee are Thomas L. Bennett, Joseph W. Chow, John A. Fry, Frances A. Sevilla-Sacasa and Janet L. Yeomans.

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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

     The registrant has formally delegated to its investment adviser(s) (the “Adviser”) the responsibility for making all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the “Procedures”). The Adviser has established a Proxy Voting Committee (the “Committee”) which is responsible for overseeing the Adviser’s proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Adviser to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.

     In order to facilitate the actual process of voting proxies, the Adviser has contracted with Institutional Shareholder Services (“ISS”), which is a subsidiary of MSCI Inc., to analyze proxy statements on behalf of the registrant and other Adviser clients and vote proxies generally in accordance with the Procedures. The Committee is responsible for overseeing ISS’s proxy voting activities. If a proxy has been voted for the registrant, ISS will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the registrant’s website at www.delawareinvestments.com; and (ii) on the Commission’s website at www.sec.gov.

     The Procedures contain a general guideline that recommendations of company management on an issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. However, the Adviser will normally vote against management’s position when it runs counter to its specific Proxy Voting Guidelines (the “Guidelines”), and the Adviser will also vote against management’s recommendation when it believes that such position is not in the best interests of the registrant.

     As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote against proposals to require a supermajority shareholder vote; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value; (iv) generally vote against proposals at companies with more than one class of common stock to increase the number of authorized shares of the class that has superior voting rights; (v) generally vote re-incorporation proposals on a case-by-case basis; (vi) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; and (vii) generally vote for proposals requesting reports on the level of greenhouse gas emissions from a company’s operations and products.

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     Because the registrant has delegated proxy voting to the Adviser, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, the Adviser does have a section in its Procedures that addresses the possibility of conflicts of interest. Most proxies which the Adviser receives on behalf of the registrant are voted by ISS in accordance with the Procedures. Because almost all registrant proxies are voted by ISS pursuant to the pre-determined Procedures, it normally will not be necessary for the Adviser to make an actual determination of how to vote a particular proxy, thereby largely eliminating conflicts of interest for the Adviser during the proxy voting process. In the very limited instances where the Adviser is considering voting a proxy contrary to ISS’s recommendation, the Committee will first assess the issue to see if there is any possible conflict of interest involving the Adviser or affiliated persons of the Adviser. If a member of the Committee has actual knowledge of a conflict of interest, the Committee will normally use another independent third party to do additional research on the particular proxy issue in order to make a recommendation to the Committee on how to vote the proxy in the best interests of the registrant. The Committee will then review the proxy voting materials and recommendation provided by ISS and the independent third party to determine how to vote the issue in a manner which the Committee believes is consistent with the Procedures and in the best interests of the registrant.

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

Other Accounts Managed
     The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of March 31, 2013, unless otherwise noted. Any accounts managed in a personal capacity appear under “Other Accounts” along with the other accounts managed on a professional basis. The personal account information is current as of June 30, 2012.

			No. of Accounts with	Total Assets in Accounts
	No. of	Total Assets	Performance-	with Performance-
	Accounts	Managed	Based Fees	Based Fees
Joseph R. Baxter
Registered Investment	17	$5.2 billion	0	$0
Companies
Other Pooled	0	$0	0	$0
Investment Vehicles
Other Accounts	40	$2.9 billion	0	$0
Stephen J. Czepiel
Registered Investment	17	$5.2 billion	0	$0
Companies
Other Pooled	0	$0	0	$0
Investment Vehicles
Other Accounts	39	$2.7 billion	0	$0
Denise A. Franchetti
Registered Investment	3	$452.8 million	0	$0
Companies
Other Pooled	0	$0	0	$0
Investment Vehicles
Other Accounts	2	Under $1 million	0	$0
Gregory A. Gizzi
Registered Investment	17	$5.2 billion	0	$0
Companies
Other Pooled	0	$0	0	$0
Investment Vehicles
Other Accounts	62	$3.1 billion	0	$0

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DESCRIPTION OF MATERIAL CONFLICTS OF INTEREST
     Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Funds and the investment action for such other fund or account and the Funds may differ. For example, an account or fund may be selling a security, while another account or Fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account or Fund. Additionally, the management of multiple other funds or accounts and the Funds may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Manager has adopted procedures designed to allocate investments fairly across multiple funds or accounts.

     A portfolio manager’s management of personal accounts also may present certain conflicts of interest. While Delaware’s code of ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

Compensation Structure
     Each portfolio’s manager’s compensation consists of the following:

     Base Salary - Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

     Bonus - An objective component is added to the bonus for each manager that is reflective of account performance relative to an appropriate peer group or database. The following paragraph describes the structure of the non-guaranteed bonus.

     Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The amount of the pool for bonus payments is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. Generally, 60%-75% of the bonus is quantitatively determined. For more senior portfolio managers, a higher percentage of the bonus is quantitatively determined. For investment companies, each manager is compensated according the Fund’s Lipper or Morningstar peer group percentile ranking on a one-year, three-year, and five-year basis, with longer-term performance more heavily weighted. For managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the BNY Mellon, eVestment Alliance, and Callan Associates databases (or similar sources of relative performance data) on a one-year, three-year, and five-year basis, with longer term performance more heavily weighted. There is no objective award for a fund that falls below the 50^th percentile, but incentives reach maximum potential at the 25^th-30^th percentile. There is a sliding scale for investment companies that are ranked above the 50^th percentile. The remaining 25%-40% portion of the bonus is discretionary as determined by Delaware Investments and takes into account subjective factors.

     For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager’s actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.

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     Incentive Unit Plan - Portfolio managers may be awarded incentive unit awards (“Awards”) relating to the underlying shares of common stock of Delaware Management Holdings, Inc. issuable pursuant to the terms of the Delaware Investments Incentive Unit Plan (the “Plan”) adopted on November 30, 2010. Awards are no longer granted under the Delaware Investments U.S., Inc. 2009 Incentive Compensation Plan or the Amended and Restated Delaware Investments U.S., Inc. Incentive Compensation Plan, which was established in 2001.

     The Plan was adopted in order to: assist the Manager in attracting, retaining, and rewarding key employees of the company; enable such employees to acquire or increase an equity interest in the company in order to align the interest of such employees and the Manager; and provide such employees with incentives to expend their maximum efforts. Subject to the terms of the Plan and applicable award agreements, Awards typically vest in 25% increments on a four-year schedule, and shares of common stock underlying the Awards are issued after vesting. The fair market value of the shares of Delaware Management Holdings, Inc., is normally determined as of each March 31, June 30, September 30 and December 31 by an independent appraiser. Generally, a stockholder may put shares back to the company during the put period communicated in connection with the applicable valuation.

     Other Compensation - Portfolio managers may also participate in benefit plans and programs available generally to all employees.

Ownership of Securities
     As of April 30, 2013, the portfolio managers did not own any shares of the Fund.

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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 Chief Executive and Financial Officers concluded that the Fund’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

Management of the Fund has determined that in the financial statements for March 31, 2012 and March 31, 2013, the Fund had a material weakness in its internal controls over financial reporting related to the review, analysis and treatment of dividends paid on the Fund’s Variable Rate MuniFund Term Preferred Shares (“VMTP Shares”). Management determined that, because the Fund’s VMTP Shares are treated as debt for accounting purposes, payment of the dividends should be classified as Interest Expense and a Statement of Cash Flows should be presented in accordance with ASC 230. Since March 31, 2014, but prior to the date of this filing, Management has revised its internal controls over financial reporting to improve the effectiveness of the controls by ensuring that dividends on VMTP Shares are accounted for as interest expense and that a Statement of Cash Flows is presented as applicable. As a result, the Fund’s Statement of Operations, Statement of Changes in Net Assets and Statement of Cash Flows for 2013 and Financial Highlights for 2013 and 2012 were restated in order to account for the dividends paid on the Fund’s VMTP Shares as interest expense and to present a Statement of Cash Flows. There was no impact to the net asset value of the Fund’s common shares or the total return of the Fund’s common shares for any period as a result of the treatment of the VMTP Shares.

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Item 12. 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.

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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.

Name of Registrant: DELAWARE INVESTMENTS^® NATIONAL MUNICIPAL INCOME FUND

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 30, 2014

     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/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 30, 2014
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 30, 2014

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