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:		September 30, 2012

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Item 1. Reports to Stockholders

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Table of contents

	> Fund basics	1
	> Security type/Sector/State allocations	2
	> Statements of net assets	4
	> 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
	> Other Fund information	30
	> About the organization	36

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 Sept. 30, 2012, 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.

© 2012 Delaware Management Holdings, Inc.

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

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Fund basics

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

As of September 30, 2012

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

$75 million

Number of holdings

77

Fund start date

July 29, 1993

CUSIP number

246101109

Delaware Investments
National Municipal Income Fund

As of September 30, 2012

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

161

Fund start date

Feb. 26, 1993

CUSIP number

24610T108

Delaware Investments
Minnesota Municipal Income Fund II, Inc.

As of September 30, 2012

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

$179 million

Number of holdings

136

Fund start date

Feb. 26, 1993

CUSIP number

24610V103

1

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Security type/Sector/State allocations

As of September 30, 2012

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	138.45	%
Corporate-Backed Revenue Bond	1.27	%
Education Revenue Bonds	21.12	%
Electric Revenue Bonds	5.81	%
Healthcare Revenue Bonds	30.35	%
Housing Revenue Bonds	2.48	%
Lease Revenue Bonds	10.62	%
Local General Obligation Bonds	13.77	%
Pre-Refunded Bonds	3.16	%
Special Tax Revenue Bonds	34.27	%
State & Territory General Obligation Bonds	2.48	%
Transportation Revenue Bonds	8.37	%
Water & Sewer Revenue Bonds	4.75	%
Total Value of Securities	138.45	%
Liquidation Value of Preferred Stock	(39.74	%)
Receivables and Other Assets Net of Liabilities	1.29	%
Total Net Assets	100.00	%

Delaware Investments
Minnesota Municipal Income Fund II, Inc.

	Percentage
Security type/Sector	of Net Assets
Municipal Bonds	142.88	%
Corporate-Backed Revenue Bonds	11.58	%
Education Revenue Bonds	16.56	%
Electric Revenue Bonds	6.44	%
Healthcare Revenue Bonds	38.09	%
Housing Revenue Bonds	6.65	%
Lease Revenue Bonds	8.72	%
Local General Obligation Bonds	10.20	%
Pre-Refunded/Escrowed to Maturity Bonds	21.75	%
Special Tax Revenue Bonds	9.27	%
State & Territory General Obligation Bonds	9.85	%
Transportation Revenue Bonds	2.16	%
Water & Sewer Revenue Bonds	1.61	%
Total Value of Securities	142.88	%
Liquidation Value of Preferred Stock	(42.01	%)
Liabilities Net of Receivables and Other Assets	(0.87	%)
Total Net Assets	100.00	%

2

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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	142.25	%
Corporate-Backed Revenue Bonds	17.22	%
Education Revenue Bonds	22.15	%
Electric Revenue Bonds	5.13	%
Healthcare Revenue Bonds	24.18	%
Housing Revenue Bonds	2.47	%
Lease Revenue Bonds	12.59	%
Local General Obligation Bonds	3.61	%
Pre-Refunded Bond	1.86	%
Special Tax Revenue Bonds	18.41	%
State & Territory General Obligation Bonds	9.53	%
Transportation Revenue Bonds	19.44	%
Water & Sewer Revenue Bonds	5.66	%
Short-Term Investments	1.10	%
Total Value of Securities	143.35	%
Liquidation Value of Preferred Stock	(44.15	%)
Receivables and Other Assets Net of Liabilities	0.80	%
Total Net Assets	100.00	%

State	(as a % of fixed income investments)
Alaska		0.34	%
Arizona		15.12	%
California		13.09	%
Colorado		1.11	%
Delaware		0.56	%
Florida		4.13	%
Georgia		1.61	%
Guam		1.14	%
Hawaii		0.34	%
Idaho		1.14	%
Illinois		1.13	%
Iowa		0.54	%
Kansas		0.17	%
Louisiana		1.76	%
Maine		0.36	%
Maryland		2.56	%
Massachusetts		1.03	%
Minnesota		0.26	%
Missouri		2.26	%
New Hampshire		0.36	%
New Jersey		3.83	%
New Mexico		0.56	%
New York		18.75	%
Ohio		1.75	%
Oregon		2.59	%
Pennsylvania		7.80	%
Puerto Rico		6.45	%
Tennessee		0.58	%
Texas		5.62	%
Virginia		1.86	%
Washington D.C.		0.28	%
West Virginia		0.63	%
Wyoming		0.29	%
Total		100.00	%

3

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.
September 30, 2012 (Unaudited)

		Principal
		Amount			Value
Municipal Bonds – 138.45%
Corporate-Backed Revenue Bond – 1.27%
	Public Authority for Colorado Energy
	Natural Gas Revenue Series 2008
	6.50% 11/15/38	$	750,000		$	958,343
						958,343
Education Revenue Bonds – 21.12%
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(Academy Charter School Project)
	5.50% 5/1/36 (SGI)		1,720,000			1,752,542
	(Bromley Charter School Project)
	5.25% 9/15/32 (SGI)		3,245,000			3,350,398
	(Johnson & Wales University Project)
	Series A 5.00% 4/1/28 (SGI)		3,000,000			3,011,700
	(Littleton Charter School Project)
	4.375% 1/15/36 (ASSURED GTY)		1,200,000			1,193,856
	(Student Housing - Campus
	Village Apartments) 5.00% 6/1/23		1,065,000			1,196,400
	Colorado State Board of Governors
	Revenue (University Enterprise
	System) Series A 5.00% 3/1/39		700,000			774,137
	University of Colorado 5.00% 6/1/31		3,185,000			3,776,486
	University of Colorado Enterprise
	Systems Revenue Series A
	5.375% 6/1/38		750,000			884,558
						15,940,077
Electric Revenue Bonds – 5.81%
	Colorado Springs Utilities System
	Improvement Revenue Series C
	5.50% 11/15/48		750,000			882,165
	Platte River Power Authority Revenue
	Series HH 5.00% 6/1/28		1,500,000			1,748,730
	Puerto Rico Electric Power
	Authority Revenue
	Series TT 5.00% 7/1/37		685,000			685,952
	Series WW 5.50% 7/1/38		300,000			314,661
	Series XX 5.25% 7/1/40		750,000			755,880
						4,387,388
Healthcare Revenue Bonds – 30.35%
	Aurora Hospital Revenue (Children’s
	Hospital Association Project)
	Series A 5.00% 12/1/40		2,000,000			2,208,080
	Colorado Health Facilities
	Authority Revenue
	(Boulder Community Hospital
	Project) 5.00% 10/1/32		500,000			559,505
	(Catholic Health Initiatives)
	Series A 5.00% 7/1/39		750,000			809,415
	Series A 5.00% 2/1/41		2,400,000			2,630,184
	Series A 5.25% 2/1/33		1,625,000			1,881,945
	Series C-1 5.10% 10/1/41 (AGM)		1,000,000			1,072,380
	Series D 6.125% 10/1/28		750,000			889,073
	(Christian Living
	Communities Project)
	6.375% 1/1/41		615,000			680,030
	Series A 5.75% 1/1/37		885,000			912,833
	(Covenant Retirement
	Communities) 5.00% 12/1/33		1,000,000			1,055,030
	(Evangelical Lutheran Good
	Samaritan Society) 5.25% 6/1/23		1,000,000			1,076,610
	(National Jewish Health Project)
	5.00% 1/1/27		500,000			536,140
	(Sisters of Charity of Leavenworth
	Health System) 5.00% 1/1/40		4,750,000			5,175,932
	(Total Long-Term Care) Series A
	6.00% 11/15/30		400,000			452,224
	Colorado Springs Hospital Revenue
	6.25% 12/15/33		750,000			856,050
	Denver Health & Hospital Authority
	Revenue (Recovery Zone Facilities)
	5.625% 12/1/40		750,000			820,275
	University of Colorado Hospital
	Authority Revenue Series A
	5.00% 11/15/37		500,000			533,910
	6.00% 11/15/29		650,000			758,199
						22,907,815
Housing Revenue Bonds – 2.48%
	Colorado Housing & Finance
	Authority (Single Family
	Mortgage - Class 1) Series A
	5.50% 11/1/29 (FHA) (VA) (HUD)		400,000			415,184
	Puerto Rico Housing Finance
	Authority Subordinated-Capital
	Fund Modernization
	5.125% 12/1/27		1,000,000			1,106,870
	5.50% 12/1/18		300,000			351,135
						1,873,189
Lease Revenue Bonds – 10.62%
	Aurora Certificates of Participation
	Refunding Series A
	5.00% 12/1/30		630,000			715,775
	Colorado State Building Excellent
	Schools Today Certificates of
	Participation Series G
	5.00% 3/15/32		2,000,000			2,294,599
	Glendale Certificates of Participation
	5.00% 12/1/25 (SGI)		1,500,000			1,624,065
	Pueblo County Certificates of
	Participation (County Judicial
	Complex Project)
	5.00% 9/15/42 (AGM)		2,000,000			2,267,600

4

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		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)	$	550,000		$	590,563
	Regional Transportation District
	Certificates of Participation
	Series A 5.375% 6/1/31		460,000			528,264
						8,020,866
Local General Obligation Bonds – 13.77%
	Arapahoe County School District #1
	Englewood 5.00% 12/1/31		2,935,000			3,534,502
	Boulder, Larimer & Weld Counties
	St. Vrain Valley School District
	No. Re-1J 5.00% 12/15/33		750,000			863,558
	Bowles Metropolitan District
	5.00% 12/1/33 (AGM)		2,000,000			2,042,139
	Denver City & County
	(Better Denver & Zoo)
	Series A 5.00% 8/1/25		1,150,000			1,379,966
	Denver International Business Center
	Metropolitan District #1
	5.00% 12/1/30		650,000			685,861
	Jefferson County School District #R-1
	5.25% 12/15/24		750,000			995,423
	Rangely Hospital District
	6.00% 11/1/26		750,000			894,585
						10,396,034
§Pre-Refunded Bonds – 3.16%
	Adams & Arapahoe Counties Joint
	School District #28J (Aurora)
	6.00% 12/1/28-18		600,000			780,120
	Arapahoe County Water &
	Wastewater Public Improvement
	District Series A 5.125%
	12/1/32-12 (NATL-RE)		635,000			640,499
	Colorado Health Facilities Authority
	Revenue (Evangelical Lutheran
	Good Samaritan Society) Series A
	6.125% 6/1/38-14		750,000			822,292
	Sand Creek Metropolitan District
	5.00% 12/1/31-13 (SGI)		135,000			142,362
						2,385,273
Special Tax Revenue Bonds – 34.27%
	Denver Convention Center Hotel
	Authority Revenue Refunding
	5.00% 12/1/35 (SGI)		2,795,000			2,874,965
	Guam Government Business Privilege
	Tax Revenue Series A
	5.125% 1/1/42		435,000			486,269
	5.25% 1/1/36		565,000			641,388
	Puerto Rico Infrastructure Financing
	Authority Special Tax Revenue
	Series B 5.00% 7/1/41		2,475,000			2,472,921
	Puerto Rico Sales Tax Financing
	Revenue First Subordinate
	Series A 5.50% 8/1/37		700,000			752,591
	Series A 5.50% 8/1/42		1,000,000			1,067,990
	Series A 5.75% 8/1/37		590,000			654,399
	Series A-1 5.00% 8/1/43		2,000,000			2,084,760
	Series C 5.00% 8/1/40		1,000,000			1,080,380
	Series C 5.00% 8/1/46		750,000			804,893
	Series C 6.00% 8/1/39		500,000			562,235
	Regional Transportation District
	Revenue (FasTracks Project) Series A
	4.375% 11/1/31 (AMBAC)		1,250,000			1,316,425
	4.50% 11/1/36 (AGM)		3,000,000			3,170,970
	5.00% 11/1/28 (AMBAC)		2,500,000			2,870,950
	5.00% 11/1/38		4,085,000			4,660,126
	Sand Creek Metropolitan District
	5.00% 12/1/31 (SGI)		365,000			367,894
						25,869,156
State & Territory General Obligation Bonds – 2.48%
	Puerto Rico Commonwealth
	(Public Improvement)
	Series A 5.00% 7/1/41		500,000			502,455
	Series C 6.00% 7/1/39		505,000			534,058
	Western State College 5.00% 5/15/34		750,000			838,365
						1,874,878
Transportation Revenue Bonds – 8.37%
	Denver City & County Airport System
	Revenue Series A 5.25% 11/15/36		750,000			847,050
	E-470 Public Highway Authority
	Revenue Series C 5.25% 9/1/25		310,000			339,391
	Puerto Rico Highway & Transportation
	Authority Revenue Series K
	5.00% 7/1/30		2,580,000			2,602,601
	Regional Transportation District
	Revenue (Denver Transit Partners)
	6.00% 1/15/41		2,175,000			2,526,197
						6,315,239
Water & Sewer Revenue Bonds – 4.75%
	Colorado Water Resources & Power
	Development Authority Revenue
	(Parker Water & Sanitation
	District) Series D
	5.125% 9/1/34 (NATL-RE)		1,500,000			1,537,500
	5.25% 9/1/43 (NATL-RE)		2,000,000			2,047,120
						3,584,620
Total Municipal Bonds
	(cost $96,709,911)					104,512,878

(continues)       5

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.

 

Total Value of Securities – 138.45%
(cost $96,709,911)	$	104,512,878
†Liquidation Value of Preferred
Stock – (39.74%)		(30,000,000	)
Receivables and Other Assets
Net of Liabilities – 1.29%		976,219
Net Assets Applicable to 4,837,100
Shares Outstanding; Equivalent to
$15.61 Per Share – 100.00%	$	75,489,097
Components of Net Assets at September 30, 2012:
Common stock, $0.01 par value, 200 million shares
authorized to the Fund	$	66,918,121
Undistributed net investment income		711,778
Accumulated net realized gain on investments		56,231
Net unrealized appreciation of investments		7,802,967
Total net assets	$	75,489,097

•	Variable rate security. The rate shown is the rate as of September 30, 2012. Interest rates reset periodically.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
†	See Note 6 in “Notes to financial statements.”

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
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.

6

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Delaware Investments^® Minnesota Municipal Income Fund II, Inc.
September 30, 2012 (Unaudited)

		Principal
		Amount			Value
Municipal Bonds – 142.88%
Corporate-Backed Revenue Bonds – 11.58%
	Cloquet Pollution Control Revenue
	(Potlatch Project) 5.90% 10/1/26	$	5,500,000		$	5,515,620
	Laurentian Energy Authority
	Cogeneration Revenue
	Series A 5.00% 12/1/21		3,325,000			3,490,851
	Sartell Environmental Improvement
	Revenue (International Paper)
	Series A 5.20% 6/1/27		1,000,000			1,017,250
	Tobacco Securitization Authority
	Revenue (Tobacco Settlement)
	Series B 5.25% 3/1/26		2,000,000			2,289,060
	5.25% 3/1/31		7,400,000			8,365,182
						20,677,963
Education Revenue Bonds – 16.56%
	Baytown Township Lease Revenue
	(St. Croix Preparatory Academy)
	5.75% 8/1/42		300,000			301,746
	Minnesota Higher Education
	Facilities Authority Revenue
	(Augsburg College)
	Series 6-J1 5.00% 5/1/28		1,500,000			1,546,035
	(Carleton College)
	Series D 5.00% 3/1/30		1,120,000			1,289,165
	Series 6-T 5.00% 1/1/28		1,000,000			1,159,020
	(College of St. Benedict)
	Series 5-W 5.00% 3/1/20		2,000,000			2,019,160
	Series 7-M
	5.00% 3/1/31		300,000			320,988
	5.125% 3/1/36		275,000			292,245
	(St. Catherine University)
	Series 7-Q 5.00% 10/1/32		700,000			795,291
	(St. Mary’s University)
	Series 5-U 4.80% 10/1/23		1,400,000			1,423,226
	(St. Scholastic College)
	Series H 5.25% 12/1/35		1,000,000			1,101,800
	(University of St. Thomas)
	Series 6-X 5.00% 4/1/29		2,250,000			2,459,768
	Series 7-A 5.00% 10/1/39		1,000,000			1,121,200
	Minnesota State
	Colleges & Universities
	Series A 4.00% 10/1/17		750,000			864,683
	St. Paul Housing & Redevelopment
	Authority Charter School
	Lease Revenue
	(Nova Classical Academy)
	Series A 6.375% 9/1/31		750,000			822,068
	University of Minnesota
	Series A
	5.00% 12/1/27		1,110,000			1,375,867
	5.00% 12/1/28		1,880,000			2,321,292
	5.00% 12/1/29		2,265,000			2,781,850
	5.00% 12/1/31		1,000,000			1,216,150
	5.00% 12/1/36		3,000,000			3,547,979
	5.25% 4/1/29		1,000,000			1,187,010
	Series C 5.00% 12/1/19		1,290,000			1,609,804
						29,556,347
Electric Revenue Bonds – 6.44%
	Central Minnesota Municipal
	Power Agency Revenue
	(Brookings Southeast Twin
	Cities Transportation)
	5.00% 1/1/32		1,130,000			1,307,998
	Chaska Electric Revenue
	(Generating Facilities)
	Series A 5.25% 10/1/25		250,000			269,843
	Minnesota Municipal Power Agency
	Electric Revenue Series A
	5.00% 10/1/34		1,900,000			2,037,142
	5.25% 10/1/19		1,610,000			1,745,111
	Southern Minnesota Municipal
	Power Agency Supply Revenue
	Series A 5.25% 1/1/30		1,000,000			1,143,720
	Western Minnesota Municipal Power
	Agency Supply Revenue Series A
	5.00% 1/1/25		3,000,000			3,747,209
	5.00% 1/1/26		1,000,000			1,238,730
						11,489,753
Healthcare Revenue Bonds – 38.09%
	Anoka Health Care Facility
	Revenue (Homestead
	Anoka Income Project)
	Series A 7.00% 11/1/46		1,200,000			1,281,588
	Center City Health Care
	Facilities Revenue (Hazelden
	Foundation Project)
	4.75% 11/1/31		850,000			912,603
	5.00% 11/1/41		1,600,000			1,740,608
	Duluth Economic Development
	Authority Revenue
	(St. Lukes Hospital
	Authority Obligation Group)
	5.75% 6/15/32		200,000			206,746
	6.00% 6/15/39		800,000			830,320
	Fergus Falls Health Care Facilities
	Revenue (Lake Region Healthcare)
	5.00% 8/1/30		1,000,000			1,048,730
	Glencoe Health Care Facilities
	Revenue (Glencoe Regional
	Health Services Project)
	5.00% 4/1/25		2,000,000			2,030,460
	Maple Grove Health Care System
	Revenue (Maple Grove Hospital)
	5.25% 5/1/37		1,100,000			1,156,881
	Minneapolis Health Care System
	Revenue (Fairview Health Services)
	Series A 6.375% 11/15/23		605,000			732,909
	Series A 6.625% 11/15/28		850,000			1,024,242
	Series B 6.50% 11/15/38
	(ASSURED GTY)		2,295,000			2,851,744
	Series D 5.00% 11/15/34
	(AMBAC)		2,000,000			2,074,600

(continues)       7

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Statements of net assets

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

		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		$	1,040,530
	Minnesota Agricultural & Economic
	Development Board Revenue
	Un-Refunded Balance Series A
	5.75% 11/15/26 (NATL-RE)		100,000			100,180
	6.375% 11/15/29		195,000			195,421
	Rochester Health Care & Housing
	Revenue (Samaritan Bethany)
	Series A 7.375% 12/1/41		1,220,000			1,378,417
	Rochester Health Care Facilities
	Revenue (Mayo Clinic)
	4.00% 11/15/41		8,780,000			9,264,743
	•Series C 4.50% 11/15/38		2,000,000			2,433,580
	Sartell Health Care Facility Revenue
	(Country Manor Campus Project)
	5.25% 9/1/30		1,000,000			1,015,810
	Shakopee Health Care Facilities
	Revenue (St. Francis Regional
	Medical Center) 5.25% 9/1/34		1,560,000			1,594,710
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.50% 5/1/39 (ASSURED GTY)		1,500,000			1,672,560
	Series A 5.125% 5/1/30		4,425,000			4,917,767
	St. Louis Park Health Care
	Facilities Revenue
	(Park Nicollet Health Services)
	5.75% 7/1/39		3,315,000			3,746,414
	Series C 5.50% 7/1/23		1,000,000			1,127,310
	St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Allina Health System)
	Series A 5.00% 11/15/18 (NATL-RE)		1,380,000			1,613,165
	Series A-1 5.25% 11/15/29		1,395,000			1,568,887
	(Childrens Health Care Facilities)
	Series A1 5.00% 8/15/34 (AGM)		500,000			551,790
	(Franciscan Health Elderly Project)
	5.40% 11/20/42 (GNMA) (FHA)		2,700,000			2,705,373
	(Health East Project)
	6.00% 11/15/30		2,775,000			2,931,621
	6.00% 11/15/35		2,500,000			2,626,075
	(Health Partners Obligation Group
	Project) 5.25% 5/15/36		2,000,000			2,090,740
	(Regions Hospital Project)
	5.30% 5/15/28		1,000,000			1,001,110
	(Senior Carondelet Village Project)
	Series A 6.00% 8/1/42		770,000			820,212
	Washington County Housing &
	Redevelopment Authority
	Revenue (Birchwood & Woodbury
	Projects) Series A 5.625% 6/1/37		1,500,000			1,529,460
	Wayzata Senior Housing Revenue
	(Folkestone Senior Living
	Community) Series A
	5.50% 11/1/32		420,000			434,204
	5.75% 11/1/39		945,000			987,251
	6.00% 5/1/47		1,475,000			1,555,845
	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			824,540
	5.00% 7/1/23		1,010,000			1,099,607
	5.00% 7/1/34		750,000			793,823
						68,001,068
Housing Revenue Bonds – 6.65%
	Minneapolis Multifamily
	Housing Revenue
	•(Gaar Scott Loft Project)
	5.95% 5/1/30 (AMT)
	(LOC-U.S. Bank N.A.)		845,000			847,527
	(Olson Townhomes Project)
	6.00% 12/1/19 (AMT)		655,000			655,269
	(Seward Towers Project)
	5.00% 5/20/36 (GNMA)		2,000,000			2,057,320
	(Sumner Housing Project) Series A
	5.15% 2/20/45 (GNMA) (AMT)		2,000,000			2,021,840
	Minnesota State Housing Finance
	Agency Revenue (Mortgage
	Backed Securities Program)
	4.40% 7/1/32 (GNMA)
	(FNMA) (FHLMC)		1,485,000			1,532,772
	(Rental Housing)
	Series A 5.00% 2/1/35 (AMT)		1,000,000			1,008,600
	(Residential Housing)
	•Series D 4.75% 7/1/32 (AMT)		915,000			943,026
	Series I 5.15% 7/1/38 (AMT)		635,000			655,396
	Series L 5.10% 7/1/38 (AMT)		1,345,000			1,397,778
	Washington County Housing &
	Redevelopment Authority
	Revenue (Woodland Park
	Apartments Project)
	4.70% 10/1/32		750,000			752,430
						11,871,958
Lease Revenue Bonds – 8.72%
	Andover Economic Development
	Authority Public Facilities
	Lease Revenue (Andover
	Community Center)
	5.125% 2/1/24		205,000			216,347
	5.20% 2/1/29		410,000			433,104

8

---

		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		$	2,404,080
	5.25% 12/1/27		2,800,000			2,820,804
	(Robert Street Office
	Building Project)
	Series 3-11 5.00% 12/1/27		2,000,000			2,083,740
	University of Minnesota
	Special Purpose Revenue
	(State Supported Biomed
	Science Research)
	5.00% 8/1/35		1,040,000			1,202,822
	5.00% 8/1/36		4,000,000			4,690,000
	Virginia Housing & Redevelopment
	Authority Health Care Facility
	Lease Revenue
	5.25% 10/1/25		680,000			707,778
	5.375% 10/1/30		965,000			1,014,688
						15,573,363
Local General Obligation Bonds – 10.20%
	City of Willmar (Rice Memorial
	Hospital Project)
	Series A 4.00% 2/1/32		2,940,000			3,213,331
	Dakota County Community
	Development Agency
	(Senior Housing Facilities)
	Series A 5.00% 1/1/23		1,100,000			1,203,565
	Hopkins Independent School
	District #270 Series A 5.00% 2/1/28		1,000,000			1,212,720
	Minneapolis Special School
	District #1 5.00% 2/1/19 (AGM)		1,175,000			1,191,920
	Morris Independent School
	District #769 5.00% 2/1/28
	(NATL-RE)		3,750,000			3,803,999
	Rocori Independent School District #750
	(School Building) Series B
	5.00% 2/1/22		1,010,000			1,202,052
	5.00% 2/1/24		1,075,000			1,264,125
	5.00% 2/1/25		1,115,000			1,306,167
	5.00% 2/1/26		1,155,000			1,347,943
	Thief River Falls Independent School
	District # 564 (School Building)
	Series A 4.00% 2/1/32		1,160,000			1,288,296
	Washington County Housing &
	Redevelopment Authority Series B
	5.50% 2/1/22 (NATL-RE)		525,000			526,901
	5.50% 2/1/32 (NATL-RE)		655,000			656,369
						18,217,388
§Pre-Refunded/Escrowed to Maturity Bonds – 21.75%
	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			10,387,570
	Minneapolis-St. Paul Metropolitan
	Airports Commission Revenue
	Series A 5.00% 1/1/22-13 (NATL-RE)		600,000			607,488
	Southern Minnesota Municipal
	Power Agency Supply
	Revenue Refunding
	Series A 5.75% 1/1/18-13		3,715,000			3,981,886
	St. Paul Housing & Redevelopment
	Authority Sales Tax
	(Civic Center Project)
	5.55% 11/1/23		2,300,000			2,659,904
	5.55% 11/1/23 (NATL-RE) (IBC)		4,200,000			4,857,216
	University of Minnesota Hospital &
	Clinics 6.75% 12/1/16		2,580,000			3,093,523
	University of Minnesota Series A
	5.50% 7/1/21		4,000,000			5,047,280
	5.75% 7/1/18		2,500,000			3,134,175
	Western Minnesota Municipal Power
	Agency Supply Revenue Series A
	5.00% 1/1/30-13 (NATL-RE)		5,000,000			5,062,250
						38,831,292
Special Tax Revenue Bonds – 9.27%
	Guam Government Business
	Privilege Tax Revenue
	Series A 5.25% 1/1/36		500,000			567,600
	Hennepin County Sales Tax Revenue
	(Second Lien-Ballpark Project)
	Series B 4.75% 12/15/27		1,905,000			2,176,805
	Minneapolis Community Planning &
	Economic Development
	Department (Limited Tax
	Supported Common Bond Fund)
	6.25% 12/1/30		1,000,000			1,240,980
	Series 1 5.50% 12/1/24 (AMT)		1,000,000			1,047,860
	Series 1 6.75% 12/1/25 (AMT)		865,000			869,377
	Series 5 5.70% 12/1/27		375,000			377,370
	Minnesota Public Safety Radio
	5.00% 6/1/23		2,845,000			3,371,069
	Puerto Rico Sales Tax
	Financing Revenue
	^(Capital Appreciation) Series A
	5.73% 8/1/44 (NATL-RE)		8,485,000			1,398,498
	5.82% 8/1/45 (NATL-RE)		8,690,000			1,345,212
	First Subordinate
	Series A 5.75% 8/1/37		1,200,000			1,330,980
	Series A-1 5.00% 8/1/43		1,750,000			1,824,165

(continues)       9

---

Statements of net assets

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

		Principal
		Amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Paul Port Authority (Brownsfields
	Redevelopment Tax) Series 2
	5.00% 3/1/37	$	895,000		$	1,007,627
						16,557,543
State & Territory General Obligation Bonds – 9.85%
	Minnesota State Refunding
	(State Various Purpose)
	Series D 5.00% 8/1/24		2,700,000			3,441,744
	Minnesota State (State Trunk Highway)
	Series B
	5.00% 10/1/22		5,500,000			7,007,385
	5.00% 10/1/29		3,715,000			4,559,122
	Puerto Rico Commonwealth
	Public Improvement Series A
	5.00% 7/1/41		1,000,000			1,004,910
	5.75% 7/1/41		1,500,000			1,572,915
						17,586,076
Transportation Revenue Bonds – 2.16%
	Minneapolis - St. Paul Metropolitan
	Airports Commission
	Revenue Series A
	5.00% 1/1/28 (NATL-RE)		1,335,000			1,342,676
	5.00% 1/1/35 (AMBAC)		2,000,000			2,081,061
	St. Paul Port Authority Revenue
	(Amherst H. Wilder Foundation)
	Series 3 5.00% 12/1/36		380,000			424,642
						3,848,379
Water & Sewer Revenue Bonds – 1.61%
	Metropolitan Council Wastewater
	Series B 4.00% 9/1/27		1,145,000			1,288,469
	St. Paul Sewer Revenue
	Series D 5.00% 12/1/21		1,325,000			1,582,328
						2,870,797
Total Municipal Bonds
	(cost $236,711,360)					255,081,927
Total Value of Securities – 142.88%
	(cost $236,711,360)					255,081,927
†Liquidation Value of Preferred
	Stock – (42.01%)					(75,000,000	)
Liabilities Net of Receivables and
	Other Assets – (0.87%)					(1,549,431	)
Net Assets Applicable to 11,504,975
	Shares Outstanding; Equivalent to
	$15.52 Per Share – 100.00%				$	178,532,496
Components of Net Assets at September 30, 2012:
Common stock, $0.01 par value, 200 million shares
	authorized to the Fund				$	157,931,075
Undistributed net investment income						1,716,382
Accumulated net realized gain on investments						514,472
Net unrealized appreciation of investments						18,370,567
Total net assets					$	178,532,496

•	Variable rate security. The rate shown is the rate as of September 30, 2012. Interest rates reset periodically.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero coupon security. The rate shown is the yield at the time of purchase.
†	See Note 6 in “Notes to financial statements.”

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.

10

---

Delaware Investments^® National Municipal Income Fund
September 30, 2012 (Unaudited)

		Principal
		Amount			Value
Municipal Bonds – 142.25%
Corporate-Backed Revenue Bonds – 17.22%
	Buckeye, Ohio Tobacco Settlement
	Financing Authority Asset-Backed
	Senior Turbo Series A-2
	5.875% 6/1/47	$	480,000		$	388,483
	6.50% 6/1/47		430,000			381,371
	Delaware State Economic
	Development Authority Exempt
	Facilities (Indian River Power)
	5.375% 10/1/45		500,000			548,150
	Golden State, California Tobacco
	Securitization Corporate Settlement
	Revenue (Asset-Backed Senior
	Notes) Series A-1
	5.125% 6/1/47		370,000			286,003
	5.75% 6/1/47		1,615,000			1,382,456
	Harris County, Texas Industrial
	Development Solid Waste
	Disposal Revenue (Deer Park
	Refining Project) 5.00% 2/1/23		150,000			167,700
	Illinois Railsplitter Tobacco Settlement
	Authority 6.25% 6/1/24		500,000			563,060
	Louisiana Local Government
	Environmental Facilities &
	Community Development
	Authority (Westlake Chemical)
	Series A 6.50% 8/1/29		645,000			761,139
	Series A-1 6.50% 11/1/35		255,000			298,110
	Maryland Economic Development
	Port Facilities Revenue (CNX
	Marine Terminals) 5.75% 9/1/25		260,000			283,442
	M-S-R Energy Authority California
	Gas Series C 7.00% 11/1/34		1,000,000			1,378,730
•	Navajo County, Arizona Pollution
	Control Revenue
	Series D 5.75% 6/1/34		500,000			564,715
	New Jersey Economic Development
	Authority Special Facilities
	Revenue (Continental Airlines
	Project) 5.25% 9/15/29 (AMT)		500,000			511,080
	New Jersey Tobacco Settlement
	Financing Series 1A 5.00% 6/1/41		1,000,000			835,320
	New York Liberty Development
	Revenue (Goldman Sachs
	Headquarters) 5.25% 10/1/35		500,000			587,180
	Ohio State Air Quality Development
	Authority Revenue (First Energy
	Generation) Series A
	5.70% 8/1/20		260,000			304,556
	Pennsylvania Economic Development
	Financing Authority Exempt
	Facilities Revenue (Allegheny
	Energy Supply) 7.00% 7/15/39		345,000			414,062
	Pima County, Arizona Industrial
	Development Authority Pollution
	Control Revenue (Tucson Electric
	Power San Juan) 5.75% 9/1/29		250,000			266,890
	Salt Verde Financial, Arizona Gas
	Revenue Senior Note
	5.00% 12/1/37		400,000			440,116
	St. John the Baptist Parish, Louisiana
	(Marathon Oil)
	Series A 5.125% 6/1/37		500,000			532,295
	Suffolk County, New York Tobacco
	Asset Securitization
	Series B 5.00% 6/1/32		750,000			804,968
						11,699,826
Education Revenue Bonds – 22.15%
	Arizona Board of Regents System
	Revenue (University of Arizona)
	Series A 5.00% 6/1/39		500,000			554,795
	Bowling Green, Ohio Student
	Housing Revenue (CFP I State
	University Project) 6.00% 6/1/45		270,000			291,835
	California Statewide Communities
	Development Authority School
	Facility Revenue (Aspire Public
	Schools) 6.125% 7/1/46		625,000			647,056
	California Statewide Communities
	Development Authority Student
	Housing Revenue (Irvine, LLC -
	UCI East Campus) 6.00% 5/15/23		470,000			525,986
	Iowa Higher Education Loan
	Authority Revenue (Private
	College Facility) 5.00% 10/1/38		500,000			529,360
	Lakeland Florida Educational Facilities
	Revenue (Florida Southern
	College) 5.00% 9/1/42		1,110,000			1,185,612
	Marietta, Georgia Development
	Authority Revenue (Life University
	Project) 7.00% 6/15/39		430,000			452,184
	Maryland Health & Higher
	Educational Facilities Authority
	(Loyola University) Series A
	5.00% 10/1/39		650,000			747,422
	Maryland State Economic
	Development Student Housing
	Revenue (University of Maryland
	College Park Projects)
	5.75% 6/1/33		370,000			406,993
	Massachusetts State Health &
	Educational Facilities Authority
	Revenue (Harvard University)
	Series A 5.00% 12/15/29		600,000			732,462
	Metropolitan Government Nashville &
	Davidson Counties, Tennessee
	Health and Educational Facilities
	Building (Belmont University
	Project) 5.00% 11/1/29		515,000			565,645
	Missouri State Health & Educational
	Facilities Authority Revenue
	(Washington University)
	Series B 5.00% 11/15/30		600,000			738,546

(continues)       11

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund

		Principal
		Amount			Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Monroe County, New York Industrial
	Development Revenue (Nazareth
	College Rochester Project)
	5.50% 10/1/41	$	500,000		$	558,065
	Montgomery County, Pennsylvania
	Higher Education & Health
	Authority Revenue (Arcadia
	University) 5.25% 4/1/30		550,000			600,732
	New Jersey Economic Development
	Authority Revenue (MSU Student
	Housing Project) 5.875% 6/1/42		735,000			819,606
	New York City, New York Trust for
	Cultural Resources (Whitney
	Museum of American Art)
	5.00% 7/1/31		500,000			567,750
	New York State Dormitory Authority
	(Columbia University)
	5.00% 10/1/41		600,000			701,052
	Oregon State Facilities Authority
	Revenue (CHF–Ashland)
	5.00% 7/1/44 (AGM)		1,000,000			1,082,180
	#(Concordia University Project)
	144A Series A 6.125% 9/1/30		135,000			147,227
	Pennsylvania State Higher
	Educational Facilities Authority
	Student Housing Revenue
	(Edinboro University Foundation)
	5.80% 7/1/30		400,000			449,292
	(University Properties – East
	Stroudsburg University)
	5.25% 7/1/19		510,000			570,104
	Phoenix, Arizona Industrial
	Development Authority Revenue
	(Rowan University) 5.00% 6/1/42		1,000,000			1,084,120
	Private Colleges & Universities
	Authority Revenue (Mercer
	University Project) Series A
	5.00% 10/1/32		135,000			146,349
	Troy, New York Capital Resource
	Revenue (Rensselaer Polytechnic)
	Series A 5.125% 9/1/40		600,000			667,176
	Wyoming Community Development
	Authority Student Housing
	Revenue (CHF-Wyoming LLC)
	6.50% 7/1/43		250,000			277,433
						15,048,982
Electric Revenue Bonds – 5.13%
	Long Island, New York Power
	Authority Series A 5.00% 9/1/42		1,000,000			1,120,820
	Puerto Rico Electric Power
	Authority Revenue
	Series A 5.00% 7/1/42		1,000,000			994,550
	Series WW 5.50% 7/1/38		200,000			209,774
	Series XX 5.25% 7/1/40		805,000			811,311
	Series ZZ 5.25% 7/1/26		330,000			348,688
						3,485,143
Healthcare Revenue Bonds – 24.18%
	Arizona Health Facilities Authority
	Revenue (Catholic Healthcare
	West) Series D 5.00% 7/1/28		500,000			547,445
	Brevard County, Florida Health
	Facilities Authority Revenue
	(Heath First Project) 7.00% 4/1/39		90,000			112,014
	Butler County, Pennsylvania Hospital
	Authority Revenue (Butler Health
	System Project) 7.125% 7/1/29		300,000			360,822
	California State Health Facilities
	Financing Authority Revenue
	(Stanford Hospital Clinics)
	5.00% 8/15/42		1,000,000			1,123,899
	California Statewide Communities
	Development Authority (Kaiser
	Permanente) Series A
	5.00% 4/1/42		1,000,000			1,102,980
	Dauphin County, Pennsylvania
	General Authority Revenue
	(Pinnacle Health System Project)
	5.00% 6/1/42		770,000			832,840
	Hawaii Pacific Health Special Purpose
	Revenue Series A 5.50% 7/1/40		300,000			329,007
	Illinois Finance Authority Revenue
	(Silver Cross & Medical Centers)
	7.00% 8/15/44		450,000			540,212
	Koyukuk, Alaska Revenue (Tanana
	Chiefs Conference Health Care
	Facility Project) 7.75% 10/1/41		300,000			329,499
	Louisiana Public Facilities Authority
	Revenue (Ochsner Clinic
	Foundation Project) 6.50% 5/15/37		105,000			126,504
	Lycoming County, Pennsylvania
	Authority Health System Revenue
	(Susquehanna Health System
	Project) Series A 5.50% 7/1/28		500,000			548,495
	Maine Health & Higher Educational
	Facilities Authority Revenue
	(Maine General Medical Center)
	6.75% 7/1/41		300,000			353,505
	Maricopa County, Arizona Industrial
	Development Authority Health
	Facilities Revenue (Catholic
	Healthcare West) Series A
	6.00% 7/1/39		500,000			577,060
	Maryland Health & Higher Educational
	Facilities Authority Revenue
	(Carroll Hospital) Series A
	5.00% 7/1/37		500,000			554,320
	Monroe County, Pennsylvania
	Hospital Authority Revenue
	(Pocono Medical Center) Series A
	5.00% 1/1/41		500,000			536,540
	Montgomery County, Pennsylvania
	Industrial Development Authority
	Revenue (Mtg-Whitemarsh
	Continuing Care) 6.25% 2/1/35		675,000			686,516

12

---

		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		$	353,757
	New Jersey Health Care Facilities
	Financing Authority Revenue
	Refunding (St. Peters University
	Hospital) 6.25% 7/1/35		300,000			339,372
	New Mexico State Hospital
	Equipment Loan Council Revenue
	(Presbyterian Healthcare)
	5.00% 8/1/39		500,000			541,935
	New York State Dormitory Authority
	Revenue Non State Supported
	Debt (Orange Regional Medical
	Center) 6.25% 12/1/37		500,000			547,810
	Ohio State Hospital Facilities Revenue
	Refunding (Cleveland Clinic
	Health) Series A 5.50% 1/1/39		300,000			337,479
	Orange County Health Facilities
	Authority Revenue (Mayflower
	Retirement Center)
	5.00% 6/1/32		400,000			419,628
	5.00% 6/1/36		250,000			259,883
	5.125% 6/1/42		750,000			786,330
	Pennsylvania Higher Educational
	Facilities Authority Revenue
	(University of Pennsylvania Health
	System) Series A 5.00% 8/15/42		1,000,000			1,115,939
	Philadelphia, Pennsylvania Hospitals &
	Higher Education Facilities
	Authority Revenue (Temple
	University Health System) Series A
	5.50% 7/1/30		300,000			314,139
	University Medical Center, Tucson,
	Arizona Hospital Revenue
	6.50% 7/1/39		500,000			582,840
	West Virginia Hospital Finance
	Authority (Highland Hospital
	Obligation Group) 9.125% 10/1/41		500,000			617,120
	Yavapai County, Arizona Industrial
	Development Authority Revenue
	(Yavapai Regional Medical Center)
	Series A 5.25% 8/1/21 (RADIAN)		1,500,000			1,554,254
						16,432,144
Housing Revenue Bonds – 2.47%
	California Municipal Finance Authority
	Mobile Home Park Revenue
	(Caritas Projects) Series A
	5.50% 8/15/47		750,000			793,905
	6.40% 8/15/45		430,000			475,266
	Florida Housing Finance Homeowner
	Mortgage Revenue Series 2
	5.90% 7/1/29 (NATL-RE) (AMT)		205,000			207,327
	Puerto Rico Housing Finance
	Authority (Subordinated-Capital
	Fund Modernization)
	5.50% 12/1/18		175,000			204,829
						1,681,327
Lease Revenue Bonds – 12.59%
	California State Public Works Board
	Lease Revenue (Various Capital
	Projects) Series A 5.00% 4/1/37		1,000,000			1,090,420
	Capital Area, Austin, Texas Cultural
	Education Facilities Finance
	Revenue (Roman Catholic
	Diocese) Series B 6.125% 4/1/45		105,000			115,910
	Hudson Yards, New York
	Infrastructure Revenue Series A
	5.75% 2/15/47		1,100,000			1,301,080
	Idaho State Building Authority
	Revenue (Health & Welfare
	Project) Series A 5.00% 9/1/24		135,000			167,597
	(State Police) Series I
	5.00% 9/1/23		760,000			944,596
	New Jersey Economic Development
	Authority (School Facilities
	Construction) Series EE
	5.00% 9/1/18		100,000			121,192
	New York City, New York Industrial
	Development Agency (Senior Trips)
	Series A 5.00% 7/1/28 (AMT)		250,000			265,143
	New York Liberty Development
	Revenue (4 World Trade Center)
	5.75% 11/15/51		1,970,000			2,333,228
	(7 World Trade Center)
	Class 1 5.00% 9/15/40		360,000			411,124
	Class 2 5.00% 9/15/43		640,000			705,645
	Pima County, Arizona Industrial
	Development Authority Metro
	Police Facility Revenue
	(Nevada Project) Series A
	5.25% 7/1/31		500,000			547,035
	5.375% 7/1/39		500,000			550,275
						8,553,245
Local General Obligation Bonds – 3.61%
•	Gila County, Arizona Unified School
	District #10 (Payson School
	Improvement Project of 2006)
	Series A 5.25% 7/1/27 (AMBAC)		500,000			556,910
	Maricopa County, Arizona School
	District #6 (Washington)
	Refunding Series A
	5.375% 7/1/13 (AGM)		1,250,000			1,297,375
	New York City, New York
	Series A-1 5.25% 8/15/21		250,000			307,015
	Series I-1 5.375% 4/1/36		250,000			290,560
						2,451,860

(continues)       13

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund

		Principal
		Amount			Value
Municipal Bonds (continued)
§Pre-Refunded Bond – 1.86%
	Salt River Project, Arizona
	Agricultural Improvement &
	Power District Revenue Series B
	5.00% 1/1/25-13	$	1,250,000		$	1,265,600
						1,265,600
Special Tax Revenue Bonds – 18.41%
	Anne Arundel County, Maryland
	Special Obligation Revenue
	(National Business Park-North
	Project) 6.10% 7/1/40		200,000			217,132
	Brooklyn Arena Local Development,
	New York Pilot Revenue
	(Barclays Center Project)
	6.25% 7/15/40		940,000			1,096,585
	6.50% 7/15/30		300,000			360,495
	California State Economic Recovery
	Series A 5.25% 7/1/21		260,000			320,874
	California Statewide Communities
	Development Authority Revenue
	(Statewide Inland Regional Center
	Project) 5.375% 12/1/37		500,000			511,390
	Glendale, Arizona Municipal Property
	Series A 5.00% 7/1/33 (AMBAC)		1,000,000			1,014,880
	Guam Government Business Privilege
	Tax Revenue Series B-1
	5.00% 1/1/42		1,000,000			1,108,100
	Massachusetts Bay Transportation
	Authority Senior Series A
	5.25% 7/1/29		200,000			271,128
	Miami-Dade County, Florida Special
	Obligation (Capital Appreciation &
	Income) 5.00% 10/1/35 (NATL-RE)		1,000,000			1,050,210
	Mosaic District, Virginia Community
	Development Authority Series A
	6.875% 3/1/36		520,000			588,635
	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			1,050,310
	New York State Dormitory Authority
	(State Personal Income Tax
	Revenue-Education) Series A
	5.00% 3/15/38		570,000			657,427
	Peoria, Arizona Municipal
	Development Authority Sales Tax &
	Excise Shared Revenue (Senior
	Lien & Subordinate Lien)
	5.00% 1/1/18		1,085,000			1,286,863
	Puerto Rico Sales Tax Financing
	Revenue Series C 5.00% 8/1/40		600,000			648,228
	First Subordinated
	Series A 5.75% 8/1/37		245,000			271,742
	Series C 6.00% 8/1/39		300,000			337,341
	W(Convertible Capital Appreciation
	Bonds) 6.75% 8/1/32		220,000			228,012
	San Mateo, California Special Tax
	Community Facilities District
	#2008-1 (Bay Meadows)
	6.00% 9/1/42		95,000			103,756
	Virginia Public Building Authority
	Series A 5.00% 8/1/26		1,000,000			1,218,900
^	Wyandotte County, Kansas City,
	Kansas Unified Government
	Special Obligation Revenue
	(Capital Appreciation) Sales Tax
	Subordinate Lien Series B
	6.07% 6/1/21		250,000			170,093
						12,512,101
State & Territory General Obligation Bonds – 9.53%
	California State Various Purposes
	5.00% 9/1/41		460,000			510,071
	5.00% 10/1/41		440,000			488,286
	5.25% 11/1/40		320,000			367,536
	6.00% 4/1/38		105,000			125,658
	New Jersey Economic Development
	Authority Revenue
	5.00% 6/15/28		200,000			222,164
	5.00% 6/15/29		800,000			883,144
	New York State Series A
	5.00% 2/15/39		300,000			351,261
	Oregon State Series K 5.00% 5/1/22		1,000,000			1,296,970
	Puerto Rico Commonwealth
	(Public Improvement) Series A
	5.00% 7/1/41		1,100,000			1,105,401
	5.50% 7/1/39		235,000			243,140
	5.75% 7/1/41		500,000			524,305
	Series C 6.00% 7/1/39		335,000			354,276
						6,472,212
Transportation Revenue Bonds – 19.44%
	Bay Area, California Toll Authority
	Revenue (San Francisco Bay Area)
	5.00% 4/1/27		750,000			915,825
	Central Texas Regional Mobility
	Authority Revenue Senior Lien
	6.00% 1/1/41		520,000			608,436
	Harris County, Texas Metropolitan
	Transit Authority Series A
	5.00% 11/1/24		500,000			613,025
	Maryland State Economic
	Development Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35		255,000			279,898
	Metropolitan Transportation
	Authority, New York
	Series A 5.00% 11/15/41		500,000			556,305
	Series E 4.00% 11/15/38		1,000,000			1,030,150

14

---

		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		$	272,648
	New York Liberty Development
	Revenue (1 World Trade Center
	Port Authority Construction)
	5.00% 12/15/41		500,000			563,435
	North Texas Tollway Authority Special
	Projects System Series A
	5.00% 9/1/20		250,000			311,720
	Pennsylvania Turnpike Commission
	Subordinate (Special Motor
	License Fund)
	5.00% 12/1/22		500,000			600,980
	Series B 5.00% 12/1/41		500,000			564,470
	Phoenix, Arizona Civic Improvement
	Airport Revenue (Senior Lien)
	Series B 5.25% 7/1/27 (NATL-RE)
	(FGIC) (AMT)		1,000,000			1,001,570
	Port Authority of New York & New
	Jersey Special Obligation Revenue
	(JFK International Air Terminal)
	6.00% 12/1/42		230,000			268,691
	6.50% 12/1/28		500,000			548,540
	Regional Transportation, Colorado
	District Revenue (Denver Transit
	Partners) 6.00% 1/15/41		500,000			580,735
	St. Louis, Missouri Airport Revenue
	(Lambert St. Louis International)
	5.00% 7/1/32 (AMT)		1,000,000			1,073,800
	Series A-1 6.625% 7/1/34		325,000			385,739
	Texas Private Activity Bond Surface
	Transportation Senior
	Lien Revenue
	(LBJ Infrastructure)
	7.00% 6/30/40		285,000			349,610
	7.50% 6/30/33		665,000			847,888
	(NTE Mobility Partners)
	6.875% 12/31/39		1,000,000			1,206,001
	7.50% 12/31/31		500,000			628,230
						13,207,696
Water & Sewer Revenue Bonds – 5.66%
	Atlanta, Georgia Water &
	Wastewater Revenue Series A
	6.25% 11/1/39		800,000			964,952
	New York City, New York Municipal
	Water Finance Authority (Second
	Generation Resolution) Fiscal
	2012 Series BB 5.25% 6/15/44		525,000			616,912
	Phoenix, Arizona Civic Improvement
	Wastewater Systems Revenue
	(Junior Lien) Series A
	5.00% 7/1/39		900,000			1,037,142
	San Francisco, California City &
	County Public Utilities
	Commission Subordinate Series F
	5.00% 11/1/27		500,000			600,660
	Texas State Series C 5.00% 8/1/22		500,000			628,555
						3,848,221
Total Municipal Bonds
	(cost $88,585,350)					96,658,357
Short-Term Investments – 1.10%
¤Variable Rate Demand Notes – 1.10%
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(National Jewish Federation
	Bond Program) Series D-7 0.20%
	2/1/35 (LOC-JPMorgan Chase
	Bank N.A.)		500,000			500,000
	St. Paul, Minnesota Port Authority
	Revenue (Minnesota Public Radio
	Project) Series 7 0.21% 5/1/25
	(LOC-JPMorgan Chase Bank N.A.)		250,000			250,000
Total Short-Term Investments
	(cost $750,000)					750,000
Total Value of Securities – 143.35%
	(cost $89,335,350)					97,408,357
†Liquidation Value of Preferred
	Stock – (44.15%)					(30,000,000	)
Receivables and Other Assets
	Net of Liabilities – 0.80%					541,671
Net Assets Applicable to 4,528,443
	Shares Outstanding; Equivalent to
	$15.01 Per Share – 100.00%				$	67,950,028
Components of Net Assets at September 30, 2012:
Common stock, $0.01 par value, unlimited shares
	authorized to the Fund				$	60,617,476
Undistributed net investment income						648,862
Accumulated net realized loss on investments						(1,389,317	)
Net unrealized appreciation of investments						8,073,007
Total net assets					$	67,950,028

(continues)       15

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund

•	Variable rate security. The rate shown is the rate as of September 30, 2012. Interest rates reset periodically.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2012, the aggregate value of Rule 144A securities was $147,227, which represented 0.22% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
Ω	Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
^	Zero coupon security. The rate shown is the yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
†	See Note 6 in “Notes to financial statements.”

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
FGIC — Insured by Financial Guaranty Insurance Company
LOC — Letter of Credit
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
September 30, 2012 (Unaudited)

		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		$	104,512,878		$	255,081,927		$	96,658,357
Short-term investments, at value			—			—			750,000
Cash			206,904			1,342,667			165,765
Receivable for securities sold			—			2,447,240			15,221
Interest income receivable			1,370,568			3,518,020			1,291,741
Organization expense for preferred shareholders			211,242			362,284			60,212
Other assets			—			—			218,403
Total assets			106,301,592			262,752,138			99,159,699
Liabilities:
Liquidation value of preferred stock			30,000,000			75,000,000			30,000,000
Payable for securities purchased			—			8,367,462			893,558
Due to manager and affiliates			36,099			86,615			33,412
Other accrued expenses			19,613			19,938			—
Distributions payable			756,783			745,627			282,701
Total liabilities			30,812,495			84,219,642			31,209,671
Total net assets		$	75,489,097		$	178,532,496		$	67,950,028
Investments, at cost		$	96,709,911		$	236,711,360		$	88,585,350
Short-term investments, at cost			—			—			750,000

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
Six Months Ended September 30, 2012 (Unaudited)

		Delaware				Delaware				Delaware
		Investments				Investments				Investments
		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Income				Income				Income
		Fund, Inc.				Fund II, Inc.				Fund
Investment Income:
Interest		$	2,319,932			$	5,444,837			$	2,122,895
Expenses:
Management fees			209,552				502,631				192,547
Legal fees			31,205				69,796				60,517
Accounting and administration expenses			20,392				48,912				18,737
Dividend disbursing and transfer agent fees and expenses			18,065				36,428				21,649
Rating agency fees			15,848				15,631				15,835
Audit and tax			8,762				10,539				8,813
Reports and statements to shareholders			7,456				12,644				8,518
Pricing fees			3,508				5,648				6,936
Taxes (Pennsylvania franchise tax)			2,500				6,000				—
Stock exchange fees			2,339				5,616				2,045
Directors’/Trustees’ fees			1,624				3,828				1,435
Dues and services			702				1,954				1,006
Custodian fees			653				1,602				739
Insurance fees			511				1,883				607
Consulting fees			390				906				311
Registration fees			308				308				308
Directors’/Trustees’ expenses			57				143				48
Total operating expenses			323,872				724,469				340,051
Net Investment Income			1,996,060				4,720,368				1,782,844
Net Realized and Unrealized Gain:
Net realized gain on investments			20,905				642,526				333,320
Net change in unrealized appreciation (depreciation) of investments			3,183,782				5,823,264				3,821,951
Net Realized and Unrealized Gain			3,204,687				6,465,790				4,155,271
Dividends and Distributions to Preferred Shareholders			(211,226	)			(519,009	)			(207,603	)
Net Increase in Net Assets Resulting from Operations		$	4,989,521			$	10,667,149			$	5,730,512

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.
		Six Months				Year				Six Months				Year
		Ended				Ended				Ended				Ended
		9/30/12				3/31/12				9/30/12				3/31/12
		(Unaudited)								(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	1,996,060			$	3,233,923			$	4,720,368			$	7,747,076
Net realized gain			20,905				976,769				642,526				1,701,330
Net change in unrealized appreciation (depreciation)			3,183,782				6,668,604				5,823,264				11,778,378
Dividends and distributions to preferred shareholders			(211,226	)			(149,762	)			(519,009	)			(374,404	)
Net increase in net assets resulting from operations			4,989,521				10,729,534				10,667,149				20,852,380
Dividends and Distributions to Common Shareholders from:
Net investment income			(1,668,800	)			(2,805,518	)			(3,969,216	)			(6,672,886	)
Net realized gain			(445,013	)			—				—				—
			(2,113,813	)			(2,805,518	)			(3,969,216	)			(6,672,886	)
Net Increase in Net Assets			2,875,708				7,924,016				6,697,933				14,179,494
Net Assets:
Beginning of period			72,613,389				64,689,373				171,834,563				157,655,069
End of period		$	75,489,097			$	72,613,389			$	178,532,496			$	171,834,563
Undistributed net investment income		$	711,778			$	598,215			$	1,716,382			$	1,504,205

		Delaware Investments
		National Municipal
		Income Fund
		Six Months				Year
		Ended				Ended
		9/30/12				3/31/12
		(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	1,782,844			$	2,343,640
Net realized gain			333,320				909,697
Net change in unrealized appreciation (depreciation)			3,821,951				4,515,112
Dividends and distributions to preferred shareholders			(207,603	)			(18,904	)
Net increase in net assets resulting from operations			5,730,512				7,749,545
Dividends and Distributions to Common Shareholders from:
Net investment income			(1,267,964	)			(2,295,215	)
Net realized gain			—				—
			(1,267,964	)			(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			4,462,548				32,928,718
Net Assets:
Beginning of period			63,487,480				30,558,762
End of period		$	67,950,028			$	63,487,480
Undistributed net investment income		$	648,862			$	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

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Financial highlights

Delaware Investments^® Colorado Municipal Income Fund, Inc.

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

		Six Months
		Ended					Year Ended
		9/30/121						3/31/12			3/31/11			3/31/10			3/31/09			3/31/08
		(Unaudited)
Net asset value, beginning of period			$15.010					$13.370			$13.990			$13.220			$14.260			$15.100
Income (loss) from investment operations:
Net investment income			0.413					0.669			0.601			0.607			0.755			0.937
Net realized and unrealized gain (loss)			0.668					1.582			(0.651	)		0.733			(0.965	)		(0.604	)
Dividends and distributions on preferred stock from:
Net investment income			(0.044	)				(0.031	)		—			—			(0.173	)		(0.264	)
Net realized gain			—					—			—			—			—			(0.050	)
Total dividends and distributions on preferred stock			(0.044	)				(0.031	)		—			—			(0.173	)		(0.314	)
Total from investment operations			1.037					2.220			(0.050	)		1.340			(0.383	)		0.019
Less dividends and distributions to common shareholders from:
Net investment income			(0.345	)				(0.580	)		(0.570	)		(0.570	)		(0.657	)		(0.720	)
Net realized gain			(0.092	)				—			—			—			—			(0.139	)
Total dividends and distributions			(0.437	)				(0.580	)		(0.570	)		(0.570	)		(0.657	)		(0.859	)
Net asset value, end of period			$15.610					$15.010			$13.370			$13.990			$13.220			$14.260
Market value, end of period			$15.150					$14.600			$12.450			$13.390			$11.240			$15.060
Total investment return based on:2
Market value			6.72%					22.41%			(3.00%	)		24.49%			(21.63%	)		(0.14%	)
Net asset value			6.96%					17.19%			(0.30%	)		10.55%			(2.66%	)		(0.19%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$75,489					$72,613			$64,689			$67,651			$63,952			$68,973
Ratio of expenses to average net assets applicable to common shares3			0.87%					0.73%			0.56%			0.56%			0.91%			1.03%
Ratio of net investment income to average net assets
applicable to common shares3			5.34%					4.68%			4.31%			4.41%			5.55%			6.37%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares4			4.78%					4.46%			4.31%			4.41%			4.28%			4.23%
Portfolio turnover			2%					64%			10%			20%			16%			16%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			$30,000					$30,000			$—			$—			$—			$40,000
Net asset coverage per share of preferred shares, end of period5			$351,630					$342,045			$—			$—			$—			$136,216
Liquidation value per share of preferred shares5,6			$100,000					$100,000			$—			$—			$—			$50,000

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:

		Six Months
		Ended					Year Ended
		9/30/121						3/31/12			3/31/11			3/31/10			3/31/09			3/31/08
		(Unaudited)
Net asset value, beginning of period			$14.940					$13.700			$14.060			$13.140			$14.190			$14.880
Income (loss) from investment operations:
Net investment income			0.410					0.673			0.612			0.602			0.776			0.962
Net realized and unrealized gain (loss)			0.560					1.180			(0.402	)		0.888			(1.013	)		(0.674	)
Dividends and distributions on preferred stock from:
Net investment income			(0.045	)				(0.033	)		—			—			(0.175	)		(0.318	)
Total dividends and distributions on preferred stock			(0.045	)				(0.033	)		—			—			(0.175	)		(0.318	)
Total from investment operations			0.925					1.820			0.210			1.490			(0.412	)		(0.030	)
Less dividends to common shareholders from:
Net investment income			(0.345	)				(0.580	)		(0.570	)		(0.570	)		(0.638	)		(0.660	)
Total dividends			(0.345	)				(0.580	)		(0.570	)		(0.570	)		(0.638	)		(0.660	)
Net asset value, end of period			$15.520					$14.940			$13.700			$14.060			$13.140			$14.190
Market value, end of period			$15.420					$14.230			$12.600			$12.740			$11.250			$13.450
Total investment return based on:2
Market value			10.87%					17.95%			3.32%			18.58%			(11.91%	)		(3.58%	)
Net asset value			6.29%					13.90%			1.80%			12.04%			(2.48%	)		0.08%
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$178,532					$171,835			$157,655			$161,723			$151,184			$163,305
Ratio of expenses to average net assets applicable to common shares3,5			0.82%					0.70%			0.56%			0.56%			0.98%			1.18%
Ratio of net investment income to average net assets
applicable to common shares3			5.36%					4.67%			4.35%			4.36%			5.74%			6.61%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares4			4.77%					4.44%			4.35%			4.36%			4.45%			4.43%
Portfolio turnover			11%					44%			9%			19%			15%			6%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)6			$75,000					$75,000			$—			$—			$—			$95,000
Net asset coverage per share of preferred shares, end of period6			$338,043					$329,113			$—			$—			$—			$135,950
Liquidation value per share of preferred shares6,7			$100,000					$100,000			$—			$—			$—			$50,000

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

(continues)       21

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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:

		Six Months
		Ended					Year Ended
		9/30/121						3/31/12			3/31/11			3/31/10			3/31/09			3/31/08
		(Unaudited)
Net asset value, beginning of period			$14.020					$12.620			$13.070			$11.960			$13.360			$14.560
Income (loss) from investment operations:
Net investment income			0.394					0.535			0.610			0.571			0.704			0.919
Net realized and unrealized gain (loss)			0.922					1.409			(0.532	)		1.049			(1.367	)		(1.081	)
Dividends and distributions on preferred stock from:
Net investment income			(0.046	)				(0.004	)		—			—			(0.172	)		(0.311	)
Net realized gain			—					—			—			—			—			(0.015	)
Total dividends and distributions on preferred stock			(0.046	)				(0.004	)		—			—			(0.172	)		(0.326	)
Total from investment operations			1.270					1.940			0.078			1.620			(0.835	)		(0.488	)
Less dividends and distributions to common shareholders from:
Net investment income			(0.280	)				(0.540	)		(0.528	)		(0.510	)		(0.565	)		(0.668	)
Net realized gain			—					—			—			—			—			(0.044	)
Total dividends and distributions			(0.280	)				(0.540	)		(0.528	)		(0.510	)		(0.565	)		(0.712	)
Net asset value, end of period			$15.010					$14.020			$12.620			$13.070			$11.960			$13.360
Market value, end of period			$14.180					$13.240			$12.200			$12.140			$10.850			$11.950
Total investment return based on:2
Market value			9.28%					13.19%			4.78%			16.69%			(4.31%	)		(13.11%	)
Net asset value			9.24%					15.87%			0.67%			13.97%			(5.65%	)		(3.05%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$67,950					$63,487			$30,559			$31,650			$28,967			$32,365
Ratio of expenses to average net assets applicable to common shares3			1.03%					0.99%			0.65%			0.63%			1.06%			1.16%
Ratio of net investment income to average net assets
applicable to common shares3			5.39%					3.99%			4.64%			4.48%			5.63%			6.54%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares4			4.76%					3.96%			4.64%			4.48%			4.25%			4.22%
Portfolio turnover			19%					101%			50%			69%			36%			17%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			$30,000					$30,000			$—			$—			$—			$20,000
Net asset coverage per share of preferred shares, end of period5			$326,500					$311,625			$—			$—			$—			$130,914
Liquidation value per share of preferred shares5,6			$100,000					$100,000			$—			$—			$—			$50,000

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
September 30, 2012 (Unaudited)

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 NYSE MKT, the successor to the American Stock Exchange.

The investment objective of each Fund is to provide current income exempt from federal income tax and from state personal income tax, if any, 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 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 six months ended September 30, 2012.

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 six months ended September 30, 2012.

The Funds may receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. There were no earnings credits for the six months ended September 30, 2012.

(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 six months ended September 30, 2012, the Funds were charged as follows:

	Colorado		Minnesota		National
	Municipal		Municipal		Municipal
	Fund		Fund II		Fund
	$2,556		$6,132		$2,349

At September 30, 2012, 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			$	34,542				$	82,925				$	32,008
Accounting administration and other expenses
payable to DSC				420					1,009					389
Other expenses payable to DMC and affiliates*				1,137					2,681					1,015

*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, fees for audit, 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 six months ended September 30, 2012, 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
		$5,377		$12,633		$13,230

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 six months ended September 30, 2012, 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			$	2,535,022				$	31,203,565				$	33,546,545
Sales				1,759,456					27,020,189					17,398,713

At September 30, 2012, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2012, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

		Colorado					Minnesota						National
		Municipal					Municipal						Municipal
		Fund					Fund II						Fund
Cost of investments			$	96,696,237				$	236,583,479					$	89,339,508
Aggregate unrealized appreciation			$	7,816,641				$	18,510,003					$	8,094,838
Aggregate unrealized depreciation				—					(11,555	)					(25,989	)
Net unrealized appreciation			$	7,816,641				$	18,498,448					$	8,068,849

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, which may include prior transaction prices (acquisition cost) that did not occur during the period, financial or news information released by the company, and other relevant information for the investment to determine the fair value of the investment. 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 September 30, 2012:

		Colorado Municipal Fund
		Level 2
Municipal Bonds			$	104,512,878
		Minnesota Municipal Fund II
		Level 2
Municipal Bonds			$	255,081,927
		National Municipal Fund
		Level 2
Municipal Bonds			$	96,658,357
Short-Term Investments				750,000
Total			$	97,408,357

During the six months ended September 30, 2012, 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 six months ended September 30, 2012 and the year ended March 31, 2012 was as follows:

		Colorado			Minnesota			National
		Municipal			Municipal			Municipal
		Fund			Fund II			Fund
Six Months Ended 9/30/12*
Ordinary income		$	5,144		$	89,753		$	7,263
Tax-exempt income			1,663,656			3,879,463			1,260,701
Long-term capital gain			445,013			—			—
Total		$	2,113,813		$	3,969,216		$	1,267,964
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

*Tax information for the six months ended September 30, 2012 is an estimate and the tax character of dividends and distributions may be redesigned at fiscal year end.

5. Components of Net Assets on a Tax Basis

		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			1,468,561				2,462,009				897,927
Undistributed ordinary income			19,828				316,780				—
Undistributed long-term capital gains			22,729				69,811				—
Distribution payable			(756,783	)			(745,627	)			(249,065	)
Realized gains 4/1/12 – 9/30/12			—				257,166				362,677
Capital loss carryforwards as of 3/31/12			—				(257,166	)			(1,747,836	)
Unrealized appreciation			7,816,641				18,498,448				8,068,849
Net assets		$	75,489,097			$	178,532,496			$	67,950,028

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 six months ended September 30, 2012, the Funds recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Fund				Fund II				Fund
Undistributed net investment income		$	(2,471	)		$	(19,966	)		$	(34,847	)
Accumulated net realized gain (loss)			2,471				19,966				34,847

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, 2012 will expire as follows:

			Colorado					Minnesota					National
			Municipal					Municipal					Municipal
Year of Expiration			Fund					Fund II					Fund
2017				$	—				$	—			$	888,041
2018					—					257,166				859,795
Total				$	—				$	257,166			$	1,747,836

26

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On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (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 are 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.

For the six months ended September 30, 2012, the Funds had capital gains, as follows, which may reduce the capital loss carryforwards:

	Colorado		Minnesota		National
	Municipal		Municipal		Municipal
	Fund		Fund II		Fund
	$—		$257,166		$362,677

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 six months ended September 30, 2012. 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, Colorado Municipal Fund and 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, National Municipal Fund (VFL) 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 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 VMM and VCF) and April 1, 2014 (with respect to VFL), 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 (which are treated as interest payments for financial reporting purposes) are set weekly.

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 September 30, 2012, and during the period 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. The value of these investments may be adversely affected by new legislation within the states, regional or local and national economic conditions, as applicable and differing levels of supply and demand for municipal bonds. 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 September 30, 2012, 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		41%
Minnesota Municipal Fund II		12%
National Municipal Fund		11%

28

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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.

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 September 30, 2012, 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.

11. Investments in Municipal Securities Issued by the State of Arizona

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 September 30, 2012, municipal bonds issued by the state of Arizona constitute approximately 15% of the 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 September 30, 2012 that would require recognition or disclosure in the Funds’ financial statements.

29

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Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

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, Portfolio Manager,
Head of Convertible Bond and Municipal Bond Trading

Gregory A. Gizzi is a member of the firm’s municipal fixed income portfolio management team and municipal trading team, and head of the municipal bond trading staff. Additionally, Gizzi serves as portfolio manager and head of the convertible bond trading staff. 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.

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Proxy Results

At the Annual Meeting on August 22, 2012, the Funds’ Shareholders elected nine directors/trustees. The results of the voting at the meeting were as follows:

Delaware Investments^® Colorado Municipal Income Fund, Inc.

		Common Shareholders				Preferred Shareholders
				Shares voted				Shares voted
		Shares		Withheld		Shares		Withheld
		Voted For		Authority		Voted For		Authority
Thomas L. Bennett		4,464,878.156		106,130.539		300		0
Patrick P. Coyne		4,465,008.087		106,000.608		300		0
John A. Fry		4,453,631.108		117,377.587		300		0
Anthony D. Knerr		4,401,636.130		169,372.565		300		0
Lucinda S. Landreth		4,464,878.156		106,130.539		300		0
Ann R. Leven		4,460,660.482		110,348.213		300		0
Frances Sevilla-Sacasa		4,405,872.358		165,136.337		300		0
Janet L. Yeomans						300		0
J. Richard Zecher						300		0
Delaware Investments Minnesota Municipal Income Fund II, Inc.
		Common Shareholders				Preferred Shareholders
				Shares voted				Shares voted
		Shares		Withheld		Shares		Withheld
		Voted For		Authority		Voted For		Authority
Thomas L. Bennett		10,197,036.559		274,443.055		750		0
Patrick P. Coyne		10,124,676.956		346,802.658		750		0
John A. Fry		10,188,434.342		283,045.272		750		0
Anthony D. Knerr		10,147,425.018		324,054.596		750		0
Lucinda S. Landreth		10,207,627.569		263,852.045		750		0
Ann R. Leven		10,182,214.447		289,265.167		750		0
Frances Sevilla-Sacasa		10,136,010.616		335,468.998		750		0
Janet L. Yeomans						750		0
J. Richard Zecher						750		0
Delaware Investments National Municipal Income Fund
		Common Shareholders				Preferred Shareholders
				Shares voted				Shares voted
		Shares		Withheld		Shares		Withheld
		Voted For		Authority		Voted For		Authority
Thomas L. Bennett		4,040,259.193		264,632.122		300		0
Patrick P. Coyne		4,041,180.676		263,710.639		300		0
John A. Fry		4,041,660.668		263,230.647		300		0
Anthony D. Knerr		4,041,831.165		263,060.150		300		0
Lucinda S. Landreth		4,040,198.694		264,692.621		300		0
Ann R. Leven		4,039,257.023		265,634.292		300		0
Frances Sevilla-Sacasa		4,040,395.691		264,495.624		300		0
Janet L. Yeomans						300		0
J. Richard Zecher						300		0

(continues)       31

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Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

Dividend Reinvestment Plan

Each Fund offers an automatic dividend reinvestment program (“Plan”). Under the current policies of Minnesota Municipal Income Fund II and National Municipal Income Fund all distributions of net investment income and capital gains to common shareholders are automatically reinvested in additional shares unless shareholders elect to receive all dividends and other distributions in cash paid by check mailed directly to shareholders by the dividend plan agent. Under the current policies of Colorado Municipal Income Fund, distributions of net investment income and capital gains to common shareholders will be paid in cash unless shareholders notify Computershare Shareowner Services LLC (formerly BNY Mellon Shareowner Services LLC) (“Computershare”) of their desire to participate in the dividend reinvestment program. Shareholders who hold their shares through a bank, broker or other nominee should request the bank, broker or nominee to participate in the Plan on their behalf. This can be done as long as the bank, broker or nominee provides a dividend reinvestment service for the Funds. If the bank, broker or nominee does not provide this service, such shareholders must have their shares taken out of “street” or nominee name and re-registered in their own name in order to participate in the Plan.

Computershare will apply all cash dividends, capital gains and other distributions (collectively, “Distributions”) on each Fund’s shares of common stock which become payable to each Plan participant to the purchase of outstanding shares of each Fund’s common stock for such participant. These purchases may be made on a securities exchange or in the over-the-counter market, and may be subject to such terms of price, delivery and related matters to which Computershare may agree. The Funds will not issue new shares in connection with the Plan.

Distributions reinvested for participants are subject to income taxes just as if they had been paid directly to the shareholder in cash. Participants will receive a year-end statement showing distributions reinvested, and any brokerage commissions paid on such participant’s behalf.

Shareholders holding shares of a Fund in their own names who wish to terminate their participation in the Plan may do so by sending written instruction to Computershare so that Computershare receives such instructions at least 10 days prior to the Distribution record date. Shareholders with shares held in account by a bank, broker or other nominee should contact such bank, broker or other nominee to determine the procedure for withdrawal from the Plan.

If written instructions are not received by Computershare at least 10 days prior to the record date for a particular Distribution, that Distribution may be reinvested at the sole discretion of Computershare. After a shareholder’s instructions to terminate participation in the Plan become effective, Distributions will be paid to shareholders in cash. Upon termination, a shareholder may elect to receive either stock or cash for all the full shares in the account. If cash is elected, Computershare will sell such shares at the then current market value and then send the net proceeds to the shareholder, after deducting brokerage commissions and related expenses. Any fractional shares at the time of termination will be paid in cash at the current market price, less brokerage commissions and related expenses, if any. Shareholders may at any time request a full or partial withdrawal of shares from the Plan, without terminating participation in the Plan. When shares outside of the Plan are liquidated, Distributions on shares held under the Plan will continue to be reinvested unless Computershare is notified of the shareholder’s withdrawal from the Plan.

An investor holding shares that participate in the Plan in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the Plan. Please contact your broker/dealer for additional details.

Computershare will charge participants their proportional share of brokerage commissions on market purchases. Participants may obtain a certificate or certificates for all or part of the full shares credited to their accounts at any time by making a request in writing to Computershare. A fee may be charged to the participant for each certificate issuance.

If you have any questions and shares are registered in “street” name, contact the broker/dealer holding the shares or your financial advisor. If you have any questions and shares are registered in your name, contact Computershare at 866 437-0252.

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Board Consideration of Delaware Investments^® Colorado Municipal Income Fund, Inc.; Delaware Investments National Municipal Income Fund; and Delaware Investments Minnesota Municipal Income Fund II, Inc. Investment Advisory Agreement

At a meeting held on August 21-23, 2012 (the “Annual Meeting”), the Board of Directors (the “Board”), including a majority of disinterested or independent Directors, approved the renewal of the Investment Advisory Agreements for each of the Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments National Municipal Income Fund; and Delaware Investments Minnesota Municipal Income Fund II, Inc. (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreements with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Funds, the costs of such services to the Funds, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided in May 2012 and included independent historical and comparative reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Directors reviewed and discussed the Lipper reports with independent legal counsel to the Independent Directors. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; comparative client fee information; and any constraints or limitations on the availability of securities in certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory agreement, the Independent Directors received assistance and advice from and met separately with independent legal counsel to the Independent Directors. Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, Extent And Quality of Service. The Board considered the services provided by Delaware Investments to the Funds and their shareholders. In reviewing the nature, extent and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds, compliance of portfolio managers with the investment policies, strategies and restrictions for the Funds, compliance by DMC (“Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Funds’ investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

Investment Performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for each Fund showed the investment performance of its shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the highest performance ranked first, and a fund with the lowest ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the lowest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past one-, three-, five- and ten-year periods ended March 31, 2012. The Board’s objective is that each Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraphs summarize the performance results for the Funds and the Board’s view of such performance.

Delaware Investments Colorado Municipal Income Fund, Inc. – The Performance Universe for the Fund consisted of the Fund and all closed–end other state municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the three-, five- and ten- year periods was in the fourth quartile. The Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and meet the Board’s performance objective.

Delaware Investments Minnesota Municipal Income Fund II, Inc. – The Performance Universe for the Fund consisted of the Fund and all closed–end other state municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three-, five- and ten-year periods was in the fourth quartile of its Performance Universe. The Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

(continues)       33

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Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

Board Consideration of Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments National Municipal Income Fund; and Delaware Investments Minnesota Municipal Income Fund II, Inc. Investment Advisory Agreement (continued)

Delaware Investments National Municipal Income Fund – The Performance Universe for the Fund consisted of the Fund and all non-leveraged closed–end general and insured municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the three-year period was in the second quartile and that the Fund’s total return for the five- and ten-year periods was ranked fourth and third of the four funds in the Performance Universe, respectively. In evaluating the Fund’s performance, the Board considered the limited size of the Fund’s Performance Universe. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking effective action to enhance Fund performance and meet the Board’s performance objective.

Comparative Expenses. The Board considered expense comparison data for the Delaware Investments Family of Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of each Fund versus effective management fees and expense ratios of a group of similar closed-end funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group. The Board considered fees paid to Delaware Investments for non-management services. The Board’s objective is to limit each Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraphs summarize the expense results for the Funds and the Board’s view of such expenses.

Delaware Investments Colorado Municipal Income Fund, Inc. – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group.

Delaware Investments Minnesota Municipal Income Fund II, Inc. – The expense comparisons for the Fund showed that its management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group.

Delaware Investments National Municipal Income Fund – The expense comparisons for the Fund showed that its management fee was ranked first of the three funds in the Expense Group and its total expenses were ranked second of the three funds in the Expense Group. In evaluating the Fund’s total expenses, the Board considered the limited number of funds in the Expense Group. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and bring it in line with the Board’s objective.

Management Profitability. The Board considered the level of profits, if any, realized by Delaware Investments in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflects recent operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the management fees were reasonable in light of the services rendered and the profitability of Delaware Investments.

Economies of Scale. As closed-end funds, the Funds do not issue shares on a continuous basis. Fund assets increase only to the extent that the values of the underlying securities in the Fund increase. Accordingly, the Board determined that the Funds were not likely to experience significant economies of scale due to asset growth and, therefore, a fee schedule with breakpoints to pass the benefit of economies of scale on to shareholders was not likely to provide the intended effect.

34

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Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Delaware Investments^® Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc., and Delaware Investments National Municipal Income Fund (the Funds) effective May 27, 2010. At a meeting held on February 18, 2010, the Board of Directors/Trustees of the Funds, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Funds for the fiscal year ending March 31, 2011. During the fiscal years ended March 31, 2010 and 2009, E&Y’s audit reports on the financial statements of the Funds did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Funds and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. None of the Funds nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Funds’ financial statements.

35

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Item 2. Code of Ethics

     Not applicable.

Item 3. Audit Committee Financial Expert

     Not applicable.

Item 4. Principal Accountant Fees and Services

     Not applicable.

Item 5. Audit Committee of Listed Registrants

     Not applicable.

Item 6. Investments

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

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

     Not applicable.

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

     Not applicable.

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

     Applicable to Form N-CSRs filed after fiscal years ending on or after December 31, 2005.

     Not applicable.

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

     Not applicable.

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

     Not applicable.

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Item 11. Controls and Procedures

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

     There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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:	December 3, 2012

     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:	December 3, 2012
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 3, 2012

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