Delaware Investments Colorado Municipal Income Fund (VCF) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-07810
Exact name of registrant as specified in charter:	Delaware Investments Colorado Municipal Income Fund, Inc.
Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	September 30, 2021

Item 1. Reports to Stockholders

Semiannual report
Closed-end funds
Delaware Funds by Macquarie® Closed-End Municipal Bond Funds
September 30, 2021

Table of contents

Fund basics	1
Security type / sector / state / territory allocations	2
Schedules of investments	4
Statements of assets and liabilities	23
Statements of operations	24
Statements of changes in net assets	25
Statements of cash flows	26
Financial highlights	27
Notes to financial statements	30
Other Fund information	37
About the organization	53

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisors: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A. For more information, including press releases, please visit delawarefunds.com/closed-end.

Unless otherwise noted, views expressed herein are current as of September 30, 2021, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are governed by US laws and regulations.

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

©2021 Macquarie Management Holdings, Inc.

Fund basics
As of September 30, 2021 (Unaudited)

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

Fund objective

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

Total Fund net assets

$75 million

Number of holdings

131

Fund start date

July 29, 1993

NYSE American symbol

VCF

CUSIP number

246101109

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

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

$173 million

Number of holdings

212

Fund start date

February 26, 1993

NYSE American symbol

VMM

CUSIP number

24610V103

Delaware Investments^®
National Municipal Income Fund

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

$69 million

Number of holdings

167

Fund start date

February 26, 1993

NYSE American symbol

VFL

CUSIP number

24610T108

1

Security type / sector / state / territory allocations
As of September 30, 2021 (Unaudited)

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

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

	Percentage
Security type / sector	of net assets
Municipal Bonds*	138.40	%
Corporate Revenue Bonds	6.37	%
Education Revenue Bonds	18.39	%
Electric Revenue Bonds	8.41	%
Healthcare Revenue Bonds	34.23	%
Lease Revenue Bonds	2.16	%
Local General Obligation Bonds	17.81	%
Pre-Refunded/Escrowed to Maturity Bonds	13.66	%
Special Tax Revenue Bonds	18.86	%
State General Obligation Bonds	4.12	%
Transportation Revenue Bonds	8.11	%
Water & Sewer Revenue Bonds	6.28	%
Total Value of Securities	138.40	%
Liquidation Value of Preferred**	(40.24	%)
Receivables and Other Assets Net of      Liabilities	1.84	%
Total Net Assets	100.00	%

*  As of the date of this report, Delaware Investments^® Colorado Municipal Income Fund, Inc. held bonds issued by or on behalf of territories and the states of the US as follows:

	Percentage
State / territory	of net assets
Colorado	120.15	%
Guam	1.91	%
Puerto Rico	16.34	%
Total Value of Securities	138.40	%

** More information regarding the Fund’s use of preferred shares as leverage is included in Note 4 in “Notes to financial statements.” The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.

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

	Percentage
Security type / sector	of net assets
Municipal Bonds*	143.02	%
Corporate Revenue Bonds	2.00	%
Education Revenue Bonds	22.66	%
Electric Revenue Bonds	13.72	%
Healthcare Revenue Bonds	38.18	%
Housing Revenue Bonds	1.69	%
Lease Revenue Bonds	8.56	%
Local General Obligation Bonds	14.75	%
Pre-Refunded/Escrowed to Maturity Bonds	12.58	%
Special Tax Revenue Bonds	4.52	%
State General Obligation Bonds	13.99	%
Transportation Revenue Bonds	7.28	%
Water & Sewer Revenue Bonds	3.09	%
Total Value of Securities	143.02	%
Liquidation Value of Preferred**	(43.39	%)
Receivables and Other Assets Net of      Liabilities	0.37	%
Total Net Assets	100.00	%

*  As of the date of this report, Delaware Investments^® Minnesota Municipal Income Fund II, Inc. held bonds issued by or on behalf of territories and the states of the US as follows:

	Percentage
State / territory	of net assets
Guam	0.65	%
Minnesota	136.49	%
Puerto Rico	5.88	%
Total Value of Securities	143.02	%

** More information regarding the Fund’s use of preferred shares as leverage is included in Note 4 in “Notes to financial statements.” The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.

2

Delaware Investments^® National Municipal Income Fund

	Percentage
Security type / sector	of net assets
Municipal Bonds*	140.95	%
Corporate Revenue Bonds	14.56	%
Education Revenue Bonds	14.70	%
Electric Revenue Bonds	5.17	%
Healthcare Revenue Bonds	33.41	%
Lease Revenue Bonds	8.85	%
Local General Obligation Bonds	2.83	%
Pre-Refunded/Escrowed to Maturity Bonds	8.95	%
Special Tax Revenue Bonds	13.04	%
State General Obligation Bonds	13.04	%
Transportation Revenue Bonds	25.27	%
Water & Sewer Revenue Bonds	1.13	%
Total Value of Securities	140.95	%
Liquidation Value of Preferred**	(43.77	%)
Receivables and Other Assets Net of      Liabilities	2.82	%
Total Net Assets	100.00	%

* As of the date of this report, Delaware Investments^® National Municipal Income Fund held bonds issued by or on behalf of territories and the states of the US as follows:

	Percentage
State / territory	of net assets
Alabama	0.77	%
Arizona	9.31	%
California	17.00	%
Colorado	3.83	%
District of Columbia	0.84	%
Florida	6.71	%
Georgia	3.52	%
Guam	0.80	%
Illinois	16.48	%
Indiana	0.88	%
Kansas	0.32	%
Louisiana	3.18	%
Maryland	1.22	%
Massachusetts	0.84	%
Michigan	1.70	%
Missouri	2.49	%
Montana	1.12	%
Nebraska	0.45	%
New Jersey	10.06	%
New York	15.15	%
North Carolina	1.10	%
Ohio	4.61	%
Oregon	0.82	%
Pennsylvania	11.55	%
Puerto Rico	14.57	%
Texas	7.53	%
Utah	1.10	%
Virginia	0.41	%
Washington	0.45	%
Wisconsin	2.14	%
Total Value of Securities	140.95	%

** More information regarding the Fund’s use of preferred shares as leverage is included in Note 4 in “Notes to financial statements.” The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.

3

Schedules of investments
Delaware Investments^® Colorado Municipal Income Fund, Inc.

September 30, 2021 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 138.40%
Corporate Revenue Bonds – 6.37%
	Denver City & County
		(United Airlines Project)
		5.00% 10/1/32 (AMT)	215,000	$	227,610
	Public Authority for Colorado
		Energy Natural Gas Revenue
		6.50% 11/15/38	2,250,000		3,431,025
	Public Authority for Colorado
		Energy Revenue
		6.25% 11/15/28	865,000		1,087,391
					4,746,026
Education Revenue Bonds – 18.39%
	Board of Trustees For Colorado
		Mesa University Enterprise
		Revenue
		Series B 5.00% 5/15/49	750,000		921,030
	Colorado Educational &
		Cultural Facilities Authority
		Revenue
		144A 5.00% 7/1/36 #	500,000		541,940
		5.125% 11/1/49	765,000		811,390
		144A 5.25% 7/1/46 #	500,000		539,695
		(Alexander Dawson School-
		Nevada Project)
		5.00% 5/15/29	760,000		885,377
		(Aspen View Academy
		Project)
		4.00% 5/1/41	175,000		193,349
		(Charter School - Atlas
		Preparatory School)
		144A 5.25% 4/1/45 #	700,000		727,552
		(Charter School - Community
		Leadership Academy)
		7.45% 8/1/48	500,000		544,890
		(Charter School - Peak to
		Peak Charter)
		5.00% 8/15/34	1,000,000		1,095,620
		(Global Village Academy -
		Northglenn Project)
		144A 5.00% 12/1/50 #	475,000		512,990
		(Improvement - Charter
		School - University Lab
		School Building)
		5.00% 12/15/45	500,000		537,695
		(Liberty Charter School)
		Series A 5.00% 1/15/44	1,000,000		1,057,630
		(Littleton Charter School
		Project)
		4.375% 1/15/36 (AGC)	1,200,000		1,201,392
		(Loveland Classical Schools)
		144A 5.00% 7/1/36 #	625,000		687,962
	Colorado Educational &
		Cultural Facilities Authority
		Revenue
		(Science Technology
		Engineering and Math
		(Stem) School Project)
		5.00% 11/1/54	700,000		739,067
		(Skyview Charter School)
		144A 5.50% 7/1/49 #	750,000		800,790
		(Vail Mountain School
		Project)
		4.00% 5/1/46	25,000		26,118
		(Vega Collegiate Academy
		Project)
		Series A
		144A 5.00% 2/1/34 #	100,000		113,038
		Series A
		144A 5.00% 2/1/51 #	900,000		989,352
		(Windsor Charter Academy
		Project)
		5.00% 9/1/46	500,000		500,200
	Colorado School of Mines
		Series B 5.00% 12/1/42	270,000		283,835
					13,710,912
Electric Revenue Bonds – 8.41%
	City of Fort Collins Electric
		Utility Enterprise Revenue
		Series A 5.00% 12/1/42	500,000		609,840
	City of Loveland Colorado
		Electric & Communications
		Enterprise Revenue
		Series A 5.00% 12/1/44	1,060,000		1,293,476
	Colorado Springs Utilities
		System Revenue
		Series B 4.00% 11/15/46	1,500,000		1,784,385
	Puerto Rico Electric Power
		Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		73,500
		Series AAA 5.25% 7/1/25 ‡	40,000		39,350
		Series CCC 5.25% 7/1/27 ‡	335,000		329,556
		Series WW 5.00% 7/1/28 ‡	325,000		318,500
		Series WW 5.25% 7/1/33 ‡	95,000		93,456
		Series WW 5.50% 7/1/17 ‡	210,000		203,963
		Series WW 5.50% 7/1/19 ‡	160,000		155,800
		Series XX 4.75% 7/1/26 ‡	45,000		43,931
		Series XX 5.25% 7/1/40 ‡	825,000		811,594
		Series XX 5.75% 7/1/36 ‡	155,000		153,450
		Series ZZ 4.75% 7/1/27 ‡	35,000		34,169
		Series ZZ 5.00% 7/1/19 ‡	280,000		271,250

4

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power
		Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	55,000	$	54,106
					6,270,326
Healthcare Revenue Bonds – 34.23%
	Colorado Health Facilities
		Authority Revenue
		(AdventHealth Obligated
		Group)
		Series A 3.00% 11/15/51	500,000		527,580
		Series A 4.00% 11/15/43	1,000,000		1,161,580
		(Adventist Health System/
		Sunbelt Obligated Group)
		Series A 5.00%
		11/15/48	1,000,000		1,205,560
		(Bethesda Project)
		Series A1 5.00%
		9/15/48	750,000		864,750
		(Boulder Community Health
		Project)
		4.00% 10/1/38	250,000		288,042
		4.00% 10/1/39	250,000		287,283
		4.00% 10/1/40	280,000		321,040
		(Cappella of Grand Junction
		Project)
		144A 5.00% 12/1/54 #	945,000		961,396
		(Christian Living Community
		Project)
		6.375% 1/1/41	615,000		624,133
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	550,000		630,767
		Series A-2 4.00% 8/1/49	1,500,000		1,683,525
		Series A-2 5.00% 8/1/39	1,500,000		1,850,610
		Series A-2 5.00% 8/1/44	1,500,000		1,827,255
		(Covenant Living
		Communities and
		Services)
		Series A 4.00% 12/1/40	750,000		863,760
		(Covenant Retirement
		Communities Inc.)
		5.00% 12/1/35	1,000,000		1,117,790
		(Frasier Meadows Retirement
		Community Project)
		Series B 5.00% 5/15/48	340,000		355,225
		(Healthcare Facilities -
		American Baptist)
		8.00% 8/1/43	500,000		531,130
		(Mental Health Center of
		Denver Project)
		Series A 5.75% 2/1/44	1,500,000		1,621,050
	Colorado Health Facilities
		Authority Revenue
		(National Jewish Health
		Project)
		5.00% 1/1/27	500,000		504,910
		(Sanford Health)
		Series A 5.00% 11/1/44	1,500,000		1,864,755
		(SCL Health System)
		Series A 4.00% 1/1/37	575,000		676,850
		Series A 4.00% 1/1/38	1,950,000		2,285,107
		Series A 4.00% 1/1/39	465,000		543,576
		(Sunny Vista Living Center)
		Series A 144A 6.25%
		12/1/50 #	505,000		544,284
		(Vail Valley Medical Center
		Project)
		5.00% 1/15/35	1,250,000		1,440,012
		(Valley View Hospital
		Association Project)
		Series A 4.00% 5/15/34	330,000		370,465
		Denver Health & Hospital
		Authority Health Care
		Revenue
		Series A 4.00% 12/1/40	500,000		571,885
					25,524,320
Lease Revenue Bonds – 2.16%
	Denver Health & Hospital
		Authority
		(550 ACOMA, Inc.)
		4.00% 12/1/38	500,000		567,755
		State of Colorado Department
		of Transportation
		Certificates of Participation
		5.00% 6/15/34	340,000		400,884
		5.00% 6/15/36	545,000		640,402
					1,609,041
Local General Obligation Bonds – 17.81%
	Adams & Weld Counties School
		District No 27J Brighton
		4.00% 12/1/30	700,000		795,921
	Arapahoe County School
		District No. 6 Littleton
		Series A 5.50% 12/1/38	650,000		840,580
	Beacon Point Metropolitan
		District
		5.00% 12/1/30 (AGM)	600,000		704,634
	Boulder Valley School District
		No RE-2 Boulder
		Series A 4.00% 12/1/48	500,000		576,400
	Denver City & County
		Series B 5.00% 8/1/30	2,000,000		2,663,180

5

Schedules of investments
Delaware Investments^® Colorado Municipal Income Fund, Inc.

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Grand River Hospital District
		5.25% 12/1/37 (AGM)	675,000	$	819,187
	Jefferson County School District
		No. R-1
		5.25% 12/15/24	750,000		866,963
	Sierra Ridge Metropolitan
		District No. 2
		Series A 5.50% 12/1/46	500,000		516,615
	Verve Metropolitan District No
		1
		5.00% 12/1/51	1,000,000		1,090,810
	Weld County School District No.
		RE-1
		5.00% 12/15/30 (AGM)	500,000		602,735
	Weld County School District No.
		RE-2 Eaton
		Series 2 5.00% 12/1/44	1,250,000		1,570,912
	Weld County School District No.
		RE-3J
		5.00% 12/15/34 (BAM)	1,000,000		1,206,030
	Weld County School District No.
		RE-8
		5.00% 12/1/31	510,000		617,049
		5.00% 12/1/32	340,000		410,985
					13,282,001
Pre-Refunded/Escrowed to Maturity Bonds – 13.66%
	Colorado Educational &
		Cultural Facilities Authority
		Revenue
		(Johnson & Wales University)
		Series A 5.25%
		4/1/37-23 §	900,000		965,691
	Colorado Health Facilities
		Authority Revenue
		(Covenant Retirement
		Communities Inc.)
		Series A 5.75%
		12/1/36-23 §	1,000,000		1,117,840
		(Evangelical Lutheran Good
		Samaritan Society)
		5.00% 6/1/28-23 §	1,250,000		1,348,400
		5.50% 6/1/33-23 §	2,000,000		2,173,980
		5.625% 6/1/43-23 §	1,000,000		1,089,060
	Colorado School of Mines
		Series B 5.00%
		12/1/42-22 §	1,115,000		1,176,347
	Denver City & County Airport
		System Revenue
		Series B 5.00%
		11/15/37-22 §	1,700,000		1,791,120
	Eaton Area Park & Recreation
		District
		5.25% 12/1/34-22 §	190,000		201,117
	Tallyn’s Reach Metropolitan
		District No. 3
		(Limited Tax Convertible)
		5.125% 11/1/38-23 §	295,000		323,444
					10,186,999
Special Tax Revenue Bonds – 18.86%
	Central Platte Valley
		Metropolitan District
		5.00% 12/1/43	375,000		394,046
	Commerce City
		5.00% 8/1/44 (AGM)	1,000,000		1,110,970
	Fountain Urban Renewal
		Authority Tax Increment
		Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	655,000		692,086
	Guam Government Business
		Privilege Tax Revenue
		Series A 5.125% 1/1/42	435,000		440,063
		Series A 5.25% 1/1/36	565,000		571,746
	Lincoln Park Metropolitan
		District
		5.00% 12/1/46 (AGM)	500,000		590,380
	Prairie Center Metropolitan
		District No. 3
		Series A 144A 5.00%
		12/15/41 #	500,000		542,900
	Puerto Rico Sales Tax Financing
		Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	1,000,000		1,126,260
		Series A-1 4.75% 7/1/53	2,560,000		2,870,861
		Series A-1 4.903% 7/1/51 ^	1,060,000		253,287
		Series A-1 5.00% 7/1/58	920,000		1,045,819
		Series A-2 4.784% 7/1/58	1,100,000		1,235,916
	Regional Transportation District
		Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	330,000		398,389
		Series A 5.00% 11/1/31	755,000		911,044

6

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Solaris Metropolitan District No.
		3
		(Limited Tax Convertible)
		Series A 5.00% 12/1/46	500,000	$	517,300
	Southlands Metropolitan
		District No. 1
		Series A1 5.00% 12/1/37	200,000		227,160
		Series A1 5.00% 12/1/47	300,000		335,643
	Thornton Development
		Authority
		(East 144th Avenue & I-
		25 Project)
		Series B 5.00% 12/1/35	265,000		298,973
		Series B 5.00% 12/1/36	440,000		495,968
					14,058,811
State General Obligation Bonds – 4.12%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	305,000		267,638
		Series A 5.375% 7/1/33 ‡	305,000		294,325
		Series A 5.50% 7/1/39 ‡	1,350,000		1,242,000
		Series A 8.00% 7/1/35 ‡	535,000		462,775
		Series B 5.75% 7/1/38 ‡	440,000		419,100
		Series C 6.00% 7/1/39 ‡	400,000		385,000
					3,070,838
Transportation Revenue Bonds – 8.11%
	Colorado High Performance
		Transportation Enterprise
		Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	1,000,000		1,128,520
		(Senior U.S. 36 & I-
		25 Managed Lanes)
		5.75% 1/1/44 (AMT)	1,110,000		1,180,019
	Denver City & County Airport
		System Revenue
		Series A 5.00% 12/1/29 (AMT)	270,000		338,826
		Series A 5.00% 12/1/48 (AMT)	1,000,000		1,206,500
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	310,000		398,858
	Regional Transportation District
		(Denver Transit Partners
		Eagle P3 Project)
		Series A 4.00% 7/15/35	1,500,000		1,791,375
					6,044,098
Water & Sewer Revenue Bonds – 6.28%
	Arapahoe County Water &
		Wastewater Authority
		Revenue
		Series A 4.00% 12/1/39	1,250,000		1,487,438
	Central Weld County Water
		District
		4.00% 12/1/40 (AGM)	500,000		592,720
	Dominion Water & Sanitation
		District, Colorado
		6.00% 12/1/46	245,000		251,451
	Guam Government Waterworks
		Authority Revenue
		5.00% 7/1/40	360,000		413,348
	Metro Wastewater Reclamation
		District
		Series A 5.00% 4/1/33	500,000		650,180
	Morgan County Quality Water
		District
		4.00% 12/1/45 (AGM)	750,000		869,452
		4.00% 12/1/50 (AGM)	365,000		421,725
					4,686,314
Total Municipal Bonds
	(cost $95,851,969)				103,189,686
Total Value of Securities–138.40%
	(cost $95,851,969)			$	103,189,686

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $6,961,899, which represents 9.34% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre- refunded. See Note 5 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
USD – US Dollar

7

Schedules of investments
Delaware Investments^® Colorado Municipal Income Fund, Inc.

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

8

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

September 30, 2021 (Unaudited)

				Principal
				amount°	Value (US $)
Municipal Bonds – 143.02%
Corporate Revenue Bonds – 2.00%
	Minneapolis Community
		Planning & Economic
		Development Department
		(Limited Tax Supported
			Common Bond Fund)
			Series A 6.25% 12/1/30	1,000,000	$	1,009,410
	St. Paul Port Authority Solid
		Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill
			Project)
			Series 7 144A 4.50%
			10/1/37 (AMT) #	2,415,000		2,454,365
						3,463,775
Education Revenue Bonds – 22.66%
	Bethel Charter School Lease
		Revenue
		(Spectrum High School
			Project)
			Series A 4.375% 7/1/52	1,100,000		1,180,916
	Brooklyn Park Charter School
		Lease Revenue
		(Prairie Seeds Academy
		Project)
		Series A 5.00% 3/1/34		990,000		1,045,767
		Series A 5.00% 3/1/39		170,000		178,343
	Cologne Charter School Lease
		Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/29		270,000		290,744
		Series A 5.00% 7/1/45		445,000		469,435
	Deephaven Charter School
		(Eagle Ridge Academy
		Project)
		Series A 5.25% 7/1/37		590,000		657,643
		Series A 5.25% 7/1/40		500,000		554,850
	Duluth Housing &
		Redevelopment Authority
		(Duluth Public Schools
			Academy Project)
			Series A 5.00% 11/1/48	1,200,000		1,315,488
	Forest Lake Minnesota Charter
		School Revenue
		(Lake International Language
		Academy)
		Series A 5.375% 8/1/50		915,000		1,043,576
		Series A 5.75% 8/1/44		705,000		737,437
	Hugo Charter School Lease
		Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34		255,000		269,693
		Series A 5.00% 7/1/44		775,000		810,883
	Minneapolis Charter School
		Lease Revenue
		(Hiawatha Academies
		Project)
		Series A 5.00% 7/1/36		750,000		804,840
		Series A 5.00% 7/1/47		900,000		959,634
	Minneapolis Student Housing
		Revenue
		(Riverton Community
		Housing Project)
		5.25% 8/1/39		205,000		218,253
		5.50% 8/1/49		990,000		1,054,291
	Minnesota Higher Education
		Facilities Authority Revenue
		(Bethel University)
			5.00% 5/1/47	1,250,000		1,381,475
		(Carleton College)
		4.00% 3/1/36		485,000		544,577
		5.00% 3/1/44		905,000		1,073,249
		(College of St. Benedict)
			4.00% 3/1/36	410,000		458,077
		(Gustavus Adolphus College)
			5.00% 10/1/47	2,600,000		3,065,582
		(Macalester College)
		4.00% 3/1/42		900,000		1,008,081
		4.00% 3/1/48		600,000		671,982
		(St. Catherine University)
		Series A 4.00% 10/1/38		920,000		1,034,936
		Series A 5.00% 10/1/45		785,000		931,151
		(St. Johns University)
		Series 8-I 5.00% 10/1/31		235,000		270,755
		Series 8-I 5.00% 10/1/34		35,000		40,158
		(St. Olaf College)
		4.00% 10/1/46		1,000,000		1,168,530
		Series 8-N 4.00% 10/1/35		590,000		664,299
		(Trustees Of The Hamline
			University Of Minnesota)
			Series B 5.00% 10/1/47	1,055,000		1,146,490
		(University of St. Thomas)
		4.00% 10/1/32		250,000		293,682
		4.00% 10/1/44		645,000		735,919
		5.00% 10/1/40		750,000		928,215
		Series 7-U 5.00% 4/1/22		750,000		766,897
		Series A 4.00% 10/1/37		500,000		567,120

9

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

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Otsego Charter School
		(Kaleidoscope Charter
		School)
		Series A 5.00% 9/1/34		230,000	$	242,121
		Series A 5.00% 9/1/44		400,000		416,440
	St. Cloud Charter School Lease
		Revenue
		(Stride Academy Project)
			Series A 5.00% 4/1/46	375,000		332,449
	St. Paul Housing &
		Redevelopment Authority
		Charter School Lease
		Revenue
		(Academia Cesar Chavez
			School Project)
			Series A 5.25% 7/1/50	825,000		880,547
		(Great River School Project)
		Series A
		144A 4.75% 7/1/29  #		200,000		218,452
		Series A
		144A 5.50% 7/1/38  #		240,000		272,501
		(Hmong College Prep
			Academy Project)
			Series A 5.00% 9/1/40	215,000		256,734
		(Nova Classical Academy
			Project)
			Series A 4.125% 9/1/47	750,000		787,282
		(Twin Cities Academy
			Project)
			Series A 5.30% 7/1/45	630,000		690,953
	University of Minnesota
		Series A 5.00% 9/1/40		1,240,000		1,506,005
		Series A 5.00% 9/1/42		2,000,000		2,423,520
		Series A 5.00% 4/1/44		1,500,000		1,855,530
	University of Minnesota Special
		Purpose Revenue
		(State Supported Biomed
			Science Research)
			Series A 5.00% 8/1/31	700,000		942,459
						39,167,961
Electric Revenue Bonds – 13.72%
	Central Minnesota Municipal
		Power Agency Revenue
		(Brookings Southeast Twin
			Cities Transportation)
			5.00% 1/1/32	1,130,000		1,142,543
		(Brookings Twin Cities
			Transmission Project)
			5.00% 1/1/42	1,000,000		1,010,530
	Chaska Electric Revenue
		Series A 5.00% 10/1/28		445,000		520,944
	Minnesota Municipal Power
		Agency Electric Revenue
		5.00% 10/1/25		500,000		568,490
		5.00% 10/1/26		500,000		567,525
		5.00% 10/1/27		320,000		362,397
		5.00% 10/1/47		1,755,000		2,060,387
	Northern Municipal Power
		Agency
		Series A 5.00% 1/1/26		100,000		105,525
		Series A 5.00% 1/1/30		340,000		358,741
	Puerto Rico Electric Power
		Authority Revenue
		Series A 5.05% 7/1/42 ‡		175,000		171,500
		Series AAA 5.25% 7/1/25 ‡		100,000		98,375
		Series CCC 5.25% 7/1/27 ‡		800,000		787,000
		Series WW 5.00% 7/1/28 ‡		770,000		754,600
		Series XX 4.75% 7/1/26 ‡		105,000		102,507
		Series XX 5.25% 7/1/40 ‡		300,000		295,125
		Series XX 5.75% 7/1/36 ‡		375,000		371,250
		Series ZZ 4.75% 7/1/27 ‡		85,000		82,981
		Series ZZ 5.25% 7/1/24 ‡		140,000		137,725
	Rochester Electric Utility
		Revenue
		Series A 5.00% 12/1/42		605,000		716,526
		Series A 5.00% 12/1/47		985,000		1,157,424
	Southern Minnesota Municipal
		Power Agency Supply
		Revenue
		Series A 5.00% 1/1/41		240,000		277,973
		Series A 5.00% 1/1/47		1,650,000		1,961,338
	St. Paul Housing &
		Redevelopment Authority
		Charter School Lease
		Revenue
		Series A 4.00% 10/1/33		285,000		319,910
		Series B 4.00% 10/1/37		800,000		889,992
	Western Minnesota Municipal
		Power Agency Supply
		Revenue
		Series A 5.00% 1/1/25		3,000,000		3,173,490
		Series A 5.00% 1/1/26		1,000,000		1,057,440
		Series A 5.00% 1/1/49		3,860,000		4,664,385
						23,716,623

10

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 38.18%
	Anoka Health Care Facilities
		Revenue
		5.375% 11/1/34		610,000	$	651,309
	Apple Valley Senior Housing
		Revenue
		(PHS Senior Housing, Inc.
		Orchard Path Project)
		4.50% 9/1/53		1,160,000		1,213,812
		5.00% 9/1/58		1,605,000		1,677,835
	Apple Valley Senior Living
		Revenue
		(Senior Living LLC Project)
		4th Tier
		Series D 7.00% 1/1/37		685,000		550,267
		Series B 5.00% 1/1/47		715,000		544,551
		Series D 7.25% 1/1/52		1,035,000		787,470
	Bethel Housing & Health Care
		Facilities Revenue
		(Benedictine Health System-
			St. Peter Communities
			Project)
			Series A 5.50% 12/1/48	500,000		526,050
	Center City Health Care
		Facilities Revenue
		(Hazelden Betty Ford
			Foundation Project)
			5.00% 11/1/27	500,000		558,040
	City of Bethel
		(The Lodge at Lakes at
			Stillwater Project)
			5.25% 6/1/58	1,775,000		1,841,065
	City of Center City, Minnesota
		Healthcare Facilities Revenue
		Refunding
		(Hazelden Betty Ford
			Foundation Project)
			4.00% 11/1/41	200,000		226,362
	City of Crookston, Minnesota
		Health Care Facilities
		Revenue
		(Riverview Health Project)
			5.00% 5/1/51	1,390,000		1,426,960
	Dakota County Community
		Development Agency Senior
		Housing Revenue
		(Walker Highview Hills
		Project)
		Series A
		144A 5.00% 8/1/46 #		370,000		376,667
		Series A
		144A 5.00% 8/1/51 #		755,000		768,296
	Deephaven Housing &
		Healthcare Revenue
		(St. Therese Senior Living
		Project)
		Series A 5.00% 4/1/38		280,000		283,931
		Series A 5.00% 4/1/40		270,000		273,481
	Duluth Economic Development
		Authority
		(Essentia Health Obligated
			Group)
			Series A 5.00% 2/15/48	1,810,000		2,149,502
		(St. Luke’s Hospital Authority
		Obligation Group)
		5.75% 6/15/32		2,000,000		2,060,600
		6.00% 6/15/39		1,000,000		1,029,320
	Hayward
		(American Baptist Homes
			Midwest)
			5.75% 2/1/44	500,000		506,700
	Hayward Health Care Facilities
		Revenue
		(St. John’s Lutheran Home of
			Albert Lea)
			5.375% 10/1/44	260,000		264,191
	Housing & Redevelopment
		Authority of The City of St
		Paul Minnesota
		Series A 5.00% 12/1/30		300,000		368,484
	Maple Grove Health Care
		Facilities Revenue
		(Maple Grove Hospital
			Corporation)
			4.00% 5/1/37	1,000,000		1,114,580
		(North Memorial Health
			Care)
			5.00% 9/1/30	865,000		985,010

11

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

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maple Plain Senior Housing &
		Health Care Revenue
		(Haven Homes Project)
			5.00% 7/1/54	1,500,000	$	1,589,820
	Minneapolis Health Care
		System Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/48		2,855,000		3,199,541
		Series A 5.00% 11/15/33		500,000		577,165
		Series A 5.00% 11/15/34		500,000		576,510
		Series A 5.00% 11/15/49		2,000,000		2,407,240
	Minneapolis Senior Housing &
		Healthcare Revenue
		(Ecumen Mill City Quarter)
		5.25% 11/1/45		850,000		859,937
		5.375% 11/1/50		200,000		202,564
		(Ecumen-Abiitan Mill City
			Project)
			5.00% 11/1/35	220,000		222,849
	Minneapolis – St. Paul Housing
		& Redevelopment Authority
		Health Care Revenue
		(Allina Health System)
			Series A 5.00%
			11/15/29	585,000		713,519
	Rochester Health Care &
		Housing Revenue
		(The Homestead at
			Rochester Project)
			Series A 6.875%
			12/1/48	1,220,000		1,302,435
	Rochester Health Care Facilities
		Revenue
		(Mayo Clinic)
			4.00% 11/15/41	4,860,000		4,955,888
	Sartell Health Care Facilities
		Revenue
		(Country Manor Campus
		Project)
		Series A 5.25% 9/1/30		1,000,000		1,014,400
		Series A 5.30% 9/1/37		600,000		615,054
	Shakopee Health Care Facilities
		Revenue
		(St. Francis Regional Medical
		Center)
		4.00% 9/1/31		205,000		215,521
		5.00% 9/1/34		165,000		177,490
	St. Cloud Health Care Revenue
		(Centracare Health System
		Project)
		4.00% 5/1/49		1,585,000		1,792,096
	St. Cloud Health Care Revenue
		(Centracare Health System
		Project)
		5.00% 5/1/48		3,150,000		3,828,290
		Series A 4.00% 5/1/37		1,295,000		1,442,565
		Series A 5.00% 5/1/46		4,800,000		5,613,744
		Series B 5.00% 5/1/24		1,400,000		1,561,980
	St. Paul Housing &
		Redevelopment Authority
		Health Care Facilities
		Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43		905,000		1,023,329
		Series A 5.00% 11/15/47		680,000		813,225
		(Health Partners Obligation
		Group Project)
		Series A 5.00% 7/1/29		2,000,000		2,323,220
		Series A 5.00% 7/1/32		1,100,000		1,274,229
	St. Paul Housing &
		Redevelopment Authority
		Housing & Health Care
		Facilities Revenue
		Series A 5.00% 12/1/36		750,000		896,497
		(Senior Episcopal Homes
		Project)
		5.125% 5/1/48		1,200,000		1,232,748
		Series A 4.75% 11/1/31		740,000		742,516
	Wayzata Senior Housing
		Revenue
		(Folkestone Senior Living
		Community)
		3.75% 8/1/37		500,000		522,430
		4.00% 8/1/44		350,000		365,439
		5.00% 8/1/54		400,000		427,384
	Winona Health Care Facilities
		Revenue
		(Winona Health Obligation)
		4.65% 7/1/26		465,000		466,088
		4.75% 7/1/27		785,000		786,860
		5.00% 7/1/34		750,000		751,493
	Woodbury Housing &
		Redevelopment Authority
		Revenue
		(St. Therese of Woodbury)
			5.125% 12/1/44	1,250,000		1,304,838
						65,983,387

12

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 1.69%
	Minnesota Housing Finance
		Agency
		(Non Ace - State
			Appropriated Housing)
			Series C 5.00% 8/1/33	1,390,000	$	1,563,750
	Minnesota State Housing
		Finance Agency
		Series I 2.20% 1/1/51		825,000		784,963
	Northwest Multi-County
		Housing & Redevelopment
		Authority
		(Pooled Housing Program)
			5.50% 7/1/45	560,000		575,601
						2,924,314
Lease Revenue Bonds – 8.56%
	Minnesota State General Fund
		Revenue Appropriations
		Series A 5.00% 6/1/32		780,000		839,264
		Series A 5.00% 6/1/38		5,500,000		5,896,000
		Series A 5.00% 6/1/43		1,750,000		1,870,575
	Minnesota State Housing
		Finance Agency
		(Non Ace - State
			Appropriated Housing)
			Series C 5.00% 8/1/36	1,000,000		1,121,090
	University of Minnesota Special
		Purpose Revenue
		(State Supported Biomed
		Science Research)
		5.00% 8/1/35		1,040,000		1,043,640
		5.00% 8/1/36		4,000,000		4,014,000
						14,784,569
Local General Obligation Bonds – 14.75%
	Brainerd Independent School
		District No. 181
		(General Obligation School
		Building Bonds)
		Series A 4.00% 2/1/38		1,500,000		1,688,640
		Series A 4.00% 2/1/43		1,500,000		1,675,200
	Burnsville-Eagan-Savage
		Independent School District
		No. 191
		(Alternative Facilities)
			Series A 4.00% 2/1/28	1,185,000		1,311,119
	City of Plymouth
		(Capital Improvement)
			Series A 3.00% 2/1/32	1,035,000		1,170,937
	Duluth Independent School
		District No. 709
		Series A 4.00% 2/1/27		600,000		682,344
	Duluth, Minnesota
		(Improvement DECC)
			Series A 5.00% 2/1/34	545,000		640,146
	Edina Independent School
		District No. 273
		Series A 5.00% 2/1/27		1,500,000		1,728,195
	Hennepin County
		Series A 5.00% 12/1/36		1,190,000		1,440,447
		Series A 5.00% 12/1/37		1,240,000		1,520,662
		Series A 5.00% 12/1/41		1,060,000		1,272,403
	Mahtomedi Independent School
		District No. 832
		(School Building)
			Series A 5.00% 2/1/28	515,000		592,234
	Minneapolis Special School
		District No. 1
		Series A 4.00% 2/1/36		190,000		223,429
		Series A 4.00% 2/1/37		250,000		293,228
		Series A 4.00% 2/1/38		260,000		304,309
		Series B 4.00% 2/1/36		400,000		470,376
		Series B 4.00% 2/1/37		530,000		621,642
		Series B 4.00% 2/1/38		550,000		643,731
	Mounds View Independent
		School District No. 621
		(School Building)
			Series A 4.00% 2/1/43	2,000,000		2,239,020
	St. Cloud, Minnesota
		(Tax Abatement)
			Series C 3.00% 10/1/32	1,425,000		1,609,723
	St. Michael-Albertville
		Independent School District
		No. 885
		(School Building)
			Series A 5.00% 2/1/27	1,300,000		1,549,522
	St. Paul Independent School
		District No. 625
		(School Building)
			Series B 5.00% 2/1/26	1,000,000		1,062,340
	White Bear Lake Independent
		School District No. 624
		Series A 3.00% 2/1/43		2,595,000		2,749,013
						25,488,660

13

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

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 12.58%
	Deephaven Charter School
		(Eagle Ridge Academy
			Project)
			Series A 5.50%
			7/1/43-23 §	500,000	$	544,300
	Minnesota Higher Education
		Facilities Authority Revenue
		(St. Catherine University)
			Series 7-Q 5.00%
			10/1/32-22 §	700,000		733,481
	Minnesota State
		(State Trunk Highway)
		Series B 5.00% 10/1/22-21		5,500,000		5,500,000
		Series B 5.00% 10/1/29-21		3,315,000		3,315,000
	Rice County Educational
		Facilities Revenue
		(Shattuck-St. Mary’s School)
			Series A 144A 5.00%
			8/1/22 #	900,000		935,433
	Rochester Electric Utility
		Revenue
		Series B 5.00% 12/1/30-23 §		1,300,000		1,433,718
		Series B 5.00% 12/1/43-23 §		1,000,000		1,102,860
	St. Paul Housing &
		Redevelopment Authority
		Hospital Facility
		(Healtheast Care System
		Project)
		Series A 5.00% 11/15/29-25 §		395,000		466,752
		Series A 5.00% 11/15/30-25 §		290,000		342,678
	University of Minnesota
		Series D 5.00%
			12/1/36-21 §	2,655,000		2,675,576
	Western Minnesota Municipal
		Power Agency Supply
		Revenue
		Series A 5.00% 1/1/33-24 §		1,000,000		1,105,630
		Series A 5.00% 1/1/40-24 §		750,000		829,223
		Series A 5.00% 1/1/46-24 §		2,500,000		2,764,075
						21,748,726
Special Tax Revenue Bonds – 4.52%
	Guam Government Business
		Privilege Tax Revenue
		Series A 5.25% 1/1/36		150,000		151,791
	Minneapolis Revenue
		(YMCA Greater Twin Cities
			Project)
			4.00% 6/1/29	165,000		178,391
	Puerto Rico Infrastructure
		Financing Authority Revenue
		Series B 5.00% 7/1/41 ‡		4,465,000		2,070,644
	Puerto Rico Sales Tax Financing
		Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40		1,250,000		1,407,825
		Series A-1 4.75% 7/1/53		1,000,000		1,121,430
		Series A-1 5.00% 7/1/58		1,600,000		1,818,816
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/30		935,000		1,061,608
						7,810,505
State General Obligation Bonds – 13.99%
	Commonwealth of Puerto Rico
		(Public Improvement)
			Series B 5.75% 7/1/38 ‡	985,000		938,213
	Minnesota State
		Series A 5.00% 8/1/30		500,000		647,770
		Series A 5.00% 8/1/35		1,895,000		2,428,556
		Series E 5.00% 10/1/26		1,480,000		1,801,367
		(Various Purposes)
		Series A 4.00% 9/1/39		1,830,000		2,237,358
		Series A 4.00% 9/1/40		570,000		694,596
		Series A 5.00% 9/1/27		2,500,000		3,117,825
		Series A 5.00% 9/1/31		2,100,000		2,845,983
		Series A 5.00% 8/1/33		1,080,000		1,419,023
		Series A 5.00% 8/1/38		500,000		626,695
		Series A 5.00% 8/1/40		2,500,000		3,224,275
		Series F 5.00% 10/1/22		4,000,000		4,193,480
						24,175,141
Transportation Revenue Bonds – 7.28%
	Minneapolis – St. Paul
		Metropolitan Airports
		Commission Revenue
		(Subordinate)
		Series A 5.00% 1/1/31		410,000		495,218
		Series A 5.00% 1/1/32		1,255,000		1,512,526
		Series A 5.00% 1/1/49		2,000,000		2,443,800
		Series B 5.00% 1/1/26		540,000		546,194
		Series B 5.00% 1/1/26 (AMT)		500,000		549,790
		Series B 5.00% 1/1/27		1,190,000		1,203,649
		Series B 5.00% 1/1/31		250,000		252,793
		Series B 5.00% 1/1/30		500,000		505,585
		Series C 5.00% 1/1/33		2,000,000		2,404,340
		Series C 5.00% 1/1/36		1,000,000		1,191,990
		Series C 5.00% 1/1/46		1,245,000		1,480,604
						12,586,489

14

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 3.09%
	Guam Government Waterworks
		Authority
		5.00% 7/1/40	840,000	$	964,480
	Metropolitan Council Waste
		Water Revenue
		Series B 4.00% 9/1/27	1,145,000		1,183,460
		Series C 4.00% 3/1/31	1,355,000		1,564,754
		Series C 4.00% 3/1/32	1,405,000		1,618,223
					5,330,917
Total Municipal Bonds
	(cost $235,290,653)				247,181,067
Total Value of Securities–143.02%
	(cost $235,290,653)			$	247,181,067

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $5,025,714, which represents 2.91% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 5 in “Notes to financial statements.”

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
USD – US Dollar

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

15

Schedules of investments
Delaware Investments^® National Municipal Income Fund

September 30, 2021 (Unaudited)

				Principal
				amount°	Value (US $)
Municipal Bonds – 140.95%
Corporate Revenue Bonds – 14.56%
	Arizona Industrial Development
		Authority Revenue
		(Legacy Cares, Inc. Project)
			Series A 144A 7.75%
			7/1/50 #	725,000	$	862,685
	Buckeye Tobacco Settlement
		Financing Authority
		(Senior)
			Series A-2 4.00% 6/1/48	900,000		1,001,529
	Central Plains Energy Project
		Revenue, Nebraska
		(Project No. 3)
			Series A 5.00% 9/1/36	225,000		310,291
	Commonwealth Financing
		Authority Revenue,
		Pennsylvania
		(Tobacco Master Settlement
			Payment)
			4.00% 6/1/39 (AGM)	1,015,000		1,152,066
	Florida Development Finance
		Surface Transportation
		Facilities Revenue
		(Brightline Passenger Rail
			Project)
			Series B 144A 7.375%
			1/1/49 (AMT) #	680,000		740,431
		(Virgin Trains USA Passenger
			Rail Project)
			Series A 144A 6.50%
			1/1/49 (AMT) #, ●	475,000		484,220
	George L Smith II Congress
		Center Authority Revenue
		(Convention Center Hotel)
			Series A 4.00% 1/1/54	1,000,000		1,135,180
	M-S-R Energy Authority,
		California Gas
		Series B 6.50% 11/1/39		250,000		392,017
		Series C 7.00% 11/1/34		1,000,000		1,507,940
	New Jersey Tobacco Settlement
			Financing Corporation
			Series B 5.00% 6/1/46	200,000		234,498
	New York Transportation
		Development
		(Delta Air Lines, Inc. -
			LaGuardia Airport Terminals
			C&D Redevelopment
			Project)
			4.00% 1/1/36 (AMT)	750,000		842,400
	Shoals, Indiana
		(National Gypsum Project)
			7.25% 11/1/43 (AMT)	310,000		333,253
	Tobacco Settlement Financing
		Corporation, Louisiana
		Asset-Backed Note
			Series A 5.25% 5/15/35	460,000		491,597
	Tobacco Settlement Financing
		Corporation, New Jersey
		Series A 5.00% 6/1/46		130,000		154,018
	TSASC Revenue, New York
		(Settlement)
			Series A 5.00% 6/1/41	60,000		69,548
	Valparaiso, Indiana
		(Pratt Paper Project)
			7.00% 1/1/44 (AMT)	240,000		270,062
						9,981,735
Education Revenue Bonds – 14.70%
	Arizona Industrial Development
		Authority Revenue
		(American Charter Schools
			Foundation Project)
			144A 6.00% 7/1/47 #	330,000		396,093
	Board of Regents of the
		University of Texas System
		Series B 5.00% 8/15/49		1,000,000		1,503,910
	California Educational Facilities
		Authority Revenue
		(Loma Linda University)
			Series A 5.00% 4/1/47	500,000		581,860
		(Stanford University)
		Series V-1 5.00% 5/1/49		900,000		1,369,179
		Series V-2 2.25% 4/1/51		500,000		475,760
	Health & Educational Facilities
		Authority of the State of
		Missouri
		(St. Louis College of Pharmacy
			Project)
			5.25% 5/1/33	500,000		531,305

16

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Illinois Finance Authority
		Revenue
		(CHF - Chicago, L.L.C. -
			University Of Illinois at
			Chicago Project)
			Series A 5.00% 2/15/50	460,000	$	523,691
		(Chicago International Charter
			School Project)
			5.00% 12/1/47	535,000		612,174
	Louisiana Public Facilities
		Authority Revenue
		(Provident Group-Flagship
			Properties)
			Series A 5.00% 7/1/56	500,000		563,655
	Massachusetts Development
		Finance Agency
		(Umass Boston Student
			Housing Project)
			5.00% 10/1/48	285,000		317,530
	Philadelphia, Pennsylvania
		Authority for Industrial
		Development
		(1st Philadelphia Preparatory
			College)
			Series A 7.25% 6/15/43	370,000		421,056
	Phoenix, Arizona Industrial
		Development Authority
		Revenue
		(Rowan University Project)
			5.00% 6/1/42	1,000,000		1,027,180
	Pima County, Arizona Industrial
		Development Authority
		(Edkey Charter Schools
			Project)
			144A 5.00% 7/1/49 #	500,000		543,580
	Private Colleges & Universities
		Authority Revenue, Georgia
		(Mercer University)
			Series A 5.00% 10/1/32	135,000		135,000
	University of California
		Series AI 5.00% 5/15/32		1,000,000		1,075,670
						10,077,643
Electric Revenue Bonds – 5.17%
	Long Island Power Authority,
		New York Electric System
		Revenue
		5.00% 9/1/47		305,000		365,695
	Long Island Power Authority,
		New York Electric System
		Revenue
		Series A 5.00% 9/1/44		250,000		279,412
		Series B 5.00% 9/1/46		130,000		153,758
	Philadelphia, Pennsylvania Gas
		Works Revenue
		(1998 General Ordinance
			Fifteenth Series)
			5.00% 8/1/47	500,000		588,065
	Puerto Rico Electric Power
		Authority Revenue
		Series A 5.05% 7/1/42 ‡		70,000		68,600
		Series AAA 5.25% 7/1/25 ‡		40,000		39,350
		Series CCC 5.25% 7/1/27 ‡		315,000		309,881
		Series WW 5.00% 7/1/28 ‡		305,000		298,900
		Series XX 4.75% 7/1/26 ‡		40,000		39,050
		Series XX 5.25% 7/1/40 ‡		1,180,000		1,160,825
		Series XX 5.75% 7/1/36 ‡		150,000		148,500
		Series ZZ 4.75% 7/1/27 ‡		35,000		34,169
		Series ZZ 5.25% 7/1/24 ‡		55,000		54,106
						3,540,311
Healthcare Revenue Bonds – 33.41%
	Alabama Special Care Facilities
		Financing Authority-
		Birmingham Alabama
		(Methodist Home for the
			Aging)
			6.00% 6/1/50	500,000		527,300
	Allegheny County Hospital,
		Pennsylvania Development
		Authority
		(Allegheny Health Network
			Obligated Group Issue)
			Series A 4.00% 4/1/44	300,000		337,200
	Arizona Industrial Development
		Authority Revenue
		(Great Lakes Senior Living
		Communities LLC Project)
		Series A 5.00% 1/1/54		190,000		197,524
		Series B 5.00% 1/1/49		70,000		66,553
		Series B 5.125% 1/1/54		85,000		81,900
		Series D-2 144A 7.75% 1/1/54 #		50,000		39,261
		(Phoenix Children’s Hospital)
			Series A 4.00% 2/1/50	530,000		609,876

17

Schedules of investments
Delaware Investments^® National Municipal Income Fund

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Brookhaven Development
		Authority Revenue, Georgia
		(Children’s Healthcare of
			Atlanta)
			Series A 4.00% 7/1/49	30,000	$	34,414
	California Health Facilities
		Financing Authority Revenue
		(Kaiser Permanente)
			Series A-2 5.00% 11/1/47	730,000		1,076,129
	California Statewide
		Communities Development
		Authority
		(Loma Linda University
			Medical Center)
			Series A 144A 5.25%
			12/1/56 #	500,000		556,995
	Capital Trust Agency, Florida
		(Tuscan Gardens Senior Living
			Center)
			Series A 7.00% 4/1/49	375,000		206,835
	Colorado Health Facilities
		Authority Revenue
		(Adventhealth Obligated
			Group)
			Series A 3.00% 11/15/51	500,000		527,580
		(CommonSpirit Health)
			Series A-2 4.00% 8/1/49	1,000,000		1,122,350
		(Healthcare Facilities -
			American Baptist)
			8.00% 8/1/43	330,000		350,546
		(Sanford Health)
			Series A 5.00% 11/1/44	500,000		621,585
	Cuyahoga County, Ohio Hospital
		Revenue
		(The Metrohealth System)
			5.50% 2/15/57	1,000,000		1,179,780
	Escambia County Health
		Facilities Authority Revenue
		(Healthcare Facilities - Baptist)
			Series A 4.00% 8/15/50	1,540,000		1,719,056
	Glendale, Arizona Industrial
		Development Authority
		(Royal Oaks - Inspirata Pointe
			Project)
			Series A 5.00% 5/15/56	500,000		563,515
	Hamilton County, Ohio Hospital
		Revenue
		(Cincinnati Children’s Hospital
			Medical Center Project)
			Series CC 5.00%
			11/15/49	645,000		978,916
	Kalispell, Montana
		(Immanuel Lutheran
			Corporation Project)
			Series A 5.25% 5/15/37	700,000		766,864
	Maryland Health & Higher
		Educational Facilities Authority
		(University of Maryland
			Medical System Issue)
			Series D 4.00% 7/1/48	255,000		285,886
	Miami-Dade County, Florida
		Health Facilities Authority
		Revenue
		(Nicklaus Children’s Hospital
			Project)
			5.00% 8/1/47	200,000		236,928
	Michigan Finance Authority
		Revenue
		(Beaumont Health Credit
			Group)
			5.00% 11/1/44	1,000,000		1,165,760
	Monroe County, New York
		Industrial Development
		Revenue
		(Rochester Regional Health
			Project)
			Series A 4.00% 12/1/46	440,000		498,428
	Montgomery County Higher
		Education and Health
		Authority
		(Thomas Jefferson University)
			Series A 4.00% 9/1/49	750,000		839,985
	Moon, Pennsylvania Industrial
		Development Authority
		(Baptist Homes Society
			Obligation)
			6.125% 7/1/50	750,000		802,935
	New Hope, Texas Cultural
		Education Facilities
		(Cardinal Bay Inc.)
		Series A1 5.00% 7/1/51		135,000		127,993
		Series B 4.75% 7/1/51		160,000		114,586

18

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New Jersey Health Care Facilities
		Financing Authority Revenue
		(St. Peters University Hospital)
			6.25% 7/1/35	300,000	$	300,885
		(Valley Health System
			Obligated)
			4.00% 7/1/44	475,000		543,666
	New York State Dormitory
		Authority
		Series A 4.00% 7/1/53		355,000		407,597
		(Orange Regional Medical
			Center)
			144A 5.00% 12/1/35 #	500,000		595,875
	Oregon State Facilities Authority
		Revenue
		(Peacehealth Project)
			Series A 5.00% 11/15/29	500,000		557,975
	Palm Beach County Health
		Facilities Authority, Florida
		(Sinai Residences Boca Raton
			Project)
			Series A 7.50% 6/1/49	105,000		110,610
	Palomar Health, California
			5.00% 11/1/39	130,000		150,596
	Pennsylvania Higher Educational
		Facilities Authority Revenue
		(University of Pennsylvania
			Health System)
			Series A 4.00% 8/15/43	750,000		888,360
	Tarrant County, Texas Cultural
		Education Facilities Finance
		(Buckner Senior Living -
			Ventana Project)
			6.75% 11/15/47	250,000		282,773
	University of North Carolina
		Board of Governors
		5.00% 2/1/49		500,000		756,345
	Washington Health Care
		Facilities Authority Revenue
		(CommonSpirit Health)
			Series A-2 5.00% 8/1/38	250,000		309,142
	Westminster, Maryland
		(Lutheran Village Millers
			Grant)
			Series A 6.00% 7/1/34	500,000		549,700
	Wisconsin Health & Educational
		Facilities Authority
		(Covenant Communities, Inc.
			Project)
			Series B 5.00% 7/1/53	1,000,000		1,034,870
	Yavapai County, Arizona
		Industrial Development
		Authority Revenue
		(Yavapai Regional Medical
			Center)
			Series A 5.00% 8/1/28	720,000		776,916
						22,901,990
Lease Revenue Bonds – 8.85%
	California State Public Works
		Board Lease Revenue
		(Various Capital Projects)
			Series A 5.00% 4/1/37	1,000,000		1,023,820
	Metropolitan Pier &
		Exposition Authority Illinois
		Revenue
		(McCormick Place Expansion)
		4.00% 6/15/50		1,375,000		1,539,409
		5.00% 6/15/50		290,000		348,542
		Series B 0.000% 12/15/54 (BAM) ^		990,000		387,852
	New Jersey Economic
		Development Authority
		Series WW 5.25% 6/15/30		1,000,000		1,162,980
		(Transit Transportation Project)
			Series A 4.00% 11/1/44	400,000		456,360
	New Jersey Transportation Trust
		Fund Authority
		Series AA 4.00% 6/15/45		1,000,000		1,148,750
						6,067,713
Local General Obligation Bonds – 2.83%
		Chicago Board of Education,
			Illinois
			5.00% 4/1/42	205,000		239,473
			5.00% 4/1/46	210,000		244,135
		Chicago, Illinois
			Series A 5.50% 1/1/34	225,000		254,059
			Series C 5.00% 1/1/38	500,000		570,760
		New York City, New York
			Series C 5.00% 8/1/43	500,000		629,250
						1,937,677

19

Schedules of investments
Delaware Investments^® National Municipal Income Fund

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 8.95%
	California State
		(Various Purposes)
			5.00% 10/1/41-21 §	440,000	$	440,651
	East Hempfield Township,
		Pennsylvania Industrial
		Development Authority
		(Student Services Income -
			Student Housing Project)
			5.00% 7/1/35-23 §	1,000,000		1,082,670
	JEA Electric System Revenue,
		Florida
		Series A 5.00% 10/1/33-23 §		645,000		705,830
		Series A 5.00% 10/1/33-23 §		355,000		388,480
	New Hope, Texas Cultural
		Education Facilities
		(Chief-Collegiate Housing-
			Tarleton St.)
			Series A 5.00%
			4/1/34-24 §	1,000,000		1,106,810
	New York State Dormitory
		Authority
		Series A 5.00% 3/15/33-23 §		1,000,000		1,069,630
	Philadelphia, Pennsylvania Water
		& Wastewater Revenue
		Series A 5.00% 7/1/45-24 §		500,000		563,820
	Suffolk County, New York
		Tobacco Asset Securitization
		Series B 5.00% 6/1/32-22 §		750,000		773,363
						6,131,254
Special Tax Revenue Bonds – 13.04%
	Allentown, Pennsylvania
		Neighborhood Improvement
		Zone Development Authority
		Revenue
		(City Center Project)
			144A 5.375% 5/1/42 #	175,000		204,633
	Guam Government Business
		Privilege Tax Revenue
		Series B-1 5.00% 1/1/42		540,000		546,124
	Kansas City, Missouri
		Redevelopment Authority
		Revenue
		(Convention Centre Hotel
			Project - TIF Financing)
			Series B 144A 5.00%
			2/1/40 #	135,000		137,510
	Massachusetts Bay
		Transportation Authority
		Senior
		Series A 5.25% 7/1/29		200,000		263,374
	New Jersey Economic
		Development Authority
		Revenue
		(Cigarette Tax)
		5.00% 6/15/28		200,000		205,786
		5.00% 6/15/29		800,000		823,000
	Northampton County,
		Pennsylvania Industrial
		Development Authority
		Revenue
		(Route 33 Project)
			7.00% 7/1/32	205,000		218,368
	Public Finance Authority,
		Wisconsin Airport Facilities
		Revenue
		(American Dream @
			Meadowlands Project)
			144A 7.00% 12/1/50 #	380,000		430,133
	Puerto Rico Sales Tax Financing
		Revenue
		(Restructured)
		Series A-1 4.579% 7/1/46 ^		2,310,000		762,646
		Series A-1 4.75% 7/1/53		3,235,000		3,627,826
		Series A-1 4.903% 7/1/51 ^		1,000,000		238,950
		Series A-2 4.329% 7/1/40		595,000		661,289
	Sales Tax Securitization, Illinois
		Series A 5.00% 1/1/40		500,000		596,490
	Wyandotte County, Kansas City,
		Kansas Unified Government
		Special Obligation Revenue
		(Sales Tax - Vacation Village
			Project A)
			Series A 5.75% 9/1/32	220,000		222,836
						8,938,965
State General Obligation Bonds – 13.04%
	California State
		(Various Purposes)
		4.00% 10/1/41		145,000		172,718
		5.00% 10/1/41		285,000		368,251
		5.00% 11/1/47		1,000,000		1,233,810
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.125% 7/1/37 ‡		225,000		203,063
		Series A 5.25% 7/1/34 ‡		715,000		698,912

20

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 8.00% 7/1/35 ‡		1,900,000	$	1,643,500
	Illinois State
		5.00% 1/1/28		285,000		330,292
		5.00% 5/1/36		90,000		98,142
		5.00% 11/1/36		1,170,000		1,362,360
		5.00% 2/1/39		160,000		173,448
		5.50% 5/1/39		500,000		632,625
		Series A 5.00% 4/1/38		170,000		178,465
		Series A 5.125% 12/1/29		310,000		375,354
		(Rebuild Illinois Program)
			Series B 4.00% 11/1/39	1,300,000		1,465,789
						8,936,729
Transportation Revenue Bonds – 25.27%
	Alameda Corridor, California
		Transportation Authority
		(2nd Sub Lien)
			Series B 5.00% 10/1/37	430,000		503,281
	Atlanta, Georgia Department of
		Aviation
		Series B 5.00% 1/1/29		1,000,000		1,105,750
	California Municipal Finance
		Authority Mobile Home Park
		Revenue
		(LINXS APM Project)
			Series A 5.00%
			12/31/47 (AMT)	615,000		733,289
	Chicago, Illinois O’Hare
		International Airport Revenue
		(General-Senior Lien)
		Series A 5.00% 1/1/48 (AMT)		250,000		301,247
		Series D 5.25% 1/1/34		1,000,000		1,059,240
	Harris County, Texas Toll Road
		Authority Revenue
		(Senior Lien)
			Series A 4.00% 8/15/48	500,000		568,090
	Metropolitan Transportation
		Authority Revenue,
		New York
		(Green Bond)
		Series A-1 5.00% 11/15/47		1,000,000		1,201,410
		Series C-1 5.25% 11/15/55		750,000		912,165
	Metropolitan Washington D.C.
		Airports Authority Dulles Toll
		Road Revenue
		(Dulles Metrorail and Capital
			Improvement Projects)
			Series B 4.00% 10/1/49	510,000		572,827
	New Jersey Turnpike Authority
		Series A 4.00% 1/1/48		1,000,000		1,142,840
	New Jersey Turnpike Authority
		Series B 5.00% 1/1/40		250,000		305,027
	New Orleans, Louisiana Aviation
		Board
		Series B 5.00% 1/1/45 (AMT)		1,000,000		1,128,020
	New York Liberty Development
		Revenue
		(1 World Trade Center Port
			Authority Construction)
			5.00% 12/15/41	500,000		504,360
	New York Transportation
		Development
		(La Guardia Airport)
			Series A 5.25%
			1/1/50 (AMT)	700,000		780,577
		(Terminal 4 John F. Kennedy
			International Airport
			Project))
			Series C 4.00% 12/1/41	65,000		73,613
	Pennsylvania Turnpike
		Commission Subordinate
		Series A-1 5.00% 12/1/43		500,000		561,915
		Series A-1 5.00% 12/1/47		210,000		253,342
	Phoenix City, Arizona Civic
		Improvement Airport Revenue
		Series B 5.00%
			7/1/49 (AMT)	1,000,000		1,217,880
	Salt Lake City, Utah Airport
		Revenue
		Series B 5.00% 7/1/42		625,000		752,213
	South Jersey Port Corporation
		(Subordinated Marine
			Terminal Revenue)
			Series B 5.00%
			1/1/48 (AMT)	195,000		229,228
	South Jersey Port, New Jersey
		(Subordinated Marine
		Terminal Revenue)
		Series A 5.00% 1/1/49		85,000		101,099
		Series B 5.00% 1/1/42 (AMT)		85,000		100,588
	St. Louis, Missouri Airport
		Revenue
		(Lambert St. Louis
			International)
			5.00% 7/1/32 (AMT)	1,000,000		1,034,350

21

Schedules of investments
Delaware Investments^® National Municipal Income Fund

				Principal
				amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Texas Private Activity Bond
		Surface Transportation
		Corporate Senior Lien
		Revenue
		(Blueridge Transportation
		Group)
		5.00% 12/31/40 (AMT)		110,000	$	123,520
		5.00% 12/31/45 (AMT)		110,000		122,733
		5.00% 12/31/50 (AMT)		160,000		178,086
		(NTE Mobility Partners
			Segments 3 LLC Segment
			3C Project)
			5.00% 6/30/58 (AMT)	500,000		598,710
		(NTE Mobility Partners)
		6.75% 6/30/43 (AMT)		225,000		250,940
		7.00% 12/31/38 (AMT)		165,000		184,904
	Triborough Bridge & Tunnel
		Authority Revenue, New York
		(MTA Bridges And Tunnels)
			Series A 5.00% 11/15/49	350,000		443,300
	Virginia Small Business Financing
		Authority
		(Transform 66 P3 Project)
			5.00% 12/31/56 (AMT)	235,000		278,177
						17,322,721
Water & Sewer Revenue Bonds – 1.13%
	New York City, New York Water &
		Sewer System Revenue
		Series GG-1 4.00% 6/15/50		500,000		576,280
		(Unrefunded Balance)
			5.00% 6/15/47	185,000		198,559
						774,839
Total Municipal Bonds
	(cost $89,461,337)					96,611,577
Total Value of Securities–140.95%
	(cost $89,461,337)				$	96,611,577

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $4,991,416, which represents 7.28% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 5 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
CHF – Collegiate Housing Foundation
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
USD – US Dollar

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

22

Statements of assets and liabilities
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

September 30, 2021 (Unaudited)

			Delaware		Delaware		Delaware
			Investments®		Investments		Investments
			Colorado		Minnesota		National
			Municipal		Municipal		Municipal
			Income		Income		Income
			Fund, Inc.		Fund II, Inc.		Fund Inc.
Assets:
	Investments, at value*	$	103,189,686	$	247,181,067	$	96,611,577
	Cash		50,681		—		16,483
	Interest receivable		1,224,153		3,013,722		1,156,483
	Offering cost for preferred shareholders		188,467		217,876		204,211
	Receivable for securities sold		—		—		1,394,554
	Total Assets		104,652,987		250,412,665		99,383,308
Liabilities:
	Due to custodian		—		2,385,350		—
	Liquidation value of preferred stock		30,000,000		75,000,000		30,000,000
	Other accrued expenses		37,947		80,759		39,001
	Investment management fees payable to affiliates		34,641		81,968		32,692
	Audit and tax fees payable		18,873		18,873		18,873
	Legal fees payable to affiliates		2,418		3,593		3,869
	Accounting and administration expenses payable to affiliates		637		1,059		620
	Trustees’ fees and expenses payable		133		307		122
	Reports and statements to shareholders expenses payable to affiliates		124		287		114
	Payable for securities purchased		—		—		742,619
	Rating agency fee payable		—		11,964		—
	Total Liabilities		30,094,773		77,584,160		30,837,910
Total Net Assets Applicable to Common Shareholders		$	74,558,214	$	172,828,505	$	68,545,398
Net Assets Applicable to Common Shareholders Consist of:
	Paid-in capital ($0.001 par value)●, ϕ	$	66,918,121	$	157,931,075	$	60,209,588
	Total distributable earnings (loss)		7,640,093		14,897,430		8,335,810
Total Net Assets Applicable to Common Shareholders		$	74,558,214	$	172,828,505	$	68,545,398
Net Asset Value per Common Share		$	15.41	$	15.02	$	15.14

____________________

*Investments, at cost	$	95,851,969	$	235,290,653	$	89,461,337
● Common shares outstanding		4,837,100		11,504,975		4,528,443
ϕ Common shares authorized		200 million		200 million		unlimited

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

23

Statements of operations
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Six months ended September 30, 2021 (Unaudited)

		Delaware		Delaware		Delaware
		Investments®		Investments		Investments
		Colorado		Minnesota		National
		Municipal		Municipal		Municipal
		Income		Income		Income
		Fund, Inc.		Fund II, Inc.		Fund Inc.
Investment Income:
	Interest	$	1,737,665	$	4,080,995	$	1,751,425
Expenses:
	Management fees		211,392		500,188		199,517
	Interest expense		164,474		411,186		164,474
	Accounting and administration expenses		27,959		39,830		27,634
	Dividend disbursing and transfer agent fees and expenses		21,758		45,049		22,800
	Legal fees		19,505		42,317		22,862
	Audit and tax fees		18,873		18,873		18,873
	Rating agency fees		15,030		6,409		15,026
	Reports and statements to shareholders expenses		11,686		22,838		9,731
	Offering costs		2,974		3,093		3,263
	Stock exchange fees		2,352		5,483		2,165
	Directors’/Trustees’ fees and expenses		1,499		3,470		1,380
	Custodian fees		958		2,280		979
	Registration fees		144		90		144
	Other		10,012		17,381		12,311
	Total operating expenses		508,616		1,118,487		501,159
Net Investment Income			1,229,049		2,962,508		1,250,266
Net Realized and Unrealized Gain:
	Net realized gain on investments		167,163		21,942		344,435
	Net change in unrealized appreciation (depreciation) of investments		563,192		583,960		968,244
Net Realized and Unrealized Gain			730,355		605,902		1,312,679
Net Increase in Net Assets Resulting from Operations		$	1,959,404	$	3,568,410	$	2,562,945

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

24

Statements of changes in net assets
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

		Delaware						Delaware						Delaware
		Investments®						Investments						Investments
		Colorado						Minnesota						National
		Municipal						Municipal						Municipal
		Income						Income						Income
		Fund, Inc.						Fund II, Inc.						Fund
		Six months						Six months						Six months
		ended						ended						ended
		9/30/21			Year ended			9/30/21			Year ended			9/30/21			Year ended
		(Unaudited)			3/31/21			(Unaudited)			3/31/21			(Unaudited)			3/31/21
Increase in Net Assets from Operations:
	Net investment income	$	1,229,049		$	2,589,485		$	2,962,508		$	6,107,318		$	1,250,266		$	2,624,735
	Net realized gain		167,163			175,454			21,942			61,392			344,435			189,105
	Net change in unrealized appreciation
	(depreciation)		563,192			4,414,827			583,960			5,462,917			968,244			4,860,673
	Net increase in net assets resulting from operations		1,959,404			7,179,766			3,568,410			11,631,627			2,562,945			7,674,513
Dividends and Distributions to Common
	Shareholders from:
	Distributable earnings		(1,209,275	)		(2,655,568	)		(2,358,520	)		(4,601,990	)		(1,200,037	)		(2,576,684	)
	Total distributions to shareholders		(1,209,275	)		(2,655,568	)		(2,358,520	)		(4,601,990	)		(1,200,037	)		(2,576,684	)
Capital Share Transactions:
Net Increase in Net Assets Applicable to
	Common Shareholders		750,129			4,524,198			1,209,890			7,029,637			1,362,908			5,097,829
Net Assets Applicable to Common
	Shareholders:
	Beginning of period		73,808,085			69,283,887			171,618,615			164,588,978			67,182,490			62,084,661
	End of period	$	74,558,214		$	73,808,085		$	172,828,505		$	171,618,615		$	68,545,398		$	67,182,490

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

25

Statements of cash flows
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Six months ended September 30, 2021 (Unaudited)

			Delaware				Delaware			Delaware
			Investments®				Investments			Investments
			Colorado				Minnesota			National
			Municipal				Municipal			Municipal
			Income				Income			Income
			Fund, Inc.				Fund II, Inc.			Fund Inc.
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations				1,959,404			3,568,410			2,562,945
	Adjustments to reconcile net increase in net assets from operations to cash provided by (used for) operating activities:
		Amortization of premium and accretion of discount on investments		372,955			1,245,485			231,465
		Proceeds from disposition of investment securities		4,348,506			12,128,605			9,696,875
		Purchase of investment securities		(4,430,062	)		(16,617,132	)		(9,182,303	)
		Net realized gain on investments		(167,163	)		(21,942	)		(344,435	)
		Net change in unrealized (appreciation) depreciation of investments		(563,192	)		(583,960	)		(968,244	)
		(Increase) decrease in receivable for securities sold		—			—			(1,394,554	)
		(Increase) decrease in interest receivable		(11,343	)		44,554			28,032
		Increase (decrease) in payable for securities purchased		—			—			742,619
		(Increase) decrease in offering cost for preferred shareholders		3,424			3,959			3,710
		(Increase) decrease in prepaid rating agency fee		14,580			26,544			14,580
		Increase (decrease) in Directors’/Trustees’ fees and expenses payable to affiliates		(272	)		(636	)		(246	)
		Increase (decrease) in accounting and administration expenses payable to affiliates		3			20			5
		Increase (decrease) in investment management fees payable to affiliates		(577	)		(1,785	)		(282	)
		Increase (decrease) in reports and statements to shareholders expenses payable to affiliates		18			40			17
		Increase (decrease) in audit fee payable		15,373			15,373			15,373
		Increase (decrease) in legal fees payable to affiliates		593			782			2,112
		Increase (decrease) in other accrued expenses		(2,935	)		20,947			(7,457	)
	Total adjustments			(420,092	)		(3,739,146	)		(1,162,733	)
Net cash provided by operating activities				1,539,312			(170,736	)		1,400,212
Cash provided by (used for) financing activities:
Cash dividends and distributions paid to common shareholders and preferred shareholders				(1,209,275	)		(2,358,520	)		(1,200,037	)
Increase (decrease) in bank overdraft				—			2,385,350			—
Net cash provided by (used for) financing activities				(1,209,275	)		26,830			(1,200,037	)
Net increase (decrease) in cash				330,037			(143,906	)		200,175
Cash at beginning of period				(279,356	)		143,906			(183,692	)
Cash at end of period			$	50,681		$	—		$	16,483
Cash paid for interest expense for leverage			$	164,474		$	411,186		$	164,474

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

26

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
	9/30/211				Year ended
	(Unaudited)					3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period		$	15.26			$	14.32		$	14.90		$	14.90		$	14.93		$	15.66
Income (loss) from investment operations:
Net investment income2			0.25				0.54			0.54			0.58			0.63			0.67
Net realized and unrealized gain (loss)			0.15				0.95			(0.40	)		0.04			0.03			(0.68	)
Total from investment operations			0.40				1.49			0.14			0.62			0.66			(0.01	)
Less dividends and distributions to
common shareholders from:
Net investment income			(0.25	)			(0.49	)		(0.57	)		(0.62	)		(0.69	)		(0.72	)
Net realized gain			—				(0.06	)		(0.15	)		—			—			—
Total dividends and distributions			(0.25	)			(0.55	)		(0.72	)		(0.62	)		(0.69	)		(0.72	)
Net asset value, end of period		$	15.41			$	15.26		$	14.32		$	14.90		$	14.90		$	14.93
Market value, end of period		$	14.71			$	14.14		$	13.27		$	14.17		$	14.39		$	14.70
Total return based on:3
Net asset value			2.70%				10.83%			0.58%			4.50%			4.44%			(0.07%	)
Market value			5.79%				10.82%			(1.99%	)		2.90%			2.44%			2.24%
Ratios and supplemental data:
Net assets applicable to common shares, end of
period (000 omitted)		$	149,116			$	73,808		$	69,284		$	72,051		$	72,050		$	72,240
Ratio of expenses to average net assets
applicable to common shareholders4			1.35%				1.52%			2.10%			2.14%			1.82%			1.60%
Ratio of net investment income to average net
assets applicable to common shareholders5			3.25%				3.57%			3.56%			3.98%			4.14%			4.32%
Portfolio turnover			4%				19%			31%			7%			11%			12%
Leverage analysis:
Value of preferred shares outstanding
(000 omitted)6			30,000				30,000			30,000			30,000			30,000			30,000
Net asset coverage per share of preferred shares,
end of period6			348,527				346,027			330,946			340,171			340,167			340,799
Liquidation value per share of preferred shares6			100,000				100,000			100,000			100,000			100,000			100,000

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.03, $0.07, $0.16, $0.17, $0.14, and $0.11 per share for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively.
3	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
4	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended September 30, 2021 and years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.91%, 0.95%, 1.06%, 1.00%, 0.93%, and 0.90%, respectively.
5	The ratio of net investment income excluding interest expense to average net assets for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 3.69%, 4.14%, 4.60%, 5.12%, 5.03%, and 5.03%, respectively.
6	In November 2011, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

27

Financial highlights
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
	9/30/211				Year ended
	(Unaudited)					3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period		$	14.92			$	14.31		$	14.48		$	14.27		$	14.41		$	15.05
Income (loss) from investment operations:
Net investment income2			0.26				0.53			0.46			0.48			0.51			0.55
Net realized and unrealized gain (loss)			0.05				0.48			(0.15	)		0.18			(0.12	)		(0.59	)
Total from investment operations			0.31				1.01			0.31			0.66			0.39			(0.04	)
Less dividends and distributions to
common shareholders from:
Net investment income			(0.21	)			(0.40	)		(0.45	)		(0.45	)		(0.53	)		(0.60	)
Net realized gain			—				—			(0.03	)		—			—			—
Total dividends and distributions			(0.21	)			(0.40	)		(0.48	)		(0.45	)		(0.53	)		(0.60	)
Net asset value, end of period		$	15.02			$	14.92		$	14.31		$	14.48		$	14.27		$	14.41
Market value, end of period		$	14.18			$	13.19		$	12.37		$	12.63		$	12.63		$	14.56
Total return based on:3
Net asset value			2.14%				7.54%			2.45%			5.26%			2.82%			(0.27%	)
Market value			9.08%				9.99%			1.53%			3.73%			(9.94%	)		3.16%
Ratios and supplemental data:
Net assets applicable to common shares, end of
period (000 omitted)		$	172,829			$	171,619		$	164,589		$	166,540		$	164,193		$	165,754
Ratio of expenses to average net assets
applicable to common shareholders4			1.28%				1.32%			1.97%			2.10%			1.78%			1.59%
Ratio of net investment income to average net
assets applicable to common shareholders5			3.39%				3.61%			3.12%			3.40%			3.48%			3.69%
Portfolio turnover			5%				2%			14%			13%			22%			9%
Leverage analysis:
Value of preferred shares outstanding
(000 omitted)6			75,000				75,000			75,000			75,000			75,000			75,000
Net asset coverage per share of preferred shares,
end of period6			330,438				328,825			319,452			322,053			318,924			321,006
Liquidation value per share of preferred shares6			100,000				100,000			100,000			100,000			100,000			100,000

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.04, $0.07, $0.16, $0.18, $0.14, and $0.12 per share for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively.
3	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
4	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended September 30, 2021 and years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.81%, 0.83%, 0.89%, 0.85%, 0.81%, and 0.82%, respectively.
5	The ratio of net investment income excluding interest expense to average net assets for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 3.86%, 4.10%, 4.20%, 4.65%, 4.45%, and 4.46%, respectively.
6	In November 2011, the Fund issued a series of 750 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

28

Delaware Investments^® National Municipal Income Fund

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

		Six months
		ended
		9/30/211			Year ended
		(Unaudited)					3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period		$	14.84			$	13.71		$	14.44		$	14.34		$	14.31		$	15.02
Income (loss) from investment operations:
Net investment income2			0.28				0.58			0.54			0.59			0.64			0.66
Net realized and unrealized gain (loss)			0.29				1.12			(0.57	)		0.11			(0.01	)		(0.69	)
Total from investment operations			0.57				1.70			(0.03	)		0.70			0.63			(0.03	)
Less dividends and distributions to
	common shareholders from:
Net investment income			(0.27	)			(0.51	)		(0.55	)		(0.60	)		(0.60	)		(0.68	)
Net realized gain			—				(0.06	)		(0.15	)		—			—			—
Total dividends and distributions			(0.27	)			(0.57	)		(0.70	)		(0.60	)		(0.60	)		(0.68	)
Net asset value, end of period		$	15.14			$	14.84		$	13.71		$	14.44		$	14.34		$	14.31
Market value, end of period		$	14.10			$	13.12		$	12.24		$	12.69		$	12.62		$	12.94
Total return based on:3
Net asset value			3.96%				13.20%			(0.24%	)		5.71%			4.84%			0.01%
Market value			9.51%				12.11%			1.35%			5.56%			2.04%			(1.50%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of
	period (000 omitted)	$	68,545			$	67,182		$	62,085		$	65,399		$	64,924		$	64,792
Ratio of expenses to average net assets
	applicable to common shareholders4		1.44%				1.66%			2.27%			2.31%			1.97%			1.73%
Ratio of net investment income to average net
	assets applicable to common shareholders5		3.59%				4.03%			3.69%			4.19%			4.36%			4.45%
Portfolio turnover			9%				19%			33%			16%			50%			13%
Leverage analysis:
Value of preferred shares outstanding
	(000 omitted)6		30,000				30,000			30,000			30,000			30,000			30,000
Net asset coverage per share of preferred shares,
	end of period6		328,485				323,942			306,949			317,996			316,412			315,898
Liquidation value per share of preferred shares6			100,000				100,000			100,000			100,000			100,000			100,000

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.04, $0.08, $0.17, $0.18, $0.14, and $0.12 per share for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively.
3	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
4	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended September 30, 2021 and years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.97%, 1.02%, 1.11%, 1.05%, 0.98%, and 0.94%, respectively.
5	The ratio of net investment income excluding interest expense to average net assets for the six months ended September 30, 2021 and the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.06%, 4.67%, 4.84%, 5.45%, 5.35%, and 5.24%, respectively.
6	In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series 2017 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2017 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

29

Notes to financial statements
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

September 30, 2021 (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 (1940 Act). The Funds’ shares trade on the NYSE American, the successor to the American Stock Exchange, formerly known as NYSE Market.

1. Significant Accounting Policies

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

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, 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 or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.

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 each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2021 and for all open tax years (years ended March 31, 2018–March 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2021, the Funds did not incur any interest or tax penalties.

Cash and Cash Equivalents — Cash and cash equivalents include deposits held at financial institutions, which are available for each Fund’s use with no restrictions, with original maturities of 90 days or less.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended September 30, 2021.

30

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated based on each Fund’s adjusted average daily net assets.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2021, the Funds were charged for these services as follows:

Fund	Fees
Delaware Investments Colorado Municipal Income Fund, Inc.	$3,852
Delaware Investments Minnesota Municipal Income Fund II, Inc.	6,374
Delaware Investments National Municipal Income Fund	3,748

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Investments Colorado Municipal Income Fund, Inc.	$14,712
Delaware Investments Minnesota Municipal Income Fund II, Inc.	22,802
Delaware Investments National Municipal Income Fund	16,689

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

Cross trades for the six months ended September 30, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended September 30, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Investments Colorado Municipal Income Fund, Inc.	$	150,011	$	1,729,021		$	25,914
Delaware Investments Minnesota Municipal Income Fund II, Inc.		2,900,031		2,621,237			10,914
Delaware Investments National Municipal Income Fund		2,400,021		3,672,683			163,097

3. Investments

For the six months ended September 30, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Investments Colorado Municipal Income Fund, Inc.	$	4,430,062	$	4,348,506
Delaware Investments Minnesota Municipal Income Fund II, Inc.		16,617,132		12,128,605
Delaware Investments National Municipal Income Fund		9,182,303		9,696,875

31

Notes to financial statements
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

3. Investments (continued)

At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

			Aggregate			Aggregate
			unrealized			unrealized		Net unrealized
	Cost of		appreciation			depreciation		appreciation
Fund	investments		of investments			of investments		of investments
Delaware Investments Colorado Municipal Income Fund, Inc.	$	95,829,341		$	7,507,647		$(147,301)		$	7,360,346
Delaware Investments Minnesota Municipal Income Fund II, Inc.		235,251,080			12,902,374		(972,387)			11,929,987
Delaware Investments National Municipal Income Fund		89,449,262			7,527,573		(365,258)			7,162,315

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

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

	Delaware
	Investments
	Colorado
	Municipal
	Income Fund,
	Inc.
	Level 2
Securities
Assets:
Municipal Bonds	$103,189,686

32

	Delaware
	Investments
	Minnesota
	Municipal
	Income Fund II,
	Inc.
	Level 2
Securities
Assets:
Municipal Bonds	$247,181,067
	Delaware
	Investments
	National
	Municipal
	Income Fund
	Level 2
Securities
Assets:
Municipal Bonds	$96,611,577

During the six months ended September 30, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended September 30, 2021, there were no Level 3 investments.

4. 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. Shares issuable under each Fund’s dividend reinvestment plan are purchased by each Fund’s transfer agent, Computershare, Inc., in the open market. During the six months ended September 30, 2021 and the year ended March 31, 2021, the Funds did not issue any shares under their dividend reinvestment plan.

On April 25, 2019, Colorado Municipal Fund, Minnesota Municipal Fund II, and National Municipal Fund (each, a “Fund” and collectively, the “Funds”) priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the Securities Act of 1933, of approximately $135 million of Muni-MultiMode Preferred Shares, Series 2049 (MMP). Colorado Municipal Fund, Minnesota Municipal Fund II, and National Municipal Fund issued $30,000,000, $75,000,000 and $30,000,000, respectively, of MMP Shares with a $100,000 liquidation value per share. Each Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP). The MMP shares were the same amount and value as the respective Fund’s VMTP shares.

The MMP shares are a floating rate form of preferred stock with a mandatory term redemption. The mandatory term redemption date for these three offerings is April 1, 2049. MMP shares have the option at either the request of the purchaser or issuer to be converted to a variable rate demand preferred (“VRDP”) structure. The converted VRDP shares could then be offered for sale to certain institutional investors. The VRDP could continue to remain outstanding for the remainder of the MMP shares’ 30-year term. MMP dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index. MMP shares represent the preferred stock of each Fund and are senior, with priority in all respects, to each Fund’s common shares as to payments of dividends. MMP shares are redeemable at par. A Fund may be obligated to redeem certain of the MMP 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

33

Notes to financial statements
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

4. Capital Stock (continued)

accumulated but unpaid dividends. Dividends on MMP shares are set weekly, and are based on a short-term index rate plus an additional spread that is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the MMP shares by Fitch Ratings (“Fitch”).

The weighted average dividend rates for the six months ended September 30, 2021 were as follows:

Delaware Investments Colorado Municipal Income Fund, Inc.	$	1.10
Delaware Investments Minnesota Municipal Income Fund II, Inc.		1.10
Delaware Investments National Municipal Income Fund		1.10

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, funding dividend payments, or funding redemptions), that Fund will pay additional fees with respect to the leverage.

For financial reporting purposes, the MMP shares are considered debt of the issuer; therefore, the liquidation value which approximates fair value of the MMP shares is recorded as a liability in the statements of assets and liabilities. Dividends accrued and paid on the MMP shares are included as a component of interest expense in the statements of operations. The MMP shares are treated as equity for legal and tax purposes. Dividends paid to holders of the MMP shares are generally classified as tax-exempt income for tax-reporting purposes.

Offering costs for MMP shares are recorded as a deferred charge and amortized over the 30-year life of the MMP shares. These are presented as “Offering cost for preferred shareholders” on the “Statements of assets and liabilities” and “Offering costs” on the “Statements of operations.”

5. Geographic, Credit, and Market Risks

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

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

The Funds concentrate their investments in securities issued by municipalities. Because each of Colorado Municipal Fund and Minnesota Municipal Fund II invests substantially all of its net assets in municipal obligations of its respective state at the time of investment, events in that state may have a significant impact on the performance and investments of Colorado Municipal Fund and Minnesota Municipal Fund II. These events may include economic or political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to the state’s municipal issuers, the effects of natural or human-made disasters, or other economic, legislative, or political or social issues. Any downgrade to the credit rating of the securities issued by the US government may result in a downgrade of securities issued by the states or US territories. National Municipal Fund will be subject to these risks as well but to a lesser extent because it invests at least 80% of its net assets in securities, the income from which is exempt from federal income tax and is not limited to investing substantially all of its assets in municipal obligations of a single state. From time to time and consistent with its investment policies, National Municipal Fund may invest a considerable portion of its assets in certain municipalities. As of September 30, 2021, National Municipal Fund has invested 17.00%, 16.48%, 15.15%, 14.57%, 11.55%, and 10.06% (each as a percentage of net assets) in securities

34

issued by the State of California, the State of Illinois, the State of New York, the Commonwealth of Puerto Rico, the Commonwealth of Pennsylvania, and the State of New Jersey, respectively. These investments could make National Municipal Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds. For a complete list of the Fund’s holdings by state/territory, please see page 3.

Each Fund may invest a percentage of assets in obligations of governments of US territories, commonwealths, and possessions such as Puerto Rico, the US Virgin Islands, or Guam. To the extent a Fund invests in such obligations, that Fund may be adversely affected by local political and economic conditions and developments within these US territories, commonwealths, and possessions.

In particular, there recently has been speculation that due to a weak economic outlook, high government debt levels, and credit rating downgrades by S&P and Moody’s, Puerto Rican debt obligations may be subject to a greater risk of default. In striving to manage geographic concentration risk for a Fund, DMC carefully monitors the economies of each state, region, and US territory and possession in which the Fund invests or may invest. In general, DMC believes these economies are broad enough to satisfy a Fund’s investment needs. However, there is no way to eliminate this risk when investing with a concentration in certain geographic areas.

From time to time, a fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the United States, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent the Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.

Each Fund invests a portion of its 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, 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 advance 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.

To the extent that the Funds invest in securities with longer duration, they may be more sensitive to fluctuation of interest rates.

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

35

Notes to financial statements
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

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

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

6. Contractual Obligations

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

7. Recent Accounting Pronouncements

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

8. Subsequent Events

The Boards of Trustees / Directors of Delaware Investments National Municipal Income Fund (the “Acquiring Fund”), Delaware Investments Colorado Municipal Income Fund, Inc. (the “Colorado Muni Fund”) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (the “Minnesota Muni Fund”) announced the final results of voting at the Joint Annual Meeting of Shareholders (the “Annual Meeting”) held on October 11, 2021, adjourned to November 9, 2021. Shareholders of each Fund approved an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by the Acquiring Fund of substantially all of the property, assets and goodwill of each the Colorado Muni Fund and the Minnesota Muni Fund in exchange solely for (a) full and fractional shares of common stock, par value $0.01 per share, of the Acquiring Fund; and (b) Muni-MultiMode Preferred Shares, Series 2049, liquidation preference $100,000 per share, of the Acquiring Fund; (ii) the pro rata distribution of such shares of the Acquiring Fund to the shareholders of each the Colorado Muni Fund and the Minnesota Muni Fund according to their respective interests in liquidation, and (iii) the dissolution of each of the Colorado Muni Fund and the Minnesota Muni Fund as soon as is practicable after the closing. In addition, all of the nominees for the Boards of Trustees/Directors were elected.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Fund management

Gregory A. Gizzi
Managing Director, Head of Municipal Bonds, Senior Portfolio Manager

Gregory A. Gizzi is head of municipal bonds for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for MFI’s taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management 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.

Stephen J. Czepiel
Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager

Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management 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.

Jake van Roden
Managing Director, Senior Portfolio Manager

Jake van Roden is a member of the municipal bond department within Macquarie Investment Management Fixed Income (MFI) in the Americas. He is a portfolio manager for MFI’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include MFI’s closed-end municipal bond funds and the three national municipal open-end funds. He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.

Delaware Investments^® Colorado Municipal Income Fund, Inc.

Fund strategies and risks

What are the Fund’s principal investment strategies?

The Fund seeks to achieve its investment objective by investing under normal circumstances, substantially all (at least 80%) of its assets in tax-exempt “Colorado Municipal Obligations.” “Municipal Obligations” are debt obligations issued by states, cities and local authorities, and possessions and certain territories of the United States and their political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuer of such securities, is, at the time of issuance, not includable in gross income for federal income tax purposes. “Colorado Municipal Obligations” are Municipal Obligations issued by or on behalf of the State of Colorado, its agencies, instrumentalities and political subdivisions and which bear interest that, in the opinion of bond counsel or other counsel to the issuer, is exempt from both regular federal income tax and Colorado state income tax. The Fund may invest up to 20% of the Fund’s total assets in securities that generate interest that is subject to federal alternative minimum tax (“AMT”).

The Fund may invest without limitation in Colorado Municipal Obligations rated investment grade (i.e., those rated BBB and above or unrated but judged to be of comparable quality by the Fund’s investment adviser). The Fund may also invest up to 20% of its net assets in Colorado

37

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Fund strategies and risks (continued)

Municipal Obligations with an investment rating of Ba/BB or lower, or that are unrated but judged to be of comparable quality by the Fund’s investment adviser. In normal circumstances, the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations.

The Fund intends to emphasize investments in Colorado Municipal Obligations with long-term maturities in order to maintain an average portfolio maturity of 20 to 30 years. The average portfolio maturity, however, may be shortened from time to time depending upon market conditions. As a result, the Fund’s portfolio at any given time may include both long- and intermediate-term Colorado Municipal Obligations.

The Fund may invest without limit in state or municipal leases and participation interests therein. Municipal lease obligations held by the Fund will be treated as illiquid unless they are determined to be liquid pursuant to guidelines established by the Fund’s Board.

The Fund may invest in advance refunded bonds, escrow secured bonds or defeased bonds.

The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States – such as Guam, the US Virgin Islands or Puerto Rico – that are exempt from Colorado and federal income tax, subject to the Fund’s fundamental investment policy to invest 80% of its assets in Colorado municipal obligations.

The Fund may invest up to 5% of its total assets in Colorado Municipal Obligations whose rates vary inversely with changes in market rates of interest (so-called “inverse floaters”).

Although in normal circumstances the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations, the Fund may attempt to hedge its investment portfolio against market risk by engaging in various hedging transactions. In particular, the Fund may purchase and sell futures contracts, enter into various interest rate transactions, and may purchase and sell (or write) exchange-listed and over-the-counter put and call options on securities and futures contracts (collectively, “Hedging Transactions”). Hedging Transactions may be used to attempt to protect against possible changes in the market value of the Fund’s portfolio resulting from trends in the debt securities markets, to protect the Fund’s unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities, to manage the effective dollar-weighted average duration of the Fund’s portfolio or for other risk management purposes.

The Fund may enter into contracts for the purchase or sale for future delivery (“futures contracts”) of debt securities, aggregates of debt securities or indices or prices thereof, other financial indices and US Government debt securities to hedge the value of its portfolio securities that might result from a change in interest rates. The Fund will engage in such transactions for bona fide hedging, risk management (including duration management) and other portfolio management purposes, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission. Although the Fund generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any particular time. It is expected that the initial margin on futures contracts the Fund may purchase or sell may range from approximately 3% to approximately 15% of the value of the securities (or the securities index) underlying the contract. In certain circumstances, however, such as during periods of high volatility, the Fund may be required by an exchange to increase the level of its initial margin payment.

The Fund may enter into interest rate swaps and the purchase or sale of interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund will not sell interest rate caps or floors based on securities that it does not own. The Fund will not enter into any interest rate swap, cap or floor transaction unless the unsecured senior debt or the claims-paying ability of the other party thereto is rated at least “A” by at least one nationally recognized rating organization at the time of entering into such transaction. There is no limit on the amount of interest rate swap transactions that may be entered into by the Fund. The aggregate purchase price of caps and floors held by the Fund may not exceed 5% of the Fund’s assets. The Fund may sell (i.e., write) caps and floors without limitation, as long as it designates on the Fund’s books liquid assets in an amount sufficient to cover its obligations under the cap or floor.

The Fund may purchase put options (“puts”) that relate to Municipal Obligations (whether or not it holds such securities in its portfolio) or futures on such securities. The Fund may also sell puts on Municipal Obligations or futures on such securities if the Fund’s continuing obligations on such puts are secured by designated assets on the Fund’s books consisting of cash or liquid debt securities having a value not

38

less than the exercise price. The Fund will not sell puts if, as a result, more than 50% of the Fund’s assets would be required to cover its potential obligation under its hedging and other investment transactions.

In order to reduce fluctuations in net asset value, the Fund may sell or purchase call options (“calls”) on Municipal Obligations that are traded on US securities exchanges and in the over-the-counter markets and related futures on such securities. The Fund may write call options only if the call option is “covered.” The Fund may write put options only if the put option is “secured.” Although the Fund will enter into over-the-counter options only with dealers that agree to enter into, and which are expected to be capable of entering into, closing transactions with the Fund, there can be no assurance that the Fund will be able to liquidate an over-the-counter option at a favorable price at any time prior to expiration. The Fund will not engage in over-the-counter options transactions if the amount invested by the Fund in over-the-counter options, plus, with respect to over-the-counter options written by the Fund, the amounts required to be treated as illiquid pursuant to SEC staff positions, plus the amount invested by the Fund in illiquid securities, would exceed 20% of the Fund’s total assets.

The Fund also may purchase and write call and put options on securities indices.

The Fund may also purchase and sell (write) call and put options on financial futures contracts.

The Fund may enter into credit default swap (“CDS”) contracts to the extent consistent with its investment objective and strategies. The Fund might use CDS contracts to limit or to reduce the risk exposure of the Fund to defaults of the issuer or issuers of its holdings (i.e., to reduce risk when the Fund owns or has exposure to such securities). The Fund also might use CDS contracts to create or vary exposure to securities or markets or as a tax management tool. The Fund will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&P or Baa3 by Moody’s or is determined to be of equivalent credit quality by the Manager.

The Fund may purchase Municipal Obligations on a “when-issued” basis and may purchase or sell Municipal Obligations on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. During temporary defensive periods (e.g., when, in the Manager’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long- or intermediate-term Colorado Municipal Obligations are available), and in order to keep cash on hand fully invested, the Fund may invest any percentage of its assets in temporary investments. The Fund intends to invest in taxable temporary investments only in the event that suitable tax-exempt temporary investments are not available at reasonable prices and yields. The Fund will invest only in taxable temporary investments which are US Government securities.

Portfolio trading may be undertaken to accomplish the investment objective of the Fund in relation to actual and anticipated movements in interest rates. In addition, a security may be sold and another of comparable quality purchased at approximately the same time to take advantage of what the Manager believes to be a temporary price disparity between the two securities. The Fund may also engage to a limited extent in short-term trading consistent with its investment objective.

The 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, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities.

Subject to the foregoing, the Fund will attempt to achieve its investment objective by prudent selection of Colorado Municipal Obligations with a view to holding them for investment. The Fund anticipates that its annual portfolio turnover rate will generally not exceed 100%. However, the rate of turnover will not be a limiting factor when the Fund deems it desirable to sell or purchase securities. Therefore, depending upon market conditions, the annual portfolio turnover rate of the Fund may exceed 100% in particular years.

The Municipal Obligations market is rapidly evolving; types of Municipal Obligations other than those described above can be expected to be developed and marketed from time to time. Consistent with its investment limitations, the Fund expects to invest in those new types of Municipal Obligations that the Manager believes may assist the Fund in achieving its investment objective. The Fund will notify shareholders to the extent that it intends to invest more than 5% of its net assets in such obligations.

39

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Fund strategies and risks (continued)

What are the principal risks of investing in the Fund?

Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:

Net asset value discount risk — The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).

Market risk — The risk that all or a majority of the securities in a certain market—such as the stock or bond market—will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Colorado Municipal Obligations risk — The risk that the value of Colorado Municipal Obligations may be adversely affected by new legislation in Colorado, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. A fund holding Colorado Municipal Obligations is susceptible to political, economic or regulatory factors affecting issuers of Colorado Municipal Obligations. There can be no assurance that current or future statewide or regional difficulties, and the resulting impact on State or local governmental finances generally, or other factors, affecting State or local governmental finances, will not adversely affect the market value of Colorado Municipal Obligations held by a fund, the ability of a fund to manage its portfolio consistent with its investment policies or the ability of particular obligors to make timely payments of debt service on (or relating to) those obligations.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 5 in “Notes to financial statements.”

Leveraging risk — The risk that certain fund transactions, such as the use of derivatives instruments or when-issued, delayed delivery or forward commitment transactions, or issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

Derivatives risk — Derivatives contracts, such as futures, options, swaps, and inverse floaters, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

40

Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

Alternative minimum tax risk — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund’s distributions would be taxable for shareholders who are subject to this tax.

Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

IBOR risk — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

41

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

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

Fund strategies and risks

What are the Fund’s principal investment strategies?

The Fund seeks to achieve its investment objective by investing substantially all (in excess of 80%) of its net assets in tax-exempt “Minnesota Municipal Obligations” rated “investment grade” at the time of investment. “Municipal Obligations” are debt obligations issued by states, cities and local authorities, and possessions and certain territories of the United States and their political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuer of such securities, is, at the time of issuance, not includable in gross income for federal income tax purposes. “Minnesota Municipal Obligations” are Municipal Obligations issued by or on behalf of the State of Minnesota, its agencies, instrumentalities and political subdivisions and which bear interest that, in the opinion of bond counsel or other counsel to the issuer, is exempt from both regular federal income tax and Minnesota state personal income tax. “Investment grade” means that, at the time of investment, a Minnesota Municipal Obligation has a credit rating of at least Baa by Moody’s, or BBB by Standard & Poor’s Financial Services LLC (“S&P”). The Fund may invest up to 20% of the Fund’s total assets in securities that generate interest that is subject to federal and Minnesota alternative minimum tax (“AMT”). In normal circumstances, the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations.

The Fund may invest without limit in state or municipal leases and participation interests therein. Municipal lease obligations held by the Fund will be treated as illiquid unless they are determined to be liquid pursuant to guidelines established by the Fund’s Board.

The Fund intends to emphasize investments in Minnesota Municipal Obligations with long-term maturities in order to maintain an average portfolio maturity of 20 to 30 years. The average portfolio maturity, however, may be shortened from time to time depending upon market conditions. As a result, the Fund’s portfolio at any given time may include both long- and intermediate-term Minnesota Municipal Obligations.

The Fund may also, as a matter of non-fundamental policy: (1) invest up to 20% of its total assets in unrated Minnesota Municipal Obligations determined by the Manager to be of comparable quality to investment grade rated Minnesota Municipal Obligations; (2) invest up to 20% of its net assets in municipal bonds that are rated Ba1/BB+ or lower or that are unrated but judged to be of comparable quality by the Manager; (3) continue to hold Municipal Obligations that have been downgraded by Moody’s or S&P below investment grade after purchase, subject to the Fund’s policy to invest no more than 20% of its net assets in Municipal Obligations rated below investment grade; and (4) purchase Minnesota Municipal Obligations on a “when-issued” basis and purchase or sell Minnesota Municipal Obligations on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices.

The Fund may invest in advance refunded bonds, escrow secured bonds or defeased bonds.

In addition, the Fund may invest in Municipal Obligations issued by or on behalf of territories of the United States – such as Guam, the US Virgin Islands or Puerto Rico – that are exempt from Minnesota and federal income tax to the extent that not more than 5% of the Fund’s exempt interest dividends are derived from such obligations, subject to the Fund’s fundamental investment policy to invest 80% of its net assets in Minnesota municipal obligations. As a matter of policy, the Fund will seek to derive at least 95% of its exempt-interest dividends from Minnesota Municipal Obligations in order to qualify to pay tax-exempt dividends on income from Minnesota Municipal Obligations.

The Fund may invest up to 5% of its net assets in Minnesota Municipal Obligations whose rates vary inversely with changes in market rates of interest (so-called “inverse floaters”).

The Fund may invest in custodial receipts or certificates that evidence ownership of future interest payments, principal payments or both on certain municipal securities.

Although in normal circumstances the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations, the Fund may attempt to hedge its investment portfolio against market risk (including interest rate risk) by engaging in various hedging transactions. In particular, the Fund may purchase and sell futures contracts, enter into various interest rate transactions, and may purchase and sell (or write) exchange-listed and over-the-counter put and call options on Municipal Obligations, other debt securities, aggregates of debt securities or indices of interest rates or prices thereof or other financial indices and on futures contracts (collectively, “Hedging Transactions”). The Fund intends to engage in Hedging Transactions if it appears advantageous to the Manager to do so in order to pursue the Fund’s investment objective, to seek to hedge against the effects of market conditions and to seek to stabilize the value of its assets.

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The Fund may enter into contracts for the purchase or sale for future delivery (“futures contracts”) of debt securities, aggregates of debt securities or indices or prices thereof, other financial indices and US Government debt securities to hedge against a decline in the value of its portfolio securities that might result from a change in interest rates. The Fund will engage in such transactions for bona fide hedging, risk management (including duration management) and other portfolio management purposes, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission.

The Fund may enter into interest rate swaps and the purchase and sale of interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to manage the average weighted maturity of the Fund’s portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing. The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund will not enter into any interest rate transaction unless the unsecured senior debt or the claims-paying ability of the other party to the transaction is rated at least “A” or the equivalent by at least one nationally recognized rating organization at the time of entering into the transaction. The Fund may enter into any amount of interest rate swaps. The Fund may not sell interest rate caps or floors based on securities that it does not own. The aggregate purchase price of caps and floors held by the Fund may not exceed 5% of the Fund’s assets. However, the Fund may sell (i.e., write) caps and floors without limitation, as long as it designates on the Fund’s books liquid assets in an amount sufficient to cover its obligations under the cap or floor.

The Fund may purchase put options (“puts”) that relate to Municipal Obligations (whether or not it holds such securities in its portfolio) or futures on such securities. The Fund may also write put options, but only on a secured basis, which means that the Fund will designate on its books cash or US government securities in an amount not less than the exercise price of the option at all times during the option period. The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase puts that relate to Minnesota Municipal Obligations or futures on Minnesota Municipal Obligations. The Fund may also sell puts on Minnesota Municipal Obligations or futures on Minnesota Municipal Obligations if the Fund’s continuing obligations on such puts are secured by assets designated on the Fund’s books consisting of cash or liquid debt securities having an aggregate value not less than the exercise price. The Fund will not sell puts if, as a result, more than 50% of the Fund’s assets would be required to cover its potential obligation under its hedging and other investment transactions.

In order to reduce fluctuations in NAV, the Fund may sell or purchase call options (“calls”) on Municipal Obligations that are traded on US securities exchanges and in the over-the-counter markets and related futures on such securities. The Fund may purchase call options to hedge against an increase in the price of securities that the Fund anticipates purchasing in the future. The Fund may sell or purchase calls on Minnesota Municipal Obligations that are traded on the US securities exchanges and in the over-the-counter markets. The Fund may also sell or purchase calls on futures contracts on those Minnesota Municipal Obligations. The Fund will only write (sell) calls on securities or futures contracts it owns, or will designate on the Fund’s books liquid assets in an amount sufficient to purchase the underlying security or futures contract, adjusted to changes in market prices on a daily basis. The Fund may purchase call options to the extent that premiums paid by the Fund do not aggregate more than 2% of the Fund’s total assets.

The Fund may also purchase and write call and put options on securities indices.

To the extent that over-the-counter options are deemed to be illiquid, they are subject to the Fund’s limitation that a maximum of 15% of its net assets be invested in illiquid securities.

The Fund may enter into credit default swap (“CDS”) contracts to the extent consistent with its investment objective and strategies. The Fund might use CDS contracts to limit or to reduce the risk exposure of the Fund to defaults of the issuer or issuers of its holdings (i.e., to reduce risk when the Fund owns or has exposure to such securities). The Fund also might use CDS contracts to create or vary exposure to securities or markets or as a tax management tool. The Fund will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&P or Baa3 by Moody’s or is determined to be of equivalent credit quality by the Manager.

The Fund may invest in a temporary defensive manner when the Manager believes that the Fund will be affected by adverse market conditions. When investing in this manner, the Fund may hold all or a substantial part of its assets in short-term, high quality securities which may be either tax-exempt or taxable. The Fund may invest only in taxable temporary investments that are US Government securities. To the extent that the Fund invests in a temporary defensive manner, the Fund may not be able to achieve its investment objective.

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Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Fund strategies and risks (continued)

Portfolio trading will be undertaken principally to accomplish the Fund’s objective in relation to actual and anticipated movements in the general level of interest rates. In addition, a security may be sold and another security of comparable quality purchased at approximately the same time to take advantage of what the Manager believes to be a temporary price disparity between the two securities. The Fund may also engage to a limited extent in short-term trading consistent with its investment objective.

The 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, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities.

The Fund is free to dispose of portfolio securities at any time, subject to complying with the Code and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of the Fund’s investment objective. The Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. The Fund anticipates that its annual portfolio turnover will not exceed 100%. However, the rate of turnover will not be a limiting factor when the Fund deems it desirable to sell or purchase securities. Therefore, depending on market conditions, the annual portfolio turnover rate of the Fund may exceed 100% in particular years.

The Municipal Obligations market is rapidly evolving; types of Municipal Obligations other than those described above can be expected to be developed and marketed from time to time. Consistent with its investment limitations, the Fund expects to invest in those new types of Municipal Obligations that the Manager believes may assist the Fund in achieving its investment objective. The Fund will notify shareholders to the extent that it intends to invest more than 15% of its net assets in such obligations.

What are the principal risks of investing in the Fund?

Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:

Net asset value discount risk — The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).

Market risk — The risk that all or a majority of the securities in a certain market—such as the stock or bond market—will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Minnesota Municipal Obligations risk — The risk that the value of Minnesota Municipal Obligations may be adversely affected by new legislation in Minnesota, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. A fund holding Minnesota Municipal Obligations is susceptible to political, economic or regulatory factors affecting issuers of Minnesota Municipal Obligations. There can be no assurance that current or future statewide or regional difficulties, and the resulting impact on State or local governmental finances generally, or other factors, affecting State or local governmental finances, will not adversely affect the market value of Minnesota Municipal Obligations held by a fund, the ability of a fund to manage its portfolio consistent with its investment policies or the ability of particular obligors to make timely payments of debt service on (or relating to) those obligations.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater

44

price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 5 in “Notes to financial statements.”

Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

Leveraging risk — The risk that certain fund transactions, such as the use of derivatives instruments or when-issued, delayed delivery or forward commitment transactions, or issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

Derivatives risk — Derivatives contracts, such as futures, options, swaps, and inverse floaters, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

Alternative minimum tax risk — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund’s distributions would be taxable for shareholders who are subject to this tax.

IBOR risk — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

45

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Delaware Investments^® National Municipal Income Fund

Fund strategies and risks

What are the Fund’s principal investment strategies?

The Fund seeks to achieve its investment objective by investing under normal circumstances, substantially all (at least 80%) of its net assets in “Municipal Obligations.” “Municipal Obligations” are debt obligations issued by or on behalf of a state or territory or its agencies, instrumentalities, municipalities and political subdivisions, the interest payable on which is, in the opinion of bond counsel, excludable from gross income for purposes of federal income taxation (except, in certain instances, the alternative minimum tax, depending upon the shareholder’s tax status). The Fund may invest up to 20% of the Fund’s assets in securities that generate interest that is subject to federal alternative minimum tax (“AMT”). The Fund may invest without limitation in uninsured, “investment grade” Municipal Obligations. “Investment grade” means that, at the time of investment, a Municipal Obligation has a credit rating of at least Baa by Moody’s, or BBB by Standard & Poor’s Financial Services LLC (“S&P”), or is unrated but judged by the Manager, to be of comparable quality. The Fund may invest up to 20% of its net assets in Municipal Obligations that are rated below investment grade or that are unrated but judged by the Manager to be of comparable quality.

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager thinks are the best investments for the Fund. The Fund generally invests in debt obligations issued by state and local governments and their political subdivisions, agencies, authorities, and instrumentalities that are exempt from federal income tax. The Fund may also invest in debt obligations issued by or for the District of Columbia, and its political subdivisions, agencies, authorities, and instrumentalities or territories and possessions of the United States that are exempt from federal income tax.

The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Fund may sell securities for a variety of reasons, such as to reinvest the proceeds in higher yielding securities, to eliminate investments not consistent with the preservation of capital, to fund tender offers, or to address a weakening credit situation.

The Fund invests its assets in securities with maturities of various lengths, depending on market conditions, but will have a dollar-weighted average effective maturity of between 20 and 30 years. The Manager will adjust the average maturity of the bonds in the Fund’s portfolio to attempt to provide a current tax-exempt income, consistent with preservation of capital. The Fund may focus its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors do not suit its investment needs.

The Fund may invest without limitation in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. The Fund may invest without limitation in revenue bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality.

The Fund may invest without limitation in insured Municipal Obligations. In addition, insurance is available on uninsured bonds and the Fund may purchase such insurance directly. The Manager will generally do so only if it believes that purchasing and insuring a Municipal Obligation provides an investment opportunity at least comparable to owning other available insured Municipal Obligations.

Private activity or private placement bonds are municipal bond issues whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds such as privately owned sports and convention facilities. The Tax Reform Act of 1986 subjects interest income from these bonds to the federal alternative minimum tax and makes the tax-exempt status of certain bonds dependent on the issuer’s compliance with specific requirements after the bonds are issued. As described above, the Fund may invest up to 20% of its assets in bonds whose income is subject to the federal alternative minimum tax. This means that a portion of the Fund’s distributions could be subject to the federal alternative minimum tax that applies to certain taxpayers.

The Fund may invest without limit in advance refunded bonds.

The Fund may invest without limitation in high-quality, short-term tax-free instruments.

The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, commonly known as “Rule 144A Securities.” Restricted securities that are determined to be illiquid may not exceed the Fund’s 15% limit on investments in illiquid securities.

46

The Fund may invest without limitation in municipal lease obligations, primarily through certificates of participation rated in the top four quality grades by S&P or another nationally recognized statistical rating agency. As with the Fund’s other investments, the Manager expects that investments in municipal lease obligations will be exempt from regular federal income taxes. The Fund will rely on the opinion of the bond issuer’s counsel for a determination of the bond’s tax-exempt status.

The Fund may invest in zero coupon bonds.

Credit quality restrictions for the Fund apply only at the time of purchase. The Fund may continue to hold a security whose quality rating has been lowered or, in the case of an unrated bond, after the Manager has changed its assessment of its credit quality.

The Fund may buy or sell securities on a when-issued or delayed-delivery basis; that is, paying for securities before delivery or taking delivery at a later date. The Fund will designate cash or securities in amounts sufficient to cover its obligations, and will value the designated assets daily.

Where the Manager feels there is a limited supply of appropriate investments, the Fund may invest more than 25% of its total assets in Municipal Obligations relating to similar types of projects or with other similar economic, business, or political characteristics (such as bonds of housing finance agencies or healthcare facilities). In addition, the Fund may invest more than 25% of its assets in industrial development bonds or, in the case of the Fund, pollution control bonds, which may be backed only by the assets and revenues of a nongovernmental issuer. The Fund will not, however, invest more than 25% of its total assets in bonds issued for companies in the same business sector.

The Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes but normally does not do so. The Fund will not borrow money in excess of one-third of the value of its assets.

In response to unfavorable market conditions, the Fund may invest in taxable instruments for temporary defensive purposes. These could include obligations of the US government, its agencies and instrumentalities, commercial paper, cash, certificates of deposit of domestic banks, repurchase agreements, reverse repurchase agreements, other cash equivalents, and other debt instruments. These investments may not be consistent with the Fund’s investment objective. To the extent that the Fund holds such investments, it may be unable to achieve its investment objective.

What are the principal risks of investing in the Fund?

Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:

Net asset value discount risk — The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).

Market risk — The risk that all or a majority of the securities in a certain market—such as the stock or bond market—will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Security risk — The risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond (due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy).

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

47

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Fund strategies and risks (continued)

Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 5 in “Notes to financial statements.”

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

Leveraging risk — The risk that certain fund transactions, such as the issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

Alternative minimum tax risk — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund’s distributions would be taxable for shareholders who are subject to this tax.

Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

IBOR risk — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Board consideration of Investment Advisory Agreements for Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments Minnesota Municipal Income Fund II, Inc.; and Delaware Investments National Municipal Income Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments Minnesota Municipal Income Fund II, Inc.; and Delaware Investments National Municipal Income Fund (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory contract. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds; the costs of such services to the Funds; economies of scale; and the

48

investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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

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

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for each Fund showed the investment performance of its shares in comparison to a group of similar funds (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 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that each Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Delaware Investments Colorado Municipal Income Fund, Inc. — The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Board observed that the Fund’s longer-term performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered that the Fund’s short-term performance was strong. The Board also considered the performance attribution included in the meeting materials, as well as 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 comparative Fund performance and to 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 leveraged closed-end “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-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 comparative Fund performance and meet the Board’s performance objective.

49

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Board consideration of Investment Advisory Agreements for Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments Minnesota Municipal Income Fund II, Inc.; and Delaware Investments National Municipal Income Fund at a meeting held August 10-12, 2021 (continued)

Delaware Investments National Municipal Income Fund — The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end general and insured municipal debt (leveraged) funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the performance attribution included in the meeting materials, as well as 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 comparative Fund performance and meet the Board’s performance objective.

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

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

Delaware Investments Minnesota Municipal Income Fund II, 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 National Municipal Income Fund — The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s Management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating 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 to bring it in line with the Board’s objective.

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

Economies of scale. As a closed-end fund, the Fund does not issue shares on a continuous basis. Fund assets, therefore, increase primarily as a result of the increase in value of the underlying securities in the Fund. 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.

50

Proxy results

At the annual meeting on October 11, 2021, adjourned to November 9, 2021, the shareholders of Delaware Investments National Municipal Income Fund (the “Acquiring Fund”), Delaware Investments Colorado Municipal Income Fund, Inc. (the “Colorado Muni Fund”), and Delaware Investments Minnesota Municipal Income Fund II, Inc. (the “Minnesota Muni Fund”) approved an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by the Acquiring Fund of substantially all of the property, assets, and goodwill of each the Colorado Muni Fund and the Minnesota Muni Fund in exchange solely for (a) full and fractional shares of common stock, par value $0.01 per share, of the Acquiring Fund; and (b) Muni-MultiMode Preferred Shares, Series 2049, liquidation preference $100,000 per share, of the Acquiring Fund; (ii) the pro rata distribution of such shares of the Acquiring Fund to the shareholders of each the Colorado Muni Fund and the Minnesota Muni Fund according to their respective interests in liquidation, and (iii) the dissolution of each of the Colorado Muni Fund and the Minnesota Muni Fund as soon as is practicable after the closing. In addition, all of the Funds voted to elect a Board of Directors/Trustees. A quorum was present and the votes passed with a majority of those shares. All shareholders of each Fund vote together with respect to the election of each Director/Trustee with one exception. The holders of preferred shares of the Funds that have issued one or more classes of preferred shares have the exclusive right to separately elect two Directors/Trustees, Ms. Borowiec and Mr. Chow. The results of the voting at the meeting were as follows:

Delaware Investments^® Colorado Municipal Income Fund, Inc.

1. To vote on the approval of an Agreement and Plan of Acquisition.

Common shareholders						Preferred shareholders
For		Against		Abstain		For		Against
	1,827,248		565,019		118,074		300		0

2. To elect a Board of Directors.

	Common shareholders				Preferred shareholders
			Shares voted				Shares voted
	Shares		withheld		Shares		withheld
	voted for		authority		voted for		authority
Thomas L. Bennett		2,000,732		509,609		300		0
Jerome D. Abernathy		2,012,453		497,888		300		0
Ann D. Borowiec*		N/A		N/A		300		0
Joseph W. Chow*		N/A		N/A		300		0
H. Jeffrey Dobbs		2,009,837		500,504		300		0
John A. Fry		2,000,914		509,427		300		0
Joseph Harroz, Jr.		2,010,419		499,922		300		0
Sandra A.J. Lawrence		1,993,180		517,161		300		0
Shawn K. Lytle		2,012,453		497,888		300		0
Frances A. Sevilla-Sacasa		1,980,345		529,996		0		300
Thomas K. Whitford		2,012,453		497,888		300		0
Christianna Wood		1,993,530		516,811		300		0
Janet L. Yeomans		1,982,024		528,317		300		0
*Exclusively elected by the
Fund’s preferred shareholders.

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

1. To vote on the approval of an Agreement and Plan of Acquisition.

Common shareholders						Preferred shareholders
For		Against		Abstain		For		Against
	4,845,802		747,223		285,569		750		0

51

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds

Proxy results (continued)

2. To elect a Board of Directors.

	Common shareholders				Preferred shareholders
			Shares voted				Shares voted
	Shares		withheld		Shares		withheld
	voted for		authority		voted for		authority
Thomas L. Bennett		5,045,144		833,450		750		0
Jerome D. Abernathy		5,070,551		808,043		750		0
Ann D. Borowiec*		N/A		N/A		750		0
Joseph W. Chow*		N/A		N/A		750		0
H. Jeffrey Dobbs		5,044,526		834,068		750		0
John A. Fry		5,041,935		836,659		750		0
Joseph Harroz, Jr.		5,059,468		819,126		750		0
Sandra A.J. Lawrence		5,074,886		803,708		750		0
Shawn K. Lytle		5,066,664		811,930		750		0
Frances A. Sevilla-Sacasa		5,072,464		806,130		0		750
Thomas K. Whitford		5,068,906		809,688		750		0
Christianna Wood		5,073,034		805,560		750		0
Janet L. Yeomans		5,052,148		826,446		750		0
*Exclusively elected by the
Fund’s preferred shareholders.

Delaware Investments^® National Municipal Income Fund

1. To vote on the approval of an Agreement and Plan of Acquisition.

Common shareholders						Preferred shareholders
For		Against		Abstain		For		Against
	2,310,494		65,023		234,377		300		0

2. To elect a Board of Trustees.

	Common shareholders				Preferred shareholders
			Shares voted				Shares voted
	Shares		withheld		Shares		withheld
	voted for		authority		voted for		authority
Thomas L. Bennett		2,328,365		281,529		300		0
Jerome D. Abernathy		2,337,085		272,809		300		0
Ann D. Borowiec*		N/A		N/A		300		0
Joseph W. Chow*		N/A		N/A		300		0
H. Jeffrey Dobbs		2,328,905		280,989		300		0
John A. Fry		2,336,933		272,961		300		0
Joseph Harroz, Jr.		2,328,905		280,989		300		0
Sandra A.J. Lawrence		2,319,407		290,487		300		0
Shawn K. Lytle		2,337,091		272,803		300		0
Frances A. Sevilla-Sacasa		2,323,521		286,373		0		300
Thomas K. Whitford		2,337,091		272,803		300		0
Christianna Wood		2,327,587		282,307		300		0
Janet L. Yeomans		2,319,899		289,995		300		0
*Exclusively elected by the
Fund’s preferred shareholders.

52

About the organization

This semiannual report is for the information of Delaware Funds by Macquarie^® Closed-End Municipal Bond Funds shareholders.

Board of directors/trustees Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds by Macquarie
Philadelphia, PA Jerome D. Abernathy*
Managing Member
Stonebrook Capital Management, LLC
Jersey City, NJ Thomas L. Bennett
Chairman of the Board
Delaware Funds by Macquarie
Private Investor
Rosemont, PA Ann D. Borowiec
Former Chief Executive Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY Joseph W. Chow
Former Executive Vice President
State Street Corporation
Boston, MA H. Jeffrey Dobbs
Former Global Chairman
of Industrial Manufacturing
KPMG LLP
Detroit, MI John A. Fry*
President
Drexel University
Philadelphia, PA Joseph Harroz, Jr.
President
University of Oklahoma
Norman, OK Sandra A.J. Lawrence
Former Chief Administrative Officer
Children’s Mercy Hospitals and Clinics
Kansas City, MO *Audit committee member Frances A. Sevilla-Sacasa
Former Chief Executive Officer
Banco Itaú International
Miami, FL Thomas K. Whitford*
Former Vice Chairman
PNC Financial Services Group
Pittsburgh, PA Christianna Wood*
Chief Executive Officer and President
Gore Creek Capital, Ltd.
Golden, CO Janet L. Yeomans
Former Vice President and Treasurer
3M Company
St. Paul, MN Affiliated officers David F. Connor
Senior Vice President,
General Counsel, and Secretary
Delaware Funds by Macquarie
Philadelphia, PA Daniel V. Geatens
Senior Vice President and Treasurer
Delaware Funds by Macquarie
Philadelphia, PA Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Funds by Macquarie
Philadelphia, PA Investment manager
Delaware Management Company, a series
of Macquarie Investment Management
Business Trust (MIMBT)
Philadelphia, PA Principal office of the Fund
610 Market Street
Philadelphia, PA 19106-2354 Independent registered public accounting firm
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042 Registrar and stock transfer agent
Computershare, Inc.
480 Washington Blvd.
Jersey City, NJ 07310
866 437-0252
computershare.com/investor For securities dealers and financial institutions representatives
800 362-7500 Website
delawarefunds.com/closed-end Number of recordholders as of
September 30, 2021
Colorado Municipal Fund             48
Minnesota Municipal Fund II        245
National Municipal Fund              55 Your reinvestment options
Each of the Funds offers an automatic dividend reinvestment program. If you would like to reinvest dividends, and shares are registered in your name, contact Computershare, Inc. at 866 437-0252. You will be asked to put your request in writing. If you have shares registered in “street” name, contact the broker/dealer holding the shares or your financial advisor. If you choose to receive your dividends in cash, you may now elect to receive them by ACH transfer. Contact Computershare at the number above for more information. Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 866 437-0252; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/closed-end. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

53

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 3, 2021

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