UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:	811-07410
Exact name of registrant as specified in charter:	Delaware Investments® National
	Municipal Income Fund
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	December 31, 2016

Item 1. Schedule of Investments.

Schedule of investments

Delaware Investments^® National Municipal Income Fund
December 31, 2016 (Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds – 141.91%
Corporate-Backed Revenue Bonds – 10.49%
	Buckeye, Ohio Tobacco
	Settlement Financing
	Authority
	Asset-Backed -2
	Series A-2 5.875% 6/1/47	500,000	$	441,600
	Series A-2 6.50% 6/1/47	430,000		401,259
	Golden State, California
	Tobacco Securitization
	Corporate Settlement
	Revenue
	(Asset-Backed Senior
	Notes) Series A-1
	5.75% 6/1/47	830,000		800,983
	Harris County, Texas Industrial
	Development Corporation
	Solid Waste Disposal
	Revenue
	(Deer Park Refining Project)
	5.00% 2/1/23	150,000		161,759
	Illinois Railsplitter Tobacco
	Settlement Authority
	6.25% 6/1/24	500,000		502,775
	Louisiana Local Government
	Environmental Facilities &
	Community Development
	Authority
	(Westlake Chemical)
	Series A 6.50% 8/1/29	645,000		724,341
	Series A-1 6.50% 11/1/35	255,000		286,589
	Louisiana Public Facilities
	Authority
	(LA Pellets Inc. Project)
	144A
	7.75% 7/1/39 (AMT)#‡	240,000		113,172
	M-S-R Energy Authority,
	California Gas
	Series C 7.00% 11/1/34	1,000,000		1,373,600
	Shoals, Indiana
	(National Gypsum Project)
	7.25% 11/1/43 (AMT)	310,000		354,373
	Suffolk County, New York
	Tobacco Asset
	Securitization
	Series B 5.00% 6/1/32	750,000		805,080
	Tobacco Settlement Financing
	Corporation, Louisiana
	Asset-Backed Note Series A
	5.25% 5/15/35	460,000		496,671
	Valparaiso, Indiana
	(Pratt Paper Project)
	7.00% 1/1/44 (AMT)	240,000		287,158
				6,749,360
Education Revenue Bonds – 21.44%
	Bowling Green, Ohio Student
	Housing Revenue
	(CFP I State University
	Project) 6.00% 6/1/45	260,000		275,111
	East Hempfield Township,
	Pennsylvania Industrial
	Development Authority
	(Student Services Income -
	Student Housing Project)
	5.00% 7/1/35	1,000,000		1,036,500
	Health & Educational Facilities
	Authority of the State of
	Missouri
	(St. Louis College of
	Pharmacy Project)
	5.25% 5/1/33	500,000		541,335
	(Washington University)
	Series B 5.00% 11/15/30	600,000		673,446
	Louisiana Public Facilities
	Authority Revenue
	(Provident Group-Flagship
	Properties) Series A
	5.00% 7/1/56	500,000		534,210
	Marietta, Georgia
	Development Authority
	Revenue
	(Life University Income
	Project) 7.00% 6/15/39	430,000		442,732
	Maryland Health & Higher
	Educational Facilities
	Authority
	(Loyola University) Series A
	5.00% 10/1/39	650,000		716,027
	Massachusetts Development
	Finance Agency
	(Umass Boston Student
	Housing Project)
	5.00% 10/1/48	285,000		294,941
	Monroe County, New York
	Industrial Development
	Revenue
	(Nazareth College
	Rochester Project)
	5.50% 10/1/41	495,000		540,466

(continues)     NQ- OV9 [12/16] 2/17 (18635) 1

Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Montgomery County,
	Pennsylvania Higher
	Education & Health
	Authority Revenue
	(Arcadia University)
	5.25% 4/1/30	550,000	$	576,427
	New Hope Cultural Education
	Facilities, Texas
	(Chief-Collegiate Housing-
	Tarleton St.)
	5.00% 4/1/34	1,000,000		1,043,040
	New Jersey Economic
	Development Authority
	Revenue
	(MSU Student Housing
	Project) 5.875% 6/1/42	450,000		487,395
	New York City, New York Trust
	For Cultural Resources
	(Whitney Museum of
	American Art)
	5.00% 7/1/31	500,000		550,135
	New York State Dormitory
	Authority
	(Columbia University)
	5.00% 10/1/41	600,000		667,770
	Oregon State Facilities
	Authority Revenue
	(Concordia University
	Project) Series A 144A
	6.125% 9/1/30 #	100,000		104,548
	Pennsylvania State Higher
	Educational Facilities
	Authority Revenue
	(University Properties - East
	Stroudsburg University)
	5.25% 7/1/19	510,000		534,965
	Philadelphia Authority for
	Industrial Development
	(1st Philadelphia
	Preparatory College)
	7.25% 6/15/43	370,000		422,525
	Phoenix, Arizona Industrial
	Development Authority
	Revenue
	(Rowan University Project)
	5.00% 6/1/42	1,000,000		1,075,990
	Pima County, Arizona
	Industrial Development
	Authority Education
	Revenue
	(Edkey Charter School
	Project) 6.00% 7/1/48	500,000		495,090
	Private Colleges & Universities
	Authority Revenue, Georgia
	(Mercer University) Series A
	5.00% 10/1/32	135,000		144,644
	Swarthmore Borough
	Authority, Pennsylvania
	(Swarthmore College
	Project) 5.00% 9/15/32	490,000		567,832
	Troy, New York Capital
	Resource Revenue
	(Rensselaer Polytechnic)
	Series A 5.125% 9/1/40	600,000		653,694
	University of California
	Series AI 5.00% 5/15/32	1,000,000		1,143,920
	Wyoming Community
	Development Authority
	Student Housing Revenue
	(CHF-Wyoming LLC)
	6.50% 7/1/43	250,000		272,985
				13,795,728
Electric Revenue Bonds – 2.52%
	Imperial Irrigation District
	Electric System Revenue,
	California
	Series C 5.00% 11/1/28	60,000		71,399
	JEA Electric System Revenue,
	Florida
	Series A 5.00% 10/1/33	1,000,000		1,134,460
	Long Island Power Authority,
	New York
	Series A 5.00% 9/1/44	250,000		273,965
	Series B 5.00% 9/1/46	130,000		144,858
				1,624,682
Healthcare Revenue Bonds – 24.25%
	Alabama Special Care
	Facilities Financing
	Authority-Birmingham
	Alabama
	(Methodist Home for the
	Aging) 6.00% 6/1/50	500,000		534,845

2 NQ- OV9 [12/16] 2/17 (18635)

(Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Arizona Health Facilities
	Authority Revenue
	(Catholic Healthcare West)
	Series D 5.00% 7/1/28	500,000	$	530,580
	California Health Facilities
	Financing Authority
	Revenue
	(Providence St.Joseph
	Health) Series A
	4.00% 10/1/47	355,000		350,644
	California Statewide
	Communities Development
	Authority
	(Loma Linda University
	Medical Center) Series A
	144A 5.25% 12/1/56 #	760,000		780,999
	Capital Trust Agency, Florida
	(Tuscan Gardens Senior
	Living Center) Series A
	7.00% 4/1/49	375,000		378,330
	Colorado Health Facilities
	Authority Revenue
	(Healthcare Facilities -
	American Baptist)
	8.00% 8/1/43	330,000		374,355
	Hawaii Pacific Health Special
	Purpose Revenue
	Series A 5.50% 7/1/40	300,000		323,622
	Housing & Redevelopment
	Authority of The City of St.
	Paul Minnesota
	(Healthpartners Obligation
	Group) 5.00% 7/1/29	1,000,000		1,142,280
	Lycoming County,
	Pennsylvania Authority
	Health System Revenue
	(Susquehanna Health
	System Project) Series A
	5.50% 7/1/28	500,000		542,385
	Maine Health & Higher
	Educational Facilities
	Authority Revenue
	(Maine General Medical
	Center) 6.75% 7/1/41	300,000		325,914
	Maricopa County, Arizona
	Industrial Development
	Authority Health Facilities
	Revenue
	(Catholic Healthcare West)
	Series A 6.00% 7/1/39	500,000		543,470
	Michigan Finance Authority
	Revenue
	(Beaumont Health Credit
	Group) 5.00% 11/1/44	1,000,000		1,079,950
	Monroe County, Pennsylvania
	Hospital Authority Revenue
	(Pocono Medical Center)
	Series A 5.00% 1/1/41	500,000		524,780
	Moon, Pennsylvania Industrial
	Development Authority
	(Baptist Homes Society
	Obligation)
	6.125% 7/1/50	750,000		773,535
	New Hampshire Health and
	Education Facilities
	Authority Revenue
	(Dartmouth - Hitchcock
	Medical Center)
	6.00% 8/1/38	300,000		329,613
	New Hope Cultural Education
	Facilities
	(Cardinal Bay Inc.)
	Series A1 4.00% 7/1/36	55,000		54,631
	Series A1 5.00% 7/1/46	135,000		144,045
	Series A1 5.00% 7/1/51	135,000		143,690
	Series B 4.25% 7/1/36	80,000		79,267
	Series B 4.75% 7/1/51	160,000		161,693
	Series B 5.00% 7/1/46	135,000		141,342
	New Jersey Health Care
	Facilities Financing
	Authority Revenue
	(St. Peters University
	Hospital) 6.25% 7/1/35	300,000		322,320
	New Mexico Hospital
	Equipment Loan Council
	Revenue
	(Presbyterian Healthcare)
	5.00% 8/1/39	500,000		531,750
	New York State Dormitory
	Authority Revenue Non
	State Supported Debt
	(Orange Regional Medical
	Center) 6.25% 12/1/37	500,000		525,180
	Ohio State
	(Cleveland Clinic Health)
	Series A 5.50% 1/1/39	300,000		321,126
	Orange County, Florida Health
	Facilities Authority Revenue
	(Mayflower Retirement
	Center)

(continues)     NQ- OV9 [12/16] 2/17 (18635) 3

Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Orange County, Florida Health
	Facilities Authority Revenue
	5.00% 6/1/32	400,000	$	421,676
	5.00% 6/1/36	250,000		261,263
	5.125% 6/1/42	750,000		784,770
	Oregon State Facilities
	Authority Revenue
	(Peacehealth Project)
	Series A 5.00% 11/15/29	500,000		573,050
	(Samaritan Health Services
	Project) Series A
	5.00% 10/1/46	155,000		164,320
	Palm Beach County Health
	Facilities Authority, Florida
	(Sinai Residences Boca
	Raton Project)
	7.25% 6/1/34	20,000		23,189
	7.50% 6/1/49	105,000		123,003
	Palomar Health, California
	5.00% 11/1/39	130,000		136,452
	Tarrant County Cultural
	Education Facilities Finance
	(Baylor Scott & White
	Health) Series A
	5.00% 11/15/45	330,000		367,861
	West Virginia Hospital Finance
	Authority Revenue
	(Highland Hospital
	Obligation Group)
	9.125% 10/1/41 ‡	500,000		462,400
	Westminster, Maryland
	(Lutheran Village Millers
	Grant Inc.) 6.00% 7/1/34	500,000		538,080
	Yavapai County, Arizona
	Industrial Development
	Authority Revenue
	(Yavapai Regional Medical
	Center) Series A
	5.00% 8/1/28	720,000		787,666
				15,604,076
Housing Revenue Bond – 0.71%
	California Municipal Finance
	Authority Mobile Home
	Park Revenue
	(Caritas Project) Series A
	6.40% 8/15/45	415,000		456,882
				456,882
Lease Revenue Bonds – 10.49%
	California State Public Works
	Board Lease Revenue
	(Various Capital Projects)
	Series A 5.00% 4/1/37	1,000,000		1,109,310
	Idaho State Building Authority
	Revenue
	(Health & Welfare Project)
	Series A 5.00% 9/1/24	135,000		153,596
	(State Police) Series I
	5.00% 9/1/23	760,000		871,621
	Minnesota State General
	Revenue Appropriations
	Series B 5.00% 3/1/29	2,000,000		2,267,120
	MTA Hudson Rail Yards Trust
	Obligations, New York
	Series A 5.00% 11/15/56	735,000		797,085
	New Jersey Economic
	Development Authority
	Series WW 5.25% 6/15/30	1,000,000		1,034,860
	(School Facilities
	Construction)
	5.00% 9/1/18	25,000		26,001
	Public Finance Authority,
	Wisconsin Airport Facilities
	Revenue
	(AFCO Investors II
	Portfolio) 5.75% 10/1/31	500,000		494,080
				6,753,673
Local General Obligation Bonds – 1.56%
	Chicago, Illinois
	Series A 5.50% 1/1/34	225,000		216,823
	Series C 5.00% 1/1/38	500,000		455,175
	New York, New York
	Series A-1 5.25% 8/15/21	250,000		265,618
	Series I-1 5.375% 4/1/36	65,000		70,039
				1,007,655
Pre-Refunded/Escrowed to Maturity Bonds – 21.17%
	Atlanta, Georgia Water &
	Wastewater Revenue
	Series A
	6.25% 11/1/39-19§	950,000		1,074,517
	Brevard County, Florida
	Health Facilities Authority
	Revenue
	(Health First Project)
	7.00% 4/1/39-19§	350,000		393,767

4 NQ- OV9 [12/16] 2/17 (18635)

(Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Brooklyn Arena Local
	Development, New York
	Pilot Revenue
	(Barclays Center Project)
	6.25% 7/15/40-20§	940,000	$	1,069,974
	6.50% 7/15/30-20§	300,000		343,698
	Butler County, Pennsylvania
	Hospital Authority Revenue
	(Butler Health System
	Project)
	7.125% 7/1/29-19§	450,000		512,307
	California State Economic
	Recovery
	Series A 5.25% 7/1/21-19§	165,000		180,655
	(Unrefunded) Series A
	5.25% 7/1/21-19§	95,000		104,014
	California Statewide
	Communities Development
	Authority Revenue
	(Statewide Inland Regional
	Center Project)
	5.375% 12/1/37-17§	500,000		519,700
	California Statewide
	Communities Development
	Authority School Facility
	Revenue
	(Aspire Public Schools)
	6.125% 7/1/46-19§	625,000		683,513
	California Statewide
	Communities Development
	Authority Student Housing
	Revenue
	(Irvine, LLC - UCI East
	Campus)
	6.00% 5/15/23-18§	470,000		501,377
	Central Texas Regional
	Mobility Authority Revenue
	Senior Lien
	6.00% 1/1/41-21§	520,000		600,496
	Gila County, Arizona Unified
	School District No. 10
	(Payson School
	Improvement Project of
	2006) Series A
	5.25% 7/1/27-17 (AMBAC)	500,000		511,015
	Illinois Finance Authority
	Revenue
	(Silver Cross & Medical
	Centers)
	7.00% 8/15/44-19§	950,000		1,082,003
	Koyukuk, Alaska Revenue
	(Tanana Chiefs Conference
	Health Care Facility Project)
	7.75% 10/1/41-19§	300,000		349,125
	Louisiana Public Facilities
	Authority Revenue
	(Ochsner Clinic Foundation
	Project)
	6.50% 5/15/37-21§	105,000		125,855
	Maryland State Economic
	Development Student
	Housing Revenue
	(University of Maryland
	College Park Projects)
	5.75% 6/1/33-18§	370,000		393,169
	Massachusetts State Health &
	Educational Facilities
	Authority Revenue
	(Harvard University)
	Series A
	5.00% 12/15/29-19§	600,000		661,188
	Metropolitan Transit Authority
	of Harris County, Texas
	Series A
	5.00% 11/1/24-21§	500,000		572,770
	New Jersey Economic
	Development Authority
	(School Facilities
	Construction)
	5.00% 9/1/18	75,000		79,678
	New York, New York
	Series I-1
	5.375% 4/1/36-19§	185,000		201,572
	Pennsylvania State Higher
	Educational Facilities
	Authority Revenue
	(Edinboro University
	Foundation)
	5.80% 7/1/30-20§	400,000		455,832
	Pennsylvania Turnpike
	Commission Subordinate
	(Special Motor License
	Foundation)
	5.00% 12/1/22-20§	500,000		562,700
	Phoenix, Arizona Civic
	Improvement Wastewater
	Systems Revenue
	(Junior Lien) Series A
	5.00% 7/1/39-19§	900,000		977,787

(continues)     NQ- OV9 [12/16] 2/17 (18635) 5

Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	San Francisco, California City
	& County Public Utilities
	Commission Water
	Revenue
	Series F
	5.00% 11/1/27-20§	500,000	$	562,395
	University Medical Center,
	Tucson, Arizona Hospital
	Revenue
	6.50% 7/1/39-19	500,000		561,055
	University of Arizona
	Series A 5.00% 6/1/39-19§	500,000		542,605
				13,622,767
Special Tax Revenue Bonds – 17.45%
	Anne Arundel County,
	Maryland Special
	Obligation Revenue
	(National Business Park -
	North Project)
	6.10% 7/1/40	200,000		207,032
	Central Puget Sound,
	Washington Regional
	Transit Authority
	(Green Bond -
	Improvement) Series S-1
	5.00% 11/1/35	750,000		863,760
	Guam Government Business
	Privilege Tax Revenue
	Series A 5.00% 1/1/22	775,000		857,507
	Series B-1 5.00% 1/1/42	540,000		562,772
	Massachusetts Bay
	Transportation Authority
	Senior
	Series A 5.25% 7/1/29	200,000		251,032
	Mosaic District, Virginia
	Community Development
	Authority Revenue
	Series A 6.875% 3/1/36	520,000		575,037
	New Jersey Economic
	Development Authority
	Revenue
	5.00% 6/15/28	200,000		211,864
	5.00% 6/15/29	800,000		844,784
	(School Facilities
	Construction) Series AA
	5.50% 12/15/29	900,000		940,563
	New York City, New York
	Transitional Finance
	Authority Future Tax
	Secured Revenue
	(Future Tax Secured -
	Subordinated Fiscal)
	Series E-1 5.00% 2/1/41	745,000		838,162
	New York State Dormitory
	Authority
	Series A 5.00% 3/15/33	1,000,000		1,136,130
	(State Personal Income Tax
	Revenue-Education)
	Series A 5.00% 3/15/38	570,000		607,050
	Northampton County,
	Pennsylvania Industrial
	Development Authority
	Revenue
	(Route 33 Project)
	7.00% 7/1/32	230,000		243,227
	Oregon State Department of
	Transportation
	Series A 5.00% 11/15/26	1,000,000		1,180,780
	Peoria, Arizona Municipal
	Development Authority
	Sales Tax & Excise Shared
	Revenue
	(Senior Lien & Subordinate
	Lien) 5.00% 1/1/18	1,085,000		1,125,861
	Regional Transportation
	District, Colorado Tax
	Revenue
	(Denver Transit Partners)
	6.00% 1/15/41	500,000		555,100
	Wyandotte County, Kansas
	City, Kansas Unified
	Government Special
	Obligation Revenue
	(Sales Tax - Vacation Village
	Project A) Series A
	5.75% 9/1/32	235,000		229,762
				11,230,423
State General Obligation Bonds – 2.89%
	California State
	5.25% 11/1/40	320,000		356,058
	(Various Purposes)
	5.00% 10/1/41	440,000		488,778
	6.00% 4/1/38	105,000		114,679
	New York State
	Series A 5.00% 2/15/39	300,000		319,323

6 NQ- OV9 [12/16] 2/17 (18635)

(Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Oregon State
	Series K 5.00% 5/1/22	500,000	$	579,220
				1,858,058
Transportation Revenue Bonds – 24.43%
	Alameda Corridor, California
	Transportation Authority
	(2nd Sub Lien) Series B
	5.00% 10/1/37	430,000		468,769
	Atlanta, Georgia Department
	of Aviation
	Series B 5.00% 1/1/29	1,000,000		1,155,520
	Chicago, Illinois O’Hare
	International Airport
	Revenue
	(General-Senior Lien)
	Series D 5.25% 1/1/34	1,000,000		1,104,830
	Maryland State Economic
	Development Revenue
	(Transportation Facilities
	Project) Series A
	5.75% 6/1/35	255,000		274,824
	Metropolitan Transportation
	Authority, New York
	Series A 5.00% 11/15/41	500,000		555,840
	Metropolitan Washington D.C.
	Airports Authority Dulles
	Toll Road Revenue
	(First Senior Lien) Series A
	5.25% 10/1/44	245,000		262,789
	New Jersey State Turnpike
	Authority Revenue
	Series A 5.00% 1/1/27	1,000,000		1,135,490
	New Orleans, Louisiana
	Aviation Board
	Series B
	5.00% 1/1/45 (AMT)	1,000,000		1,072,150
	New York Liberty
	Development Revenue
	(1 World Trade Center Port
	Authority Construction)
	5.00% 12/15/41	500,000		548,645
	New York Transportation
	Development
	(La Guardia Airport)
	Series A
	5.25% 1/1/50 (AMT)	700,000		735,798
	North Texas Tollway Authority
	Special Projects System
	Series A 5.00% 9/1/20	250,000		279,090
	Pennsylvania Turnpike
	Commission Subordinate
	Series A-1 5.00% 12/1/43	500,000		542,825
	(Special Motor License
	Foundation) Series B
	5.00% 12/1/41	500,000		542,310
	Port Authority of Allegheny
	County, Pennsylvania
	5.75% 3/1/29	900,000		1,025,964
	Port Authority of New York &
	New Jersey Special Project
	(JFK International Air
	Terminal)
	6.00% 12/1/42	230,000		259,780
	6.50% 12/1/28	500,000		509,950
	St. Louis, Missouri Airport
	Revenue
	(Lambert St. Louis
	International)
	5.00% 7/1/32 (AMT)	1,000,000		1,055,520
	Series A-1 6.625% 7/1/34	325,000		360,510
	Texas Private Activity Bond
	Surface Transportation
	(Senior Lien - Blueridge
	Transportation)
	5.00% 12/31/40 (AMT)	110,000		116,700
	5.00% 12/31/45 (AMT)	110,000		115,974
	5.00% 12/31/50 (AMT)	160,000		166,456
	5.00% 12/31/55 (AMT)	160,000		168,042
	Texas Private Activity Bond
	Surface Transportation
	Corporate Senior Lien
	Revenue
	(LBJ Infrastructure)
	7.00% 6/30/40	285,000		326,952
	7.50% 6/30/33	665,000		774,772
	(Mobility Partners)
	7.50% 12/31/31	500,000		576,685
	(NTE Mobility Partners)
	6.75% 6/30/43 (AMT)	225,000		259,612
	6.875% 12/31/39	1,000,000		1,135,630
	7.00% 12/31/38 (AMT)	165,000		188,057
				15,719,484
Water & Sewer Revenue Bonds – 4.51%
	City of Chicago, Illinois
	Waterworks Revenue
	(2nd Lien) 5.00% 11/1/29	280,000		310,702

(continues)     NQ- OV9 [12/16] 2/17 (18635) 7

Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Massachusetts Water
	Resources Authority
	(Green Bond) Series B
	4.00% 8/1/36	500,000	$	523,520
	New York City Water & Sewer
	System, New York
	(2nd Generation Fiscal
	2013) Series CC
	5.00% 6/15/47	345,000		384,161
	Philadelphia, Pennsylvania
	Water & Wastewater
	Revenue
	Series A 5.00% 7/1/45	500,000		545,325
	Southern California Water
	Replenishment District
	5.00% 8/1/41	1,000,000		1,141,430
				2,905,138
Total Municipal Bonds
	(cost $86,403,550)			91,327,926
Short-Term Investments – 2.80%
Variable Rate Demand Notes – 2.80%¤
	Minneapolis – St. Paul,
	minnesota Housing &
	Redevelopment Authority
	Health Care Revenue
	Series A-II (Children’s
	Hospital Clinics)
	0.62% 8/15/37 (AGM)	100,000		100,000
	Mississippi Business Finance
	Commission Series G
	(Chevron USA Inc.)
	0.65% 11/1/35	1,200,000		1,200,000
	Phoenix, Arizona Industrial
	Development Authority
	Series B (Mayo Clinic)
	0.65% 11/15/52	500,000		500,000
Total Short-Term
	Investments
	(cost $1,800,000)			1,800,000
Total Value of Securities – 144.71%
	(cost $88,203,550)		$	93,127,926
Liquidation Value of
	Preferred
	Stock – (46.62%)			(30,000,000	)
Receivables and Other
	Assets Net of
	Liabilities – 1.91%			1,227,888
Net Assets Applicable to
	4,528,443 Shares
	Outstanding – 100.00%		$	64,355,814

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2016, the aggregate value of Rule 144A securities was $998,719, which represents 1.55% of the Fund’s net assets.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of Dec. 31, 2016.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
‡	Non-income-producing security. Security is currently in default.

Summary of abbreviations:
AGM - Insured by Assured Guaranty Municipal Corporation
AMBAC - Insured by AMBAC Assurance Corporation
AMT - Subject to Alternative Minimum Tax

8 NQ- OV9 [12/16] 2/17 (18635)

Notes
Delaware Investments^® National Municipal Income Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Investments National Municipal Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

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 the Fund’s Board of Trustees (Board). 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.

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	88,203,550
Aggregate unrealized appreciation of investments	$	5,623,488
Aggregate unrealized depreciation of investments		(699,112	)
Net unrealized appreciation of investments	$	4,924,376

U.S. GAAP defines fair value as the price that the 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 developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

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

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

NQ- OV9 [12/16] 2/17 (18635) 9

Notes

December 31, 2016 (Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 2
Municipal Bonds	$	91,327,926
Short-Term Investments		1,800,000
Total Value of Securities	$	93,127,926

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

10 NQ- OV9 [12/16] 2/17 (18635)

Item 2. 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: