N-CSR 1 mimnmif4058541-ncsr.htm CERTIFIED SHAREHOLDER REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-07410
 
Exact name of registrant as specified in charter: Delaware Investments® National Municipal
  Income Fund
 
Address of principal executive offices: 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: March 31, 2022


Item 1. Reports to Stockholders

Table of Contents


Annual report

Closed-end fund


Delaware Investments® National Municipal Income Fund

March 31, 2022


Table of Contents

Table of contents

Portfolio management review 1
Performance summary 3
Fund basics 6
Security type / sector / state / territory allocations 7
Schedule of investments 8
Statement of assets and liabilities 23
Statement of operations 24
Statements of changes in net assets 25
Statement of cash flows 26
Financial highlights 27
Notes to financial statements 28
Report of independent registered public accounting firm 36
Other Fund information 37
Board of trustees and officers addendum 41
About the organization 48

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: 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.

Unless otherwise noted, views expressed herein are current as of March 31, 2022, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

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

©2022 Macquarie Management Holdings, Inc.


Table of Contents

Portfolio management review
Delaware Investments ® National Municipal Income Fund

March 31, 2022 (Unaudited)

Performance preview (for the year ended March 31, 2022)
Delaware Investments National Municipal Income Fund @ market price 1-year return +0.92 %
Delaware Investments National Municipal Income Fund @ NAV 1-year return -3.87 %
Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price 1-year return -8.88 %
Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV 1-year return -5.81 %

Past performance does not guarantee future results.

Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s distribution rate.

For complete, annualized performance for Delaware Investments National Municipal Income Fund, please see the table on page 3.

Economic backdrop

During the Fund’s fiscal year ended March 31, 2022, the US economy continued to bounce back from its sharp decline at the start of the coronavirus pandemic in 2020, benefiting as states and municipalities reopened their economies.

COVID-19 vaccines had promised to lower virus cases and hospitalization rates while boosting economic growth. New variants of the coronavirus, however, complicated the picture. The Delta variant emerged in the summer and fall. Then, in late 2021 and early 2022, the fast-spreading Omicron variant emerged, although it proved less likely than earlier variants to lead to severe health outcomes.

Despite these multiple coronavirus waves, the US economy had strong growth for the fiscal year. In the second quarter of 2021, the country’s gross domestic product (GDP) expanded by an annualized 6.7%. In the third quarter, US GDP growth slowed to 2.3%, as the Delta variant alongside supply-chain concerns weighed on economic activity. By the fourth quarter of 2021, however, national growth reached an estimated 6.9%. Robust consumer and business spending drove the increase, which came despite rising Omicron cases, a sharp pickup in inflation, and expectations for several US Federal Reserve interest rate hikes. The US economy grew by 5.7% in 2021, the country’s strongest growth for any calendar year since 1984.

As the economy continued to expand, the employment situation similarly improved throughout the fiscal year. The US jobless rate, which began the 12-month period at 6.0%, fell steadily and by March had reached 3.6% – the lowest level seen since the start of the pandemic.

As inflation accelerated, the Fed signaled it would raise interest rates off its historic lows. In March 2022, the Fed raised its federal funds short-term interest rate by 0.25 percentage points. This was the central bank’s first rate increase since late 2018. The Fed also signaled that multiple additional interest rate increases were likely to follow in 2022.

Municipal bond market conditions

The municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned -4.47% for the fiscal year. That decline came amid sharply rising interest rates in the first quarter of 2022.

During the fiscal year, investors experienced two different sets of market conditions. For roughly the first three quarters of the fiscal year, municipal bonds benefited from a favorable technical backdrop – robust demand for tax-exempt debt alongside constrained supply. Other factors that boosted the performance of municipal bonds during this time frame included investors’ continued confidence in issuers’ underlying credit quality, ample fiscal stimulus from the federal government, higher-than-anticipated state and local tax collections, and expectations for higher future tax rates. With interest rates remaining low during the 12-month period, longer-dated, lower-rated municipal bonds were especially in demand due to their higher yields.

Starting in late 2021 and persisting through the rest of the fiscal year, market conditions shifted, as the Fed pivoted from seeing inflation as transitory to acting aggressively to slow rising prices. Meanwhile, concern about the Russia-Ukraine war added further uncertainty to the global economic environment. As rates in the US rose and investors expected more Fed rate hikes to come, the demand for municipal bonds steadily declined, leading to a less favorable technical backdrop for the asset class.

Yields on tax-exempt bonds rose for the fiscal year, while the municipal yield curve flattened, indicating that rates on shorter-term bonds rose more than on longer-dated bonds. Bonds with shorter maturities generally outperformed their intermediate- and longer-dated counterparts, while lower-rated bonds tended to outpace higher-quality issues.

These tables show municipal bond returns by maturity length and by credit quality for the fiscal year.

1


Table of Contents

Portfolio management review
Delaware Investments ® National Municipal Income Fund

The following tables show the returns experienced by municipal bonds of varying maturity lengths and credit ratings for the Fund's fiscal year ended March 31, 2022:

Returns by maturity      
1 year (1.51 )%
3 years (3.31 )%
5 years (4.48 )%
10 years (4.79 )%
22+ years (5.30 )%
 
Returns by credit rating
AAA (4.84 )%
AA (4.59 )%
A (4.23 )%
BBB (3.85 )%

Source: Bloomberg.

A consistent management approach

We continue to manage the Fund following the same strategy we use regardless of the market backdrop. We emphasize a bottom-up investment approach, relying on our team’s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Fund’s shareholders what we see as an attractive trade-off between return opportunity and risk.

Pursuing this approach, we tend to maintain relatively less exposure to high-rated, lower-yielding bonds. Instead, we prefer to overweight bonds with lower-investment-grade or below-investment-grade credit ratings and solid underlying credit quality. We prefer to own lower-rated issues because we believe they provide the Fund with greater opportunity to add long-term value for shareholders.

For the first three-quarters of this fiscal year in particular, our purchase activity for the Fund was relatively limited. With credit spreads narrowing and interest rates falling, we saw little need to make large portfolio adjustments because the bonds we already owned in the Fund were generally more attractive to us than the new opportunities the market was offering.

When we did have funds available to invest via the proceeds of bond calls, maturities, or income payments, we sought to take advantage of attractive new issues available in the marketplace. When appropriate, we invested in longer-dated bonds in an effort to keep the Fund’s duration (interest-rate sensitivity) at our desired level.

In the first three months of 2022, as interest rates and bond yields rose and credit spreads widened, we engaged in various tax-loss swaps. With this strategy, we took advantage of opportunities to exchange bonds with lower yields for those with similar risk characteristics but higher yields. With this strategy, we improved the Fund’s income profile while also incurring a tax loss that we believe we may be able to apply to future gains.

Many of our swaps reflected a desire to enhance the Fund’s diversification. In February, the Fund acquired the assets of two state-specific tax-exempt bond funds: Delaware Investments® Minnesota Municipal Income Fund II, Inc. and Delaware Investments®Colorado Municipal Income Fund, Inc. As a result of this reorganization, the Fund gained more exposure to the Minnesota and Colorado state marketplaces than we found optimal. Thus, we quickly prioritized efforts to moderate that exposure. We swapped some Minnesota and Colorado holdings with newer ones that allowed us to achieve our diversification objectives while enhancing the Fund’s income profile. During the quarter, we made considerable progress in diversifying the Fund’s assets. We do, however, expect the diversification process to take time, given that the Minnesota and Colorado funds included various older bonds issued in much higher-interest rate environments, making them more difficult to replace in today’s lower-rate environment.

Individual performance effects

The performers for Delaware Investments National Municipal Income Fund were bonds issued for the Brightline high-speed rail project in South Florida. These nonrated bonds gained 14% for the Fund this fiscal year, far outpacing the Fund’s benchmark return. The bonds benefited from their relatively high income and limited interest rate sensitivity, as well as improved investor optimism about Brightline’s expanding market opportunity.

Bonds for the Legacy Cares athletic complex project in Mesa, Arizona also contributed to the Fund performance, gaining 11% for the fiscal year. These bonds gained ground as the issuer saw more credit improvement than investors had apparently expected. A high coupon and near-term call date also provided additional cushion for the bonds in a rising interest rate environment.

In contrast, bonds for the Chiara Communities senior housing project in Waukesha, Wisconsin, hampered results, returning -19% for the fiscal year and significantly lagging the benchmark. These bonds lagged as the issuer faced ongoing credit challenges owing to difficulties ramping up occupancy in its retirement community following the difficult pandemic years.

Other detractors from the Fund’s performance were University of North Carolina hospital bonds (-10%). These high-quality, non-callable issues struggled, largely due to their relatively extended duration, which proved a negative performance factor as interest rates rose.

2


Table of Contents

Performance summary
Delaware Investments® National Municipal Income Fund

March 31, 2022 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.

Fund performance
Average annual total returns through March 31, 2022       1 year       5 year       10 year       Lifetime
At market price +0.92 % +4.31 % +4.65 % +4.69 %*
At net asset value -3.87 %** +3.78 % +4.83 % +4.78 %*

* The inception date of the performance shown is May 14, 1998. The Fund commenced operations on February 26, 1993.
** Total returns for the report period presented in the table differs from the return in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Funds that have a significant percentage of assets allocated to one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than more geographically diversified funds.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

The Fund’s use of leverage may expose common shareholders to additional volatility, and cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings (Fitch), funding dividend payments or funding redemptions), the Fund will pay additional fees with respect to the leverage.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds

3


Table of Contents

Performance summary
Delaware Investments® National Municipal Income Fund

rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.

Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

The Bloomberg Municipal Bond Index, mentioned on page 1, measures the total return performance of the long-term investment grade tax-exempt bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 7%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.

Past performance does not guarantee future results.

Market price versus net asset value (see notes on next page)

March 31, 2021 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022       Starting value       Ending value

Delaware Investments National Municipal Income Fund @ NAV

$14.84

$13.63

Delaware Investments National Municipal Income Fund @ market price

$13.12

$12.65

Past performance is not a guarantee of future results.

4


Table of Contents

Performance of a $10,000 Investment

Average annual total returns from March 31, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022       Starting value       Ending value

Delaware Investments® National Municipal Income Fund @ NAV

$10,000

$16,032

Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV

$10,000

$15,808

Delaware Investments National Municipal Income Fund @ market price

$10,000

$15,761

Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price

$10,000

$15,130

The “Performance of a $10,000 investment” graph assumes $10,000 invested in the Fund on March 31, 2011 and includes the reinvestment of all distributions at market value. The graph assumes $10,000 in the Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) at market price and at NAV. Performance of the Fund and the Lipper class at market value is based on market performance during the period. Performance of the Fund and Lipper class at NAV is based on the fluctuations in NAV during the period. Delaware Investments National Municipal Income Fund was initially offered with a sales charge of 7%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.

The Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) compares closed-end funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. These funds can be leveraged via use of debt, preferred equity, and/or reverse purchase agreements (source: Lipper).

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Market price is the price an investor would pay for shares of the Fund on the secondary market. NAV is the total value of one fund share, generally equal to a fund’s net assets divided by the number of shares outstanding.

Past performance does not guarantee future results.

5


Table of Contents

Fund basics
As of March 31, 2022 (Unaudited)

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

$285 million

Number of holdings

442

Fund start date

February 26, 1993

NYSE American symbol

VFL

CUSIP number

24610T108

6


Table of Contents

Security type / sector / state / territory allocations
As of March 31, 2022 (Unaudited)

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

Delaware Investments® National Municipal Income Fund

Percentage
Security type / sector       of net assets
Municipal Bonds* 146.96 %
Corporate Revenue Bonds 6.63 %
Education Revenue Bonds 19.16 %
Electric Revenue Bonds 10.02 %
Healthcare Revenue Bonds 40.06 %
Housing Revenue Bonds 0.72 %
Lease Revenue Bonds 7.83 %
Local General Obligation Bonds 10.98 %
Pre-Refunded/Escrowed to Maturity Bonds 9.33 %
Special Tax Revenue Bonds 15.47 %
State General Obligation Bonds 9.15 %
Transportation Revenue Bonds 13.16 %
Water & Sewer Revenue Bonds 4.45 %
Short-Term Investments 1.51 %
Total Value of Securities 148.47 %
Liquidation Value of Preferred** (47.42 %)
Liabilities Net of Receivables and Other Assets (1.05 %)
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 0.18 %
Arizona 2.09 %
California 8.13 %
Colorado 26.04 %
District of Columbia 0.19 %
Florida 2.78 %
Georgia 1.33 %
Guam 0.46 %
Illinois 5.50 %
Indiana 0.20 %
Kansas 0.07 %
Louisiana 0.73 %
Maryland 0.27 %
Massachusetts 0.19 %
Michigan 0.38 %
Minnesota 59.61 %
Mississippi 0.35 %
Missouri 0.53 %
Montana 0.26 %
Nebraska 0.09 %
New Jersey 3.14 %
New York 5.27 %
North Carolina 0.22 %
Ohio 0.87 %
Oregon 0.19 %
Pennsylvania 6.25 %
Puerto Rico 19.16 %
Texas 1.66 %
Utah 0.24 %
Virginia 0.85 %
Washington 0.10 %
Wisconsin 0.96 %
Wyoming 0.18 %
Total Value of Securities 148.47 %

** More information regarding the Fund’s use of preferred shares as leverage is included in Note 6 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.

7


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

March 31, 2022

Principal
                        amount°       Value (US $)
Municipal Bonds — 146.96%
Corporate Revenue Bonds — 6.63%
Arizona Industrial Development
Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 7.75%
7/1/50 # 725,000 $ 821,809
Buckeye Tobacco Settlement
Financing Authority
(Senior)
Series A-2 4.00% 6/1/48 900,000 903,690
Central Plains Energy Project
Revenue, Nebraska
(Project No. 3)
Series A 5.00% 9/1/36 225,000 263,419
Commonwealth Financing
Authority Revenue,
Pennsylvania
(Tobacco Master Settlement
Payment)
4.00% 6/1/39 (AGM) 1,015,000 1,065,506
Denver City & County
(United Airlines Project)
5.00% 10/1/32 (AMT) 215,000 221,433
Florida Development Finance
Surface Transportation
Facilities Revenue
(Brightline Passenger Rail
Project)
Series B 144A 7.375%
1/1/49 (AMT) # 680,000 718,427
(Virgin Trains USA Passenger
Rail Project)
Series A 144A 6.50%
1/1/49 (AMT) # 475,000 475,879
George L Smith II Congress
Center Authority Revenue
(Convention Center Hotel)
Series A 4.00% 1/1/54 2,750,000 2,697,612
M-S-R Energy Authority, California
Gas
Series B 6.50% 11/1/39 250,000 339,247
Series C 7.00% 11/1/34 1,000,000 1,334,610
New York Transportation
Development
(Delta Air Lines, Inc. -
LaGuardia Airport Terminals
C&D Redevelopment
Project)
4.00% 1/1/36 (AMT) 750,000 767,115
Public Authority for Colorado
Energy Natural Gas Revenue
6.25% 11/15/28 865,000 1,002,743
6.50% 11/15/38 2,250,000 3,032,100
Public Finance Authority,
Wisconsin Airport Facilities
Revenue
(Grand Hyatt San Antonio Hotel
Acquisition Project)
5.00% 2/1/62 1,475,000 1,546,111
Shoals, Indiana
(National Gypsum Project)
7.25% 11/1/43 (AMT) 310,000 323,767
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 2,422,414
Tobacco Settlement Financing
Corporation, Louisiana
Asset-Backed Note
Series A 5.25% 5/15/35 460,000 479,131
Tobacco Settlement Financing
Corporation, New Jersey
Series A 5.00% 6/1/46 130,000 141,539
TSASC Revenue, New York
(Settlement)
Series A 5.00% 6/1/41 60,000 65,036
Valparaiso, Indiana
(Pratt Paper Project)
7.00% 1/1/44 (AMT) 240,000 254,935
     18,876,523
Education Revenue Bonds — 19.16%
Arizona Industrial Development
Authority Revenue
(American Charter Schools
Foundation Project)
144A 6.00% 7/1/47 # 330,000 366,066

8


Table of Contents

                        Principal      
amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Bethel Charter School Lease
Revenue
(Spectrum High School Project)
Series A 4.375% 7/1/52 1,100,000 $ 1,103,762
Board of Trustees For Colorado
Mesa University Enterprise
Revenue
Series B 5.00% 5/15/49 750,000 861,240
Brooklyn Park Charter School
Lease Revenue
(Prairie Seeds Academy
Project)
Series A 5.00% 3/1/34 990,000 1,005,196
Series A 5.00% 3/1/39 170,000 171,639
California Educational Facilities
Authority Revenue
(Loma Linda University)
     Series A 5.00% 4/1/47 500,000 547,980
(Stanford University)
Series V-1 5.00% 5/1/49 900,000 1,181,295
Series V-2 2.25% 4/1/51 500,000 376,650
California School Finance
Authority Revenue
(Russell Westbrook Why Not?
Academy - Obligated Group)
Series A 144A 4.00%
6/1/51 # 500,000 440,390
Cologne Charter School Lease
Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/29 270,000 279,588
Series A 5.00% 7/1/45 445,000 453,655
Colorado Educational & Cultural
Facilities Authority Revenue
144A 5.00% 7/1/36 # 500,000 517,950
5.125% 11/1/49 765,000 798,316
144A 5.25% 7/1/46 # 500,000 516,180
(Alexander Dawson School-
Nevada Project)
5.00% 5/15/29 760,000 829,639
(Aspen View Academy Project)
4.00% 5/1/41 175,000 177,445
(Charter School - Atlas
Preparatory School)
144A 5.25% 4/1/45 # 700,000 700,756
(Charter School - Community
Leadership Academy)
7.45% 8/1/48 500,000 524,850
(Charter School - Peak to Peak
Charter)
5.00% 8/15/34 1,000,000 1,051,280
(Global Village Academy -
Northglenn Project)
144A 5.00% 12/1/50 # 475,000 465,747
(Improvement - Charter School
- University Lab School
Building)
5.00% 12/15/45 500,000 527,435
(Liberty Charter School)
Series A 5.00% 1/15/44 1,000,000 1,026,160
(Loveland Classical Schools)
144A 5.00% 7/1/36 # 625,000 654,087
(Science Technology
Engineering and Math
(Stem) School Project)
5.00% 11/1/54 700,000 727,237
(Skyview Charter School)
144A 5.50% 7/1/49 # 750,000 772,380
(Vail Mountain School Project)
4.00% 5/1/46 25,000 24,760
Colorado School of Mines
Series B 5.00% 12/1/42 270,000 275,856
Deephaven Charter School
(Eagle Ridge Academy Project)
Series A 5.25% 7/1/37 590,000 626,368
Series A 5.25% 7/1/40 500,000 528,765
Duluth Housing & Redevelopment
Authority
(Duluth Public Schools
Academy Project)
Series A 5.00% 11/1/48 1,200,000 1,232,400
Florida Development Finance
Surface Transportation
Facilities Revenue
(River City Education Services
Project)
Series A-1 5.00% 7/1/51 395,000 421,749
Series A-1 5.00% 7/1/51 1,330,000 1,356,494
Series A-1 5.00% 2/1/57 575,000 607,160
Forest Lake Minnesota Charter
School Revenue
(Lake International Language
Academy)
Series A 5.375% 8/1/50 915,000 979,526
Series A 5.75% 8/1/44 705,000 723,555

9


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

                        Principal      
amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Health & Educational Facilities
Authority of the State of
Missouri
(St. Louis College of Pharmacy
Project)
5.25% 5/1/33 500,000 $ 518,545
Hugo Charter School Lease
Revenue
(Noble Academy Project)
Series A 5.00% 7/1/34 255,000 260,454
Series A 5.00% 7/1/44 775,000 784,765
Illinois Finance Authority Revenue
(CHF - Chicago, L.L.C. -
University Of Illinois at
Chicago Project)
Series A 5.00% 2/15/50 460,000 489,983
(Chicago International Charter
School Project)
5.00% 12/1/47 535,000 574,140
Louisiana Public Facilities
Authority Revenue
(Provident Group-Flagship
Properties)
Series A 5.00% 7/1/56 500,000 531,730
Massachusetts Development
Finance Agency
(Umass Boston Student  
Housing Project)
5.00% 10/1/48 285,000 305,315
Minneapolis Charter School Lease
Revenue
(Hiawatha Academies Project)
Series A 5.00% 7/1/36 750,000 776,280
Series A 5.00% 7/1/47 900,000 922,725
Minneapolis Student Housing
Revenue
(Riverton Community Housing
Project)
5.25% 8/1/39 205,000 211,312
5.50% 8/1/49 990,000 1,020,819
Minnesota Higher Education
Facilities Authority Revenue
(Carleton College)
4.00% 3/1/36 485,000 516,210
5.00% 3/1/44 905,000 1,016,939
(College of St. Benedict)
4.00% 3/1/36 410,000 426,962
(Gustavus Adolphus College)
5.00% 10/1/47 2,600,000 2,879,526
(Macalester College)
4.00% 3/1/42 900,000 958,887
4.00% 3/1/48 600,000 638,904
(St. Catherine University)
Series A 4.00% 10/1/38 920,000 961,529
Series A 5.00% 10/1/45 785,000 865,957
(St. Johns University)
Series 8-I 5.00% 10/1/31 235,000 256,077
Series 8-I 5.00% 10/1/34 35,000 38,086
(St. Olaf College)
Series 8-N 4.00% 10/1/35 590,000 624,090
(Trustees Of The Hamline
University Of Minnesota)
Series B 5.00% 10/1/47 1,055,000 1,094,024
(University of St. Thomas)
4.00% 10/1/44 645,000 673,928
5.00% 10/1/40 750,000 857,168
Series A 4.00% 10/1/37 500,000 532,135
Otsego Charter School
(Kaleidoscope Charter School)
Series A 5.00% 9/1/34 230,000 233,742
Series A 5.00% 9/1/44 400,000 402,864
Philadelphia, Pennsylvania
Authority for Industrial
Development
(1st Philadelphia Preparatory
College)
Series A 7.25% 6/15/43 370,000 401,935
Phoenix, Arizona Industrial
Development Authority
Revenue
(Rowan University Project)
5.00% 6/1/42 1,000,000 1,004,870
Pima County, Arizona Industrial
Development Authority
(Edkey Charter Schools
Project)
144A 5.00% 7/1/49 # 500,000 507,335
St. Cloud Charter School Lease
Revenue
(Stride Academy Project)
Series A 5.00% 4/1/46 375,000 300,938

10


Table of Contents

                  Principal      
amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Paul Housing &
Redevelopment Authority
Charter School Lease Revenue
(Academia Cesar Chavez
     School Project)
     Series A 5.25% 7/1/50 825,000 $ 829,076
(Great River School Project)
Series A 144A 4.75% 7/1/29 # 100,000 103,444
Series A 144A 5.50% 7/1/38 # 240,000 255,686
(Twin Cities Academy Project)
      Series A 5.30% 7/1/45 630,000 659,503
University of California
Series AI 5.00% 5/15/32 1,000,000 1,036,000
University of Minnesota
Series A 5.00% 9/1/40 1,240,000 1,408,863
Series A 5.00% 9/1/42 2,000,000 2,269,620
Series A 5.00% 4/1/44 1,500,000 1,739,310
University of Texas System Board
of Regents
Series B 5.00% 8/15/49 1,000,000 1,295,260
University of Wyoming
Series C 4.00% 6/1/43 (AGM) 460,000 499,132
54,537,624
Electric Revenue Bonds – 10.02%
Central Minnesota Municipal
Power Agency
(Brookings - Southeast Twin
     Cities Transmission Project)
     3.00% 1/1/38 (AGM) 300,000 299,109
Chaska Electric Revenue
Series A 5.00% 10/1/28 445,000 486,260
City of Fort Collins Electric Utility
Enterprise Revenue
Series A 5.00% 12/1/42 500,000 573,625
City of Loveland Colorado Electric
& Communications Enterprise
Revenue
Series A 5.00% 12/1/44 1,060,000 1,213,965
Long Island Power Authority, New
York Electric System Revenue
5.00% 9/1/47 305,000 341,603
Series A 5.00% 9/1/44 250,000 265,355
Series B 5.00% 9/1/46 130,000 143,350
Minnesota Municipal Power
Agency Electric Revenue
5.00% 10/1/25 500,000 536,965
5.00% 10/1/26 500,000 536,210
5.00% 10/1/27 320,000 343,011
5.00% 10/1/47 1,755,000 1,921,743
Northern Municipal Power Agency
Series A 5.00% 1/1/26 100,000 102,404
Series A 5.00% 1/1/30 340,000 348,174
Philadelphia, Pennsylvania Gas
Works Revenue
(1998 General Ordinance
     Fifteenth Series)
     5.00% 8/1/47 500,000 547,580
Puerto Rico Electric Power
Authority Revenue
Series A 5.05% 7/1/42 ‡ 320,000 306,400
Series AAA 5.25% 7/1/25 ‡ 180,000 173,250
Series CCC 5.25% 7/1/27 1,450,000 1,395,625
Series WW 5.00% 7/1/28 ‡ 1,400,000 1,340,500
Series WW 5.25% 7/1/33 95,000 91,438
Series WW 5.50% 7/1/17 ‡ 210,000 202,387
Series WW 5.50% 7/1/19 ‡ 160,000 154,200
Series XX 4.75% 7/1/26 ‡ 190,000 181,213
Series XX 5.25% 7/1/40 2,305,000 2,218,562
Series XX 5.75% 7/1/36 ‡ 680,000 659,600
Series ZZ 4.75% 7/1/27 ‡ 155,000 147,831
Series ZZ 5.00% 7/1/19 ‡ 280,000 267,400
Series ZZ 5.25% 7/1/24 ‡ 250,000 240,625
Rochester Electric Utility Revenue
Series A 5.00% 12/1/42 605,000 669,808
Series A 5.00% 12/1/47 985,000 1,082,328
Southern Minnesota Municipal
Power Agency Supply Revenue
Series A 5.00% 1/1/41 240,000 261,170
Series A 5.00% 1/1/47 1,650,000 1,851,465
St. Paul Housing &
Redevelopment Authority
Charter School Lease Revenue
Series A 4.00% 10/1/33 285,000 298,848
Series B 4.00% 10/1/37 800,000 834,344
Western Minnesota Municipal
Power Agency Supply Revenue
Series A 5.00% 1/1/25 3,000,000 3,076,170
Series A 5.00% 1/1/26 1,000,000 1,025,090
Series A 5.00% 1/1/49 3,860,000 4,389,360
28,526,968
Healthcare Revenue Bonds – 40.06%
Alabama Special Care Facilities
Financing Authority-
Birmingham Alabama
(Methodist Home for the Aging)
     6.00% 6/1/50 500,000 511,580

11


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

                  Principal      
amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Allegheny County Hospital,
Pennsylvania Development
Authority
(Allegheny Health Network
     Obligated Group Issue)
     Series A 4.00% 4/1/44 300,000 $ 313,509
Anoka Health Care Facilities
Revenue
5.375% 11/1/34 610,000 629,404
Apple Valley Senior Housing
Revenue
(PHS Senior Housing, Inc.
Orchard Path Project)
4.50% 9/1/53 1,160,000 1,165,951
5.00% 9/1/58 1,605,000 1,611,404
Apple Valley Senior Living
Revenue
(Senior Living LLC Project)
Series B 5.00% 1/1/47 715,000 481,881
4th Tier
Series D 7.00% 1/1/37 685,000 507,023
Series D 7.25% 1/1/52 1,035,000 712,743
Arizona Industrial Development
Authority Revenue
(Great Lakes Senior Living
Communities LLC Project)
Series B 5.00% 1/1/49 70,000 50,227
Series D-2 144A 7.75% 1/1/54 # 50,000 35,132
(Phoenix Children's Hospital)
     Series A 4.00% 2/1/50 755,000 782,580
Bethel Housing & Health Care
Facilities Revenue
(Benedictine Health System-
     St. Peter Communities
     Project)
           Series A 5.50% 12/1/48 500,000 489,015
Brookhaven Development
Authority Revenue, Georgia
(Children's Healthcare of
     Atlanta)
     Series A 4.00% 7/1/49 30,000 31,610
California Health Facilities
Financing Authority
Series A 4.00% 4/1/49 1,000,000 1,018,200
California Health Facilities
Financing Authority Revenue
(Kaiser Permanente)
     Series A-2 5.00% 11/1/47 1,030,000 1,305,937
Center City Health Care Facilities
Revenue
(Hazelden Betty Ford
     Foundation Project)
     5.00% 11/1/27 500,000 532,780
City of Bethel
(The Lodge at Lakes at
     Stillwater Project)
     5.25% 6/1/58 1,775,000 1,741,026
City of Center City, Minnesota
Healthcare Facilities Revenue
Refunding
(Hazelden Betty Ford
     Foundation Project)
     4.00% 11/1/41 200,000 210,270
City of Crookston, Minnesota
Health Care Facilities Revenue
(Riverview Health Project)
     5.00% 5/1/51 1,390,000 1,354,597
Colorado Health Facilities
Authority Revenue
(Aberdeen Ridge)
     Series A 5.00% 5/15/49 500,000 478,520
(AdventHealth Obligated
Group)
Series A 3.00% 11/15/51 500,000 441,875
Series A 4.00% 11/15/43 1,000,000 1,058,250
(Adventist Health System/
     Sunbelt Obligated Group)
     Series A 5.00% 11/15/48 1,000,000 1,122,540
(Bethesda Project)
     Series A-1 5.00% 9/15/48 750,000 798,368
(Boulder Community Health
Project)
4.00% 10/1/38 250,000 267,385
4.00% 10/1/39 250,000 266,965
4.00% 10/1/40 280,000 298,323
(Cappella of Grand Junction
     Project)
     144A 5.00% 12/1/54 # 695,000 586,365
(CommonSpirit Health)
Series A-1 4.00% 8/1/39 550,000 577,209
Series A-2 4.00% 8/1/49 2,500,000 2,594,075
Series A-2 5.00% 8/1/39 1,500,000 1,698,495
Series A-2 5.00% 8/1/44 1,500,000 1,681,365
(Covenant Living Communities
     and Services)
     Series A 4.00% 12/1/40 750,000 809,355

12


Table of Contents

                        Principal      
amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities
Authority Revenue
(Covenant Retirement
Communities Inc.)
5.00% 12/1/35 1,000,000 $ 1,069,090
(Healthcare Facilities -
American Baptist)
8.00% 8/1/43 830,000 861,523
(Mental Health Center of
Denver Project)
Series A 5.75% 2/1/44 1,500,000 1,559,880
(National Jewish Health
Project)
5.00% 1/1/27 500,000 501,015
(Sanford Health)
Series A 5.00% 11/1/44 2,000,000 2,249,180
(SCL Health System)
Series A 4.00% 1/1/37 575,000 613,962
Series A 4.00% 1/1/38 1,950,000 2,076,301
Series A 4.00% 1/1/39 465,000 494,397
(Sunny Vista Living Center)
Series A 144A 6.25%
12/1/50 # 505,000 442,355
(Vail Valley Medical Center
Project)
5.00% 1/15/35 1,250,000 1,356,125
Cuyahoga County, Ohio Hospital
Revenue
(The Metrohealth System)
5.50% 2/15/57 1,000,000 1,110,520
Dakota County Community
Development Agency Senior
Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/46 # 370,000 371,121
Series A 144A 5.00% 8/1/51 # 755,000 757,159
Deephaven Housing & Healthcare
Revenue
(St. Therese Senior Living
Project)
Series A 5.00% 4/1/38 280,000 270,721
Series A 5.00% 4/1/40 270,000 257,963
Denver Health & Hospital
Authority Health Care Revenue
Series A 4.00% 12/1/40 500,000 525,335
Duluth Economic Development
Authority
(Essentia Health Obligated
Group)
Series A 5.00% 2/15/48 810,000 903,199
(St. Luke’s Hospital of Duluth
Obligated Group)
Unrefunded Balance 6.00%
6/15/39 980,000 989,427
Escambia County Health Facilities
Authority Revenue
(Healthcare Facilities - Baptist)
Series A 4.00% 8/15/50 1,540,000 1,565,687
Glendale, Arizona Industrial
Development Authority
(Royal Oaks - Inspirata Pointe
Project)
Series A 5.00% 5/15/56 500,000 531,940
Hamilton County, Ohio Hospital
Revenue
(Cincinnati Children's Hospital
Medical Center Project)
Series CC 5.00% 11/15/49 345,000 442,297
Hayward
(American Baptist Homes
Midwest)
5.75% 2/1/44 500,000 459,805
Hayward Health Care Facilities
Revenue
(St. John's Lutheran Home of
Albert Lea)
5.375% 10/1/44 260,000 237,687
Housing & Redevelopment
Authority of The City of St Paul
Minnesota
Series A 5.00% 12/1/30 300,000 342,981
Illinois Finance Authority Revenue
(NorthShore - Edward-Elmhurst
Health Credit Group)
Series A 5.00% 8/15/47 3,355,000 3,882,775
Kalispell, Montana
(Immanuel Lutheran
Corporation Project)
Series A 5.25% 5/15/37 700,000 731,507

13


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

                  Principal      
amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Lancaster County Hospital
Authority
(Penn State Health)
     5.00% 11/1/51 2,345,000 $ 2,628,628
Maple Grove Health Care
Facilities Revenue
(Maple Grove Hospital
     Corporation)
     4.00% 5/1/37 1,000,000 1,058,240
(North Memorial Health Care)
     5.00% 9/1/30 865,000 935,420
Maple Plain Senior Housing &
Health Care Revenue
(Haven Homes Project)
     5.00% 7/1/54 1,500,000 1,506,045
Maryland Health & Higher
Educational Facilities Authority
(University of Maryland Medical
     System Issue)
     Series D 4.00% 7/1/48 255,000 267,737
Miami-Dade County, Florida
Health Facilities Authority
Revenue
(Nicklaus Children's Hospital
     Project)
     5.00% 8/1/47 200,000 221,520
Michigan Finance Authority
Revenue
(Beaumont Health Credit
     Group)
     5.00% 11/1/44 1,000,000 1,083,970
Minneapolis Health Care System
Revenue
(Fairview Health Services)
Series A 4.00% 11/15/48 2,855,000 2,914,098
Series A 5.00% 11/15/33 500,000 543,110
Series A 5.00% 11/15/34 500,000 543,110
Series A 5.00% 11/15/49 2,000,000 2,254,340
Minneapolis Senior Housing &
Healthcare Revenue
(Ecumen Mill City Quarter)
5.25% 11/1/45 850,000 850,221
5.375% 11/1/50 200,000 200,166
(Ecumen-Abiitan Mill City
     Project)
     5.00% 11/1/35 220,000 219,776
Minneapolis – St. Paul Housing &
Redevelopment Authority
Health Care Revenue
(Allina Health System)
     Series A 5.00% 11/15/29 585,000 661,910
Monroe County, New York
Industrial Development
Revenue
(Rochester Regional Health
     Project)
     Series A 4.00% 12/1/46 440,000 453,218
Montgomery County Higher
Education and Health Authority
(Thomas Jefferson University)
Series A 4.00% 9/1/49 750,000 770,715
Series B 4.00% 5/1/56 1,000,000 1,017,620
Moon, Pennsylvania Industrial
Development Authority
(Baptist Homes Society
     Obligation)
     6.125% 7/1/50 750,000 776,025
New Hope, Texas Cultural
Education Facilities
(Cardinal Bay Inc.)
Series A1 5.00% 7/1/51 ‡ 135,000 102,600
Series B 4.75% 7/1/51 160,000 88,000
New Jersey Health Care Facilities
Financing Authority Revenue
(St. Peters University Hospital)
     6.25% 7/1/35 300,000 300,678
(Valley Health System
     Obligated)
     4.00% 7/1/44 475,000 509,570
New York State Dormitory
Authority
Series A 4.00% 7/1/53 355,000 367,400
(Orange Regional Medical
     Center)
     144A 5.00% 12/1/35 # 500,000 557,520
(Personal Income Tax)
     4.00% 3/15/48 4,000,000 4,182,340
Oregon State Facilities Authority
Revenue
(Peacehealth Project)
     Series A 5.00% 11/15/29 500,000 529,905
Palomar Health, California
5.00% 11/1/39 130,000 142,401

14


Table of Contents

                        Principal      
amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Pennsylvania Higher Educational
Facilities Authority Revenue
(University of Pennsylvania
Health System)
Series A 4.00% 8/15/43 1,905,000 $ 2,025,244
Rochester Health Care & Housing
Revenue
(The Homestead at Rochester
Project)
Series A 6.875% 12/1/48 1,220,000 1,260,175
Rochester Health Care Facilities
Revenue
(Mayo Clinic)
4.00% 11/15/41 4,860,000 4,874,871
5.00% 11/15/57 2,175,000 2,537,551
Sartell Health Care Facilities
Revenue
(Country Manor Campus
Project)
Series A 5.25% 9/1/30 1,000,000 1,001,660
Series A 5.30% 9/1/37 600,000 601,500
Shakopee Health Care Facilities
Revenue
(St. Francis Regional Medical
Center)
4.00% 9/1/31 205,000 213,020
5.00% 9/1/34 165,000 175,441
St. Cloud Health Care Revenue
(Centracare Health System
Project)
4.00% 5/1/49 1,585,000 1,673,475
5.00% 5/1/48 3,150,000 3,569,359
Series A 4.00% 5/1/37 1,295,000 1,366,614
Series A 5.00% 5/1/46 4,800,000 5,247,120
Series B 5.00% 5/1/24 1,400,000 1,482,026
St. Paul Housing &
Redevelopment Authority
Health Care Facilities Revenue
(Fairview Health Services)
Series A 4.00% 11/15/43 905,000 930,476
Series A 5.00% 11/15/47 680,000 755,976
(Health Partners Obligation
Group Project)
Series A 5.00% 7/1/29 2,000,000 2,165,960
Series A 5.00% 7/1/32 1,100,000 1,189,122
St. Paul Housing &
Redevelopment Authority
Housing & Health Care
Facilities Revenue
Series A 5.00% 12/1/36 750,000 838,717
(Senior Episcopal Homes
Project)
5.125% 5/1/48 1,200,000 1,206,240
Tarrant County, Texas Cultural
Education Facilities Finance
(Buckner Senior Living -
Ventana Project)
Series A 6.75% 11/15/47 250,000 266,725
University of North Carolina Board
of Governors
5.00% 2/1/49 500,000 620,310
Washington Health Care Facilities
Authority Revenue
(CommonSpirit Health)
Series A-2 5.00% 8/1/38 250,000 283,465
Westminster, Maryland
(Lutheran Village Millers Grant)
Series A 6.00% 7/1/34 500,000 526,360
Wisconsin Health & Educational
Facilities Authority
(Covenant Communities, Inc.
Project)
Series B 5.00% 7/1/53 1,000,000 786,080
Woodbury Housing &
Redevelopment Authority
Revenue
(St. Therese of Woodbury)
5.125% 12/1/44 1,250,000 1,255,912
Yavapai County, Arizona Industrial
Development Authority
Revenue
(Yavapai Regional Medical
Center)
Series A 5.00% 8/1/28 720,000 749,657
114,057,250
Housing Revenue Bonds – 0.72%
Minnesota Housing Finance
Agency
(Non Ace - State Appropriated
Housing)
Series C 5.00% 8/1/33 1,390,000 1,475,902

15


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

                        Principal      
amount° Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Northwest Multi-County Housing &
Redevelopment Authority
(Pooled Housing Program)
5.50% 7/1/45 560,000 $ 563,298
2,039,200
Lease Revenue Bonds – 7.83%
Denver Health & Hospital
Authority
(550 ACOMA, Inc.)
4.00% 12/1/38 500,000 525,220
Metropolitan Pier &
Exposition Authority Illinois
Revenue
(McCormick Place Expansion)
4.00% 6/15/50 1,375,000 1,367,066
5.00% 6/15/50 290,000 309,433
Series B 2.855% 12/15/54 (BAM) ^ 990,000 243,362
Minnesota State General Fund
Revenue Appropriations
Series A 5.00% 6/1/32 780,000 807,620
Series A 5.00% 6/1/38 5,500,000 5,692,170
Series A 5.00% 6/1/43 1,750,000 1,808,905
Minnesota State Housing Finance
Agency
(Non Ace - State Appropriated
Housing)
Series C 5.00% 8/1/36 1,000,000 1,060,400
New Jersey Economic
Development Authority
(Transit Transportation Project)
Series A 4.00% 11/1/44 400,000 408,984
New Jersey State Transportation
Trust Fund Authority
(Capital Appreciation)
Series A 3.114%
12/15/39 (BAM) ^ 5,290,000 2,776,721
(Transportation Program)
Series B 4.00% 6/15/50 1,000,000 1,010,650
New York Liberty Development
Revenue
(4 World Trade Center Project)
Series A 3.00% 11/15/51 3,640,000 3,149,328
State of Colorado Department of
Transportation
Certificates of Participation
5.00% 6/15/34 340,000 374,184
5.00% 6/15/36 545,000 597,968
Virginia Commonwealth
Transportation Board
(U.S. Route 58 Corridor
Development Program)
4.00% 5/15/47 2,000,000 2,155,140
22,287,151
Local General Obligation Bonds – 10.98%
Adams & Weld Counties School
District No 27J Brighton
4.00% 12/1/30 700,000 747,579
Arapahoe County School District
No. 6 Littleton
Series A 5.50% 12/1/38 650,000 778,876
Beacon Point Metropolitan District
5.00% 12/1/30 (AGM) 600,000 659,370
Boulder Valley School District No
RE-2 Boulder
Series A 4.00% 12/1/48 500,000 543,585
Brainerd Independent School
District No. 181
(General Obligation School
Building Bonds)
Series A 4.00% 2/1/38 1,500,000 1,597,110
Series A 4.00% 2/1/43 1,500,000 1,586,625
Chicago Board of Education,
Illinois
5.00% 4/1/42 205,000 218,870
5.00% 4/1/46 210,000 223,526
Chicago, Illinois
Series A 5.50% 1/1/34 225,000 241,090
Series C 5.00% 1/1/38 500,000 532,625
Duluth Independent School
District No. 709
Series A 4.00% 2/1/27 600,000 639,924
Duluth, Minnesota
(Improvement DECC)
Series A 5.00% 2/1/34 545,000 600,530
Edina Independent School District
No. 273
Series A 5.00% 2/1/27 1,500,000 1,626,525
Grand River Hospital District
5.25% 12/1/37 (AGM) 675,000 766,814
Hennepin County
Series A 5.00% 12/1/36 300,000 337,896
Series A 5.00% 12/1/37 1,240,000 1,421,487
Series A 5.00% 12/1/41 1,060,000 1,189,394

16


Table of Contents

                  Principal      
amount° Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Jefferson County School District
No. R-1
5.25% 12/15/24 750,000 $ 816,375
Mahtomedi Independent School
District No. 832
(School Building)
     Series A 5.00% 2/1/28 515,000 557,554
Mesa County Valley School
District No. 51 Grand Junction
4.00% 12/1/41 1,000,000 1,102,150
Minneapolis Special School
District No. 1
Series A 4.00% 2/1/36 190,000 208,103
Series A 4.00% 2/1/37 250,000 273,195
Series A 4.00% 2/1/38 260,000 283,408
Series B 4.00% 2/1/36 400,000 438,112
Series B 4.00% 2/1/37 530,000 579,173
Series B 4.00% 2/1/38 550,000 599,517
Mounds View Independent School
District No. 621
(School Building)
     Series A 4.00% 2/1/43 2,000,000 2,109,000
New York City, New York
Series C 5.00% 8/1/43 500,000 573,020
St. Michael-Albertville
Independent School District No.
885
(School Building)
     Series A 5.00% 2/1/27 1,300,000 1,446,601
St. Paul Independent School
District No. 625
(School Building)
     Series B 5.00% 2/1/26 1,000,000 1,028,350
Verve Metropolitan District No 1
5.00% 12/1/51 1,000,000 1,009,270
Weld County School District No.
RE-1
5.00% 12/15/30 (AGM) 500,000 559,340
Weld County School District No.
RE-2 Eaton
Series 2 5.00% 12/1/44 1,250,000 1,469,512
Weld County School District No.
RE-3J
5.00% 12/15/34 (BAM) 1,000,000 1,115,850
Weld County School District No.
RE-8
5.00% 12/1/31 510,000 573,459
5.00% 12/1/32 340,000 381,987
White Bear Lake Independent
School District No. 624
Series A 3.00% 2/1/43 2,595,000 2,433,591
31,269,393
Pre-Refunded/Escrowed to Maturity Bonds – 9.33%
Colorado Educational & Cultural
Facilities Authority Revenue
(Johnson & Wales University)
      Series A 5.25% 4/1/37-23 § 900,000 930,213
Colorado Health Facilities
Authority Revenue
(Covenant Retirement
     Communities Inc.)
     Series A 5.75%
     12/1/36-23 § 1,000,000 1,064,980
(Evangelical Lutheran Good
Samaritan Society)
5.00% 6/1/28-23 § 1,250,000 1,296,750
5.50% 6/1/33-23 § 2,000,000 2,086,220
5.625% 6/1/43-23 § 1,000,000 1,044,540
(Frasier Meadows Retirement
     Community Project)
     Series B 5.00% 5/15/48 340,000 351,937
Colorado School of Mines
Series B 5.00% 12/1/42-22 § 1,115,000 1,141,258
Commerce City
5.00% 8/1/44-24 (AGM) § 1,000,000 1,055,970
Deephaven Charter School
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/43-23 § 500,000 522,950
Denver City & County Airport
System Revenue
Series B 5.00% 11/15/37-22 § 1,700,000 1,738,624
Duluth Economic Development
Authority
(St. Luke’s Hospital of Duluth
     Obligated Group)
     6.00% 6/15/39-22 20,000 20,192
East Hempfield Township,
Pennsylvania Industrial
Development Authority
(Student Services Income -
     Student Housing Project)
     5.00% 7/1/35-23 § 1,000,000 1,040,410
Eaton Area Park & Recreation
District
5.25% 12/1/34-22 § 190,000 194,849
JEA Electric System Revenue,
Florida
Series A 5.00% 10/1/33-23 § 645,000 675,618

17


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

                  Principal      
amount° Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Minnesota Higher Education
Facilities Authority Revenue
(St. Catherine University)
     Series 7-Q 5.00%
     10/1/32-22 § 700,000 $ 712,971
New Hope, Texas Cultural
Education Facilities
(Chief-Collegiate Housing-
     Tarleton St.)
     Series A 5.00% 4/1/34-24 § 1,000,000 1,059,220
New Jersey Economic
Development Authority
Series WW 5.25%
     6/15/30-25 § 1,000,000 1,099,040
New Jersey Economic
Development Authority
Revenue
(Cigarette Tax)
5.00% 6/15/28-22 § 200,000 201,596
5.00% 6/15/29-22 § 800,000 806,384
Palm Beach County Health
Facilities Authority, Florida
(Sinai Residences Boca Raton
     Project)
     Series A 7.50% 6/1/49 105,000 108,150
Philadelphia, Pennsylvania Water
& Wastewater Revenue
Series A 5.00% 7/1/45-24 § 500,000 533,620
Rice County Educational Facilities
Revenue
(Shattuck-St. Mary's School)
     Series A 144A 5.00%
     8/1/22 # 900,000 911,601
Rochester Electric Utility Revenue
Series B 5.00% 12/1/30-23 § 1,300,000 1,368,614
Series B 5.00% 12/1/43-23 § 1,000,000 1,052,780
St. Paul Housing &
Redevelopment Authority
Hospital Facility
(Healtheast Care System
Project)
Series A 5.00% 11/15/29-25 § 395,000 435,409
Series A 5.00% 11/15/30-25 § 290,000 319,667
Tallyn's Reach Metropolitan
District No. 3
(Limited Tax Convertible)
     5.125% 11/1/38-23 § 295,000 309,187
Western Minnesota Municipal
Power Agency Supply Revenue
Series A 5.00% 1/1/33-24 § 1,000,000 1,054,820
Series A 5.00% 1/1/40-24 § 750,000 791,115
Series A 5.00% 1/1/46-24 § 2,500,000 2,637,050
26,565,735
Special Tax Revenue Bonds – 15.47%
Central Platte Valley Metropolitan
District
5.00% 12/1/43 375,000 381,758
Fountain Urban Renewal Authority
Tax Increment Revenue
(Academy Highlands Project)
     Series A 5.50% 11/1/44 655,000 659,821
GDB Debt Recovery Authority of
Puerto Rico
7.50% 8/20/40 4,542,695 4,270,133
Lincoln Park Metropolitan District
5.00% 12/1/46 (AGM) 500,000 552,870
Massachusetts Bay Transportation
Authority Senior
Series A 5.25% 7/1/29 200,000 239,862
Miami-Dade County
(Capital Appreciation)
     0.00% 10/1/37 (BAM) ^ 3,000,000 1,723,050
Minneapolis Revenue
(YMCA Greater Twin Cities
     Project)
     4.00% 6/1/29 165,000 168,411
Northampton County,
Pennsylvania Industrial
Development Authority
Revenue
(Route 33 Project)
     7.00% 7/1/32 205,000 213,196
Prairie Center Metropolitan District
No. 3
Series A 144A 5.00%
     12/15/41 # 500,000 510,570
Public Finance Authority,
Wisconsin Airport Facilities
Revenue
(American Dream @
     Meadowlands Project)
     144A 7.00% 12/1/50 # 380,000 385,069

18


Table of Contents

               Principal     
amount° Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)  
Puerto Rico Sales Tax Financing  
Revenue
(Restructured)
Series A-1 4.55% 7/1/40 2,250,000 $ 2,362,320
Series A-1 4.558% 7/1/46 ^ 14,315,000 4,392,414
Series A-1 4.75% 7/1/53 6,460,000 6,793,788
Series A-1 4.906% 7/1/51 ^ 34,247,000 7,624,410
Series A-1 5.00% 7/1/58 7,272,000 7,749,698
Series A-2 4.329% 7/1/40 595,000 616,997
Series A-2 4.784% 7/1/58 1,100,000 1,159,202
Regional Transportation District  
Sales Tax Revenue
(FasTracks Project)
Series A 5.00% 11/1/30 330,000 371,197
Series A 5.00% 11/1/31 755,000 847,850
Sales Tax Securitization, Illinois  
Series A 5.00% 1/1/40 500,000 554,955
Southlands Metropolitan District  
No. 1
Series A-1 5.00% 12/1/37 200,000 210,040
Series A-1 5.00% 12/1/47 300,000 311,040
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/30 935,000 998,935
Thornton Development Authority  
(East 144th Avenue & I-
25 Project)
Series B 5.00% 12/1/35 265,000 282,516
Series B 5.00% 12/1/36 440,000 468,732
Wyandotte County, Kansas City,  
Kansas Unified Government  
Special Obligation Revenue  
(Sales Tax - Vacation Village  
     Project A)
     Series A 5.75% 9/1/32 220,000 208,919
44,057,753
State General Obligation Bonds – 9.15%    
California State
(CommonSpirit Health)
     5.00% 4/1/42 1,000,000 1,203,930
(Various Purposes)
     5.00% 11/1/47 1,000,000 1,119,960
Commonwealth of Puerto Rico  
(Custodial Receipts)
     Series A 144A 5.50%
     6/1/22 # 1,215,000 1,237,781
(Restructured)
0.01% 11/1/51 3,261,751 1,577,872
Series A 0.000% 7/1/33 ^ 711,554 412,033
Series A 2.993% 7/1/24 ^ 284,418 259,699
Series A1 4.00% 7/1/33 552,919 541,214
Series A1 4.00% 7/1/35 496,999 481,060
Series A1 4.00% 7/1/37 426,556 410,944
Series A1 4.00% 7/1/41 579,952 552,915
Series A1 4.00% 7/1/46 603,144 569,947
Series A1 5.25% 7/1/23 617,527 632,737
Series A1 5.375% 7/1/25 615,797 650,269
Series A1 5.625% 7/1/27 610,217 667,199
Series A1 5.625% 7/1/29 600,319 670,676
Series A1 5.75% 7/1/31 583,086 665,587
Series C 2.646% 11/1/43 2,848,740 1,534,759
(Various Custodial Receipts)
     144A 0.01% 6/1/22 # 1,360,000 1,349,800
Illinois State
5.00% 1/1/28 285,000 307,706
5.00% 5/1/36 90,000 94,867
5.00% 11/1/36 1,170,000 1,263,073
5.00% 2/1/39 160,000 167,613
5.50% 5/1/39 500,000 565,535
Series A 5.00% 4/1/38 170,000 175,510
Series A 5.125% 12/1/29 310,000 343,015
Series C 4.00% 10/1/41 1,500,000 1,516,155
(Rebuild Illinois Program)
     Series B 4.00% 11/1/39 1,300,000 1,320,540
Minnesota State
Series E 5.00% 10/1/26 1,480,000 1,670,668
(Various Purposes)
     Series F 5.00% 10/1/22 4,000,000 4,075,520
26,038,584
Transportation Revenue Bonds – 13.16%  
Alameda Corridor, California
Transportation Authority
(2nd Sub Lien)
     Series B 5.00% 10/1/37 430,000 470,583
Atlanta, Georgia Department of
Aviation
Series B 5.00% 1/1/29 1,000,000 1,051,290
California Municipal Finance
Authority Mobile Home Park
Revenue
(LINXS APM Project)
     Series A 5.00%
     12/31/47 (AMT) 615,000 664,840
Chicago, Illinois O'Hare
International Airport Revenue
(General-Senior Lien)
Series A 5.00% 1/1/48 (AMT) 250,000 272,263

19


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

               Principal     
amount° Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)  
Chicago, Illinois O'Hare
International Airport Revenue
(General-Senior Lien)
Series D 5.25% 1/1/34 1,000,000 $ 1,023,850
Colorado High Performance
Transportation Enterprise
Revenue
(C-470 Express Lanes)
     5.00% 12/31/56 1,000,000 1,076,470
(Senior U.S. 36 & I-
     25 Managed Lanes)
          5.75% 1/1/44 (AMT) 1,110,000 1,142,201
Denver City & County Airport
System Revenue
Series A 5.00% 12/1/29 (AMT) 270,000 305,065
Series A 5.00% 12/1/48 (AMT) 1,000,000 1,098,670
Foothill-Eastern Transportation
Corridor Agency
Series A 4.00% 1/15/46 1,000,000 1,045,740
Series C 4.00% 1/15/43 2,000,000 2,082,080
Harris County, Texas Toll Road
Authority Revenue
(Senior Lien)
     Series A 4.00% 8/15/48 500,000 534,895
Metropolitan Transportation
Authority Revenue,
New York
(Green Bond)
Series A-1 5.00% 11/15/47 1,000,000 1,092,620
Series C-1 5.25% 11/15/55 750,000 829,957
Metropolitan Washington D.C.
Airports Authority Dulles Toll
Road Revenue
(Dulles Metrorail and Capital
     Improvement Projects)
     Series B 4.00% 10/1/49 510,000 528,569
Minneapolis – St. Paul
Metropolitan Airports
Commission Revenue
(Subordinate)
Series A 5.00% 1/1/31 410,000 454,993
Series A 5.00% 1/1/32 1,255,000 1,391,055
Series A 5.00% 1/1/49 2,095,000 2,334,856
Series B 5.00% 1/1/26 (AMT) 500,000 521,700
Series C 5.00% 1/1/33 2,000,000 2,214,440
Series C 5.00% 1/1/36 1,000,000 1,104,830
Series C 5.00% 1/1/46 1,245,000 1,359,254
New Jersey Turnpike Authority
Series A 4.00% 1/1/48 1,000,000 1,052,810
Series B 5.00% 1/1/40 250,000 281,987
New Orleans, Louisiana Aviation
Board
Series B 5.00% 1/1/45 (AMT) 1,000,000 1,056,220
New York Transportation
Development
(La Guardia Airport)
     Series A 5.25%
     1/1/50 (AMT) 700,000 732,585
(Terminal 4 John F. Kennedy
     International Airport Project))
     Series C 4.00% 12/1/41 65,000 67,181
Pennsylvania Turnpike
Commission Subordinate
Series A 5.00% 12/1/48 5,000,000 5,691,650
Series A-1 5.00% 12/1/43 500,000 534,785
Series A-1 5.00% 12/1/47 210,000 235,110
Phoenix City, Arizona Civic
Improvement Airport Revenue
Series B 5.00% 7/1/49 (AMT) 1,000,000 1,099,570
Salt Lake City, Utah Airport
Revenue
Series B 5.00% 7/1/42 625,000 689,906
South Jersey Port Corporation
(Subordinated Marine Terminal
     Revenue)
     Series B 5.00%
     1/1/48 (AMT) 195,000 208,270
South Jersey Port, New Jersey
(Subordinated Marine Terminal
Revenue)
Series A 5.00% 1/1/49 85,000 91,826
Series B 5.00% 1/1/42 (AMT) 85,000 91,129
St. Louis, Missouri Airport
Revenue
(Lambert St. Louis
     International)
          5.00% 7/1/32 (AMT) 1,000,000 1,006,440
Texas Private Activity Bond
Surface Transportation
Corporate Senior Lien Revenue
(Blueridge Transportation
Group)
5.00% 12/31/40 (AMT) 110,000 117,740
5.00% 12/31/45 (AMT) 110,000 117,179

20


Table of Contents

               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% 12/31/50 (AMT) 160,000 $ 169,998
(NTE Mobility Partners
     Segments 3 LLC Segment
     3C Project)
          5.00% 6/30/58 (AMT) 500,000 549,580
(NTE Mobility Partners)
6.75% 6/30/43 (AMT) 225,000 239,940
7.00% 12/31/38 (AMT) 165,000 176,599
Triborough Bridge & Tunnel
Authority Revenue, New York
(MTA Bridges And Tunnels)
     Series A 5.00% 11/15/49 350,000 400,369
Virginia Small Business Financing
Authority
(Transform 66 P3 Project)
     5.00% 12/31/56 (AMT) 235,000 260,107
37,471,202
Water & Sewer Revenue Bonds – 4.45%
Arapahoe County Water &
Wastewater Authority Revenue
Series A 4.00% 12/1/39 1,250,000 1,357,613
Guam Government Waterworks
Authority
5.00% 7/1/40 1,200,000 1,317,576
Metropolitan Council Waste Water
Revenue
Series B 4.00% 9/1/27 1,145,000 1,158,099
Series C 4.00% 3/1/31 355,000 383,737
Series C 4.00% 3/1/32 1,405,000 1,517,372
Morgan County Quality Water
District
4.00% 12/1/50 (AGM) 365,000 384,867
New York City, New York Water &
Sewer System Revenue
Series GG-1 4.00% 6/15/50 500,000 526,315
(Unrefunded Balance)
     5.00% 6/15/47 185,000 191,564
Sacramento County Sanitation
Districts Financing Authority
Series A 5.00% 12/1/50 5,000,000 5,839,359
12,676,502
Total Municipal Bonds
(cost $416,192,765) 418,403,885
          
Short-Term Investments – 1.51%
Variable Rate Demand Notes – 1.51%¤
Los Angeles Department of Water
& Power Revenue
Subordinate Series A-1 0.31%
7/1/50 (SPA - Royal Bank Of
Canada) 3,000,000 3,000,000
Mississippi Business Finance
Corporation Gulf Opportunity
Zone Industrial Development
Revenue
(Chevron U.S.A. Inc. Project)
Series B 0.37% 12/1/30 1,000,000 1,000,000
New York City, New York
Subordinate Series E-5 0.36%
3/1/48 (LOC - TD Bank N.A.) 300,000 300,000
Total Short-Term Investments
(cost $4,300,000) 4,300,000
Total Value of Securities–148.47%
(cost $420,492,765) $ 422,703,885

°

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 March 31, 2022, the aggregate value of Rule 144A securities was $16,883,023, which represents 5.93% of the Fund's net assets. See Note 8 in “Notes to financial statements.”

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 8 in “Notes to financial statements.”

¤

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 March 31, 2022.

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

21


Table of Contents

Schedule of investments
Delaware Investments® National Municipal Income Fund

LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

22


Table of Contents

Statement of assets and liabilities
Delaware Investments® National Municipal Income Fund

March 31, 2022

Assets:
     Investments, at value* $ 422,703,885
     Cash 3,221,860
     Receivable for securities sold 22,064,142
     Interest receivable 5,043,118
     Prepaid rating agency fee 43,740
     Offering cost for preferred shareholders 198,666
     Other assets 402,996
     Total Assets 453,678,407
Liabilities:
     Liquidation value of preferred stock 135,000,000
     Payable for securities purchased 33,738,753
     Investment management fees payable to affiliates 144,916
     Audit and tax fees payable 44,046
     Other accrued expenses 28,421
     Legal fees payable to affiliates 13,380
     Trustees’ fees and expenses payable to affiliates 1,418
     Accounting and administration expenses payable to affiliates 1,349
     Reports and statements to shareholders expenses payable to affiliates 145
     Total Liabilities 168,972,428
Total Net Assets Applicable to Common Shareholders $ 284,705,979
    
Net Assets Applicable to Common Shareholders Consist of:
     Paid-in capital ($0.001 par value)●, ϕ $ 285,042,589
     Total distributable earnings (loss) (336,610 )
Total Net Assets Applicable to Common Shareholders $ 284,705,979
Net Asset Value per Common Share $ 13.59
                    
* Investments, at cost $ 420,492,765
Common shares outstanding 20,956,695
ϕ Common shares authorized unlimited

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

23


Table of Contents

Statement of operations
Delaware Investments® National Municipal Income Fund

Year ended March 31, 2022

Investment Income:
      Interest $ 4,879,305
Expenses:
Management fees 562,082
Interest expense 508,966
Legal fees 156,770
Dividend disbursing and transfer agent fees and expenses 64,444
Accounting and administration expenses 58,941
Reports and statements to shareholders expenses 42,526
Audit and tax fees 40,058
Rating agency fees 37,916
Offering costs 8,141
Stock exchange fees 6,391
Trustees’ fees and expenses 3,240
Custodian fees 2,585
Registration fees 450
Other 30,239
Total operating expenses 1,522,749
Net Investment Income 3,356,556
Net Realized and Unrealized Loss:
Net realized loss on investments (2,015,982 )
Net change in unrealized appreciation (depreciation) of investments (15,173,054 )
Net Realized and Unrealized Loss (17,189,036 )
Net Decrease in Net Assets Resulting from Operations $ (13,832,480 )

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

24


Table of Contents

Statements of changes in net assets
Delaware Investments® National Municipal Income Fund

Year ended
3/31/22       3/31/21
Increase (Decrease) in Net Assets from Operations: