VCF Delaware Investments Colorado Municipal Income Fund Inc

---

Table of Contents

Table of contents

Portfolio management review		1
Performance summaries		4
Fund basics		13
Security type / sector / state / territory allocations		14
Schedules of investments		16
Statements of assets and liabilities		40
Statements of operations		41
Statements of changes in net assets		42
Statements of cash flows		43
Financial highlights		44
Notes to financial statements		47
Report of independent registered public accounting firm		56
Other Fund information		57
Board of trustees / directors and officers addendum		69
About the organization		75

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

Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date.

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

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

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

The Funds are governed by US laws and regulations.

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

©2021 Macquarie Management Holdings, Inc.

---

Table of Contents

Portfolio management review
Delaware Funds^® by Macquarie Closed-End Municipal Bond Funds

April 6, 2021 (Unaudited)

Delaware Investments^® Colorado Municipal Income Fund, Inc.

Performance preview (for the year ended March 31, 2021)
Delaware Investments Colorado Municipal Income Fund, Inc. @ market price		1-year return		+10.82%
Delaware Investments Colorado Municipal Income Fund, Inc. @ NAV		1-year return		+10.83%
Lipper Closed-end Other States Municipal Debt Funds Average @ market price		1-year return		+17.04%
Lipper Closed-end Other States Municipal Debt Funds Average @ NAV		1-year return		+8.08%

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 Colorado Municipal Income Fund, Inc., please see the table on page 4.

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Performance preview (for the year ended March 31, 2021)
Delaware Investments Minnesota Municipal Income Fund II, Inc. @ market price		1-year return		+9.99%
Delaware Investments Minnesota Municipal Income Fund II, Inc. @ NAV		1-year return		+7.54%
Lipper Closed-end Other States Municipal Debt Funds Average @ market price		1-year return		+17.04%
Lipper Closed-end Other States Municipal Debt Funds Average @ NAV		1-year return		+8.08%

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 Minnesota Municipal Income Fund II, Inc., please see the table on page 7.

Delaware Investments National Municipal Income Fund

Performance preview (for the year ended March 31, 2021)
Delaware Investments National Municipal Income Fund @ market price		1-year return		+12.11%
Delaware Investments National Municipal Income Fund @ NAV		1-year return		+13.20%
Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price		1-year return		+17.37%
Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV		1-year return		+12.19%

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 10.

Economic conditions

During the fiscal year ended March 31, 2021, the US economy saw striking highs and lows. When this period began, worries about COVID-19 were mounting. State and local governments across the country temporarily locked down, while economic activity withered. In the second quarter of 2020, the nation’s gross domestic product (GDP) – a measure of national economic output – fell by an annualized 31.4%. It was the country’s biggest quarterly drop on record.

States and municipalities gradually began reopening their economies in the second half of 2020. With aggressive action from the US Federal Reserve and federal government to try to ease the damage, the country’s economic situation improved.

In March 2020, prior to the start of the Funds’ fiscal year, the Fed cut its benchmark short-term interest rate by a total of 1.50 percentage points, bringing the federal funds rate to essentially zero, where it remained throughout the fiscal year. Meanwhile, two massive federal economic stimulus and relief packages for businesses and individuals bookended the period. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic bill, had become law in

1

---

Table of Contents

Portfolio management review
Delaware Funds^® by Macquarie Closed-End Municipal Bond Funds

March 2020. Nearly a year later came the passage of the $1.9 trillion American Rescue Plan Act.

Against this backdrop, the country’s GDP quickly, but only partially, rebounded. US GDP grew by 33.4% in the third quarter of 2020. In the fourth quarter, GDP rose an estimated 4.3%, as the country tried to maintain its economic momentum amid the pandemic. Investors widely expected economic recovery to continue in 2021 given widespread COVID-19 vaccinations.

US employment trends were similarly volatile. Just a month before the fiscal year began, in February 2020, US unemployment was just 3.5%, matching a more than 50-year low. Then, as the pandemic took hold and businesses shut down, the jobless rate soared, with the impact especially pronounced in the hospitality and travel industries. At the start of the Funds’ fiscal year, US unemployment stood at 4.4%. Just one month later, the jobless rate reached 14.8%, the highest level seen since the Great Depression.

As economies reopened, however, unemployment again fell sharply, dropping to 6.9% by October and finishing the fiscal year at 6.0% – well below the April 2020 peak but still considerably higher than 12 months earlier.

Municipal bond market conditions

Overall, the municipal bond market, as measured by the Bloomberg Barclays Municipal Bond Index, returned 5.51% for the fiscal year ended March 31, 2021.

Three weeks before the start of this fiscal year, volatility in the municipal bond market had soared, as concern about the pandemic caused liquidity to dry up and required highly leveraged institutional investors to quickly sell bonds at low prices.

Starting in April 2020, however, and generally continuing throughout the fiscal year, municipal bond market conditions meaningfully improved. Cheap bond valuations along with robust monetary and fiscal support led investors to conclude that state and local bond issuers were in better-than-expected financial shape, which lifted municipal bond prices throughout most of the period.

During the fiscal year, bonds with longer maturities outperformed their shorter-dated counterparts, while lower-rated bonds outpaced more highly rated issues. In the high yield market segment, bonds with credit ratings below investment grade (below BBB) enjoyed strong results. Lower-rated hospital bonds were a notable exception to this trend; they produced a positive return, but investors appeared to maintain some residual skepticism about the sector amid the pandemic.

The following tables show the returns experienced by municipal bonds of varying maturity lengths and credit ratings for the Funds’ fiscal year ended March 31, 2021:

Returns by maturity
1 year		1.91%
3 years		3.50%
5 years		5.07%
10 years		5.44%
22+ years		7.02%
Returns by credit rating
AAA		3.91%
AA		4.50%
A		6.69%
BBB		11.26%

Source: Bloomberg.

A consistent management approach

For all three Funds discussed in this report, we continued to follow the same management strategy we use regardless of the market backdrop. We emphasize a bottom-up investment approach, meaning we rely 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 Funds’ shareholders what we view as an attractive trade-off between return opportunity and risk.

Pursuing this approach, we tend to maintain relatively less exposure to highly 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, in our opinion. We prefer to own lower-rated issues because we believe they provide the Funds with greater opportunity to add long-term value for shareholders.

Therefore, to the extent possible, we continued to favor bonds with lower-investment-grade credit ratings (A and BBB) while also maintaining part of each Fund’s portfolio in high yield tax-exempt bonds (rated below BBB). When investing in the high yield market, we thoroughly analyze securities’ credit risk and emphasize those bonds that we believe offer the Funds’ shareholders a favorable risk-reward trade-off.

During the fiscal year, and particularly early in the period, we focused on buying various lower-rated, longer-maturity bonds with depressed valuations following the municipal bond market’s sharp pandemic-related downturn. This included adding to existing holdings in Puerto Rico general obligation debt, which we found attractively valued, particularly given the commonwealth’s improving fiscal backdrop.

2

---

Table of Contents

We also purchased bonds of senior-living facilities offering unusually attractive yields compared with the securities’ credit risk, in our view, as well as longer-dated bonds with 10-year call dates, which allowed the Funds to capitalize on a steeper yield curve and supplied what we saw as an attractive total return opportunity.

Reflecting available supply, we found it easier to add what we viewed as attractively valued lower-rated bonds in Delaware Investments^® National Municipal Income Fund and Delaware Investments Colorado Municipal Income Fund, Inc. More limited availability of these types of bonds in the Minnesota marketplace meant we were less active with new purchases in Delaware Investments Minnesota Municipal Income Fund II, Inc.

We funded these purchases primarily by selling bonds with shorter call dates or those maturing in the next few years, consistent with our opinion of those bonds’ more limited total-return prospects.

Our purchase activity was down in the second half of the fiscal year, as rallying municipal bond prices made compelling value opportunities somewhat harder to find. As vaccines were developed and lockdowns abated, and the municipal bond marketplace correspondingly improved, we were largely content to maintain the Funds’ existing positions.

Individual performance effects

Again, longer-duration bonds – those with more sensitivity to interest rates – generally outperformed shorter-duration bonds during the fiscal year, and lower-rated bonds outpaced higher-quality bonds. The Funds’ strongest and weakest performers generally reflected these performance trends.

In Delaware Investments National Municipal Income Fund, for example, the Fund’s leading performers were Puerto Rico general obligation (GO) bonds. (Bonds issued by US territories are generally fully tax-exempt for US residents.) These bonds, with a credit rating below investment grade and a 2035 maturity date, generated a 43% total return for the Fund, benefiting from Puerto Rico’s improved credit quality and the securities’ low valuation at the beginning of the fiscal year. Wisconsin Health and Educational Facilities Authority bonds for senior housing facilities of Covenant Living Communities (rated BBB- and maturing in 2053) also generated a strong total return for this Fund. The Fund further benefited from bonds for the expansion project of the McCormick Place convention center in Chicago (rated BBB and maturing in 2050) that rose off depressed levels from the Fund’s purchase price. These issues gained 28% and 26% for the Fund, respectively, for the fiscal year.

This Fund’s weakest individual performers were lower-quality bonds for retirement communities already facing financial challenges that the pandemic made worse. The Fund’s holdings in nonrated bonds for Tuscan Gardens of Venetian Bay in Venice, Fla., and a bond issue rated BBB+ for Texas senior-living facility owner Cardinal Bay struggled for the 12-month period, returning -21% and -15%, respectively.

In Delaware Investments Colorado Municipal Income Fund, Inc., the Puerto Rico GO bonds we cited earlier for Delaware Investments National Municipal Income Fund were the Fund’s leading performers. Exposure to two strong-performing senior housing bonds also contributed to performance. These positions benefited from improved underlying credit quality, which allowed the securities to recover off depressed valuations. Namely, investments in bonds of Colorado Health Facilities Authority for Frasier Meadows Manor (+26%) and Capella of Grand Junction (+25%) both added value.

Meanwhile, the Fund’s weakest-performing position involved bonds for the Grand River Hospital District (-2%). These bonds, rated AA and due to mature in 2037, did not decline to the same extent as others during the market downturn, so they did not appreciate as much during the recovery. Another underperforming holding that still generated a positive return for the Fund was a bond issue for the Vail County Medical Center project (+3%). Like many healthcare issues, these bonds, rated A+ and maturing in 2035, were slower to recover than bonds in other sectors, as the pandemic still added an element of uncertainty to hospital finances.

Meanwhile, Delaware Investments Minnesota Municipal Income Fund II, Inc. also benefited from a Puerto Rico GO bond issue, this one maturing in 2038 and generating a 36% total return for the Fund. Two charter school bonds with below-investment-grade credit ratings, Prairie Seeds Academy (+25%) and Academia Cesar Chavez (+23%), contributed to results as the issuers’ underlying credit quality improved. In contrast, the Fund saw slight declines from holdings in bonds for the YMCA Association of the Greater Twin Cities (-0.3%) and RiverView Healthcare Association, a medical provider in Crookston (-0.2%).

3

---

Table of Contents

Performance summaries
Delaware Investments^® Colorado Municipal Income Fund, Inc.

March 31, 2021 (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, 2021		1 year		5 year		10 year		Lifetime
At market price		+10.82%		+3.20%		+6.12%		+5.06%*
At net asset value		+10.83%		+3.99%		+6.17%		+5.18%*

*	The inception date of the performance shown is May 5, 1998. The Fund commenced operations on July 29, 1993.

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 invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than 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, 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, Moody’s Investors Service, and Fitch, Inc. 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 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.

4

---

Table of Contents

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 Barclays Municipal Bond Index, mentioned on page 2, 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 6%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.

Past performance is not a guarantee of future results.
Market price versus net asset value (see notes on next page)
March 31, 2020 through March 31, 2021

For period beginning March 31, 2020 through March 31, 2021			Starting value				Ending value
	Delaware Investments® Colorado Municipal Income Fund, Inc. @ NAV			$14.32				$15.26
	Delaware Investments® Colorado Municipal Income Fund, Inc. @ market price			$13.27				$14.14

Past performance is not a guarantee of future results.

5

---

Table of Contents

Performance summaries
Delaware Investments^® Colorado Municipal Income Fund, Inc.

Performance of a $10,000 Investment
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021			Starting value				Ending value
	Lipper Closed-end Other States Municipal Debt Funds Average @ market price			$10,000				$18,309
	Delaware Investments® Colorado Municipal Income Fund, Inc. @ NAV			$10,000				$18,197
	Delaware Investments® Colorado Municipal Income Fund, Inc. @ market price			$10,000				$18,107
	Lipper Closed-end Other States Municipal Debt Funds Average @ NAV			$10,000				$17,699

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 Other States Municipal Debt Funds Average 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 Colorado Municipal Income Fund, Inc. was initially offered with a sales charge of 6%. 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 Other States Municipal Debt Funds Average compares closed-end funds that invest in municipal debt issues with dollar-weighted average maturities of 5-10 years and are exempt from taxation on a specified city or state basis (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 is not a guarantee of future results.

6

---

Table of Contents

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

March 31, 2021 (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, 2021		1 year		5 year		10 year		Lifetime
At market price		+9.99%		+1.48%		+4.86%		+4.60%*
At net asset value		+7.54%		+3.52%		+5.27%		+4.94%*

*	The inception date of the performance shown is May 14, 1998. The Fund commenced operations on February 26, 1993.

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 invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than 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, 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, Moody’s Investors Service, and Fitch, Inc. 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 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.

7

---

Table of Contents

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

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 Barclays Municipal Bond Index, mentioned on page 2, 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 is not a guarantee of future results.
Market price versus net asset value (see notes on next page)
March 31, 2020 through March 31, 2021

For period beginning March 31, 2020 through March 31, 2021			Starting value		Ending value
	Delaware Investments® Minnesota Municipal Income Fund II, Inc. @ NAV		$14.31		$14.92
	Delaware Investments® Minnesota Municipal Income Fund II, Inc. @ market price		$12.37		$13.19

Past performance is not a guarantee of future results.

8

---

Table of Contents

Performance of a $10,000 Investment
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021			Starting value		Ending value
	Lipper Closed-end Other States Municipal Debt Funds Average @ market price		$10,000		$18,309
	Lipper Closed-end Other States Municipal Debt Funds Average @ NAV		$10,000		$17,699
	Delaware Investments® Minnesota Municipal Income Fund II, Inc. @ NAV		$10,000		$16,719
	Delaware Investments® Minnesota Municipal Income Fund II, Inc. @ market price		$10,000		$16,071

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 Other States Municipal Debt Funds Average 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 Minnesota Municipal Income Fund II, Inc. 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 Other States Municipal Debt Funds Average compares closed-end funds that invest in municipal debt issues with dollar-weighted average maturities of 5-10 years and are exempt from taxation on a specified city or state basis (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 is not a guarantee of future results.

9

---

Table of Contents

Performance summaries
Delaware Investments^® National Municipal Income Fund

March 31, 2021 (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, 2021		1 year		5 year		10 year		Lifetime
At market price		+12.11%		+3.81%		+5.86%		+4.86%*
At net asset value		+13.20%		+4.61%		+6.81%		+5.18%*

*	The inception date of the performance shown is May 14, 1998. The Fund commenced operations on February 26, 1993.

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 invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than 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, 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, Moody’s Investors Service, and Fitch, Inc. 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 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.

10

---

Table of Contents

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 Barclays Municipal Bond Index, mentioned on page 2, 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 is not a guarantee of future results.
Market price versus net asset value (see notes on next page)
March 31, 2020 through March 31, 2021

For period beginning March 31, 2020 through March 31, 2021			Starting value				Ending value
	Delaware Investments® National Municipal Income Fund @ NAV			$13.71				$14.84
	Delaware Investments® National Municipal Income Fund @ market price			$12.24				$13.12

Past performance is not a guarantee of future results.

11

---

Table of Contents

Performance summaries
Delaware Investments^® National Municipal Income Fund

Performance of a $10,000 Investment
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021			Starting value				Ending value
	Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV			$10,000				$20,905
	Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price			$10,000				$20,448
	Delaware Investments® National Municipal Income Fund @ NAV			$10,000				$19,323
	Delaware Investments® National Municipal Income Fund @ market price			$10,000				$17,671

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 is not a guarantee of future results.

12

---

Table of Contents

Fund basics

As of March 31, 2021 (Unaudited)

Delaware Investments® Colorado Municipal Income Fund, Inc. Fund objective The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state income tax, consistent with the preservation of capital. Total Fund net assets $74 million Number of holdings 130 Fund start date July 29, 1993 NYSE American Symbol VCF CUSIP number 246101109 Delaware Investments® Minnesota Municipal Income Fund II, Inc. Fund objective The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota state personal income tax, consistent with the preservation of capital. Total Fund net assets $172 million Number of holdings 209 Fund start date February 26, 1993 NYSE American Symbol VMM CUSIP number 24610V103

Delaware Investments® National Municipal Income Fund Fund objective The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital. Total Fund net assets $67 million Number of holdings 171 Fund start date February 26, 1993 NYSE American Symbol VFL CUSIP number 24610T108

13

---

Table of Contents

Security type / sector / state / territory allocations

As of March 31, 2021 (Unaudited)

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

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

		Percentage
Security type / sector		of net assets
Municipal Bonds*		139.21%
Corporate Revenue Bonds		6.46%
Education Revenue Bonds		19.69%
Electric Revenue Bonds		5.81%
Healthcare Revenue Bonds		33.67%
Lease Revenue Bonds		2.20%
Local General Obligation Bonds		18.05%
Pre-Refunded/Escrowed to Maturity Bonds		14.96%
Special Tax Revenue Bonds		18.80%
State General Obligation Bonds		3.79%
Transportation Revenue Bonds		9.41%
Water & Sewer Revenue Bonds		6.37%
Total Value of Securities		139.21%
Liquidation Value of Preferred**		(40.64%	)
Receivables and Other Assets Net of
Liabilities		1.43%
Total Net Assets		100.00%

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

		Percentage
State / territory		of net assets
Colorado		121.70%
Guam		1.96%
Puerto Rico		15.55%
Total Value of Securities		139.21%

**

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.

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

		Percentage
Security type / sector		of net assets
Municipal Bonds*		141.79%
Corporate Revenue Bonds		2.03%
Education Revenue Bonds		23.10%
Electric Revenue Bonds		13.83%
Healthcare Revenue Bonds		38.69%
Housing Revenue Bonds		2.05%
Lease Revenue Bonds		8.75%
Local General Obligation Bonds		14.78%
Pre-Refunded/Escrowed to Maturity Bonds		16.65%
Special Tax Revenue Bonds		3.28%
State General Obligation Bonds		8.15%
Transportation Revenue Bonds		7.35%
Water & Sewer Revenue Bonds		3.13%
Total Value of Securities		141.79%
Liquidation Value of Preferred**		(43.70%	)
Receivables and Other Assets Net of
Liabilities		1.91%
Total Net Assets		100.00%

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

		Percentage
State / territory		of net assets
Guam		0.66%
Minnesota		136.66%
Puerto Rico		4.47%
Total Value of Securities		141.79%

**

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.

14

---

Table of Contents

Delaware Investments^®
National Municipal Income Fund

		Percentage
Security type / sector		of net assets
Municipal Bonds*		142.96	%
Corporate Revenue Bond		0.58	%
Corporate Revenue Bonds		13.52	%
Education Revenue Bonds		19.02	%
Electric Revenue Bonds		5.04	%
Healthcare Revenue Bonds		32.82	%
Lease Revenue Bonds		9.46	%
Local General Obligation Bonds		2.84	%
Pre-Refunded/Escrowed to Maturity Bonds		6.97	%
Special Tax Revenue Bonds		13.95	%
State General Obligation Bonds		12.62	%
Transportation Revenue Bonds		24.14	%
Water & Sewer Revenue Bonds		2.00	%
Total Value of Securities		142.96	%
Liquidation Value of Preferred**		(44.65	%)
Receivables and Other Assets Net of
Liabilities		1.69	%
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		0.78	%
Arizona		9.24	%
California		16.85	%
Colorado		3.09	%
District of Columbia		0.85	%
Florida		7.15	%
Georgia		1.92	%
Guam		0.83	%
Idaho		2.41	%
Illinois		15.95	%
Indiana		0.89	%
Kansas		0.33	%
Louisiana		3.25	%
Maryland		1.21	%
Massachusetts		0.85	%
Michigan		1.71	%
Missouri		2.58	%
Montana		1.08	%
Nebraska		0.46	%
New Jersey		10.55	%
New York		15.68	%
North Carolina		1.11	%
Ohio		2.99	%
Oregon		0.83	%
Pennsylvania		11.10	%
Puerto Rico		14.88	%
Texas		7.74	%
Utah		1.11	%
Virginia		0.40	%
Washington		1.81	%
Wisconsin		2.95	%
Wyoming		0.38	%
Total Value of Securities		142.96	%

**

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.

15

---

Table of Contents

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

March 31, 2021

					Principal
					amount°		Value (US $)
Municipal Bonds – 139.21%
Corporate Revenue Bonds – 6.46%
	Denver City & County
		(United Airlines
			Project)
			5.00%
			10/1/32 (AMT)		215,000		$	228,855
	Public Authority for
		Colorado Energy
		Natural Gas Revenue
		6.50% 11/15/38			2,250,000			3,457,890
	Public Authority for
		Colorado Energy
		Revenue
		6.25% 11/15/28			865,000			1,082,824
								4,769,569
Education Revenue Bonds – 19.69%
	Board of Trustees For
		Colorado Mesa
		University Enterprise
		Revenue
		Series B 5.00%
			5/15/49		750,000			927,427
	Colorado Educational &
		Cultural Facilities
		Authority Revenue
		144A 5.00% 7/1/36 #			500,000			540,745
		5.125% 11/1/49			765,000			817,984
		144A 5.25% 7/1/46 #			500,000			538,450
		(Alexander Dawson
			School-Nevada
			Project)
			5.00% 5/15/29		760,000			895,128
		(Charter School -
			Atlas Preparatory
			School)
			144A 5.25%
			4/1/45 #		700,000			723,352
		(Charter School -
			Community
			Leadership
			Academy)
			7.45% 8/1/48		500,000			553,200
		(Charter School - Peak
			to Peak Charter)
			5.00% 8/15/34		1,000,000			1,112,790
		(Global Village
			Academy -
			Northglenn Project)
			144A 5.00%
			12/1/50 #		475,000			502,944
		(Improvement -
			Charter School -
			University Lab
			School Building)
			5.00% 12/15/45		500,000			541,490
		(Johnson & Wales
			University)
			Series A 5.25%
			4/1/37		900,000			967,941
		(Liberty Charter
			School)
			Series A 5.00%
			1/15/44		1,000,000			1,069,900
		(Littleton Charter
			School Project)
			4.375%
			1/15/36 (AGC)		1,200,000			1,201,368
		(Loveland Classical
			Schools)
			144A 5.00%
			7/1/36 #		625,000			684,200
		(Science Technology
			Engineering and
			Math (Stem)
			School Project)
			5.00% 11/1/54		700,000			744,506
		(Skyview Charter
			School)
			144A 5.50%
			7/1/49 #		750,000			802,388
		(Vail Mountain School
			Project)
			4.00% 5/1/46		25,000			25,019
		(Vega Collegiate
		Academy Project)
		Series A
		144A 5.00% 2/1/34 #			100,000			111,924
		Series A
		144A 5.00% 2/1/51 #			900,000			978,408
		(Windsor Charter
			Academy Project)
			5.00% 9/1/46		500,000			503,710
	Colorado School of
		Mines
		Series B 5.00%
			12/1/42		270,000			289,875
								14,532,749

16

---

Table of Contents

					Principal
					amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 5.81%
	City of Fort Collins
		Electric Utility
		Enterprise Revenue
		Series A 5.00%
			12/1/42		500,000		$	610,860
	City of Loveland
		Colorado Electric &
		Communications
		Enterprise Revenue
		Series A 5.00%
			12/1/44		1,060,000			1,287,730
	Puerto Rico Electric
		Power Authority
		Revenue
		Series A 5.05% 7/1/42 ‡			75,000			68,063
		Series AAA 5.25% 7/1/25 ‡			40,000			36,400
		Series CCC 5.25% 7/1/27 ‡			335,000			304,850
		Series WW 5.00% 7/1/28 ‡			325,000			294,937
		Series WW 5.25% 7/1/33 ‡			95,000			86,450
		Series WW 5.50% 7/1/17 ‡			210,000			188,213
		Series WW 5.50% 7/1/19 ‡			160,000			144,200
		Series XX 4.75% 7/1/26 ‡			45,000			40,669
		Series XX 5.25% 7/1/40 ‡			825,000			750,750
		Series XX 5.75% 7/1/36 ‡			155,000			141,825
		Series ZZ 4.75% 7/1/27 ‡			35,000			31,631
		Series ZZ 5.00% 7/1/19 ‡			280,000			250,950
		Series ZZ 5.25% 7/1/24 ‡			55,000			50,050
								4,287,578
Healthcare Revenue Bonds – 33.67%
	Colorado Health
		Facilities Authority
		Revenue
		(AdventHealth
			Obligated Group)
			Series A 4.00%
			11/15/43		1,000,000			1,157,690
		(Adventist Health
			System/Sunbelt
			Obligated Group)
			Series A 5.00%
			11/15/48		1,000,000			1,206,920
		(Bethesda Project)
			Series A1 5.00%
			9/15/48		750,000			823,665
		(Boulder Community
		Health Project)
		4.00% 10/1/38			250,000			287,963
		4.00% 10/1/39			250,000			287,168
		(Boulder Community
		Health Project)
		4.00% 10/1/40			280,000			320,740
		(Cappella of Grand
			Junction Project)
			144A 5.00%
			12/1/54 #		945,000			952,201
		(Christian Living
			Community
			Project)
			6.375% 1/1/41		615,000			630,473
		(CommonSpirit
		Health)
		Series A-1 4.00% 8/1/39			550,000			624,173
		Series A-2 4.00% 8/1/49			1,500,000			1,657,515
		Series A-2 5.00% 8/1/39			1,500,000			1,846,455
		Series A-2 5.00% 8/1/44			1,500,000			1,820,100
		(Covenant Living
			Communities and
			Services)
			Series A 4.00%
			12/1/40		750,000			837,038
		(Covenant Retirement
			Communities Inc.)
			5.00% 12/1/35		1,000,000			1,108,730
		(Frasier Meadows
			Retirement
			Community
			Project)
			Series B 5.00%
			5/15/48		340,000			356,575
		(Healthcare Facilities -
			American Baptist)
			8.00% 8/1/43		500,000			532,875
		(Mental Health Center
			of Denver Project)
			Series A 5.75%
			2/1/44		1,500,000			1,605,285
		(National Jewish
			Health Project)
			5.00% 1/1/27		500,000			512,445
		(Sanford Health)
			Series A 5.00%
			11/1/44		1,500,000			1,864,830
		(SCL Health System)
		Series A 4.00% 1/1/37			575,000			676,028
		Series A 4.00% 1/1/38			1,950,000			2,285,575
		Series A 4.00% 1/1/39			465,000			543,418

17

---

Table of Contents

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

					Principal
					amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health
		Facilities Authority
		Revenue
		(Sunny Vista Living
			Center)
			Series A
			144A 6.25%
			12/1/50 #		505,000		$	519,281
		(Vail Valley Medical
			Center Project)
			5.00% 1/15/35		1,250,000			1,458,112
		(Valley View Hospital
			Association
			Project)
			Series A 4.00%
			5/15/34		330,000			366,280
	Denver Health &
		Hospital Authority
		Health Care Revenue
		Series A 4.00%
			12/1/40		500,000			567,530
								24,849,065
Lease Revenue Bonds – 2.20%
	Denver Health &
		Hospital Authority
		(550 ACOMA, Inc.)
			4.00% 12/1/38		500,000			568,620
	State of Colorado
		Department of
		Transportation
		Certificates of
		Participation
		5.00% 6/15/34			340,000			406,225
		5.00% 6/15/36			545,000			648,725
								1,623,570
Local General Obligation Bonds – 18.05%
	Adams & Weld Counties
		School District No 27J
		Brighton
		4.00% 12/1/30			700,000			792,876
	Arapahoe County School
		District No. 6 Littleton
		Series A 5.50%
			12/1/38		650,000			849,232
	Beacon Point
		Metropolitan District
		5.00%
			12/1/30 (AGM)		600,000			714,000
	Boulder Valley School
		District No RE-
		2 Boulder
		Series A 4.00%
			12/1/48		500,000			577,810
	Denver City & County
		Series B 5.00%
			8/1/30		2,000,000			2,696,320
	Grand River Hospital
		District
		5.25%
			12/1/37 (AGM)		675,000			782,467
	Jefferson County School
		District No. R-1
		5.25% 12/15/24			750,000			883,447
	Sierra Ridge
		Metropolitan District
		No. 2
		Series A 5.50%
			12/1/46		500,000			520,605
	Verve Metropolitan
		District No 1
		5.00% 12/1/51			1,000,000			1,064,340
	Weld County School
		District No. RE-1
		5.00%
			12/15/30 (AGM)		500,000			611,380
	Weld County School
		District No. RE-
		2 Eaton
		Series 2 5.00%
			12/1/44		1,250,000			1,579,150
	Weld County School
		District No. RE-3J
		5.00%
			12/15/34 (BAM)		1,000,000			1,211,030
	Weld County School
		District No. RE-8
		5.00% 12/1/31			510,000			626,479
		5.00% 12/1/32			340,000			417,231
								13,326,367

18

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 14.96%
	Colorado Health
		Facilities Authority
		Revenue
		(Covenant Retirement
		Communities Inc.)
		Series A 5.75%
		12/1/36-23 §		1,000,000		$	1,146,050
		(Evangelical Lutheran
		Good Samaritan
		Society)
		5.00% 6/1/28-23 §		1,250,000			1,378,700
		5.50% 6/1/33-23 §		2,000,000			2,227,400
		5.625% 6/1/43-23 §		1,000,000			1,116,390
	Colorado School of
		Mines
		Series B 5.00%
		12/1/42-22 §		1,115,000			1,203,208
	Denver City & County
		Airport System
		Revenue
		Series B 5.00%
		11/15/37-22 §		1,700,000			1,832,328
	Eaton Area Park &
		Recreation District
		5.25% 12/1/34-22 §		190,000			205,650
		5.50% 12/1/38-22 §		245,000			266,193
	Pueblo County
		Certificates of
		Participation
		(County Judicial
		Complex Project)
		5.00%
		9/15/42-22 (AGM) §		1,250,000			1,337,437
	Tallyn’s Reach
		Metropolitan District
		No. 3
		(Limited Tax
		Convertible)
		5.125%
		11/1/38-23 §		295,000			330,279
							11,043,635
Special Tax Revenue Bonds – 18.80%
	Central Platte Valley
		Metropolitan District
		5.00% 12/1/43		375,000			396,210
	Commerce City
		5.00%
		8/1/44 (AGM)		1,000,000			1,123,760
	Fountain Urban Renewal
		Authority Tax
		Increment Revenue
		(Academy Highlands
		Project)
		Series A 5.50%
		11/1/44		655,000			693,134
	Guam Government
		Business Privilege Tax
		Revenue
		Series A 5.125% 1/1/42		435,000			448,576
		Series A 5.25% 1/1/36		565,000			583,142
	Lincoln Park
		Metropolitan District
		5.00%
		12/1/46 (AGM)		500,000			594,690
	Prairie Center
		Metropolitan District
		No. 3
		Series A 144A 5.00%
		12/15/41 #		500,000			537,215
	Puerto Rico Sales Tax
		Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40		1,000,000			1,086,300
		Series A-1 4.75% 7/1/53		2,560,000			2,786,304
		Series A-1 5.00% 7/1/58		1,110,000			1,225,085
		Series A-2 4.784% 7/1/58		1,100,000			1,193,060
	Regional Transportation
		District Sales Tax
		Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30		330,000			400,284
		Series A 5.00% 11/1/31		755,000			914,433
	Solaris Metropolitan
		District No. 3
		(Limited Tax
		Convertible)
		Series A 5.00%
		12/1/46		500,000			523,460
	Southlands Metropolitan
		District No. 1
		Series A1 5.00% 12/1/37		200,000			226,428
		Series A1 5.00% 12/1/47		300,000			334,218

19

---

Table of Contents

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

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Thornton Development
		Authority
		(East 144th Avenue &
		I-25 Project)
		Series B 5.00% 12/1/35		265,000		$	304,106
		Series B 5.00% 12/1/36		440,000			504,077
							13,874,482
State General Obligation Bonds – 3.79%
	Commonwealth of
		Puerto Rico
		(General Obligation
		Bonds)
		Series A 5.00% 7/1/41 ‡		305,000			247,050
		Series A 5.375% 7/1/33 ‡		305,000			266,494
		Series A 5.50% 7/1/39 ‡		1,350,000			1,134,000
		Series A 8.00% 7/1/35 ‡		535,000			421,312
		Series B 5.75% 7/1/38 ‡		440,000			380,600
		Series C 6.00% 7/1/39 ‡		400,000			348,000
							2,797,456
Transportation Revenue Bonds – 9.41%
	Colorado High
		Performance
		Transportation
		Enterprise Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56		1,000,000			1,126,670
		(Senior U.S. 36 &
		I-25 Managed
		Lanes)
		5.75%
		1/1/44 (AMT)		1,110,000			1,197,024
	Denver City & County
		Airport System
		Revenue
		Series A 5.00% 12/1/29 (AMT)		270,000			339,625
		Series A 5.00% 11/15/30 (AMT)		750,000			916,327
		Series A 5.00% 12/1/48 (AMT)		1,000,000			1,190,180
	E-470 Public Highway
		Authority
		Series A 5.00%
		9/1/34		310,000			402,501
	Regional Transportation
		District
		(Denver Transit
		Partners Eagle
		P3 Project)
		Series A 4.00%
		7/15/35		1,500,000			1,774,470
							6,946,797
Water & Sewer Revenue Bonds – 6.37%
	Arapahoe County Water
		& Wastewater
		Authority Revenue
		Series A 4.00%
		12/1/39		1,250,000			1,493,112
	Central Weld County
		Water District
		4.00%
		12/1/40 (AGM)		500,000			586,340
	Dominion Water &
		Sanitation District,
		Colorado
		6.00% 12/1/46		245,000			256,145
	Guam Government
		Waterworks Authority
		Revenue
		5.00% 7/1/40		360,000			415,145
	Metro Wastewater
		Reclamation District
		Series A 5.00%
		4/1/33		500,000			657,095
	Morgan County Quality
		Water District
		4.00% 12/1/45 (AGM)		750,000			869,955
		4.00% 12/1/50 (AGM)		365,000			421,670
							4,699,462
Total Municipal Bonds
	(cost $95,976,205)						102,750,730
Total Value of Securities–139.21%
	(cost $95,976,205)					$	102,750,730

20

---

Table of Contents

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

USD – US Dollar

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

21

---

Table of Contents

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

March 31, 2021

				Principal
				amount°		Value (US $)
Municipal Bonds – 141.79%
Corporate Revenue Bonds – 2.03%
	Minneapolis Community
		Planning & Economic
		Development
		Department
		(Limited Tax
		Supported
		Common Bond
		Fund)
		Series A 6.25%
		12/1/30		1,000,000		$	1,009,190
	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			2,470,521
							3,479,711
Education Revenue Bonds – 23.10%
	Bethel Charter School
		Lease Revenue
		(Spectrum High
		School Project)
		Series A 4.375%
		7/1/52		1,100,000			1,167,320
	Brooklyn Park Charter
		School Lease Revenue
		(Prairie Seeds
		Academy Project)
		Series A 5.00% 3/1/34		990,000			1,029,055
		Series A 5.00% 3/1/39		170,000			175,338
	Cologne Charter School
		Lease Revenue
		(Cologne Academy
		Project)
		Series A 5.00% 7/1/29		270,000			291,740
		Series A 5.00% 7/1/45		445,000			469,435
	Deephaven Charter
		School
		(Eagle Ridge Academy
		Project)
		Series A 5.25% 7/1/37		590,000			652,092
		Series A 5.25% 7/1/40		500,000			550,090
	Duluth Housing &
		Redevelopment
		Authority
		(Duluth Public Schools
		Academy Project)
		Series A 5.00%
		11/1/48		1,200,000			1,304,412
	Forest Lake Minnesota
		Charter School
		Revenue
		(Lake International
		Language Academy)
		Series A 5.375% 8/1/50		915,000			1,035,130
		Series A 5.75% 8/1/44		705,000			745,460
	Hugo Charter School
		Lease Revenue
		(Noble Academy
		Project)
		Series A 5.00% 7/1/34		255,000			269,726
		Series A 5.00% 7/1/44		775,000			809,774
	Minneapolis Charter
		School Lease Revenue
		(Hiawatha Academies
		Project)
		Series A 5.00% 7/1/36		750,000			797,055
		Series A 5.00% 7/1/47		900,000			949,635
	Minneapolis Student
		Housing Revenue
		(Riverton Community
		Housing Project)
		5.25% 8/1/39		205,000			215,754
		5.50% 8/1/49		990,000			1,041,342
	Minnesota Higher
		Education Facilities
		Authority Revenue
		(Bethel University)
		5.00% 5/1/47		1,250,000			1,339,912
		(Carleton College)
		4.00% 3/1/36		485,000			547,827
		5.00% 3/1/44		905,000			1,081,828
		(College of St.
		Benedict)
		4.00% 3/1/36		410,000			444,817
		(Gustavus Adolphus
		College)
		5.00% 10/1/47		2,600,000			3,003,676
		(Macalester College)
		4.00% 3/1/42		900,000			994,923
		4.00% 3/1/48		600,000			659,280

22

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher
		Education Facilities
		Authority Revenue
		(St. Catherine
		University)
		Series A 4.00% 10/1/38		920,000		$	1,018,578
		Series A 5.00% 10/1/45		785,000			922,768
		(St. Johns University)
		Series 8-I 5.00% 10/1/31		235,000			272,541
		Series 8-I 5.00% 10/1/34		35,000			40,336
		(St. Olaf College)
		4.00% 10/1/46		1,000,000			1,166,530
		Series 8-N 4.00% 10/1/35		590,000			663,579
		(Trustees Of The
		Hamline University
		Of Minnesota)
		Series B 5.00%
		10/1/47		1,055,000			1,154,244
		(University of St.
		Thomas)
		4.00% 10/1/32		250,000			293,565
		4.00% 10/1/44		645,000			728,721
		5.00% 10/1/40		750,000			920,558
		Series 7-U 5.00% 4/1/22		750,000			783,855
		Series A 4.00% 10/1/37		500,000			566,175
	Otsego Charter School
		(Kaleidoscope Charter
		School)
		Series A 5.00% 9/1/34		230,000			239,476
		Series A 5.00% 9/1/44		400,000			411,316
	Rice County Educational
		Facilities Revenue
		(Shattuck-St. Mary’s
		School)
		Series A
		144A 5.00%
		8/1/22 #		1,250,000			1,280,875
	St. Cloud Charter School
		Lease Revenue
		(Stride Academy
		Project)
		Series A 5.00%
		4/1/46		375,000			262,500
	St. Paul Housing &
		Redevelopment
		Authority Charter
		School Lease Revenue
		(Academia Cesar
		Chavez School
		Project)
		Series A 5.25%
		7/1/50		825,000			840,287
	St. Paul Housing &
		Redevelopment
		Authority Charter
		School Lease Revenue
		(Great River School
		Project)
		Series A
		144A 4.75% 7/1/29 #		200,000			217,396
		Series A
		144A 5.50% 7/1/38 #		240,000			270,547
		(Nova Classical
		Academy Project)
		Series A 4.125% 9/1/47		750,000			779,978
		Series A 6.375% 9/1/31		750,000			764,183
		(Twin Cities Academy
		Project)
		Series A 5.30%
		7/1/45		630,000			677,105
	University of Minnesota
		Series A 5.00% 9/1/40		1,240,000			1,506,439
		Series A 5.00% 9/1/42		2,000,000			2,426,200
		Series A 5.00% 4/1/44		1,500,000			1,856,955
							39,640,328
Electric Revenue Bonds – 13.83%
	Central Minnesota
		Municipal Power
		Agency Revenue
		(Brookings Southeast
		Twin Cities
		Transportation)
		5.00% 1/1/32		1,130,000			1,168,669
		(Brookings Twin Cities
		Transmission
		Project)
		5.00% 1/1/42		1,000,000			1,032,330
	Chaska Electric Revenue
		Series A 5.00%
		10/1/28		445,000			528,228
	Minnesota Municipal
		Power Agency Electric
		Revenue
		5.00% 10/1/25		500,000			577,655
		5.00% 10/1/26		500,000			576,715
		5.00% 10/1/27		320,000			368,137
		5.00% 10/1/47		1,755,000			2,086,239
	Northern Municipal
		Power Agency
		Series A 5.00% 1/1/26		100,000			107,632
		Series A 5.00% 1/1/30		340,000			366,010

23

---

Table of Contents

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

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric
		Power Authority
		Revenue
		Series A 5.05% 7/1/42 ‡		175,000		$	158,812
		Series AAA 5.25% 7/1/25 ‡		100,000			91,000
		Series CCC 5.25% 7/1/27 ‡		800,000			728,000
		Series WW 5.00% 7/1/28 ‡		770,000			698,775
		Series XX 4.75% 7/1/26 ‡		105,000			94,894
		Series XX 5.25% 7/1/40 ‡		300,000			273,000
		Series XX 5.75% 7/1/36 ‡		375,000			343,125
		Series ZZ 4.75% 7/1/27 ‡		85,000			76,819
		Series ZZ 5.25% 7/1/24 ‡		140,000			127,400
	Rochester Electric Utility
		Revenue
		Series A 5.00% 12/1/42		605,000			725,770
		Series A 5.00% 12/1/47		985,000			1,171,569
	Southern Minnesota
		Municipal Power
		Agency Supply
		Revenue
		Series A 5.00% 1/1/41		240,000			281,539
		Series A 5.00% 1/1/47		1,650,000			1,977,509
	St. Paul Housing &
		Redevelopment
		Authority Charter
		School Lease Revenue
		Series A 4.00% 10/1/33		285,000			322,042
		Series B 4.00% 10/1/37		800,000			893,936
	Western Minnesota
		Municipal Power
		Agency Supply
		Revenue
		Series A 5.00% 1/1/25		3,000,000			3,244,230
		Series A 5.00% 1/1/26		1,000,000			1,080,870
		Series A 5.00% 1/1/49		3,860,000			4,642,499
							23,743,404
Healthcare Revenue Bonds – 38.69%
	Anoka Health Care
		Facilities Revenue
		5.375% 11/1/34		610,000			646,393
	Apple Valley Senior
		Housing Revenue
		(PHS Senior Housing,
		Inc. Orchard Path
		Project)
		4.50% 9/1/53		1,160,000			1,186,935
		5.00% 9/1/58		1,605,000			1,673,598
	Apple Valley Senior
		Living Revenue
		(Senior Living LLC
		Project)
		4th Tier
		Series D 7.00% 1/1/37		720,000			572,861
		Series B 5.00% 1/1/47		750,000			507,810
		Series D 7.25% 1/1/52		1,090,000			822,764
	Bethel Housing & Health
		Care Facilities
		Revenue
		(Benedictine Health
		System- St. Peter
		Communities
		Project)
		Series A 5.50%
		12/1/48		500,000			511,130
	Center City Health Care
		Facilities Revenue
		(Hazelden Betty Ford
		Foundation Project)
		5.00% 11/1/27		500,000			561,810
	City of Bethel
		(The Lodge at Lakes
		at Stillwater
		Project)
		5.25% 6/1/58		1,775,000			1,819,411
	City of Center City,
		Minnesota Healthcare
		Facilities Revenue
		Refunding
		(Hazelden Betty Ford
		Foundation Project)
		4.00% 11/1/41		200,000			222,814
	City of Crookston,
		Minnesota Health
		Care Facilities
		Revenue
		(Riverview Health
		Project)
		5.00% 5/1/51		1,390,000			1,422,373
	Cloquet Housing
		Facilities Revenue
		(HADC Cloquet
		Project)
		Series A 5.00%
		8/1/48		500,000			500,230

24

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Dakota County
		Community
		Development Agency
		Senior Housing
		Revenue
		(Walker Highview Hills
		Project)
		Series A
		144A 5.00% 8/1/46 #		370,000		$	379,117
		Series A
		144A 5.00% 8/1/51 #		755,000			773,112
	Deephaven Housing &
		Healthcare Revenue
		(St. Therese Senior
		Living Project)
		Series A 5.00% 4/1/38		280,000			283,430
		Series A 5.00% 4/1/40		270,000			272,897
	Duluth Economic
		Development
		Authority
		(Essentia Health
		Obligated Group)
		Series A 5.00%
		2/15/48		1,810,000			2,129,085
		(St. Luke’s Hospital
		Authority Obligation
		Group)
		5.75% 6/15/32		2,000,000			2,077,800
		6.00% 6/15/39		1,000,000			1,039,050
	Hayward
		(American Baptist
		Homes Midwest)
		5.75% 2/1/44		500,000			502,800
	Hayward Health Care
		Facilities Revenue
		(St. John’s Lutheran
		Home of Albert
		Lea)
		5.375% 10/1/44		260,000			252,405
	Housing &
		Redevelopment
		Authority of The City
		of St Paul Minnesota
		Series A 5.00%
		12/1/30		300,000			362,829
	Maple Grove Health
		Care Facilities
		Revenue
		(Maple Grove
		Hospital
		Corporation)
		4.00% 5/1/37		1,000,000			1,062,450
		(North Memorial
		Health Care)
		5.00% 9/1/30		865,000			977,303
	Maple Plain Senior
		Housing & Health
		Care Revenue
		(Haven Homes
		Project)
		5.00% 7/1/54		1,500,000			1,558,485
	Minneapolis Health Care
		System Revenue
		(Fairview Health
		Services)
		Series A 4.00% 11/15/48		2,855,000			3,163,083
		Series A 5.00% 11/15/33		500,000			577,515
		Series A 5.00% 11/15/34		500,000			576,550
		Series A 5.00% 11/15/49		2,000,000			2,383,760
	Minneapolis Senior
		Housing & Healthcare
		Revenue
		(Ecumen Mill City
		Quarter)
		5.25% 11/1/45		850,000			856,588
		5.375% 11/1/50		200,000			201,842
		(Ecumen-Abiitan Mill
		City Project)
		5.00% 11/1/35		220,000			222,057
	Minneapolis – St. Paul
		Housing &
		Redevelopment
		Authority Health Care
		Revenue
		(Allina Health System)
		Series A 5.00%
		11/15/29		585,000			714,975
	Rochester Health Care &
		Housing Revenue
		(The Homestead at
		Rochester Project)
		Series A 6.875%
		12/1/48		1,220,000			1,308,084

25

---

Table of Contents

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

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Rochester Health Care
		Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41		4,860,000		$	4,983,493
	Sartell Health Care
		Facilities Revenue
		(Country Manor
		Campus Project)
		Series A 5.25% 9/1/30		1,000,000			1,015,370
		Series A 5.30% 9/1/37		600,000			610,662
	Shakopee Health Care
		Facilities Revenue
		(St. Francis Regional
		Medical Center)
		4.00% 9/1/31		205,000			217,054
		5.00% 9/1/34		165,000			179,259
	St. Cloud Health Care
		Revenue
		(Centracare Health
		System Project)
		4.00% 5/1/49		1,585,000			1,752,265
		5.00% 5/1/48		3,150,000			3,812,382
		Series A 4.00% 5/1/37		1,295,000			1,426,443
		Series A 5.00% 5/1/46		4,800,000			5,543,184
		Series B 5.00% 5/1/24		1,400,000			1,586,186
		(Unrefunded –
		Centracare Health
		System Project)
		5.125% 5/1/30		95,000			95,260
	St. Paul Housing &
		Redevelopment
		Authority Health Care
		Facilities Revenue
		(Fairview Health
		Services)
		Series A 4.00% 11/15/43		905,000			996,658
		Series A 5.00% 11/15/47		680,000			798,232
		(Health Partners
		Obligation Group
		Project)
		Series A 5.00% 7/1/29		2,000,000			2,328,420
		Series A 5.00% 7/1/32		1,100,000			1,276,154
	St. Paul Housing &
		Redevelopment
		Authority Housing &
		Health Care Facilities
		Revenue
		Series A 5.00%
		12/1/36		750,000			881,783
	St. Paul Housing &
		Redevelopment
		Authority Housing &
		Health Care Facilities
		Revenue
		(Senior Episcopal
		Homes Project)
		5.125% 5/1/48		1,200,000			1,186,944
		Series A 4.75% 11/1/31		740,000			740,355
	Wayzata Senior Housing
		Revenue
		(Folkestone Senior
		Living Community)
		3.75% 8/1/37		500,000			503,100
		4.00% 8/1/38		250,000			254,065
		4.00% 8/1/44		350,000			354,676
		5.00% 8/1/54		400,000			421,240
	Winona Health Care
		Facilities Revenue
		(Winona Health
		Obligation)
		4.65% 7/1/26		465,000			468,450
		4.75% 7/1/27		785,000			790,927
		5.00% 7/1/34		750,000			754,680
	Woodbury Housing &
		Redevelopment
		Authority Revenue
		(St. Therese of
		Woodbury)
		5.125% 12/1/44		1,250,000			1,298,600
							66,399,188
Housing Revenue Bonds – 2.05%
	Minnesota Housing
		Finance Agency
		(Non Ace – State
		Appropriated
		Housing)
		Series C 5.00%
		8/1/33		1,390,000			1,589,423

26

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Minnesota State
		Housing Finance
		Agency
		Series I 2.20%
		1/1/51		845,000		$	825,700
		Homeownership
		(Mortgage-Backed
		Securities Program)
		Series G 4.40%
		7/1/32 (GNMA) (FNMA)		530,000			533,154
	Northwest Multi-County
		Housing &
		Redevelopment
		Authority
		(Pooled Housing
		Program)
		5.50% 7/1/45		560,000			578,178
							3,526,455
Lease Revenue Bonds – 8.75%
	Minnesota State General
		Fund Revenue
		Appropriations
		Series A 5.00% 6/1/32		780,000			856,487
		Series A 5.00% 6/1/38		5,500,000			6,010,620
		Series A 5.00% 6/1/43		1,750,000			1,905,365
	Minnesota State
		Housing Finance
		Agency
		(Non Ace - State
		Appropriated
		Housing)
		Series C 5.00%
		8/1/36		1,000,000			1,138,850
	University of Minnesota
		Special Purpose
		Revenue
		(State Supported
		Biomed
		Science Research)
		5.00% 8/1/35		1,040,000			1,043,505
		5.00% 8/1/36		4,000,000			4,059,440
							15,014,267
Local General Obligation Bonds – 14.78%
	Brainerd Independent
		School District No.
		181
		(General Obligation
		School Building
		Bonds)
		Series A 4.00% 2/1/38		1,500,000			1,701,975
		Series A 4.00% 2/1/43		1,500,000			1,685,895
	Burnsville-Eagan-Savage
		Independent School
		District No. 191
		(Alternative Facilities)
		Series A 4.00%
		2/1/28		1,185,000			1,322,922
	Duluth Independent
		School District No.
		709
		Series A 4.00%
		2/1/27		600,000			684,078
	Duluth, Minnesota
		(Improvement DECC)
		Series A 5.00%
		2/1/34		545,000			649,166
	Edina Independent
		School District No.
		273
		Series A 5.00%
		2/1/27		1,500,000			1,758,195
	Hennepin County
		Series A 5.00% 12/1/36		1,190,000			1,460,309
		Series A 5.00% 12/1/37		1,240,000			1,533,012
		Series A 5.00% 12/1/41		1,060,000			1,288,366
	Mahtomedi Independent
		School District No.
		832
		(School Building)
		Series A 5.00%
		2/1/28		515,000			602,365
	Minneapolis Special
		School District No. 1
		Series A 4.00% 2/1/36		190,000			224,439
		Series A 4.00% 2/1/37		250,000			294,343
		Series A 4.00% 2/1/38		260,000			305,276
		Series B 4.00% 2/1/36		400,000			472,504
		Series B 4.00% 2/1/37		530,000			624,006
		Series B 4.00% 2/1/38		550,000			645,777

27

---

Table of Contents

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

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Mounds View
		Independent School
		District No. 621
		(School Building)
		Series A 4.00%
		2/1/43		2,000,000		$	2,236,100
	St. Michael-Albertville
		Independent School
		District No. 885
		(School Building)
		Series A 5.00%
		2/1/27		1,300,000			1,573,754
	St. Paul Independent
		School District No.
		625
		(School Building)
		Series B 5.00%
		2/1/26		1,000,000			1,086,190
	White Bear Lake
		Independent School
		District No. 624
		Series A 3.00%
		2/1/43		2,595,000			2,776,546
	Willmar
		(Rice Memorial
		Hospital Project)
		Series A 4.00%
		2/1/32		2,440,000			2,444,441
							25,369,659
Pre-Refunded/Escrowed to Maturity Bonds – 16.65%
	Dakota-Washington
		Counties Housing &
		Redevelopment
		Authority Single
		Family Residential
		Mortgage Revenue
		(City of Bloomington)
		Series B 8.375%
		9/1/21 (GNMA) (AMT)		7,055,000			7,279,702
	Deephaven Charter
		School
		(Eagle Ridge Academy
		Project)
		Series A 5.50%
		7/1/43-23 §		500,000			557,250
	Minnesota Higher
		Education Facilities
		Authority Revenue
		(St. Catherine
		University)
		Series 7-Q 5.00%
		10/1/32-22 §		700,000			750,470
	Minnesota State
		(State Trunk Highway)
		Series B 5.00% 10/1/22-21 §		5,500,000			5,632,220
		Series B 5.00% 10/1/29-21 §		3,315,000			3,394,692
	Rochester Electric Utility
		Revenue
		Series B 5.00% 12/1/30-23 §		1,300,000			1,464,060
		Series B 5.00% 12/1/43-23 §		1,000,000			1,126,200
	St. Paul Housing &
		Redevelopment
		Authority Hospital
		Facility
		(Healtheast Care
		System Project)
		Series A 5.00% 11/15/29-25 §		395,000			474,521
		Series A 5.00% 11/15/30-25 §		290,000			348,383
	University of Minnesota
		Series D 5.00%
		12/1/36-21 §		2,655,000			2,739,668
	Western Minnesota
		Municipal Power
		Agency Supply
		Revenue
		Series A 5.00% 1/1/33-24 §		1,000,000			1,129,560
		Series A 5.00% 1/1/40-24 §		750,000			847,170
		Series A 5.00% 1/1/46-24 §		2,500,000			2,823,900
							28,567,796
Special Tax Revenue Bonds – 3.28%
	Guam Government
		Business Privilege Tax
		Revenue
		Series A 5.25%
		1/1/36		150,000			154,816
	Minneapolis Revenue
		(YMCA Greater Twin
		Cities Project)
		4.00% 6/1/29		165,000			177,563
	Puerto Rico Sales Tax
		Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40		1,250,000			1,357,875

28

---

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 4.75% 7/1/53		1,000,000		$	1,088,400
		Series A-1 5.00% 7/1/58		1,600,000			1,765,888
	St. Paul Sales Tax
		Revenue
		Series G 5.00%
		11/1/30		935,000			1,078,532
							5,623,074
State General Obligation Bonds – 8.15%
	Commonwealth of
		Puerto Rico
		(Public Improvement)
		Series B 5.75%
		7/1/38 ‡		985,000			852,025
	Minnesota State
		Series A 5.00% 8/1/30		500,000			658,080
		Series A 5.00% 8/1/35		1,895,000			2,456,962
		Series A 5.00% 8/1/40		2,500,000			3,256,250
		Series E 5.00% 10/1/26		1,480,000			1,836,147
		(Various Purposes)
		Series A 5.00% 8/1/38		500,000			631,195
		Series F 5.00% 10/1/22		4,000,000			4,290,880
							13,981,539
Transportation Revenue Bonds – 7.35%
	Minneapolis – St. Paul
		Metropolitan Airports
		Commission Revenue
		(Subordinate)
		Series A 5.00% 1/1/31		410,000			495,473
		Series A 5.00% 1/1/32		1,255,000			1,511,974
		Series A 5.00% 1/1/49		2,000,000			2,414,820
		Series B 5.00% 1/1/26		540,000			558,851
		Series B 5.00% 1/1/26 (AMT)		500,000			559,980
		Series B 5.00% 1/1/27		1,190,000			1,230,900
		Series B 5.00% 1/1/31		250,000			258,310
		Series B 5.00% 1/1/30		500,000			516,655
		Series C 5.00% 1/1/33		2,000,000			2,402,600
		Series C 5.00% 1/1/36		1,000,000			1,193,070
		Series C 5.00% 1/1/46		1,245,000			1,475,636
							12,618,269
Water & Sewer Revenue Bonds – 3.13%
	Guam Government
		Waterworks Authority
		5.00% 7/1/40		840,000			968,671
	Metropolitan Council
		Waste Water Revenue
		Series B 4.00% 9/1/27		1,145,000			1,198,403
		Series C 4.00% 3/1/31		1,355,000			1,574,144
		Series C 4.00% 3/1/32		1,405,000			1,627,215
							5,368,433
Total Municipal Bonds
	(cost $232,025,669)						243,332,123
Total Value of Securities–141.79%
	(cost $232,025,669)					$	243,332,123

°	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, 2021, the aggregate value of Rule 144A securities was $5,391,568, which represents 3.14% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”

Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
LLC – Limited Liability Corporation
USD – US Dollar

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

29

---

Table of Contents

Schedules of investments
Delaware Investments^® National Municipal Income Fund

March 31, 2021

				Principal
				amount°		Value (US $)
Municipal Bonds – 142.96%
Corporate Revenue Bond – 0.58%
	New Jersey Tobacco
		Settlement Financing
		Corporation
		Series B 5.00%
		6/1/46		335,000		$	389,454
							389,454
Corporate Revenue Bonds – 13.52%
	Arizona Industrial
		Development
		Authority Revenue
		(Legacy Cares, Inc.
		Project)
		Series A
		144A 7.75%
		7/1/50 #		725,000			787,307
	Buckeye Tobacco
		Settlement Financing
		Authority
		(Senior)
		Series A-2 4.00%
		6/1/48		750,000			836,977
	Central Plains Energy
		Project Revenue,
		Nebraska
		(Project No. 3)
		Series A 5.00%
		9/1/36		225,000			305,170
	Commonwealth
		Financing Authority
		Revenue,
		Pennsylvania
		(Tobacco Master
		Settlement
		Payment)
		4.00%
		6/1/39 (AGM)		1,015,000			1,151,051
	Florida Development
		Finance Surface
		Transportation
		Facilities Revenue
		(Brightline Passenger
		Rail Project)
		Series B
		144A 7.375%
		1/1/49 (AMT) #		680,000			670,650
		(Virgin Trains USA
		Passenger Rail
		Project)
		Series A
		144A 6.50%
		1/1/49 (AMT) #, ●		475,000			458,731
	M-S-R Energy Authority,
		California Gas
		Series B 6.50% 11/1/39		250,000			399,660
		Series C 7.00% 11/1/34		1,000,000			1,556,010
	New York Transportation
		Development
		(Delta Air Lines, Inc. -
		LaGuardia Airport
		Terminals C&D
		Redevelopment
		Project)
		4.00%
		1/1/36 (AMT)		750,000			824,460
	Shoals, Indiana
		(National Gypsum
		Project)
		7.25%
		11/1/43 (AMT)		310,000			327,695
	Suffolk County, New
		York Tobacco Asset
		Securitization
		Series B 5.00%
		6/1/32		750,000			773,108
	Tobacco Settlement
		Financing
		Corporation,
		Louisiana
		Asset-Backed Note
		Series A 5.25%
		5/15/35		460,000			499,017

30

---

Table of Contents

					Principal
					amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Tobacco Settlement
		Financing
		Corporation, New
		Jersey
		Series A 5.00%
			6/1/46		130,000		$	152,377
	TSASC Revenue, New
		York
		(Settlement)
			Series A 5.00%
			6/1/41		60,000			69,508
	Valparaiso, Indiana
		(Pratt Paper Project)
			7.00%
			1/1/44 (AMT)		240,000			268,946
								9,080,667
Education Revenue Bonds – 19.02%
	Arizona Industrial
		Development
		Authority Revenue
		(American Charter
			Schools Foundation
			Project)
			144A 6.00%
			7/1/47 #		330,000			395,056
	Board of Regents of the
		University of Texas
		System
		Series B 5.00%
			8/15/49		1,000,000			1,519,200
	California Educational
		Facilities Authority
		Revenue
		(Loma Linda
			University)
			Series A 5.00%
			4/1/47		500,000			582,530
		(Stanford University)
			Series V-1 5.00%
			5/1/49		900,000			1,379,520
	East Hempfield
		Township,
		Pennsylvania
		Industrial
		Development
		Authority
		(Student Services
			Income - Student
			Housing Project)
			5.00% 7/1/35		1,000,000			1,016,860
	Health & Educational
		Facilities Authority of
		the State of Missouri
		(St. Louis College of
			Pharmacy Project)
			5.25% 5/1/33		500,000			528,295
	Illinois Finance Authority
		Revenue
		(CHF - Chicago, L.L.C.
			- University Of
			Illinois at Chicago
			Project)
			Series A 5.00%
			2/15/50		460,000			503,967
		(Chicago International
			Charter School
			Project)
			5.00% 12/1/47		535,000			592,175
	Louisiana Public
		Facilities Authority
		Revenue
		(Provident Group-
			Flagship
			Properties)
			Series A 5.00%
			7/1/56		500,000			564,935
	Massachusetts
		Development Finance
		Agency
		(Umass Boston
			Student Housing
			Project)
			5.00% 10/1/48		285,000			303,249

31

---

Table of Contents

Schedules of investments
Delaware Investments^® National Municipal Income Fund

					Principal
					amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York City, Trust for
		Cultural Resources
		Revenue
		(Whitney Museum Of
			American Art)
			5.00% 7/1/31		325,000		$	437,755
	Philadelphia,
		Pennsylvania
		Authority for
		Industrial
		Development
		(1st Philadelphia
			Preparatory
			College)
			Series A 7.25%
			6/15/43		370,000			423,125
	Phoenix, Arizona
		Industrial
		Development
		Authority Revenue
		(Rowan University
			Project)
			5.00% 6/1/42		1,000,000			1,033,130
	Pima County, Arizona
		Industrial
		Development
		Authority
		(Edkey Charter
			Schools Project)
			144A 5.00%
			7/1/49 #		500,000			530,690
	Private Colleges &
		Universities Authority
		Revenue, Georgia
		(Mercer University)
			Series A 5.00%
			10/1/32		135,000			137,106
	University of California
		Series AI 5.00% 5/15/32			1,000,000			1,096,840
		Series AZ 5.25% 5/15/58			465,000			579,027
	University of Washington
		Series A 4.00%
			4/1/41		750,000			903,645
	Wyoming Community
		Development
		Authority Student
		Housing Revenue
		(CHF-Wyoming LLC)
			6.50% 7/1/43		250,000			251,960
								12,779,065
Electric Revenue Bonds – 5.04%
	Long Island Power
		Authority, New York
		Electric System
		Revenue
		5.00% 9/1/47			305,000			365,612
		Series A 5.00% 9/1/44			250,000			281,325
		Series B 5.00% 9/1/46			130,000			152,771
	Philadelphia,
		Pennsylvania Gas
		Works Revenue
		(1998 General
			Ordinance
			Fifteenth Series)
			5.00% 8/1/47		500,000			591,590
	Puerto Rico Electric
		Power Authority
		Revenue
		Series A 5.05% 7/1/42 ‡			70,000			63,525
		Series AAA 5.25% 7/1/25 ‡			40,000			36,400
		Series CCC 5.25% 7/1/27 ‡			315,000			286,650
		Series WW 5.00% 7/1/28 ‡			305,000			276,788
		Series XX 4.75% 7/1/26 ‡			40,000			36,150
		Series XX 5.25% 7/1/40 ‡			1,180,000			1,073,800
		Series XX 5.75% 7/1/36 ‡			150,000			137,250
		Series ZZ 4.75% 7/1/27 ‡			35,000			31,631
		Series ZZ 5.25% 7/1/24 ‡			55,000			50,050
								3,383,542
Healthcare Revenue Bonds – 32.82%
	Alabama Special Care
		Facilities Financing
		Authority-Birmingham
		Alabama
		(Methodist Home for
			the Aging)
			6.00% 6/1/50		500,000			521,515

32

---

Table of Contents

					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		$	328,896
	Arizona Industrial
		Development
		Authority Revenue
		(Great Lakes Senior
		Living Communities
		LLC Project)
		Series A 5.00% 1/1/54			190,000			185,204
		Series B 5.00% 1/1/49			70,000			59,097
		Series B 5.125% 1/1/54			85,000			71,423
		(Phoenix Children’s
			Hospital)
			Series A 4.00%
			2/1/50		530,000			603,999
	Brookhaven
		Development
		Authority Revenue,
		Georgia
		(Children’s Healthcare
			of Atlanta)
			Series A 4.00%
			7/1/49		30,000			34,493
	California Health
		Facilities Financing
		Authority Revenue
		(Kaiser Permanente)
			Series A-2 5.00%
			11/1/47		730,000			1,082,291
	California Statewide
		Communities
		Development
		Authority
		(Loma Linda
			University Medical
			Center)
			Series A
			144A 5.25%
			12/1/56 #		500,000			560,215
	Capital Trust Agency,
		Florida
		(Tuscan Gardens
			Senior Living
			Center)
			Series A 7.00%
			4/1/49		375,000			206,250
	Colorado Health
		Facilities Authority
		Revenue
		(CommonSpirit
			Health)
			Series A-2 4.00%
			8/1/49		1,000,000			1,105,010
		(Healthcare Facilities -
			American Baptist)
			8.00% 8/1/43		330,000			351,697
		(Sanford Health)
			Series A 5.00%
			11/1/44		500,000			621,610
	Cuyahoga County, Ohio
		Hospital Revenue
		(The Metrohealth
			System)
			5.50% 2/15/57		1,000,000			1,167,980
	Escambia County Health
		Facilities Authority
		Revenue
		(Healthcare Facilities -
			Baptist)
			Series A 4.00%
			8/15/50		540,000			595,312
	Glendale, Arizona
		Industrial
		Development
		Authority
		(Royal Oaks -
			Inspirata Pointe
			Project)
			Series A 5.00%
			5/15/56		500,000			555,410
	Idaho Health Facilities
		Authority Revenue
		(St. Luke’s Health
			System Project)
			Series A 5.00%
			3/1/33		1,250,000			1,525,887

33

---

Table of Contents

Schedules of investments
Delaware Investments^® National Municipal Income Fund

					Principal
					amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Kalispell, Montana
		(Immanuel Lutheran
			Corporation
			Project)
			Series A 5.25%
			5/15/37		700,000		$	727,363
	Maryland Health &
		Higher Educational
		Facilities Authority
		(University of
			Maryland Medical
			System Issue)
			Series D 4.00%
			7/1/48		255,000			278,062
	Miami-Dade County,
		Florida Health
		Facilities Authority
		Revenue
		(Nicklaus Children’s
			Hospital Project)
			5.00% 8/1/47		200,000			235,722
	Michigan Finance
		Authority Revenue
		(Beaumont Health
			Credit Group)
			5.00% 11/1/44		1,000,000			1,150,620
	Monroe County, New
		York Industrial
		Development
		Revenue
		(Rochester Regional
			Health Project)
			Series A 4.00%
			12/1/46		440,000			496,236
	Montgomery County
		Higher Education and
		Health Authority
		(Thomas Jefferson
			University)
			4.00% 9/1/49		750,000			831,488
	Moon, Pennsylvania
		Industrial
		Development
		Authority
		(Baptist Homes
			Society Obligation)
			6.125% 7/1/50		750,000			793,530
	New Hope, Texas
		Cultural Education
		Facilities
		(Cardinal Bay Inc.)
		Series A1 5.00% 7/1/51			135,000			135,174
		Series B 4.75% 7/1/51			160,000			106,407
	New Jersey Health Care
		Facilities Financing
		Authority Revenue
		(St. Peters University
			Hospital)
			6.25% 7/1/35		300,000			302,784
		(Valley Health System
			Obligated)
			4.00% 7/1/44		475,000			539,529
	New York State
		Dormitory Authority
		Series A 4.00%
			7/1/53		355,000			402,698
		(Orange Regional
			Medical Center)
			144A 5.00%
			12/1/35 #		500,000			573,215
	Orange County, Florida
		Health Facilities
		Authority Revenue
		(Mayflower
		Retirement Center)
		5.00% 6/1/32			400,000			401,332
		5.00% 6/1/36			250,000			250,765
		5.125% 6/1/42			750,000			752,152
	Oregon State Facilities
		Authority Revenue
		(Peacehealth Project)
			Series A 5.00%
			11/15/29		500,000			556,730
	Palm Beach County
		Health Facilities
		Authority, Florida
		(Sinai Residences
			Boca Raton
			Project)
			Series A 7.50%
			6/1/49		105,000			112,865
	Palomar Health,
		California
		5.00% 11/1/39			130,000			146,202

34

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Tarrant County, Texas
		Cultural Education
		Facilities Finance
		(Buckner Senior Living
		- Ventana Project)
		6.75% 11/15/47		250,000		$	276,095
	University of North
		Carolina Board of
		Governors
		5.00% 2/1/49		500,000			746,740
	Washington Health Care
		Facilities Authority
		Revenue
		(CommonSpirit
		Health)
		Series A-2 5.00%
		8/1/38		250,000			308,523
	Westminster, Maryland
		(Lutheran Village
		Millers Grant)
		Series A 6.00%
		7/1/34		500,000			541,275
	Wisconsin Health &
		Educational Facilities
		Authority
		(Covenant
		Communities, Inc.
		Project)
		Series B 5.00%
		7/1/53		1,000,000			1,026,320
	Yavapai County, Arizona
		Industrial
		Development
		Authority Revenue
		(Yavapai Regional
		Medical Center)
		Series A 5.00%
		8/1/28		720,000			783,396
							22,051,512
Lease Revenue Bonds – 9.46%
	California State Public
		Works Board Lease
		Revenue
		(Various Capital
		Projects)
		Series A 5.00%
		4/1/37		1,000,000			1,045,990
	Idaho State Building
		Authority Revenue
		(Health & Welfare
		Project)
		Series A 5.00%
		9/1/24		90,000			96,899
	Metropolitan Pier &
		Exposition Authority
		Illinois Revenue
		(McCormick Place
		Expansion)
		4.00% 6/15/50		1,375,000			1,528,409
		5.00% 6/15/50		290,000			345,584
	New Jersey Economic
		Development
		Authority
		Series WW 5.25%
		6/15/30		1,000,000			1,152,180
		(Transit Transportation
		Project)
		Series A 4.00%
		11/1/44		500,000			553,955
	New Jersey
		Transportation Trust
		Fund Authority
		Series AA 4.00%
		6/15/45		1,000,000			1,118,730
	Public Finance Authority,
		Wisconsin Airport
		Facilities Revenue
		(AFCO Investors II
		Portfolio)
		144A 5.75%
		10/1/31 (AMT) #		500,000			514,180
							6,355,927
Local General Obligation Bonds – 2.84%
	Chicago Board of
		Education, Illinois
		5.00% 4/1/42		205,000			234,104
		5.00% 4/1/46		210,000			238,157
	Chicago, Illinois
		Series A 5.50% 1/1/34		225,000			252,499
		Series C 5.00% 1/1/38		500,000			559,495
	New York City, New York
		Series C 5.00%
		8/1/43		500,000			623,715
							1,907,970

35

---

Table of Contents

Schedules of investments
Delaware Investments^® National Municipal Income Fund

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 6.97%
	JEA Electric System
		Revenue, Florida
		Series A 5.00%
		10/1/33-23 §		1,000,000		$	1,118,570
	Metropolitan
		Transportation
		Authority Revenue,
		New York
		(Unrefunded)
		Series A 5.00%
		11/15/41-21 §		310,000			319,334
	Monroe County, New
		York Industrial
		Development
		Revenue
		(Nazareth College
		Rochester Project)
		5.50%
		10/1/41-21 §		495,000			507,885
	Monroe County,
		Pennsylvania Hospital
		Authority Revenue
		(Pocono Medical
		Center)
		Series A 5.00%
		1/1/41-22 §		500,000			517,405
	New Hope, Texas
		Cultural Education
		Facilities
		(Chief-Collegiate
		Housing-Tarleton
		St.)
		Series A 5.00%
		4/1/34-24 §		1,000,000			1,127,910
	New York State
		Dormitory Authority
		Series A 5.00%
		3/15/33-23 §		1,000,000			1,094,540
							4,685,644
Special Tax Revenue Bonds – 13.95%
	Allentown, Pennsylvania
		Neighborhood
		Improvement Zone
		Development
		Authority Revenue
		(City Center Project)
		144A 5.375%
		5/1/42 #		175,000			203,726
	Guam Government
		Business Privilege Tax
		Revenue
		Series B-1 5.00%
		1/1/42		540,000			556,362
	Kansas City, Missouri
		Redevelopment
		Authority Revenue
		(Convention Centre
		Hotel Project - TIF
		Financing)
		Series B
		144A 5.00%
		2/1/40 #		135,000			144,146
	Massachusetts Bay
		Transportation
		Authority Senior
		Series A 5.25%
		7/1/29		200,000			266,500
	New Jersey Economic
		Development
		Authority Revenue
		(Cigarette Tax)
		5.00% 6/15/28		200,000			207,682
		5.00% 6/15/29		800,000			829,464
	Northampton County,
		Pennsylvania
		Industrial
		Development
		Authority Revenue
		(Route 33 Project)
		7.00% 7/1/32		205,000			220,812

36

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Public Finance Authority,
		Wisconsin Airport
		Facilities Revenue
		(American Dream @
		Meadowlands
		Project)
		144A 7.00%
		12/1/50 #		380,000		$	439,520
	Puerto Rico Sales Tax
		Financing Revenue
		(Restructured)
		Series A-1 4.579% 7/1/46 ^		5,000,000			1,532,100
		Series A-1 4.75% 7/1/53		3,235,000			3,520,974
		Series A-2 4.329% 7/1/40		595,000			637,971
	Sales Tax Securitization,
		Illinois
		Series A 5.00%
		1/1/40		500,000			590,360
	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			220,849
							9,370,466
State General Obligation Bonds – 12.62%
	California State
		(Various Purposes)
		5.00% 10/1/41		440,000			450,208
		5.00% 11/1/47		1,000,000			1,219,480
	Commonwealth of
		Puerto Rico
		Series A 5.125% 7/1/37 ‡		225,000			184,781
		Series A 5.25% 7/1/34 ‡		715,000			630,094
		Series A 8.00% 7/1/35 ‡		1,900,000			1,496,250
	Illinois State
		5.00% 1/1/28		285,000			326,219
		5.00% 5/1/36		90,000			97,138
		5.00% 11/1/36		1,170,000			1,320,591
		5.00% 2/1/39		160,000			171,235
		5.50% 5/1/39		500,000			615,590
		Series A 5.00% 4/1/38		170,000			178,940
		Series A 5.125% 12/1/29		310,000			371,585
	Illinois State
		(Rebuild Illinois
		Program)
		Series B 4.00%
		11/1/39		1,300,000			1,417,611
							8,479,722
Transportation Revenue Bonds – 24.14%
	Alameda Corridor,
		California
		Transportation
		Authority
		(2nd Sub Lien)
		Series B 5.00%
		10/1/37		430,000			503,384
	Atlanta, Georgia
		Department of
		Aviation
		Series B 5.00%
		1/1/29		1,000,000			1,121,120
	California Municipal
		Finance Authority
		Mobile Home Park
		Revenue
		(LINXS APM Project)
		Series A 5.00%
		12/31/47 (AMT)		615,000			723,099
	Chicago, Illinois O’Hare
		International Airport
		Revenue
		(General-Senior Lien)
		Series A 5.00% 1/1/48 (AMT)		250,000			295,373
		Series D 5.25% 1/1/34		1,000,000			1,075,020
	Harris County, Texas Toll
		Road Authority
		Revenue
		(Senior Lien)
		Series A 4.00%
		8/15/48		500,000			569,190
	Metropolitan
		Transportation
		Authority Revenue,
		New York
		(Green Bond)
		Series C-1 5.25%
		11/15/55		750,000			913,688

37

---

Table of Contents

Schedules of investments
Delaware Investments^® National Municipal Income Fund

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan
		Washington D.C.
		Airports Authority
		Dulles Toll Road
		Revenue
		(Dulles Metrorail and
		Capital
		Improvement
		Projects)
		Series B 4.00%
		10/1/49		510,000		$	572,276
	New Jersey Turnpike
		Authority
		Series A 4.00% 1/1/48		1,000,000			1,127,850
		Series B 5.00% 1/1/40		250,000			301,277
	New Orleans, Louisiana
		Aviation Board
		Series B 5.00%
		1/1/45 (AMT)		1,000,000			1,125,220
	New York Liberty
		Development
		Revenue
		(1 World Trade Center
		Port Authority
		Construction)
		5.00% 12/15/41		500,000			514,695
	New York Transportation
		Development
		(La Guardia Airport)
		Series A 5.25%
		1/1/50 (AMT)		700,000			788,949
		(Terminal 4 John F.
		Kennedy International
		Airport Project))
		Series C 4.00% 12/1/39		70,000			78,280
		Series C 4.00% 12/1/41		65,000			72,654
		Series C 5.00% 12/1/29		20,000			25,124
	Pennsylvania Turnpike
		Commission
		Subordinate
		Series A-1 5.00% 12/1/43		500,000			568,925
		Series A-1 5.00% 12/1/47		210,000			251,771
	Phoenix City, Arizona
		Civic Improvement
		Airport Revenue
		Series B 5.00%
		7/1/49 (AMT)		1,000,000			1,194,290
	Salt Lake City, Utah
		Airport Revenue
		Series B 5.00%
		7/1/42		625,000			747,681
	South Jersey Port
		Corporation
		(Subordinated Marine
		Terminal Revenue)
		Series B 5.00%
		1/1/48 (AMT)		195,000			222,115
	South Jersey Port, New
		Jersey
		(Subordinated Marine
		Terminal Revenue)
		Series A 5.00% 1/1/49		85,000			98,801
		Series B 5.00% 1/1/42 (AMT)		85,000			97,555
	St. Louis, Missouri
		Airport Revenue
		(Lambert St. Louis
		International)
		5.00%
		7/1/32 (AMT)		1,000,000			1,051,810
	Texas Private Activity
		Bond Surface
		Transportation
		Corporate Senior Lien
		Revenue
		(Blueridge
		Transportation Group)
		5.00% 12/31/40 (AMT)		110,000			124,286
		5.00% 12/31/45 (AMT)		110,000			123,430
		5.00% 12/31/50 (AMT)		160,000			179,006
		(NTE Mobility Partners
		Segments 3 LLC
		Segment 3C
		Project)
		5.00%
		6/30/58 (AMT)		500,000			597,625
		(NTE Mobility
		Partners)
		6.75% 6/30/43 (AMT)		225,000			255,267
		7.00% 12/31/38 (AMT)		165,000			188,385
	Triborough Bridge &
		Tunnel Authority
		Revenue, New York
		(MTA Bridges And
		Tunnels)
		Series A 5.00%
		11/15/49		350,000			436,426

38

---

Table of Contents

				Principal
				amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Virginia Small Business
		Financing Authority
		(Transform
		66 P3 Project)
		5.00%
		12/31/56 (AMT)		235,000		$	272,099
							16,216,671
Water & Sewer Revenue Bonds – 2.00%
	New York City, New York
		Water & Sewer
		System Revenue
		Series GG-1 4.00%
		6/15/50		500,000			579,915
		(Unrefunded Balance)
		5.00% 6/15/47		185,000			202,120
	Philadelphia,
		Pennsylvania Water &
		Wastewater Revenue
		Series A 5.00%
		7/1/45		500,000			562,260
							1,344,295
Total Municipal Bonds
	(cost $89,862,939)						96,044,935
Total Value of Securities–142.96%
	(cost $89,862,939)					$	96,044,935

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

CHF – Collegiate Housing Foundation

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

USD – US Dollar

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

39

---

Table of Contents

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

March 31, 2021

			Delaware			Delaware			Delaware
			Investments®			Investments			Investments
			Colorado			Minnesota			National
			Municipal			Municipal			Municipal
			Income			Income			Income
			Fund, Inc.			Fund II, Inc.			Fund Inc.
Assets:
	Investments, at value*		$	102,750,730		$	243,332,123		$	96,044,935
	Cash			–			143,906			–
	Interest receivable			1,212,810			3,058,276			1,184,515
	Offering cost for preferred shareholders			191,891			221,835			207,921
	Prepaid rating agency fee			14,580			14,580			14,580
	Total Assets			104,170,011			246,770,720			97,451,951
Liabilities:
	Due to custodian			279,356			–			183,692
	Liquidation value of preferred stock			30,000,000			75,000,000			30,000,000
	Other accrued expenses			40,882			59,812			46,458
	Investment management fees payable to affiliates			35,218			83,753			32,974
	Audit and tax fees payable			3,500			3,500			3,500
	Legal fees payable to affiliates			1,825			2,811			1,757
	Accounting and administration expenses payable to affiliates			634			1,039			615
	Directors’/Trustees’ fees and expenses payable to affiliates			405			943			368
	Reports and statements to shareholders expenses payable to affiliates			106			247			97
	Total Liabilities			30,361,926			75,152,105			30,269,461
Total Net Assets Applicable to Common Shareholders			$	73,808,085		$	171,618,615		$	67,182,490
Net Assets Applicable to Common Shareholders Consist of:
	Paid-in capital ($0.001 par value)●, ф		$	66,918,121		$	157,931,075		$	60,209,588
	Total distributable earnings (loss)			6,889,964			13,687,540			6,972,902
Total Net Assets Applicable to Common Shareholders			$	73,808,085		$	171,618,615		$	67,182,490
Net Asset Value per Common Share			$	15.26		$	14.92		$	14.84
____________________
*Investments, at cost			$	95,976,205		$	232,025,669		$	89,862,939
●Common shares outstanding				4,837,100			11,504,975			4,528,443
фCommon shares authorized				200 million			200 million			unlimited

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

40

---

Table of Contents

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

Year ended March 31, 2021

			Delaware					Delaware			Delaware
			Investments®					Investments			Investments
			Colorado					Minnesota			National
			Municipal					Municipal			Municipal
			Income					Income			Income
			Fund, Inc.					Fund II, Inc.			Fund Inc.
Investment Income:
	Interest			$	3,693,910			$	8,349,029			$	3,706,018
Expenses:
	Management fees				409,946				977,240				380,546
	Interest expense				412,715				842,732				414,416
	Accounting and administration expenses				55,777				78,709				54,420
	Dividend disbursing and transfer agent fees and expenses				52,919				87,854				54,037
	Audit and tax fees				45,440				41,940				45,440
	Legal fees				36,840				75,965				33,541
	Rating agency fees				29,769				30,375				32,368
	Reports and statements to shareholders expenses				22,662				39,428				23,286
	Offering costs				5,800				5,305				5,927
	Stock exchange fees				4,704				10,966				4,330
	Directors’/Trustees’ fees and expenses				4,151				9,719				3,725
	Custodian fees				2,144				4,571				2,295
	Registration fees				468				378				288
	Other				21,090				36,529				26,664
	Total operating expenses				1,104,425				2,241,711				1,081,283
Net Investment Income					2,589,485				6,107,318				2,624,735
Net Realized and Unrealized Gain:
	Net realized gain on investments				175,454				61,392				189,105
	Net change in unrealized appreciation (depreciation) of investments				4,414,827				5,462,917				4,860,673
Net Realized and Unrealized Gain					4,590,281				5,524,309				5,049,778
Net Increase in Net Assets Resulting from Operations				$	7,179,766			$	11,631,627			$	7,674,513

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

41

---

Table of Contents

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

			Delaware								Delaware								Delaware
			Investments®								Investments								Investments
			Colorado								Minnesota								National
			Municipal								Municipal								Municipal
			Income								Income								Income
			Fund, Inc.								Fund II, Inc.								Fund
			Year ended								Year ended								Year ended
			3/31/21				3/31/20				3/31/21				3/31/20				3/31/21				3/31/20
Increase (Decrease) in Net Assets from
	Operations:
	Net investment income		$	2,589,485			$	2,605,765			$	6,107,318			$	5,318,624			$	2,624,735			$	2,465,717
	Net realized gain			175,454				945,232				61,392				376,557				189,105				948,488
	Net change in unrealized appreciation
	(depreciation)			4,414,827				(2,879,898	)			5,462,917				(2,105,990	)			4,860,673				(3,576,788	)
	Net increase (decrease) in net assets
	resulting from operations			7,179,766				671,099				11,631,627				3,589,191				7,674,513				(162,583	)
Dividends and Distributions to Common
	Shareholders from:
	Distributable earnings			(2,655,568	)			(3,438,465	)			(4,601,990	)			(5,540,135	)			(2,576,684	)			(3,151,586	)
	Total Distributions to Shareholders			(2,655,568	)			(3,438,465	)			(4,601,990	)			(5,540,135	)			(2,576,684	)			(3,151,586	)
Capital Share Transactions:
Net Increase (Decrease) in Net Assets
	Applicable to Common Shareholders			4,524,198				(2,767,366	)			7,029,637				(1,950,944	)			5,097,829				(3,314,169	)
Net Assets Applicable to Common
	Shareholders:
	Beginning of year			69,283,887				72,051,253				164,588,978				166,539,922				62,084,661				65,398,830
	End of year		$	73,808,085			$	69,283,887			$	171,618,615			$	164,588,978			$	67,182,490			$	62,084,661

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

42

---

Table of Contents

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

Year ended March 31, 2021

		Delaware				Delaware				Delaware
		Investments®				Investments				Investments
		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Income				Income				Income
		Fund, Inc.				Fund II, Inc.				Fund
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations		$	7,179,766			$	11,631,627			$	7,674,513
Adjustments to reconcile net increase in net assets from operations to
cash provided by (used for) operating activities:
Amortization of premium and accretion of discount on investments			623,386				2,363,315				434,729
Proceeds from disposition of investment securities			18,548,183				5,504,942				17,839,220
Purchase of investment securities			(20,084,512	)			(10,270,111	)			(20,885,754	)
(Purchase) proceeds from disposition of short-term investment securities, net			(477,675	)			200,000				1,400,000
Net realized gain on investments			(175,454	)			(61,392	)			(189,105	)
Net change in unrealized (appreciation) depreciation of investments			(4,414,827	)			(5,462,917	)			(4,860,673	)
(Increase) decrease in interest receivable			78,123				9,549				(27,035	)
Increase (decrease) in payable for securities purchased			(100,180	)			—				(1,250,918	)
(Increase) decrease in offering cost for preferred shareholders			1,977				(27,967	)			(14,053	)
(Increase) decrease in prepaid rating agency fee			(270	)			(270	)			(270	)
Increase (decrease) in Directors’/Trustees’ fees and expenses payable to affiliates			(104	)			(241	)			(103	)
Increase (decrease) in accounting and administration expenses payable to affiliates			(4	)			(19	)			(3	)
Increase (decrease) in investment management fees payable to affiliates			1,224				2,008				1,226
Increase (decrease) in reports and statements to shareholders expenses payable to
affiliates			15				31				15
Increase (decrease) in legal fees payable to affiliates			471				(336	)			503
Increase (decrease) in other accrued expenses			(3,106	)			28,451				17,787
Total adjustments			(6,002,753	)			(7,714,957	)			(7,534,434	)
Net cash provided by operating activities			1,177,013				3,916,670				140,079
Cash provided by (used for) financing activities:
Cash dividends and distributions paid to common shareholders and preferred shareholders			(2,655,568	)			(4,601,990	)			(2,576,684	)
Increase (decrease) in bank overdraft			279,356				—				183,692
Net cash provided by (used for) financing activities			(2,376,212	)			(4,601,990	)			(2,392,992	)
Net increase (decrease) in cash			(1,199,199	)			(685,320	)			(2,252,913	)
Cash at beginning of year			1,199,199				829,226				2,252,913
Cash at end of year		$	—			$	143,906			$	—
Cash paid for interest expense for leverage		$	412,715			$	842,732			$	414,416

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

43

---

Table of Contents

Financial highlights
Delaware Investments^® Colorado Municipal Income Fund, Inc.

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

		Year ended
		03/31/21				03/31/20				03/31/19				03/31/18				03/31/17
Net asset value, beginning of period		$	14.32			$	14.90			$	14.90			$	14.93			$	15.66
Income (loss) from investment operations:
Net investment income1			0.54				0.54				0.58				0.63				0.67
Net realized and unrealized gain (loss)			0.95				(0.40	)			0.04				0.03				(0.68	)
Total from investment operations			1.49				0.14				0.62				0.66				(0.01	)
Less dividends and distributions to common
shareholders from:
Net investment income			(0.49	)			(0.57	)			(0.62	)			(0.69	)			(0.72	)
Net realized gain			(0.06	)			(0.15	)			—				—				—
Total dividends and distributions			(0.55	)			(0.72	)			(0.62	)			(0.69	)			(0.72	)
Net asset value, end of period		$	15.26			$	14.32			$	14.90			$	14.90			$	14.93
Market value, end of period		$	14.14			$	13.27			$	14.17			$	14.39			$	14.70
Total return based on:2
Net asset value			10.83%				0.58%				4.50%				4.44%				(0.07%	)
Market value			10.82%				(1.99%	)			2.90%				2.44%				2.24%
Ratios and supplemental data:
Net assets applicable to common shares, end of period
(000 omitted)		$	73,808			$	69,284			$	72,051			$	72,050			$	72,240
Ratio of expenses to average net assets applicable to common
shareholders3			1.52%				2.10%				2.14%				1.82%				1.60%
Ratio of net investment income to average net assets applicable
to common shareholders4			3.57%				3.56%				3.98%				4.14%				4.32%
Portfolio turnover			19%				31%				7%				11%				12%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			30,000				30,000				30,000				30,000				30,000
Net asset coverage per share of preferred shares, end of period5			346,027				330,946				340,171				340,167				340,799
Liquidation value per share of preferred shares5			100,000				100,000				100,000				100,000				100,000

1	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.07, $0.16, $0.17, $0.14, and $0.11 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively and from realized capital gains of $0.01 per share for the year ended March 31, 2021.
2	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
3	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.95%, 1.06%, 1.00%, 0.93%, and 0.90%, respectively.
4	The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.14%, 4.60%, 5.12%, 5.03%, and 5.03%, respectively.
5	In November 2011, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

44

---

Table of Contents

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

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

		Year ended
		03/31/21				03/31/20				03/31/19				03/31/18				03/31/17
Net asset value, beginning of period		$	14.31			$	14.48			$	14.27			$	14.41			$	15.05
Income (loss) from investment operations:
Net investment income1			0.53				0.46				0.48				0.51				0.55
Net realized and unrealized gain (loss)			0.48				(0.15	)			0.18				(0.12	)			(0.59	)
Total from investment operations			1.01				0.31				0.66				0.39				(0.04	)
Less dividends and distributions to common
shareholders from:
Net investment income			(0.40	)			(0.45	)			(0.45	)			(0.53	)			(0.60	)
Net realized gain			—				(0.03	)			—				—				—
Total dividends and distributions			(0.40	)			(0.48	)			(0.45	)			(0.53	)			(0.60	)
Net asset value, end of period		$	14.92			$	14.31			$	14.48			$	14.27			$	14.41
Market value, end of period		$	13.19			$	12.37			$	12.63			$	12.63			$	14.56
Total return based on:2
Net asset value			7.54%				2.45%				5.26%				2.82%				(0.27%	)
Market value			9.99%				1.53%				3.73%				(9.94%	)			3.16%
Ratios and supplemental data:
Net assets applicable to common shares, end of period
(000 omitted)		$	171,619			$	164,589			$	166,540			$	164,193			$	165,754
Ratio of expenses to average net assets applicable to common
shareholders3			1.32%				1.97%				2.10%				1.78%				1.59%
Ratio of net investment income to average net assets applicable
to common shareholders4			3.61%				3.12%				3.40%				3.48%				3.69%
Portfolio turnover			2%				14%				13%				22%				9%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			75,000				75,000				75,000				75,000				75,000
Net asset coverage per share of preferred shares, end of period5			328,825				319,452				322,053				318,924				321,006
Liquidation value per share of preferred shares5			100,000				100,000				100,000				100,000				100,000

1	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.07, $0.16, $0.18, $0.14, and $0.12 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively.
2	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
3	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.83%, 0.89%, 0.85%, 0.81%, and 0.82%, respectively.
4	The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.10%, 4.20%, 4.65%, 4.45%, and 4.46%, respectively.
5	In November 2011, the Fund issued a series of 750 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

45

---

Table of Contents

Financial highlights
Delaware Investments^® National Municipal Income Fund

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

		Year ended
		03/31/21				03/31/20				03/31/19				03/31/18				03/31/17
Net asset value, beginning of period		$	13.71			$	14.44			$	14.34			$	14.31			$	15.02
Income (loss) from investment operations:
Net investment income1			0.58				0.54				0.59				0.64				0.66
Net realized and unrealized gain (loss)			1.12				(0.57	)			0.11				(0.01	)			(0.69	)
Total from investment operations			1.70				(0.03	)			0.70				0.63				(0.03	)
Less dividends and distributions to common
shareholders from:
Net investment income			(0.51	)			(0.55	)			(0.60	)			(0.60	)			(0.68	)
Net realized gain			(0.06	)			(0.15	)			—				—				—
Total dividends and distributions			(0.57	)			(0.70	)			(0.60	)			(0.60	)			(0.68	)
Net asset value, end of period		$	14.84			$	13.71			$	14.44			$	14.34			$	14.31
Market value, end of period		$	13.12			$	12.24			$	12.69			$	12.62			$	12.94
Total return based on:2
Net asset value			13.20%				(0.24%	)			5.71%				4.84%				0.01%
Market value			12.11%				1.35%				5.56%				2.04%				(1.50%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period
(000 omitted)		$	67,182			$	62,085			$	65,399			$	64,924			$	64,792
Ratio of expenses to average net assets applicable to common
shareholders3			1.66%				2.27%				2.31%				1.97%				1.73%
Ratio of net investment income to average net assets applicable
to common shareholders4			4.03%				3.69%				4.19%				4.36%				4.45%
Portfolio turnover			19%				33%				16%				50%				13%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			30,000				30,000				30,000				30,000				30,000
Net asset coverage per share of preferred shares, end of period5			323,942				306,949				317,996				316,412				315,898
Liquidation value per share of preferred shares5			100,000				100,000				100,000				100,000				100,000

1	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.08, $0.17, $0.18, $0.14, and $0.12 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively and from realized capital gains of 0.01 per share for the year ended March 31, 2021.
2	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
3	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 1.02%, 1.11%, 1.05%, 0.98%, and 0.94%, respectively.
4	The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.67%, 4.84%, 5.45%, 5.35%, and 5.24%, respectively.
5	In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series 2017 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund’s Series 2017 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.

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

46

---

Table of Contents

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

March 31, 2021

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

1. Significant Accounting Policies

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

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’s Board of Directors/Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended March 31, 2021 and for all open tax years (years ended March 31, 2018–March 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended March 31, 2021, the Funds did not incur any interest or tax penalties.

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

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

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

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the year ended March 31, 2021.

47

---

Table of Contents

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

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended March 31, 2021, the Funds were charged for these services as follows:

Fund		Fees
Delaware Investments Colorado Municipal Income Fund, Inc.		$	7,479
Delaware Investments Minnesota Municipal Income Fund II, Inc.			12,306
Delaware Investments National Municipal Income Fund			7,229

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended March 31, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Delaware Investments Colorado Municipal Income Fund, Inc.		$	20,684
Delaware Investments Minnesota Municipal Income Fund II, Inc.			39,383
Delaware Investments National Municipal Income Fund			19,262

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

Cross trades for the year ended March 31, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended March 31, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:

		Purchases			Sales			Net realized gain (loss)
Delaware Investments Colorado Municipal Income Fund, Inc.		$	3,111,784		$	2,720,660		$	(69,092	)
Delaware Investments Minnesota Municipal Income Fund II, Inc.			2,642,261			4,835,652			61,388
Delaware Investments National Municipal Income Fund			8,143,291			6,557,243			(77,292	)

48

---

Table of Contents

3. Investments

For the year ended March 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund		Purchases			Sales
Delaware Investments Colorado Municipal Income Fund, Inc.		$	20,084,512		$	18,548,183
Delaware Investments Minnesota Municipal Income Fund II, Inc.			10,270,111			5,504,942
Delaware Investments National Municipal Income Fund			20,885,754			17,839,220

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:

						Aggregate				Aggregate
						unrealized				unrealized				Net unrealized
		Cost of				appreciation				depreciation				appreciation
		investments				of investments				of investments				of investments
Fund		and derivatives				and derivatives				and derivatives				and derivatives
Delaware Investments Colorado Municipal Income Fund, Inc.		$	96,174,303			$	6,931,360			$	(354,933	)		$	6,576,427
Delaware Investments Minnesota Municipal Income Fund II, Inc.			231,994,235				12,245,868				(907,980	)			11,337,888
Delaware Investments National Municipal Income Fund			89,851,523				6,582,818				(389,406	)			6,193,412

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

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

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

49

---

Table of Contents

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

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2021:

		Delaware
		Investments
		Colorado
		Municipal
		Income Fund,
		Inc.
		Level 2
Securities
Assets:
Municipal Bonds		$	102,750,730
		Delaware
		Investments
		Minnesota
		Municipal
		Income Fund II,
		Inc.
		Level 2
Securities
Assets:
Municipal Bonds		$	243,332,123
		Delaware
		Investments
		National
		Municipal
		Income Fund
		Level 2
Securities
Assets:
Municipal Bonds		$	96,044,935

During the year ended March 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the year ended March 31, 2021, there were no Level 3 investments.

50

---

Table of Contents

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2021 and 2020 were as follows:

								Long-term
		Tax-exempt			Ordinary			capital
		income			income			gains			Total*
Year ended March 31, 2021:
Delaware Investments Colorado Municipal Income Fund, Inc.		$	2,782,894		$	—		$	285,389		$	3,068,283
Delaware Investments Minnesota Municipal Income Fund II, Inc.			5,444,697			25			—			5,444,722
Delaware Investments National Municipal Income Fund			2,723,922			—			267,178			2,991,100
Year ended March 31, 2020:
Delaware Investments Colorado Municipal Income Fund, Inc.			3,511,439			—			690,324			4,201,763
Delaware Investments Minnesota Municipal Income Fund II, Inc.			7,042,947			1,639			340,995			7,385,581
Delaware Investments National Municipal Income Fund			3,273,266			216,206			434,769			3,924,241

*	Distributions to preferred shareholders in this table are part of interest expense and therefore not shown as distributions on the statements of changes in net assets.

5. Components of Net Assets on a Tax Basis

As of March 31, 2021, the components of net assets on a tax basis were as follows:

		Delaware					Delaware
		Investments					Investments					Delaware
		Colorado					Minnesota					Investments
		Municipal					Municipal					National
		Income Fund,					Income Fund II,					Municipal
		Inc.					Inc.					Income Fund
Shares of beneficial interest			$	66,918,121				$	157,931,075				$	60,209,588
Undistributed tax-exempt income				210,174					2,288,260					551,786
Undistributed long-term capital gains				103,363					61,392					227,704
Unrealized appreciation of investments				6,576,427					11,337,888					6,193,412
Net assets			$	73,808,085				$	171,618,615				$	67,182,490

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2021, the Funds had no reclassifications.

6. Capital Stock

Pursuant to their articles of incorporation, Colorado Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. National Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. Shares issuable under each Fund’s dividend reinvestment plan are purchased by each Fund’s transfer agent, Computershare, Inc., in the open market. During the years ended March 31, 2021 and 2020, the Funds did not issue any shares under their dividend reinvestment plan.

On April 25, 2019, Colorado Municipal Fund, Minnesota Municipal Fund II, and National Municipal Fund (each, a “Fund” and collectively, the “Funds”) priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the Securities Act of 1933, of approximately $135 million of Muni-MultiMode Preferred Shares, Series 2049 (MMP). Colorado Municipal Fund, Minnesota Municipal Fund II,

51

---

Table of Contents

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

6. Capital Stock (continued)

and National Municipal Fund issued $30,000,000, $75,000,000 and $30,000,000, respectively, of MMP Shares with a $100,000 liquidation value per share. Each Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP). The MMP shares were the same amount and value as the respective Fund’s VMTP shares.

The MMP shares are a floating rate form of preferred stock with a mandatory term redemption. The mandatory term redemption date for these three offerings is April 1, 2049. MMP shares have the option at either the request of the purchaser or issuer to be converted to a variable rate demand preferred (“VRDP”) structure. The converted VRDP shares could then be offered for sale to certain institutional investors. The VRDP could continue to remain outstanding for the remainder of the MMP shares’ 30-year term. MMP dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index. MMP shares represent the preferred stock of each Fund and are senior, with priority in all respects, to each Fund’s common shares as to payments of dividends. MMP shares are redeemable at par. A Fund may be obligated to redeem certain of the MMP shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Dividends on MMP shares are set weekly, and are based on a short-term index rate plus an additional spread that is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the MMP shares by Fitch Ratings (“Fitch”).

The weighted average dividend rates for the year ended March 31, 2021 were as follows:

Colorado Municipal Income Fund, Inc.		1.38	%
Minnesota Municipal Income Fund II, Inc.		1.12	%
National Municipal Income Fund		1.38	%

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

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

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

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

7. Geographic, Credit, and Market Risks

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

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

52

---

Table of Contents

The Funds concentrate their investments in securities issued by municipalities. Because each of Colorado Municipal Fund and Minnesota Municipal Fund II invests substantially all of its net assets in municipal obligations of its respective state at the time of investment, events in that state may have a significant impact on the performance and investments of Colorado Municipal Fund and Minnesota Municipal Fund II. These events may include economic or political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to the state’s municipal issuers, the effects of natural or human-made disasters, or other economic, legislative, or political or social issues. Any downgrade to the credit rating of the securities issued by the US government may result in a downgrade of securities issued by the states or US territories. National Municipal Fund will be subject to these risks as well but to a lesser extent because it invests at least 80% of its net assets in securities, the income from which is exempt from federal income tax and is not limited to investing substantially all of its assets in municipal obligations of a single state. From time to time and consistent with its investment policies, National Municipal Fund may invest a considerable portion of its assets in certain municipalities. As of March 31, 2021, National Municipal Fund has invested 16.85%, 15.95%, 15.68%, 14.88%, 11.10%, and 10.55% (each as a percentage of net assets) in securities issued by the State of California, the State of Illinois, the State of New York, the State of Puerto Rico, the Commonwealth of Pennsylvania, and the State of New Jersey, respectively. These investments could make National Municipal Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

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

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

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

Many municipalities insure repayment for their obligations. Although bond insurance may reduce the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At March 31, 2021, the percentages of each Fund’s net assets insured by insurers are listed below and these securities have been identified on the “Schedules of investments.”

		Delaware					Delaware
		Investments					Investments				Delaware
		Colorado					Minnesota				Investments
		Municipal					Municipal				National
		Income Fund,					Income Fund II,				Municipal
		Inc.					Inc.				Income Fund
Assured Guaranty Corporation			1.63	%				—				—
Assured Guaranty Municipal Corporation			9.54	%				—				1.71	%
Build America Mutual Assurance			1.64	%				—				—
Total			12.81	%				—				1.71	%

Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s (S&P) and/or Ba or lower by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

53

---

Table of Contents

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

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

The Funds may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” Advance refunded bonds are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high-grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.

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

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

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

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021.

54

---

Table of Contents

ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

10. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc. (WDR), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by DMC and distributed by DDLP.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

55

---

Table of Contents

Report of independent
registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Investments^® Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund (hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations and cash flows for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and the financial highlights for each of the five years in the period ended March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 20, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

56

---

Table of Contents

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

Tax Information (Unaudited)

The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended March 31, 2021, each Fund reports distributions paid during the year as follows:

		(A)
		Long-Term		(B)		(C)
		Capital Gains		Ordinary Income		Tax-Exempt					Total
		Distributions		Distributions		Distributions					Distributions
		(Tax Basis)		(Tax Basis)		(Tax Basis)					(Tax Basis)
Delaware Investments® Colorado Municipal Income Fund, Inc.		9.30%		—			90.70	%			100.00%
Delaware Investments Minnesota Municipal Income Fund II, Inc.		0.00%		—			100.00	%			100.00%
Delaware Investments National Municipal Income Fund		8.93%		—			91.07	%			100.00%

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

Fund management

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

Gregory A. Gizzi is head of municipal bonds for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for MFI’s taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.

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

Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.

57

---

Table of Contents

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

Fund management (continued)

Jake van Roden
Senior Vice President, Senior Portfolio Manager

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

Delaware Investments^® Colorado Municipal Income Fund, Inc.

Fund strategies and risks

What are the Fund’s principal investment strategies?

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

The Fund may invest without limitation in Colorado Municipal Obligations rated investment grade (i.e., those rated BBB and above or unrated but judged to be of comparable quality by the Fund’s investment adviser). The Fund may also invest up to 20% of its net assets in Colorado Municipal Obligations with an investment rating of Ba/BB or lower, or that are unrated but judged to be of comparable quality by the Fund’s investment adviser. In normal circumstances, the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations.

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

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

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

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

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

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

58

---

Table of Contents

investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities, to manage the effective dollar-weighted average duration of the Fund’s portfolio or for other risk management purposes.

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

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

The Fund may purchase put options (“puts”) that relate to Municipal Obligations (whether or not it holds such securities in its portfolio) or futures on such securities. The Fund may also sell puts on Municipal Obligations or futures on such securities if the Fund’s continuing obligations on such puts are secured by designated assets on the Fund’s books consisting of cash or liquid debt securities having a value not less than the exercise price. The Fund will not sell puts if, as a result, more than 50% of the Fund’s assets would be required to cover its potential obligation under its hedging and other investment transactions.

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

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

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

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

The Fund may purchase Municipal Obligations on a “when-issued” basis and may purchase or sell Municipal Obligations on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices.

59

---

Table of Contents

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

Fund strategies and risks (continued)

During temporary defensive periods (e.g., when, in the Manager’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long- or intermediate-term Colorado Municipal Obligations are available), and in order to keep cash on hand fully invested, the Fund may invest any percentage of its assets in temporary investments. The Fund intends to invest in taxable temporary investments only in the event that suitable tax-exempt temporary investments are not available at reasonable prices and yields. The Fund will invest only in taxable temporary investments which are U.S. Government securities.

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities.

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

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

What are the principal risks of investing in the Fund?

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

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

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

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

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

60

---

Table of Contents

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

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

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in “Notes to financial statements.”

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

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

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

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

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

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

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

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

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

61

---

Table of Contents

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

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

Fund strategies and risks

What are the Fund’s principal investment strategies?

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

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

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

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

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

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

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

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

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

62

---

Table of Contents

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

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

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

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

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

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

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

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

63

---

Table of Contents

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

Fund strategies and risks (continued)

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities.

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

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

What are the principal risks of investing in the Fund?

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

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

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

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

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

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

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

64

---

Table of Contents

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

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in “Notes to financial statements.”

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

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

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

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

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

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

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

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

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

65

---

Table of Contents

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

Delaware Investments^® National Municipal Income Fund

Fund strategies and risks

What are the Fund’s principal investment strategies?

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

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

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

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

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

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

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

The Fund may invest without limit in advance refunded bonds.

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

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

66

---

Table of Contents

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

The Fund may invest in zero coupon bonds.

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

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

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

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

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

What are the principal risks of investing in the Fund?

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

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

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

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

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

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

67

---

Table of Contents

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

Fund strategies and risks (continued)

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

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in “Notes to financial statements.”

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

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

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

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

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

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

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

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

68

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees / Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Trust		Served		Past Five Years		or Officer		or Officer
Interested Trustee
Shawn K. Lytle1		President,		President and		Global Head of Macquarie Investment		160		Trustee — UBS
610 Market Street		Chief Executive Officer,		Chief Executive Officer		Management2				Relationship Funds, SMA
Philadelphia, PA		and Trustee		since August 2015		(January 2019–Present)				Relationship Trust, and
19106-2354				Trustee since		Head of Americas of				UBS Funds
February 1970				September 2015		Macquarie Group				(May 2010–April 2015)
						(December 2017–Present)
						Deputy Global Head of Macquarie Investment
						Management
						(2017–2019)
						Head of Macquarie Investment Management
						Americas
						(2015–2017)
Independent Trustees
Jerome D. Abernathy		Trustee		Since January 2019		Managing Member, Stonebrook Capital		160		None
100 Independence,						Management, LLC (financial technology: macro
610 Market Street						factors and databases)
Philadelphia, PA						(January 1993-Present)
19106-2354
July 1959
Thomas L. Bennett		Chair and Trustee		Trustee since March		Private Investor		160		None
100 Independence,				2005		(March 2004–Present)
610 Market Street				Chair since March 2015
Philadelphia, PA
19106-2354
October 1947
Ann D. Borowiec		Trustee		Since March 2015		Chief Executive Officer, Private Wealth		160		Director — Banco
100 Independence,						Management (2011–2013) and Market				Santander International
610 Market Street						Manager, New Jersey Private Bank (2005–				(October 2016–December
Philadelphia, PA						2011) — J.P. Morgan Chase & Co.				2019)
19106-2354										Director — Santander
November 1958										Bank, N.A. (December
										2016–December 2019)
Joseph W. Chow		Trustee		Since January 2013		Private Investor		160		Director and Audit
100 Independence,						(April 2011–Present)				Committee Member —
610 Market Street										Hercules Technology
Philadelphia, PA										Growth Capital, Inc.
19106-2354										(July 2004–July 2014)
January 1953

69

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Trust		Served		Past Five Years		or Officer		or Officer
H. Jeffrey Dobbs3		Trustee		Since April 2021		Global Sector Chairman, Industrial		89		Director, Valparaiso
100 Independence,						Manufacturing, KPMG LLP				University
610 Market Street						(2010-2015)				(2012-Present)
Philadelphia, PA										Director, TechAccel LLC
19106-2354										(2015-Present) (Tech R&D)
May 1955										Board Member, Kansas
										City Repertory Theatre
										(2015-Present)
										Board Member,
										PatientsVoices, Inc.
										(healthcare)
										(2018-Present)
										Kansas City Campus for
										Animal Care
										(2018-Present)
										Director, National
										Association of
										Manufacturers
										(2010-2015)
										Director, The Children’s
										Center
										(2003-2015)
										Director, Metropolitan
										Affairs Coalition
										(2003-2015)
										Director, Michigan
										Roundtable for Diversity
										and Inclusion
										(2003-2015)
										Trustee, Ivy NextShares
										(2019)
John A. Fry		Trustee		Since January 2001		President — Drexel University		160		Director; Compensation
100 Independence,						(August 2010–Present)				Committee and
610 Market Street						President — Franklin & Marshall College				Governance Committee
Philadelphia, PA						(July 2002–June 2010)				Member — Community
19106-2354										Health Systems
}May 1960										(May 2004–Present)
										Director — Drexel Morgan
										& Co. (2015–2019)
										Director, Audit and
										Compensation Committee
										Member — vTv
										Therapeutics Inc.
										(2017–Present)
										Director and Audit
										Committee Member — FS
										Credit Real Estate Income
										Trust, Inc. (2018–Present)
										Director — Federal
										Reserve
										Bank of Philadelphia
										(January 2020–Present)

70

---

Table of Contents

Name, Address, and Birth Date		Position(s) Held with Trust		Length of Time Served		Principal Occupation(s) During the Past Five Years		Number of Portfolios in Fund Complex Overseen by Trustee or Officer		Other Directorships Held by Trustee or Officer
Joseph Harroz, Jr.3 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 January 1967		Trustee		Since April 2021		President (2020-Present), Interim President (2019-2020), Vice President (2010-2019) and Dean, College of Law (2010-2019), University of Oklahoma; Managing Member, Harroz Investments, LLC, (commercial enterprises) (1998-2019); Managing Member, St. Clair, LLC (commercial enterprises) (2019-Present)		89		Director, OU Medicine, Inc (2020-Present) Director and Shareholder, Valliance Bank (2007-Present) Director, Foundation Healthcare (formerly Graymark HealthCare) (2008-2017) Trustee, the Mewbourne Family Support Organization (2006- Present) (non-profit) Independent Director, LSQ Manager, Inc. (real estate) (2007-2016) Independent Chairman and Trustee, Waddell & Reed Advisors Funds (WRA Funds) (Independent Chairman: 2015-2018; Trustee: 1998-2018)
Sandra A.J. Lawrence3 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 September 1957		Trustee		Since April 2021		Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016-2019); CFO, Children’s Mercy Hospitals and Clinics (2005- 2016)		89		Director, Hall Family Foundation (1993-Present) Director, Westar Energy (utility) (2004-2018) Museum of Art (non- profit) (2007-2020) Director, Turn the Page KC (non-profit) (2012-2016) Director, Kansas Metropolitan Business and Healthcare Coalition (non- profit) (2017-2019) Director, National Association of Corporate Directors (non-profit) (2017-Present) Director, American Shared Hospital Services (medical device) (2017-Present) Director, Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present) Director, Stowers (research) (2018) CoChair, Women Corporate Directors (director education) (2018-2020) Trustee, Ivy NextShares (2019)

71

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

Name, Address, and Birth Date		Position(s) Held with Trust		Length of Time Served		Principal Occupation(s) During the Past Five Years		Number of Portfolios in Fund Complex Overseen by Trustee or Officer		Other Directorships Held by Trustee or Officer
Frances A. Sevilla-Sacasa 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 January 1956		Trustee		Since September 2011		Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011– March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008)		160		Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director — New Senior Investment Group Inc. (January 2021–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018– December 2019)
Thomas K. Whitford 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 March 1956		Trustee		Since January 2013		Vice Chairman (2010–April 2013) — PNC Financial Services Group		160		Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018)

72

---

Table of Contents

Name, Address, and Birth Date		Position(s) Held with Trust		Length of Time Served		Principal Occupation(s) During the Past Five Years		Number of Portfolios in Fund Complex Overseen by Trustee or Officer		Other Directorships Held by Trustee or Officer
Christianna Wood 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 August 1959		Trustee		Since January 2019		Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present)		160		Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013– Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016)
Janet L. Yeomans 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 July 1948		Trustee		Since April 1999		Vice President and Treasurer (January 2006– July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company		160		Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017)
Officers
David F. Connor 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 December 1963		Senior Vice President, General Counsel, and Secretary		Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005		David F. Connor has served in various capacities at different times at Macquarie Investment Management.		160		None4
Daniel V. Geatens 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 October 1972		Senior Vice President and Treasurer		Senior Vice President and Treasurer since October 2007		Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management.		160		None4
Richard Salus 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 October 1963		Senior Vice President and Chief Financial Officer		Senior Vice President and Chief Financial Officer since November 2006		Richard Salus has served in various capacities at different times at Macquarie Investment Management.		160		None

73

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

¹ Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Manager.

² Macquarie Investment Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ Manager, principal underwriter, and transfer agent.

³ Messrs. Dobbs and Harroz and Ms. Lawrence were appointed as Trustees of the Trust effective April 30, 2021.

⁴ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

74

---

Table of Contents

About the organization

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

Board of directors/trustees Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie Philadelphia, PA Jerome D. Abernathy* Managing Member Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA H. Jeffrey Dobbs Former Global Chairman of Industrial Manufacturing KPMG LLP Detroit, MI John A. Fry* President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence Former Chief Administrative Officer Children’s Mercy Hospitals and Clinics Kansas City, MO *Audit committee member

Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford* Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Christianna Wood* Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN Affiliated officers David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA Investment manager Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT) Philadelphia, PA Principal office of the Fund 610 Market Street Philadelphia, PA 19106-2354 Independent registered public accounting firm PricewaterhouseCoopers LLP Two Commerce Square Suite 1800 2001 Market Street Philadelphia, PA 19103-7042

Registrar and stock transfer agent Computershare, Inc. 480 Washington Blvd. Jersey City, NJ 07310 866 437-0252 computershare.com/investor For securities dealers and financial institutions representatives 800 362-7500 Website delawarefunds.com/closed-end Number of recordholders as of March 31, 2021 Colorado Municipal Fund          48 Minnesota Municipal Fund II     245 National Municipal Fund           55 Your reinvestment options Each of the Funds offers an automatic dividend reinvestment program. If you would like to reinvest dividends, and shares are registered in your name, contact Computershare, Inc. at 866 437-0252. You will be asked to put your request in writing. If you have shares registered in “street” name, contact the broker/dealer holding the shares or your financial advisor. If you choose to receive your dividends in cash, you may now elect to receive them by ACH transfer. Contact Computershare at the number above for more information. Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 866 437-0252; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/closed-end. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

75

---