UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:		811-07410
Exact name of registrant as specified in charter:		Delaware Investments® National
		Municipal Income Fund
Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103
Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103
Registrant’s telephone number, including area code:		(800) 523-1918
Date of fiscal year end:		March 31
Date of reporting period:		December 31, 2018

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Item 1. Schedule of Investments.

Schedule of investments

Delaware Investments^® National Municipal Income Fund
December 31, 2018 (Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds – 143.98%
Corporate Revenue Bonds – 14.31%
Buckeye, Ohio Tobacco
Settlement Financing
Authority
Asset-Backed -2
Series A-2 5.875% 6/1/47		500,000		$	475,640
Series A-2 6.50% 6/1/47		430,000			429,970
Central Plains Energy Project
Revenue, Nebraska
(Project No. 3) Series A
5.00% 9/1/36		225,000			256,991
Commonwealth Financing
Authority Revenue,
Pennsylvania
(Tobacco Master
Settlement Payment)
4.00% 6/1/39 (AGM)		1,015,000			1,029,301
Florida Development Finance
Corporation Surface
Transportation Facility
Revenue
(Brightline Passenger Rail
Project) 144A 5.625%
1/1/47 (AMT)#●		300,000			309,468
Golden State Tobacco
Securitization, California
Series A-1 5.00% 6/1/47		250,000			241,065
Louisiana Local Government
Environmental Facilities &
Community Development
Authority
(Westlake Chemical)
Series A 6.50% 8/1/29		645,000			685,583
Series A-1 6.50% 11/1/35		255,000			272,156
M-S-R Energy Authority,
California Gas
Series B 6.50% 11/1/39		250,000			337,750
Series C 7.00% 11/1/34		1,000,000			1,394,070
New York City, New York
Industrial Development
Agency
(Brooklyn Navy Yard
Cogeneration Partners,
L.P. Project) 5.75%
10/1/36 (AMT)		500,000			504,820
New York Transportation
Development
(Delta Air Lines, Inc. -
LaGuardia Airport
Terminals C&D
Redevelopment Project)
4.00% 1/1/36 (AMT)		750,000			750,563
Shoals, Indiana
(National Gypsum Project)
7.25% 11/1/43 (AMT)		310,000			341,093
Suffolk County, New York
Tobacco Asset
Securitization
Series B 5.00% 6/1/32		750,000			787,583
Tobacco Settlement Financing
Corporation, Louisiana
Asset-Backed Note Series A
5.25% 5/15/35		460,000			488,865
Tobacco Settlement Financing
Corporation, New Jersey
Series A 5.00% 6/1/46		130,000			135,295
Series B 5.00% 6/1/46		335,000			338,092
TSASC Revenue, New York
(Settlement) Series A
5.00% 6/1/41		60,000			61,994
Valparaiso, Indiana
(Pratt Paper Project) 7.00%
1/1/44 (AMT)		240,000			275,698
					9,115,997
Education Revenue Bonds – 23.39%
Arizona Industrial
Development Authority
Revenue
(American Charter Schools
Foundation Project) 144A
6.00% 7/1/47 #		330,000			346,787
California Educational
Facilities Authority Revenue
(Loma Linda University)
Series A 5.00% 4/1/47		500,000			557,455
East Hempfield Township,
Pennsylvania Industrial
Development Authority
(Student Services Income -
Student Housing Project)
5.00% 7/1/35		1,000,000			1,043,690

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Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Health & Educational Facilities
Authority of the State of
Missouri
(St. Louis College of
Pharmacy Project) 5.25%
5/1/33		500,000		$	531,525
(Washington University)
Series B 5.00% 11/15/30		600,000			649,020
Illinois Finance Authority
Revenue
(CHF - Chicago, L.L.C. -
University Of Illinois at
Chicago Project) Series A
5.00% 2/15/50		460,000			485,332
(Chicago International
Charter School Project)
5.00% 12/1/47		535,000			551,269
Kent County, Delaware
Student Housing and
Dining Facilities Revenue
(CHF-Dover, L.L.C. -
Delaware State University
Project) Series A 5.00%
7/1/53		115,000			121,040
Louisiana Public Facilities
Authority Revenue
(Provident Group-Flagship
Properties) Series A 5.00%
7/1/56		500,000			536,115
Maryland Health & Higher
Educational Facilities
Authority
(Loyola University) Series A
5.00% 10/1/39		650,000			702,156
Massachusetts Development
Finance Agency
(Umass Boston Student
Housing Project) 5.00%
10/1/48		285,000			298,572
Montgomery County,
Pennsylvania Higher
Education & Health
Authority Revenue
(Arcadia University) 5.25%
4/1/30		550,000			564,503
New Hope, Texas Cultural
Education Facilities
(Chief-Collegiate Housing-
Tarleton St.) 5.00%
4/1/34		1,000,000			1,043,940
New York City, New York Trust
For Cultural Resources
(Whitney Museum of
American Art) 5.00%
7/1/31		500,000			526,770
New York State Dormitory
Authority
(Columbia University)
5.00% 10/1/41		600,000			634,812
Pennsylvania State University
Series A 5.00% 9/1/47		1,000,000			1,144,130
Philadelphia, Pennsylvania
Authority for Industrial
Development
(1st Philadelphia
Preparatory College)
7.25% 6/15/43		370,000			411,695
Phoenix, Arizona Industrial
Development Authority
Revenue
(Rowan University Project)
5.00% 6/1/42		1,000,000			1,063,360
Pima County, Arizona
Industrial Development
Authority Education
Revenue
(Edkey Charter School
Project) 6.00% 7/1/48		500,000			455,640
Private Colleges & Universities
Authority Revenue, Georgia
(Mercer University) Series A
5.00% 10/1/32		135,000			140,320
Swarthmore Borough
Authority, Pennsylvania
(Swarthmore College
Project) 5.00% 9/15/32		490,000			553,034
Troy, New York Capital
Resource Revenue
(Rensselaer Polytechnic)
Series A 5.125% 9/1/40		600,000			624,750
University of California
Series AI 5.00% 5/15/32		1,000,000			1,114,620
Series AZ 5.25% 5/15/58		465,000			535,103
Wyoming Community
Development Authority
Student Housing Revenue
(CHF-Wyoming LLC)
6.50% 7/1/43		250,000			262,095
					14,897,733

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(Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 2.67%
JEA Electric System Revenue,
Florida
Series A 5.00% 10/1/33		355,000		$	390,951
Long Island Power Authority,
New York
Series A 5.00% 9/1/44		250,000			272,580
Series B 5.00% 9/1/46		130,000			144,290
Long Island Power Authority,
New York Electric System
Revenue
5.00% 9/1/47		305,000			340,606
Philadelphia, Pennsylvania
Gas Works Revenue
(1998 General Ordinance
Fifteenth Series) 5.00%
8/1/47		500,000			548,545
					1,696,972
Healthcare Revenue Bonds – 29.66%
Alabama Special Care
Facilities Financing
Authority-Birmingham
Alabama
(Methodist Home for the
Aging) 6.00% 6/1/50		500,000			541,560
Allegheny County Hospital,
Pennsylvania Development
Authority
(Allegheny Health Network
Obligated Group Issue)
Series A 4.00% 4/1/44		300,000			289,341
Arizona Health Facilities
Authority Revenue
(Catholic Healthcare West)
Series D 5.00% 7/1/28		500,000			506,300
Berks County Industrial
Development Authority
Revenue
(Tower Health Project)
5.00% 11/1/50		1,000,000			1,076,790
California Health Facilities
Financing Authority
Revenue
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		400,000			513,516
California Statewide
Communities Development
Authority
(Loma Linda University
Medical Center) Series A
144A 5.25% 12/1/56 #		760,000			796,039
Capital Trust Agency, Florida
(Tuscan Gardens Senior
Living Center) Series A
7.00% 4/1/49		375,000			350,524
Colorado Health Facilities
Authority Revenue
(Healthcare Facilities -
American Baptist) 8.00%
8/1/43		330,000			369,349
Cuyahoga County, Ohio
Hospital Revenue
(The Metrohealth System)
5.50% 2/15/57		1,000,000			1,074,350
Idaho Health Facilities
Authority Revenue
(St. Luke’s Health System
Project) Series A 5.00%
3/1/33		1,250,000			1,424,513
Kalispell, Montana
(Immanuel Lutheran
Corporation Project)
Series A 5.25% 5/15/37		700,000			720,482
Lycoming County,
Pennsylvania Authority
Health System Revenue
(Susquehanna Health
System Project) Series A
5.50% 7/1/28		500,000			509,015
Maine Health & Higher
Educational Facilities
Authority Revenue
(Maine General Medical
Center) 6.75% 7/1/41		300,000			319,914
Maricopa County, Arizona
Industrial Development
Authority Health Facilities
Revenue
(Catholic Healthcare West)
Series A 6.00% 7/1/39		500,000			509,440
Maryland Health & Higher
Educational Facilities
Authority
(University Of Maryland
Medical System Issue)
Series D 4.00% 7/1/48		255,000			258,272
Miami-Dade County, Florida
Health Facilities Authority
Revenue
(Nicklaus Children’s
Hospital Project) 5.00%
8/1/47		200,000			217,576

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Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Michigan Finance Authority
Revenue
(Beaumont Health Credit
Group) 5.00% 11/1/44		1,000,000		$	1,085,920
Montgomery County Higher
Education & Health
Authority Revenue
(Thomas Jefferson
University) 4.00% 9/1/49		750,000			754,155
Moon, Pennsylvania Industrial
Development Authority
(Baptist Homes Society
Obligation) 6.125%
7/1/50		750,000			789,083
New Hope, Texas Cultural
Education Facilities
(Cardinal Bay Inc.)
Series A1 4.00% 7/1/36		55,000			55,927
Series A1 5.00% 7/1/46		135,000			146,120
Series A1 5.00% 7/1/51		135,000			145,662
Series B 4.25% 7/1/36		80,000			81,025
Series B 4.75% 7/1/51		160,000			164,365
Series B 5.00% 7/1/46		135,000			141,264
New Jersey Health Care
Facilities Financing
Authority Revenue
(St. Peters University
Hospital) 6.25% 7/1/35		300,000			319,395
New York State Dormitory
Authority
(Orange Regional Medical
Center) 144A 5.00%
12/1/35 #		500,000			547,735
Oklahoma Development
Finance Authority Revenue
(OU Medicine Project)
Series B 5.50% 8/15/57		215,000			235,846
Orange County, Florida Health
Facilities Authority Revenue
(Mayflower Retirement
Center)
5.00% 6/1/32		400,000			414,872
5.00% 6/1/36		250,000			257,947
5.125% 6/1/42		750,000			772,493
Oregon State Facilities
Authority Revenue
(Peacehealth Project)
Series A 5.00% 11/15/29		500,000			560,265
Palm Beach County Health
Facilities Authority, Florida
(Sinai Residences Boca
Raton Project)
7.25% 6/1/34		20,000			22,395
7.50% 6/1/49		105,000			118,224
Palomar Health, California
5.00% 11/1/39		130,000			139,469
Tarrant County, Texas Cultural
Education Facilities Finance
(Buckner Senior Living -
Ventana Project) 6.75%
11/15/47		250,000			272,283
Westminster, Maryland
(Lutheran Village Millers
Grant Inc.) 6.00% 7/1/34		500,000			526,460
Wisconsin Health &
Educational Facilities
Authority
(Covenant Communities,
Inc. Project)
Series A1 4.00% 7/1/48		95,000			88,756
Series B 5.00% 7/1/53		1,000,000			985,440
Yavapai County, Arizona
Industrial Development
Authority Revenue
(Yavapai Regional Medical
Center) Series A 5.00%
8/1/28		720,000			783,396
					18,885,478
Lease Revenue Bonds – 7.89%
California State Public Works
Board Lease Revenue
(Various Capital Projects)
Series A 5.00% 4/1/37		1,000,000			1,077,410
Idaho State Building Authority
Revenue
(Health & Welfare Project)
Series A 5.00% 9/1/24		135,000			147,060
Minnesota State General
Revenue Appropriations
Series B 5.00% 3/1/29		1,000,000			1,086,620
New Jersey Economic
Development Authority
Series WW 5.25% 6/15/30		1,000,000			1,097,820

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(Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
New Jersey Transportation
Trust Fund Authority
(Federal Highway
Reimbursement Revenue
Refunding Notes) Series A
5.00% 6/15/29		1,000,000		$	1,111,460
Public Finance Authority,
Wisconsin Airport Facilities
Revenue
(AFCO Investors II
Portfolio) 144A 5.75%
10/1/31 #		500,000			505,645
					5,026,015
Local General Obligation Bonds – 3.69%
Chicago Board of Education,
Illinois
5.00% 4/1/42		205,000			217,343
5.00% 4/1/46		210,000			222,041
Chicago, Illinois
Series A 5.50% 1/1/34		225,000			238,160
Series C 5.00% 1/1/38		500,000			515,160
District of Columbia
Series A 5.00% 6/1/37		1,000,000			1,148,480
New York, New York
Series I-1 5.375% 4/1/36		10,000			10,084
					2,351,268
Pre-Refunded/Escrowed to Maturity Bonds – 17.80%
Atlanta, Georgia Water &
Wastewater Revenue
Series A 6.25%
11/1/39-19§		300,000			311,088
Bowling Green, Ohio Student
Housing Revenue
(CFP I State University
Project) 6.00% 6/1/45-20§		260,000			275,067
Brooklyn Arena Local
Development, New York
Pilot Revenue
(Barclays Center Project)
6.25% 7/15/40-20§		940,000			984,020
6.50% 7/15/30-20§		300,000			314,781
Butler County, Pennsylvania
Hospital Authority Revenue
(Butler Health System
Project) 7.125%
7/1/29-19§		300,000			307,950
California Municipal Finance
Authority Mobile Home
Park Revenue
(Caritas Project) Series A
6.40% 8/15/45-20§		400,000			426,500
California State
6.00% 4/1/38-19§		35,000			35,390
California Statewide
Communities Development
Authority School Facility
Revenue
(Aspire Public Schools)
6.125% 7/1/46-19§		625,000			625,000
Central Texas Regional
Mobility Authority Revenue
Senior Lien 6.00%
1/1/41-21§		520,000			560,680
Hawaii Pacific Health Special
Purpose Revenue
Series A 5.50% 7/1/40-20§		300,000			316,158
Illinois Finance Authority
Revenue
(Silver Cross & Medical
Centers) 7.00%
8/15/44-19§		950,000			979,659
JEA Electric System Revenue,
Florida
Series A 5.00%
10/1/33-23§		645,000			730,585
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference
Health Care Facility Project)
7.75% 10/1/41-19§		300,000			312,510
Louisiana Public Facilities
Authority Revenue
(Ochsner Clinic Foundation
Project) 6.50%
5/15/37-21§		105,000			116,097
Maryland State Economic
Development Revenue
(Transportation Facilities
Project) Series A 5.75%
6/1/35-20§		255,000			269,078
Metropolitan Transportation
Authority Revenue,
New York
Series A 5.00%
11/15/41-21§		190,000			207,299
(Unrefunded) Series A
5.00% 11/15/41-21§		310,000			338,225

(continues)     NQ- OV9 [12/18] 2/19 (738453) 5

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Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Monroe County, New York
Industrial Development
Revenue
(Nazareth College
Rochester Project) 5.50%
10/1/41-21§		495,000		$	543,396
Monroe County, Pennsylvania
Hospital Authority Revenue
(Pocono Medical Center)
Series A 5.00% 1/1/41-22§		500,000			543,690
New Hampshire Health and
Education Facilities
Authority Revenue
(Dartmouth - Hitchcock
Medical Center) 6.00%
8/1/38-19§		300,000			307,239
New Jersey Economic
Development Authority
Revenue
(MSU Student Housing
Project) 5.875%
6/1/42-20§		450,000			475,623
New Jersey Turnpike Authority
Series A 5.00% 1/1/27-22§		475,000			525,407
Series A 5.00% 1/1/27-22§		25,000			27,653
New York City, New York
Water & Sewer System
Revenue
5.00% 6/15/47-23§		160,000			181,579
Ohio State
(Cleveland Clinic Health)
Series A 5.50% 1/1/39-19§		300,000			300,000
Oregon State Facilities
Authority Revenue
(Concordia University
Project) Series A 144A
6.125% 9/1/30-20#§		100,000			105,820
Pennsylvania State Higher
Educational Facilities
Authority Revenue
(Edinboro University
Foundation) 5.80%
7/1/30-20§		400,000			422,392
Pennsylvania Turnpike
Commission Subordinate
(Motor License Fund)
Series B 5.00%
12/1/41-21§		260,000			282,948
University Medical Center,
Tucson, Arizona Hospital
Revenue
6.50% 7/1/39-19§		500,000			511,565
					11,337,399
Special Tax Revenue Bonds – 10.87%
Allentown, Pennsylvania
Neighborhood
Improvement Zone
Development Authority
Revenue
(City Center Project) 144A
5.375% 5/1/42 #		175,000			175,686
Central Puget Sound,
Washington Regional
Transit Authority
(Green Bond -
Improvement) Series S-1
5.00% 11/1/35		750,000			853,867
Guam Government Business
Privilege Tax Revenue
Series B-1 5.00% 1/1/42		540,000			550,363
Kansas City, Missouri
Redevelopment Authority
Revenue
(Convention Centre Hotel
Project - TIF Financing)
Series B 144A 5.00%
2/1/40 #		135,000			137,715
Massachusetts Bay
Transportation Authority
Senior
Series A 5.25% 7/1/29		200,000			252,178
Mosaic District, Virginia
Community Development
Authority Revenue
Series A 6.875% 3/1/36		520,000			553,956
New Jersey Economic
Development Authority
Revenue
(Cigarette Tax)
5.00% 6/15/28		200,000			211,734
5.00% 6/15/29		800,000			845,600
(School Facilities
Construction) Series AA
5.50% 12/15/29		295,000			299,183
New York State Dormitory
Authority
Series A 5.00% 3/15/33		1,000,000			1,102,830

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(Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Northampton County,
Pennsylvania Industrial
Development Authority
Revenue
(Route 33 Project) 7.00%
7/1/32		205,000		$	229,087
Public Finance Authority,
Wisconsin Airport Facilities
Revenue
(American Dream @
Meadowlands Project)
144A 7.00% 12/1/50 #		380,000			427,975
Regional Transportation
District, Colorado Tax
Revenue
(Denver Transit Partners)
6.00% 1/15/41		500,000			508,835
Sales Tax Securitization,
Illinois
Series A 5.00% 1/1/40		500,000			542,970
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			232,164
					6,924,143
State General Obligation Bonds – 6.23%
California State
5.25% 11/1/40		320,000			337,146
(Unrefunded-Various
Purpose) 6.00% 4/1/38		70,000			70,678
(Various Purposes)
5.00% 10/1/41		440,000			472,014
5.00% 11/1/47		1,000,000			1,142,390
Illinois State
5.00% 5/1/36		90,000			92,277
5.00% 11/1/36		1,170,000			1,212,857
5.00% 2/1/39		160,000			163,008
Series A 5.00% 4/1/38		170,000			172,977
New York State
Series A 5.00% 2/15/39		300,000			301,089
					3,964,436
Transportation Revenue Bonds – 24.52%
Alameda Corridor, California
Transportation Authority
(2nd Sub Lien) Series B
5.00% 10/1/37		430,000			474,015
Atlanta, Georgia Department
of Aviation
Series B 5.00% 1/1/29		1,000,000			1,124,690
California Municipal Finance
Authority Mobile Home
Park Revenue
(LINXS APM Project)
5.00% 12/31/47 (AMT)		615,000			668,745
Chicago, Illinois O’Hare
International Airport
Revenue
(General-Senior Lien)
Series D 5.25% 1/1/34		1,000,000			1,091,980
Harris County, Texas Toll Road
Authority Revenue
(Senior Lien) Series A
4.00% 8/15/48		500,000			508,785
New Jersey Turnpike Authority
Series B 5.00% 1/1/40		250,000			283,257
New Orleans, Louisiana
Aviation Board
Series B 5.00% 1/1/45
(AMT)		1,000,000			1,073,210
New York Liberty
Development Revenue
(1 World Trade Center Port
Authority Construction)
5.00% 12/15/41		500,000			536,065
New York Transportation
Development
(La Guardia Airport)
Series A 5.25% 1/1/50
(AMT)		700,000			744,548
Pennsylvania Turnpike
Commission Subordinate
Series A-1 5.00% 12/1/43		500,000			534,210
Series A-1 5.00% 12/1/47		210,000			231,563
(Motor License Fund)
Series B 5.00% 12/1/41		240,000			252,046
Port Authority of Allegheny
County, Pennsylvania
5.75% 3/1/29		900,000			970,218
Port Authority of New York &
New Jersey Special Project
(JFK International Air
Terminal)
6.00% 12/1/42		230,000			244,704
6.50% 12/1/28		500,000			524,530

(continues)     NQ- OV9 [12/18] 2/19 (738453) 7

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Schedule of investments

Delaware Investments^® National Municipal Income Fund (Unaudited)

		Principal		Value
		Amount°		(US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Salt Lake City, Utah Airport
Revenue
Series B 5.00% 7/1/42		625,000		$	703,644
South Jersey Port, New Jersey
(Subordinated Marine
Terminal Revenue)
Series A 5.00% 1/1/49		85,000			92,305
Series B 5.00% 1/1/42
(AMT)		85,000			90,970
Series B 5.00% 1/1/48
(AMT)		195,000			207,638
St. Louis, Missouri Airport
Revenue
(Lambert St. Louis
International)
5.00% 7/1/32 (AMT)		1,000,000			1,074,820
Series A-1 6.625% 7/1/34		325,000			332,114
Texas Private Activity Bond
Surface Transportation
(Senior Lien - Blueridge
Transportation)
5.00% 12/31/40 (AMT)		110,000			116,722
5.00% 12/31/45 (AMT)		110,000			116,241
5.00% 12/31/50 (AMT)		160,000			168,581
5.00% 12/31/55 (AMT)		160,000			168,083
Texas Private Activity Bond
Surface Transportation
Corporate Senior Lien
Revenue
(LBJ Infrastructure)
7.00% 6/30/40		285,000			302,798
7.50% 6/30/33		665,000			712,574
(Mobility Partners) 7.50%
12/31/31		500,000			524,555
(NTE Mobility Partners)
6.75% 6/30/43 (AMT)		225,000			257,121
6.875% 12/31/39		1,000,000			1,040,690
7.00% 12/31/38 (AMT)		165,000			191,088
Virginia Small Business
Financing Authority
(Transform 66 P3 Project)
5.00% 12/31/56 (AMT)		235,000			249,864
					15,612,374
Water & Sewer Revenue Bonds – 2.95%
New York City, New York
Water & Sewer System
Revenue
(Unrefunded Balance)
5.00% 6/15/47		185,000			201,026
Philadelphia, Pennsylvania
Water & Wastewater
Revenue
Series A 5.00% 7/1/45		500,000			545,805
Southern California Water
Replenishment District
5.00% 8/1/41		1,000,000			1,131,950
					1,878,781
Total Municipal Bonds
(cost $88,411,546)					91,690,596
Short-Term Investments – 0.94%
Variable Rate Demand Notes – 0.94%¤
Massachusetts Health &
Educational Facilities
Authority Revenue
Series N-2 (Tufts University)
1.30% 8/15/34 (SPA -
Wells Fargo Bank N.A.)		400,000			400,000
Mississippi Business Finance
Corporation Revenue
Series C (Chevron USA)
1.54% 12/1/30		200,000			200,000
Total Short-Term
Investments
(cost $600,000)					600,000
Total Value of Securities – 144.92%
(cost $89,011,546)				$	92,290,596
Liquidation Value of
Preferred
Stock – (47.11%)					(30,000,000	)
Receivables and Other
Assets Net of
Liabilities – 2.19%					1,392,274
Net Assets Applicable to
4,528,443 Shares
Outstanding – 100.00%				$	63,682,870

(Unaudited)

§	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.
°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Dec. 31, 2018. For securities based on a published reference rate and spread,the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M,etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities,are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

See accompanying notes.

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Notes

Delaware Investments^® National Municipal Income Fund
December 31, 2018 (Unaudited)

1. Significant Accounting Policies

Delaware Investments National Municipal Income Fund (Fund) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards (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 Fund. This report covers the period of time since the Fund’s last fiscal year end March 31, 2018.

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

2. Investments

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

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

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

10 NQ- OV9 [12/18] 2/19 (738453)

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(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2018:

Securities	Level 2
Assets:
Municipal Bonds	$	91,690,596
Short-Term Investments		600,000
Total Value of Securities	$	92,290,596

During the period ended Dec. 31, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers based on fair value between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. During the period ended December 31, 2018, there were no Level 3 investments.

3. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition no 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. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2018 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ- OV9 [12/18] 2/19 (738453) 11

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Item 2. Controls and Procedures.

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

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

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