QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Delaware Investments^®National Municipal Income Fund
December 31, 2017 (Unaudited)

		Principal	Value
		Amount°	(US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Bowling Green, Ohio Student
	Housing Revenue
	(CFP I State University
	Project) 6.00% 6/1/45-20§	260,000	$	285,519
	Brevard County, Florida
	Health Facilities Authority
	Revenue
	(Health First Project)
	7.00% 4/1/39-19§	350,000		373,363
	Brooklyn Arena Local
	Development, New York
	Pilot Revenue
	(Barclays Center Project)
	6.25% 7/15/40-20§	940,000		1,026,104
	6.50% 7/15/30-20§	300,000		328,974
	Butler County, Pennsylvania
	Hospital Authority Revenue
	(Butler Health System
	Project) 7.125%
	7/1/29-19§	300,000		323,868
	California Municipal Finance
	Authority Mobile Home
	Park Revenue
	(Caritas Project) Series A
	6.40% 8/15/45-20§	405,000		447,241
	California Statewide
	Communities Development
	Authority School Facility
	Revenue
	(Aspire Public Schools)
	6.125% 7/1/46-19§	625,000		653,937
	Central Texas Regional
	Mobility Authority Revenue
	Senior Lien 6.00%
	1/1/41-21§	520,000		585,172
	Illinois Finance Authority
	Revenue
	(Silver Cross & Medical
	Centers) 7.00%
	8/15/44-19§	950,000		1,029,610
	JEA Electric System Revenue,
	Florida
	Series A 5.00%
	10/1/33-23§	645,000		734,468
	Koyukuk, Alaska Revenue
	(Tanana Chiefs Conference
	Health Care Facility Project)
	7.75% 10/1/41-19§	300,000		330,834
	Louisiana Public Facilities
	Authority Revenue
	(Ochsner Clinic Foundation
	Project) 6.50%
	5/15/37-21§	105,000		121,197
	Maryland State Economic
	Development Revenue
	(Transportation Facilities
	Project) Series A 5.75%
	6/1/35-20§	255,000		279,164
	Metropolitan Transit Authority
	of Harris County, Texas
	Series A 5.00%
	11/1/24-21§	500,000		559,110
	Metropolitan Transportation
	Authority Revenue, New
	York
	Series A 5.00%
	11/15/41-21§	310,000		347,997
	Series A 5.00%
	11/15/41-21§	190,000		212,532
	Monroe County, New York
	Industrial Development
	Revenue
	(Nazareth College
	Rochester Project) 5.50%
	10/1/41	495,000		561,785
	Monroe County, Pennsylvania
	Hospital Authority Revenue
	(Pocono Medical Center)
	Series A 5.00% 1/1/41-22§	500,000		561,400
	New Hampshire Health and
	Education Facilities
	Authority Revenue
	(Dartmouth - Hitchcock
	Medical Center) 6.00%
	8/1/38-19§	300,000		321,162
	New Jersey Economic
	Development Authority
	Revenue
	(MSU Student Housing
	Project) 5.875%
	6/1/42-20§	450,000		484,434
	New Jersey Turnpike Authority
	Series A 5.00% 1/1/27-22§	475,000		540,341
	Series A 5.00% 1/1/27-22§	25,000		28,497
	New York, New York
	Series I-1 5.375%
	4/1/36-19§	185,000		193,848

Notes
Delaware Investments^®National Municipal Income Fund
December 31, 2017 (Unaudited)

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

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

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

During the period ended Dec. 31, 2017, 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.

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

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.

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:

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, 2017

		Principal	Value
		Amount°	(US $)
Municipal Bonds – 143.17%
Corporate-Backed Revenue Bonds – 12.34%
	Buckeye, Ohio Tobacco
	Settlement Financing
	Authority
	Asset-Backed -2
	Series A-2 5.875% 6/1/47	500,000	$	483,750
	Series A-2 6.50% 6/1/47	430,000		430,008
	Central Plains Energy Project
	Revenue, Nebraska
	(Project No. 3) Series A
	5.00% 9/1/42	260,000		335,210
	Florida Development Finance
	Corporation Surface
	Transportation Facility
	Revenue
	(Brightline Passenger Rail
	Project) 144A 5.625%
	1/1/47 (AMT) #●	300,000		312,918
	Golden State, California
	Tobacco Securitization
	Corporate Settlement
	Revenue
	(Asset-Backed Senior
	Notes) Series A-1 5.75%
	6/1/47	790,000		795,451
	Illinois Railsplitter Tobacco
	Settlement Authority
	6.25% 6/1/24	500,000		500,865
	Louisiana Local Government
	Environmental Facilities &
	Community Development
	Authority
	(Westlake Chemical)
	Series A 6.50% 8/1/29	645,000		720,659
	Series A-1 6.50% 11/1/35	255,000		285,936
	M-S-R Energy Authority,
	California Gas
	Series B 6.50% 11/1/39	250,000		367,235
	Series C 7.00% 11/1/34	1,000,000		1,463,260
	New York City Industrial
	Development Agency, New
	York
	(Brooklyn Navy Yard
	Cogeneration Partners, L.P.
	Project) 5.75% 10/1/36
	(AMT)	500,000		499,950
	Shoals, Indiana
	(National Gypsum Project)
	7.25% 11/1/43 (AMT)	310,000		354,445
	Suffolk County, New York
	Tobacco Asset
	Securitization
	Series B 5.00% 6/1/32	750,000		814,433
	Tobacco Settlement Financing
	Corporation, Louisiana
	Asset-Backed Note Series A
	5.25% 5/15/35	460,000		502,348
	TSASC Revenue, New York
	(Settlement) Series A
	5.00% 6/1/41	60,000		67,572
	Valparaiso, Indiana
	(Pratt Paper Project) 7.00%
	1/1/44 (AMT)	240,000		287,650
				8,221,690
Education Revenue Bonds – 22.47%
	Arizona Industrial
	Development Authority
	Revenue
	(American Charter Schools
	Foundation Project) 144A
	6.00% 7/1/47 #	330,000		354,704
	California Educational
	Facilities Authority Revenue
	(Loma Linda University)
	Series A 5.00% 4/1/47	500,000		580,625
	California State University
	(Systemwide) Series A
	5.00% 11/1/42	200,000		240,258
	East Hempfield Township,
	Pennsylvania Industrial
	Development Authority
	(Student Services Income -
	Student Housing Project)
	5.00% 7/1/35	1,000,000		1,083,740
	Health & Educational Facilities
	Authority of the State of
	Missouri
	(St. Louis College of
	Pharmacy Project) 5.25%
	5/1/33	500,000		556,445
	(Washington University)
	Series B 5.00% 11/15/30	600,000		669,252
	Illinois Finance Authority
	Revenue
	(CHF - Chicago, L.L.C. -
	University Of Illinois at
	Chicago Project) Series A
	5.00% 2/15/50	460,000		502,936

		Principal	Value
		Amount°	(US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Illinois Finance Authority
	Revenue
	(Chicago International
	Charter School Project)
	Series REF 5.00% 12/1/47	535,000	$	567,159
	Louisiana Public Facilities
	Authority Revenue
	(Provident Group-Flagship
	Properties) Series A 5.00%
	7/1/56	500,000		559,765
	Maryland Health & Higher
	Educational Facilities
	Authority
	(Loyola University) Series A
	5.00% 10/1/39	650,000		717,347
	Massachusetts Development
	Finance Agency
	(Umass Boston Student
	Housing Project) 5.00%
	10/1/48	285,000		315,817
	Montgomery County,
	Pennsylvania Higher
	Education & Health
	Authority Revenue
	(Arcadia University) 5.25%
	4/1/30	550,000		578,969
	New Hope, Texas Cultural
	Education Facilities
	(Chief-Collegiate Housing-
	Tarleton St.) 5.00%
	4/1/34	1,000,000		1,100,500
	New York City, New York Trust
	For Cultural Resources
	(Whitney Museum of
	American Art) 5.00%
	7/1/31	500,000		544,300
	New York State Dormitory
	Authority
	(Columbia University)
	5.00% 10/1/41	600,000		657,048
	Pennsylvania State University
	Series A 5.00% 9/1/47	1,000,000		1,194,410
	Philadelphia, Pennsylvania
	Authority for Industrial
	Development
	(1st Philadelphia
	Preparatory College)
	7.25% 6/15/43	370,000		429,773
	Phoenix, Arizona Industrial
	Development Authority
	Revenue
	(Rowan University Project)
	5.00% 6/1/42	1,000,000		1,092,410
	Pima County, Arizona
	Industrial Development
	Authority Education
	Revenue
	(Edkey Charter School
	Project) 6.00% 7/1/48	500,000		439,915
	Private Colleges & Universities
	Authority Revenue, Georgia
	(Mercer University) Series A
	5.00% 10/1/32	135,000		143,701
	Swarthmore Borough
	Authority, Pennsylvania
	(Swarthmore College
	Project) 5.00% 9/15/32	490,000		572,545
	Troy, New York Capital
	Resource Revenue
	(Rensselaer Polytechnic)
	Series A 5.125% 9/1/40	600,000		642,204
	University of California
	Series AI 5.00% 5/15/32	1,000,000		1,157,430
	Wyoming Community
	Development Authority
	Student Housing Revenue
	(CHF-Wyoming LLC)
	6.50% 7/1/43	250,000		270,025
				14,971,278
Electric Revenue Bonds – 2.78%
	Imperial Irrigation District
	Electric System Revenue,
	California
	Series C 5.00% 11/1/28	60,000		73,024
	JEA Electric System Revenue
	Series A 5.00% 10/1/23	355,000		404,242
	Long Island Power Authority,
	New York
	5.00% 9/1/47	305,000		358,338
	Series A 5.00% 9/1/44	250,000		282,715
	Series B 5.00% 9/1/46	130,000		151,748
	Philadelphia, Pennsylvania
	Gas Works Revenue
	(1998 General Ordinance
	Fifteenth Series) 5.00%
	8/1/47	500,000		581,345
				1,851,412

		Principal	Value
		Amount°	(US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 24.51%
	Alabama Special Care
	Facilities Financing
	Authority-Birmingham
	Alabama
	(Methodist Home for the
	Aging) 6.00% 6/1/50	500,000	$	563,200
	Arizona Health Facilities
	Authority Revenue
	(Catholic Healthcare West)
	Series D 5.00% 7/1/28	500,000		522,075
	Berks County Industrial
	Development Authority
	Revenue, Pennsylvania
	(Tower Health Project)
	5.00% 11/1/50	1,000,000		1,135,360
	California Health Facilities
	Financing Authority
	Revenue
	(Kaiser Permanente)
	Series A-2 5.00% 11/1/47	400,000		534,892
	California Statewide
	Communities Development
	Authority
	(Loma Linda University
	Medical Center) Series A
	144A 5.25% 12/1/56 #	760,000		843,873
	Capital Trust Agency, Florida
	(Tuscan Gardens Senior
	Living Center) Series A
	7.00% 4/1/49	375,000		372,589
	Colorado Health Facilities
	Authority Revenue
	(Healthcare Facilities -
	American Baptist) 8.00%
	8/1/43	330,000		384,137
	Cuyahoga County, Ohio
	Hospital Revenue
	(The Metrohealth System)
	5.50% 2/15/57	1,000,000		1,128,270
	Hawaii Pacific Health Special
	Purpose Revenue
	Series A 5.50% 7/1/40	300,000		324,090
	Health & Educational Facilities
	Authority of The State of
	Missouri
	(The Children’s Mercy
	Hospital) Series A 4.00%
	5/15/48	310,000		321,774
	Kalispell, Montana
	(Immanuel Lutheran
	Corporation Project)
	Series A 5.25% 5/15/37	700,000		746,340
	Lycoming County,
	Pennsylvania Authority
	Health System Revenue
	(Susquehanna Health
	System Project) Series A
	5.50% 7/1/28	500,000		529,720
	Maine Health & Higher
	Educational Facilities
	Authority Revenue
	(Maine General Medical
	Center) 6.75% 7/1/41	300,000		328,089
	Maricopa County, Arizona
	Industrial Development
	Authority Health Facilities
	Revenue
	(Catholic Healthcare West)
	Series A 6.00% 7/1/39	500,000		530,835
	Maryland Health & Higher
	Educational Facilities
	Authority
	(University Of Maryland
	Medical System Issue)
	Series D 4.00% 7/1/48	255,000		263,933
	Miami-Dade County, Florida
	Health Facilities Authority
	Revenue
	(Nicklaus Children’s
	Hospital Project) 5.00%
	8/1/47	200,000		230,774
	Michigan Finance Authority
	Revenue
	(Beaumont Health Credit
	Group) 5.00% 11/1/44	1,000,000		1,124,020
	Moon, Pennsylvania Industrial
	Development Authority
	(Baptist Homes Society
	Obligation) 6.125%
	7/1/50	750,000		818,835
	New Hope, Texas Cultural
	Education Facilities
	(Cardinal Bay Inc.)
	Series A1 4.00% 7/1/36	55,000		56,355
	Series A1 5.00% 7/1/46	135,000		150,189
	Series A1 5.00% 7/1/51	135,000		149,874
	Series B 4.25% 7/1/36	80,000		82,593
	Series B 4.75% 7/1/51	160,000		169,160
	Series B 5.00% 7/1/46	135,000		146,769

		Principal	Value
		Amount°	(US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New Jersey Health Care
	Facilities Financing
	Authority Revenue
	(St. Peters University
	Hospital) 6.25% 7/1/35	300,000	$	328,236
	New York State Dormitory
	Authority
	(Orange Regional Medical
	Center) 144A 5.00%
	12/1/35 #	500,000		560,960
	Orange County, Florida Health
	Facilities Authority Revenue
	(Mayflower Retirement
	Center)
	5.00% 6/1/32	400,000		426,148
	5.00% 6/1/36	250,000		265,257
	5.125% 6/1/42	750,000		795,533
	Oregon State Facilities
	Authority Revenue
	(Peacehealth Project)
	Series A 5.00% 11/15/29	500,000		580,270
	Palm Beach County Health
	Facilities Authority, Florida
	(Sinai Residences Boca
	Raton Project)
	7.25% 6/1/34	20,000		24,162
	7.50% 6/1/49	105,000		127,541
	Palomar Health, California
	5.00% 11/1/39	130,000		146,673
	Tarrant County, Texas Cultural
	Education Facilities Finance
	(Buckner Senior Living -
	Ventana Project) 6.75%
	11/15/47	250,000		281,387
	Westminster, Maryland
	(Lutheran Village Millers
	Grant Inc.) 6.00% 7/1/34	500,000		537,465
	Yavapai County, Arizona
	Industrial Development
	Authority Revenue
	(Yavapai Regional Medical
	Center) Series A 5.00%
	8/1/28	720,000		799,690
				16,331,068
Lease Revenue Bonds – 10.74%
	California State Public Works
	Board Lease Revenue
	(Various Capital Projects)
	Series A 5.00% 4/1/37	1,000,000		1,113,270
	Idaho State Building Authority
	Revenue
	(Health & Welfare Project)
	Series A 5.00% 9/1/24	135,000		152,728
	(State Police) Series I
	5.00% 9/1/23	760,000		847,598
	Metropolitan Pier &
	Exposition Authority, Illinois
	(McCormick Place
	Expansion Project) Series A
	5.00% 6/15/57	310,000		337,627
	Minnesota State General
	Revenue Appropriations
	Series B 5.00% 3/1/29	2,000,000		2,241,760
	MTA Hudson Rail Yards Trust
	Obligations, New York
	Series A 5.00% 11/15/56	735,000		829,536
	New Jersey Economic
	Development Authority
	Series WW 5.25% 6/15/30	1,000,000		1,126,440
	Public Finance Authority,
	Wisconsin Airport Facilities
	Revenue
	(AFCO Investors II
	Portfolio) 144A 5.75%
	10/1/31 #	500,000		509,075
				7,158,034
Local General Obligation Bonds – 4.13%
	Chicago Board of Education,
	Illinois
	5.00% 4/1/42	205,000		224,114
	5.00% 4/1/46	210,000		228,726
	Chicago, Illinois
	Series A 5.50% 1/1/34	225,000		245,129
	Series C 5.00% 1/1/38	500,000		530,760
	District of Columbia
	Series A 5.00% 6/1/37	1,000,000		1,200,120
	New York, New York
	Series A-1 5.25% 8/15/21	250,000		255,870
	Series I-1 5.375% 4/1/36	65,000		68,067
				2,752,786
Pre-Refunded/Escrowed to Maturity Bonds – 19.72%
	Atlanta, Georgia Water &
	Wastewater Revenue
	Series A 6.25%
	11/1/39-19§	300,000		325,305

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2017, the aggregate value of Rule 144A securities was $3,140,343, which represents 4.71% of the Fund’s net assets.
§	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 is pre-refunded.
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at Dec. 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. 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. These securities do not indicate a reference rate and spread in their description above.

			Principal	Value
			Amount°	(US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Texas Private Activity Bond
		Surface Transportation
		5.00% 12/31/50 (AMT)	160,000	$	177,434
		5.00% 12/31/55 (AMT)	160,000		176,845
	Texas Private Activity Bond
		Surface Transportation
		Corporate Senior Lien
		Revenue
		(LBJ Infrastructure)
		7.00% 6/30/40	285,000		318,730
		7.50% 6/30/33	665,000		753,638
		(Mobility Partners) 7.50%
		12/31/31	500,000		554,960
		(NTE Mobility Partners)
		6.75% 6/30/43 (AMT)	225,000		264,519
		6.875% 12/31/39	1,000,000		1,094,850
		7.00% 12/31/38 (AMT)	165,000		196,749
	Virginia Small Business
		Financing Authority
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	235,000		263,259
					16,282,305
Water & Sewer Revenue Bonds – 4.50%
	City of Chicago, Illinois
		Waterworks Revenue
		(2nd Lien) 5.00% 11/1/29	280,000		324,078
	Massachusetts Water
		Resources Authority
		(Green Bond) Series B
		4.00% 8/1/36	500,000		547,060
	New York City Water & Sewer
		System, New York
		(2nd Generation Fiscal
		2013) Series CC 5.00%
		6/15/47	345,000		392,645
	Philadelphia, Pennsylvania