UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-07810
Exact name of registrant as specified in charter:		Delaware Investments® Colorado Municipal Income Fund, Inc.
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:		March 31, 2013

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Item 1. Reports to Stockholders

Table of contents

	> Portfolio management review	1
	> Fund basics	2
	> Security type/Sector/State allocations	3
	> Statements of net assets	5
	> Statements of assets and liabilities	17
	> Statements of operations	18
	> Statements of changes in net assets	19
	> Financial highlights	20
	> Notes to financial statements	23
	> Report of independent registered public accounting firm	31
	> Other Fund information	32
	> Board of trustees/directors and officers addendum	34
	> About the organization	37

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services. For more information, including press releases, please visit delawareinvestments.com.

Unless otherwise noted, views expressed herein are current as of March 31, 2013, and subject to change. Information is as of the date indicated and subject to change.

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. Mutual fund advisory services are provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Investments in Delaware Investments^® Closed-End Municipal Bond Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

© 2013 Delaware Management Holdings, Inc.

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

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Portfolio management review

Delaware Investments^® Closed-End Municipal Bond Funds
April 9, 2013

Municipal bond market conditions

During the Funds’ fiscal year ended March 31, 2013, the U.S. tax-exempt bond market, as measured by the Barclays Municipal Bond Index, returned 5.25%. In this favorable environment, higher yielding, lower-rated municipal bonds fared the best overall, with below-investment-grade issues gaining 14.23%, compared to returns of 6.50% and 3.78% generated by the higher-rated BBB and AAA segments of the market, respectively. (Data: Barclays.)

On Jan. 1, 2013, an agreement was reached in Washington, D.C., known as the American Taxpayer Relief Act of 2012. The good news for the municipal market was that the deal did not include a 28% cap on the municipal tax exemption.

Fund positioning: maintaining a long-standing approach

Our portfolio management strategy remained consistent throughout the Funds’ fiscal year. We continued investing by utilizing a bottom-up approach to portfolio construction, meaning that we evaluated investment opportunities individually based on thorough research; ultimately, we selected bonds that we believed offered a favorable balance between risk and potential reward.

We were also mindful of market shifts that could lead to new opportunities (or risks) for investors. Several such situations occurred during the fiscal year, as risks emerged that we believed justified making the portfolio slightly more defensive.

One of these shifts took place in the final months of the fiscal year. Especially in light of back-to-back years of strong performance in the municipal bond market, we thought it prudent to take a defensive position in an effort to seek to mitigate some of the risk to the Funds from a potential rise in long-term interest rates. This entailed modestly reducing the Funds’ exposure to longer-maturity securities. In addition, given global macroeconomic challenges, we limited the Funds’ allocations to certain lower-rated bonds that we believed were potentially at risk. We should note that this shift represented only subtle changes to the Funds’ portfolios. Throughout the Funds’ fiscal year, we maintained our usual focus on seeking to generate relative outperformance by emphasizing bonds within the lower tiers of the investment-grade credit ratings.

This is a segment of the market in which we believe our credit research capabilities have the potential to add value to the overall investment process.

Performance effects

Although we slightly reduced the Funds’ exposure to lower rated credit and decreased positions in bonds with longer maturities, these credits were among the strongest-performing bonds within the Funds. Additionally, the typically maintained overweight positions in these securities during the fiscal year.

Within Delaware Investments Colorado Municipal Income Fund, Inc., the strongest performing bonds tended to include issues within the healthcare sector (one example was issued by the Colorado Health Facilities Authority, with a coupon of 5% and a maturity date of 2040). The weaker performers, meanwhile, included an issue by the Puerto Rico Infrastructure Financing Authority, which felt much pressure among that commonwealth’s pension-related challenges and uncertainty surrounding a newly elected governor.

Within Delaware Investments Minnesota Municipal Income Fund, II Inc., notable performers included bonds issued by the Dakota and Washington Counties Housing and Redevelopment Authority. These bonds were issued with a 8.375% coupon, and are scheduled to mature in 2021. Other contributors included tobacco settlement bonds, with an S&P rating of A- and a maturity date of 2031. The positive effects generated by these bonds were offset somewhat by the underperformance of bonds such as those issued by the Laurentian Energy Authority, with a 5.0% coupon and a maturity of 2021. Puerto Rican bonds likewise posed a mild drag on the Fund’s performance, including bonds issued by the Puerto Rico Electric Power Authority.

Delaware Investments National Municipal Income Fund experienced a positive contribution from so-called tobacco settlement bonds. Another notable contributor to the Fund’s performance was a bond issued by the West Virginia Hospital Finance Authority, with a stated coupon of 9.125% and a maturity date of 2041. Bonds issued out of Puerto Rico, including an issue by the Puerto Rico Sales Tax Financing Corporation, were the weakest performers across the Fund.

1

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Fund basics

Delaware Investments^®
Colorado Municipal Income Fund, Inc.

As of March 31, 2013

Fund objective

The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state personal income tax, consistent with the preservation of capital.

Total Fund net assets

$74 million

Number of holdings

78

Fund start date

July 29, 1993

CUSIP number

246101109

Delaware Investments Minnesota Municipal Income Fund II, Inc. As of March 31, 2013

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

$176 million

Number of holdings

139

Fund start date

Feb. 26, 1993

CUSIP number

24610V103

Delaware Investments National Municipal Income Fund As of March 31, 2013

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

$68 million

Number of holdings

163

Fund start date

Feb. 26, 1993

CUSIP number

24610T108

2

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Security type/Sector/State allocations
As of March 31, 2013 (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*				138.04	%
Corporate-Backed Revenue Bond				1.39	%
Education Revenue Bonds				21.32	%
Electric Revenue Bonds				6.41	%
Healthcare Revenue Bonds				29.67	%
Housing Revenue Bonds				2.38	%
Lease Revenue Bonds				10.56	%
Local General Obligation Bonds				13.81	%
Pre-Refunded Bonds				7.54	%
Special Tax Revenue Bonds				33.52	%
State & Territory General Obligation Bonds				1.80	%
Transportation Revenue Bonds				8.12	%
Water & Sewer Revenue Bond				1.52	%
Short-Term Investment				0.27	%
Total Value of Securities				138.31	%
Liquidation Value of Preferred Stock				(40.35	%)
Receivables and Other Assets Net of Liabilities				2.04	%
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 of the United States as follows:
Territory			(as a % of fixed income investments)
Guam				1.1	%
Puerto Rico				12.4	%

Delaware Investments
Minnesota Municipal Income Fund II, Inc.
				Percentage
Security type/Sector				of Net Assets
Municipal Bonds†				140.31	%
Corporate-Backed Revenue Bonds				7.39	%
Education Revenue Bonds				16.90	%
Electric Revenue Bonds				6.43	%
Healthcare Revenue Bonds				40.12	%
Housing Revenue Bonds				6.31	%
Lease Revenue Bonds				14.94	%
Local General Obligation Bonds				8.45	%
Pre-Refunded/Escrowed to Maturity Bonds				17.94	%
Special Tax Revenue Bonds				7.69	%
State & Territory General Obligation Bonds				9.16	%
Transportation Revenue Bonds				3.37	%
Water & Sewer Revenue Bonds				1.61	%
Total Value of Securities				140.31	%
Liquidation Value of Preferred Stock				(42.70	%)
Receivables and Other Assets Net of Liabilities				2.39	%
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 of the United States as follows:
Territory			(as a % of fixed income investments)
Guam				0.1	%
Puerto Rico				2.3	%

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Security type/Sector/State allocations

As of March 31, 2013 (Unaudited)

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

Delaware Investments^®
National Municipal Income Fund

		Percentage
Security type/Sector		of Net Assets
Municipal Bonds		143.61	%
Corporate-Backed Revenue Bonds		15.82	%
Education Revenue Bonds		24.78	%
Electric Revenue Bonds		4.75	%
Healthcare Revenue Bonds		20.02	%
Housing Revenue Bonds		2.44	%
Lease Revenue Bonds		12.35	%
Local General Obligation Bonds		3.33	%
Special Tax Revenue Bonds		25.68	%
State & Territory General Obligation Bonds		6.30	%
Transportation Revenue Bonds		22.55	%
Water & Sewer Revenue Bonds		5.59	%
Total Value of Securities		143.61	%
Liquidation Value of Preferred Stock		(44.20	%)
Receivables and Other Assets Net of Liabilities		0.59	%
Total Net Assets		100.00	%

State/Territory			(as a % of fixed income investments)
Alaska			0.35	%
Arizona			12.52	%
California			11.70	%
Colorado			1.21	%
Florida			2.92	%
Georgia			1.62	%
Guam			2.06	%
Hawaii			0.34	%
Idaho			1.12	%
Illinois			1.38	%
Indiana			1.02	%
Iowa			0.55	%
Kansas			0.16	%
Louisiana			2.40	%
Maine			0.37	%
Maryland			2.55	%
Massachusetts			0.99	%
Minnesota			1.28	%
Missouri			2.21	%
New Hampshire			0.36	%
New Jersey			5.42	%
New Mexico			0.56	%
New York			18.02	%
Ohio			1.85	%
Oregon			4.01	%
Pennsylvania			6.39	%
Puerto Rico			6.48	%
Texas			6.57	%
Virginia			1.85	%
Washington D.C.			0.28	%
West Virginia			0.66	%
Wisconsin			0.51	%
Wyoming			0.29	%
Total			100.00	%

4

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 138.04%
Corporate-Backed Revenue Bond – 1.39%
	Public Authority for Colorado Energy
	Natural Gas Revenue Series 2008
	6.50% 11/15/38		$	750,000		$	1,030,680
							1,030,680
Education Revenue Bonds – 21.32%
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(Academy Charter School Project)
	5.50% 5/1/36 (SGI)			1,720,000			1,784,552
	(Bromley Charter School Project)
	5.25% 9/15/32 (SGI)			3,245,000			3,331,187
	(Johnson & Wales University Project)
	Series A 5.00% 4/1/28 (SGI)			3,000,000			3,002,850
	(Littleton Charter School Project)
	4.375% 1/15/36 (ASSURED GTY)			1,200,000			1,201,800
	(Student Housing - Campus
	Village Apartments) 5.00% 6/1/23			1,065,000			1,187,400
	Colorado State Board of Governors
	Revenue (University Enterprise
	System) Series A 5.00% 3/1/39			700,000			780,087
	University of Colorado 5.00% 6/1/31			3,185,000			3,677,337
	University of Colorado Enterprise
	Systems Revenue
	Series A 5.375% 6/1/38			750,000			883,208
							15,848,421
Electric Revenue Bonds – 6.41%
	Colorado Springs Utilities System
	Improvement Revenue
	Series C 5.50% 11/15/48			750,000			866,955
	Platte River Power Authority Revenue
	Series HH 5.00% 6/1/28			1,500,000			1,781,130
	Puerto Rico Electric Power
	Authority Revenue
	Series A 5.00% 7/1/42			500,000			460,735
	Series TT 5.00% 7/1/37			685,000			639,804
	Series WW 5.50% 7/1/38			300,000			299,364
	Series XX 5.25% 7/1/40			750,000			720,030
							4,768,018
Healthcare Revenue Bonds – 29.67%
	Aurora Hospital Revenue (Children’s
	Hospital Association Project)
	Series A 5.00% 12/1/40			2,000,000			2,185,480
	Colorado Health Facilities
	Authority Revenue
	(Boulder Community Hospital
	Project) 5.00% 10/1/32			500,000			556,155
	(Catholic Health Initiatives)
	Series A 5.00% 7/1/39			750,000			819,488
	Series A 5.00% 2/1/41			2,400,000			2,623,391
	Series A 5.25% 2/1/33			1,625,000			1,861,015
	Series C-1 5.10% 10/1/41 (AGM)			1,000,000			1,079,830
	Series D 6.125% 10/1/28			750,000			900,075
	(Christian Living
	Communities Project)
	6.375% 1/1/41			615,000			702,441
	Series A 5.75% 1/1/37			885,000			943,260
	(Covenant Retirement
	Communities) 5.00% 12/1/33			1,000,000			1,059,340
	(Evangelical Lutheran Good
	Samaritan Society) 5.25% 6/1/23			1,000,000			1,072,410
	(National Jewish Health Project)
	5.00% 1/1/27			500,000			534,510
	(Sisters of Charity of Leavenworth
	Health System) 5.00% 1/1/40			4,750,000			5,141,067
	(Total Long-Term Care)
	Series A 6.00% 11/15/30			400,000			452,560
	Denver Health & Hospital Authority
	Revenue (Recovery Zone Facilities)
	5.625% 12/1/40			750,000			817,140
	University of Colorado Hospital
	Authority Revenue Series A
	5.00% 11/15/37			500,000			535,030
	6.00% 11/15/29			650,000			773,533
							22,056,725
Housing Revenue Bonds – 2.38%
	Colorado Housing & Finance
	Authority (Single Family
	Mortgage - Class 1) Series A
	5.50% 11/1/29 (FHA) (VA) (HUD)			365,000			378,808
	Puerto Rico Housing Finance
	Authority Subordinated-Capital
	Fund Modernization
	5.125% 12/1/27 (HUD)			1,000,000			1,052,770
	5.50% 12/1/18 (HUD)			300,000			339,978
							1,771,556
Lease Revenue Bonds – 10.56%
	Aurora Certificates of Participation
	Refunding Series A 5.00% 12/1/30			630,000			721,545
	Colorado State Building Excellent
	Schools Today Certificates
	of Participation
	Series G 5.00% 3/15/32			2,000,000			2,244,581
	Glendale Certificates of Participation
	5.00% 12/1/25 (SGI)			1,500,000			1,604,565
	Pueblo County Certificates of
	Participation (County Judicial
	Complex Project)
	5.00% 9/15/42 (AGM)			2,000,000			2,227,100

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Statements of net assets

Delaware Investments^® Colorado Municipal Income Fund, Inc.

			Principal
			Amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
•	Puerto Rico Public Buildings
	Authority Revenue (Guaranteed
	Government Facilities)
	Series M-2 5.50% 7/1/35 (AMBAC)		$	500,000		$	531,925
	Regional Transportation District
	Certificates of Participation
	Series A 5.375% 6/1/31			460,000			518,323
							7,848,039
Local General Obligation Bonds – 13.81%
	Arapahoe County School District #1
	Englewood 5.00% 12/1/31			2,935,000			3,418,071
	Boulder, Larimer & Weld Counties
	St. Vrain Valley School District
	No. Re-1J 5.00% 12/15/33			750,000			852,570
	Bowles Metropolitan District
	5.00% 12/1/33 (AGM)			2,000,000			2,021,680
	Denver City & County
	(Better Denver & Zoo)
	Series A 5.00% 8/1/25			650,000			779,246
	Denver International Business Center
	Metropolitan District #1
	5.00% 12/1/30			650,000			681,824
	Jefferson County School District #R-1
	5.25% 12/15/24			750,000			967,733
	Pueblo County School District #70
	5.00% 12/1/31			500,000			585,020
	Rangely Hospital District
	6.00% 11/1/26			750,000			893,715
	Sand Creek Metropolitan District
	5.00% 12/1/31 (SGI)			70,000			70,237
							10,270,096
§Pre-Refunded Bonds – 7.54%
	Adams & Arapahoe Counties Joint
	School District #28J (Aurora)
	6.00% 12/1/28-18			600,000			766,776
	Colorado Health Facilities Authority
	Revenue (Evangelical Lutheran
	Good Samaritan Society)
	Series A 6.125% 6/1/38-14			750,000			801,180
	Colorado Water Resources & Power
	Development Authority Revenue
	(Parker Water & Sanitation
	District) Series D
	5.125% 9/1/34-14 (NATL-RE)			1,500,000			1,598,625
	5.25% 9/1/43-14 (NATL-RE)			2,000,000			2,138,600
	Sand Creek Metropolitan District
	5.00% 12/1/31-13 (SGI)			295,000			304,582
							5,609,763
Special Tax Revenue Bonds – 33.52%
	Castle Rock Sales & Use Tax Revenue
	5.00% 6/1/35			750,000			861,150
	Denver Convention Center Hotel
	Authority Revenue Refunding
	5.00% 12/1/35 (SGI)			2,795,000			2,899,393
	Guam Government Business Privilege
	Tax Revenue Series A
	5.125% 1/1/42			435,000			478,082
	5.25% 1/1/36			565,000			630,642
	Puerto Rico Infrastructure Financing
	Authority Special Tax Revenue
	Series B 5.00% 7/1/41			2,475,000			2,228,144
	Puerto Rico Sales Tax Financing
	Revenue First Subordinate
	Series A 5.50% 8/1/37			700,000			722,267
	Series A 5.50% 8/1/42			1,000,000			1,027,720
	Series A 5.75% 8/1/37			590,000			628,751
	Series A-1 5.00% 8/1/43			2,000,000			1,995,220
	Series C 5.00% 8/1/40			1,000,000			1,035,450
	Series C 6.00% 8/1/39			500,000			541,055
	Regional Transportation District
	Revenue (FasTracks Project) Series A
	4.375% 11/1/31 (AMBAC)			1,250,000			1,303,100
	4.50% 11/1/36 (AGM)			3,000,000			3,158,040
	5.00% 11/1/28 (AMBAC)			2,500,000			2,815,650
	5.00% 11/1/38			4,085,000			4,598,974
							24,923,638
State & Territory General Obligation Bonds – 1.80%
	Puerto Rico Commonwealth
	(Public Improvement)
	Series C 6.00% 7/1/39			505,000			515,090
	Western State College
	5.00% 5/15/34			750,000			824,805
							1,339,895
Transportation Revenue Bonds – 8.12%
	Denver City & County Airport
	System Revenue
	Series A 5.25% 11/15/36			750,000			844,275
	Series B 5.00% 11/15/27			1,000,000			1,176,060
	Series B 5.00% 11/15/28			1,000,000			1,168,450
	E-470 Public Highway Authority
	Revenue Series C 5.25% 9/1/25			310,000			343,911
	Regional Transportation District
	Revenue (Denver Transit Partners)
	6.00% 1/15/41			2,175,000			2,504,991
							6,037,687
Water & Sewer Revenue Bond – 1.52%
	Parker Water & Sanitation District
	5.00% 8/1/43			1,000,000			1,127,520
							1,127,520
Total Municipal Bonds
	(cost $96,096,590)						102,632,038

6

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			Principal
			Amount			Value
Short-Term Investment – 0.27%
¤ Variable Rate Demand Note – 0.27%
	Colorado State Educational &
	Cultural Facilities Authority
	Revenue (National Jewish
	Federation Bond Program)
	Series D-5 0.15% 10/1/38
	(LOC-JPMorgan Chase Bank N.A.)		$	200,000		$	200,000
Total Short-Term Investments
	(cost $200,000)						200,000
Total Value of Securities – 138.31%
	(cost $96,296,590)						102,832,038
†Liquidation Value of Preferred
	Stock – (40.35%)						(30,000,000	)
Receivables and Other Assets
	Net of Liabilities – 2.04%						1,516,600
Net Assets Applicable to 4,837,100
	Shares Outstanding; Equivalent to
	$15.37 Per Share – 100.00%					$	74,348,638

Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, 200 million shares
authorized to the Fund						$	66,918,121
Undistributed net investment income							800,128
Accumulated net realized gain on investments							94,941
Net unrealized appreciation of investments							6,535,448
Total net assets						$	74,348,638

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
ASSURED GTY — Insured by Assured Guaranty Corporation
FHA — Federal Housing Administration
HUD — Housing & Urban Development Section 8
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
SGI — Insured by Syncora Guarantee Inc.
VA — Veterans Administration collateral

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

(continues)       7

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Statements of net assets

Delaware Investments^® Minnesota Municipal Income Fund II, Inc.
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 140.31%
Corporate-Backed Revenue Bonds – 7.39%
	Cloquet Pollution Control Revenue
	(Potlatch Project) 5.90% 10/1/26		$	5,500,000		$	5,520,515
	Laurentian Energy Authority
	Cogeneration Revenue
	Series A 5.00% 12/1/21			3,325,000			3,268,575
	Sartell Environmental Improvement
	Revenue (International Paper)
	Series A 5.20% 6/1/27			1,000,000			1,006,910
	St. Paul Port Authority Revenue
	(Gerdau St. Paul Steel Mill Project)
	Series 7 4.50% 10/1/37 (AMT)			3,155,000			3,182,953
							12,978,953
Education Revenue Bonds – 16.90%
	Bayton Township Lease Revenue
	(St. Croix Preparatory Academy)
	5.75% 8/1/42			300,000			302,715
	Minnesota Higher Education Facilities
	Authority Revenue
	(Augsburg College)
	Series 6-J1 5.00% 5/1/28			1,500,000			1,534,140
	(Carleton College)
	Series D 5.00% 3/1/30			1,120,000			1,271,637
	Series 6-T 5.00% 1/1/28			1,000,000			1,138,660
	(College of St. Benedict)
	Series 7-M 5.00% 3/1/31			300,000			319,194
	Series 7-M 5.125% 3/1/36			275,000			291,242
	(Macalester College)
	Series 7-S 4.00% 5/1/43			1,250,000			1,294,125
	(St. Catherine University)
	Series 7-Q 5.00% 10/1/32			700,000			780,402
	(St. Mary’s University)
	Series 5-U 4.80% 10/1/23			1,400,000			1,411,312
	(St. Scholastic College)
	Series H 5.25% 12/1/35			1,000,000			1,089,960
	(University of St. Thomas)
	Series 6-X 5.00% 4/1/29			2,250,000			2,519,258
	Series 7-A 5.00% 10/1/39			1,000,000			1,104,690
	Series 7-U 5.00% 4/1/20			495,000			600,415
	Series 7-U 5.00% 4/1/21			450,000			549,180
	Series 7-U 5.00% 4/1/22			750,000			919,590
	St. Paul Housing & Redevelopment
	Authority Charter School
	Lease Revenue
	(Nova Classical Academy)
	Series A 6.375% 9/1/31			750,000			833,505
	University of Minnesota
	Series A
	5.00% 12/1/27			1,110,000			1,333,421
	5.00% 12/1/28			1,880,000			2,248,480
	5.00% 12/1/29			2,265,000			2,695,327
	5.00% 12/1/31			1,000,000			1,180,600
	5.00% 12/1/36			3,000,000			3,486,269
	5.25% 4/1/29			1,000,000			1,189,680
	Series C 5.00% 12/1/19			1,290,000			1,582,443
							29,676,245
Electric Revenue Bonds – 6.43%
	Central Minnesota Municipal
	Power Agency Revenue
	(Brookings Southeast Twin
	Cities Transportation)
	5.00% 1/1/32			1,130,000			1,278,245
	Chaska Electric Revenue
	(Generating Facilities)
	Series A 5.25% 10/1/25			250,000			276,550
	Minnesota Municipal Power Agency
	Electric Revenue Series A
	5.00% 10/1/34			1,900,000			2,007,160
	5.25% 10/1/19			1,610,000			1,721,283
	Southern Minnesota Municipal
	Power Agency Supply Revenue
	Series A 5.25% 1/1/30			1,000,000			1,117,850
	Western Minnesota Municipal Power
	Agency Supply Revenue Series A
	5.00% 1/1/25			3,000,000			3,676,350
	5.00% 1/1/26			1,000,000			1,213,810
							11,291,248
Healthcare Revenue Bonds – 40.12%
	Anoka Health Care Facility
	Revenue (Homestead
	Anoka Income Project)
	Series A 7.00% 11/1/46			1,200,000			1,294,644
	Center City Health Care
	Facilities Revenue (Hazelden
	Foundation Project)
	4.75% 11/1/31			850,000			900,482
	5.00% 11/1/41			1,600,000			1,724,032
	Duluth Economic Development
	Authority Revenue
	(St. Luke’s Hospital
	Authority Obligation Group)
	5.75% 6/15/32			200,000			213,538
	6.00% 6/15/39			1,000,000			1,079,150
	Fergus Falls Health Care Facilities
	Revenue (Lake Region Healthcare)
	5.00% 8/1/30			1,000,000			1,041,670
	Glencoe Health Care Facilities
	Revenue (Glencoe Regional
	Health Services Project)
	5.00% 4/1/25			2,000,000			2,020,780
	Maple Grove Health Care System
	Revenue (Maple Grove Hospital)
	5.25% 5/1/37			1,100,000			1,146,112
	Minneapolis Health Care System
	Revenue (Fairview Health Services)
	Series A 6.375% 11/15/23			605,000			735,160
	Series A 6.625% 11/15/28			1,040,000			1,270,766
	Series B 6.50% 11/15/38
	(ASSURED GTY)			2,295,000			2,806,418
	Series D 5.00% 11/15/34
	(AMBAC)			2,000,000			2,057,180

8

---

			Principal
			Amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Revenue (National
	Marrow Donor Program Project)
	4.875% 8/1/25		$	1,000,000		$	1,038,390
	Minnesota Agricultural & Economic
	Development Board Revenue
	Un-Refunded Balance Series A
	5.75% 11/15/26 (NATL-RE)			100,000			100,173
	6.375% 11/15/29			195,000			195,778
	Rochester Health Care & Housing
	Revenue (Samaritan Bethany)
	Series A 7.375% 12/1/41			1,220,000			1,370,694
	Rochester Health Care Facilities
	Revenue (Mayo Clinic)
	4.00% 11/15/41			8,780,000			9,151,657
	•Series A 4.00% 11/15/30			1,240,000			1,430,154
	•Series C 4.50% 11/15/38			2,000,000			2,384,520
	Sartell Health Care Facility Revenue
	(Country Manor Campus Project)
	5.25% 9/1/30			1,000,000			1,024,230
	Shakopee Health Care Facilities
	Revenue (St. Francis Regional
	Medical Center) 5.25% 9/1/34			1,560,000			1,583,353
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.50% 5/1/39 (ASSURED GTY)			1,500,000			1,648,740
	Series A 5.125% 5/1/30			4,425,000			4,883,209
	St. Louis Park Health Care
	Facilities Revenue
	(Park Nicollet Health Services)
	5.75% 7/1/39			3,315,000			3,721,850
	Series C 5.50% 7/1/23			1,000,000			1,123,320
	St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Allina Health System)
	Series A 5.00% 11/15/18 (NATL-RE)			1,380,000			1,608,114
	Series A-1 5.25% 11/15/29			1,395,000			1,558,745
	(Childrens Health Care Facilities)
	Series A1 5.00% 8/15/34 (AGM)			500,000			544,150
	(Episcopal Homes Project)
	Series A 4.75% 11/1/31			740,000			745,128
	(Franciscan Health Elderly Project)
	5.40% 11/20/42 (GNMA) (FHA)			2,700,000			2,703,213
	(Health East Project)
	6.00% 11/15/30			2,775,000			2,982,848
	6.00% 11/15/35			2,500,000			2,677,425
	(Health Partners Obligation Group
	Project) 5.25% 5/15/36			2,000,000			2,090,820
	(Regions Hospital Project)
	5.30% 5/15/28			1,000,000			1,001,150
	(Senior Carondelet Village Project)
	Series A 6.00% 8/1/42			770,000			817,062
	Washington County Housing &
	Redevelopment Authority
	Revenue (Birchwood & Woodbury
	Projects) Series A 5.625% 6/1/37			1,500,000			1,533,405
	Wayzata Senior Housing Revenue
	(Folkestone Senior Living
	Community) Series A
	5.50% 11/1/32			420,000			447,031
	5.75% 11/1/39			945,000			1,014,883
	6.00% 5/1/47			1,475,000			1,595,257
	Winona Health Care Facilities
	Revenue (Winona Health
	Obligated Group)
	4.65% 7/1/26			465,000			488,492
	4.75% 7/1/27			785,000			821,793
	5.00% 7/1/23			1,010,000			1,095,820
	5.00% 7/1/34			750,000			785,325
							70,456,661
Housing Revenue Bonds – 6.31%
	Minneapolis Multifamily
	Housing Revenue
	•(Gaar Scott Loft Project)
	5.95% 5/1/30 (AMT)
	(LOC-U.S. Bank N.A.)			835,000			837,689
	(Olson Townhomes Project)
	6.00% 12/1/19 (AMT)			600,000			600,240
	(Seward Towers Project)
	5.00% 5/20/36 (GNMA)			2,000,000			2,044,119
	(Sumner Housing Project) Series A
	5.15% 2/20/45 (GNMA) (AMT)			2,000,000			2,010,100
	Minnesota State Housing Finance
	Agency Revenue (Mortgage-
	Backed Securities Program)
	4.40% 7/1/32 (GNMA)
	(FNMA) (FHLMC)			1,460,000			1,616,804
	(Rental Housing)
	Series A 5.00% 2/1/35 (AMT)			1,000,000			1,003,620
	(Residential Housing)
	•Series D 4.75% 7/1/32 (AMT)			880,000			905,485
	Series I 5.15% 7/1/38 (AMT)			625,000			642,981
	Series L 5.10% 7/1/38 (AMT)			1,330,000			1,420,906
							11,081,944
Lease Revenue Bonds – 14.94%
	Andover Economic Development
	Authority Public Facilities
	Lease Revenue (Andover
	Community Center)
	5.125% 2/1/24			205,000			212,442
	5.20% 2/1/29			410,000			425,141

(continues)       9

---

Statements of net assets

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

			Principal
			Amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	St. Paul Port Authority Lease Revenue
	(Cedar Street Office Building Project)
	5.00% 12/1/22		$	2,385,000		$	2,394,302
	5.25% 12/1/27			2,800,000			2,810,640
	(Robert Street Office
	Building Project)
	Series 3-11 5.00% 12/1/27			2,000,000			2,057,900
	State of Minnesota General Fund
	Revenue Appropriations Series B
	4.00% 3/1/26			3,720,000			4,123,620
	5.00% 3/1/27			2,160,000			2,574,871
	5.00% 3/1/29			3,525,000			4,147,304
	University of Minnesota
	Special Purpose Revenue
	(State Supported Biomed
	Science Research)
	5.00% 8/1/35			1,040,000			1,192,703
	5.00% 8/1/36			4,000,000			4,597,519
	Virginia Housing & Redevelopment
	Authority Health Care Facility
	Lease Revenue
	5.25% 10/1/25			680,000			703,705
	5.375% 10/1/30			965,000			1,006,080
							26,246,227
Local General Obligation Bonds – 8.45%
	City of Willmar (Rice Memorial
	Hospital Project)
	Series A 4.00% 2/1/32			2,940,000			3,128,130
	Dakota County Community
	Development Agency
	(Senior Housing Facilities)
	Series A 5.00% 1/1/23			1,100,000			1,184,623
	Hopkins Independent School
	District #270 Series A 5.00% 2/1/28			1,000,000			1,172,710
	Rocori Independent School District #750
	(School Building) Series B
	5.00% 2/1/22			1,010,000			1,193,588
	5.00% 2/1/24			1,075,000			1,264,523
	5.00% 2/1/25			1,115,000			1,307,527
	5.00% 2/1/26			1,155,000			1,354,434
	Shakopee Independent School
	District #720
	(School Building-Crossover)
	5.00% 2/1/23			1,440,000			1,803,398
	Thief River Falls Independent School
	District #564 (School Building)
	Series A 4.00% 2/1/32			1,160,000			1,252,742
	Washington County Housing &
	Redevelopment Authority Series B
	5.50% 2/1/22 (NATL-RE)			525,000			527,037
	5.50% 2/1/32 (NATL-RE)			655,000			657,260
							14,845,972
§Pre-Refunded/Escrowed to Maturity Bonds – 17.94%
	Dakota-Washington Counties
	Housing & Redevelopment
	Authority Revenue
	(Bloomington Single Family
	Residential Mortgage)
	Series B 8.375% 9/1/21
	(GNMA) (FHA) (VA) (AMT)			7,055,000			10,162,022
	Southern Minnesota Municipal
	Power Agency Supply
	Revenue Refunding
	Series A 5.75% 1/1/18-13			3,350,000			3,585,472
	St. Paul Housing & Redevelopment
	Authority Sales Tax
	(Civic Center Project)
	5.55% 11/1/23			2,300,000			2,573,631
	5.55% 11/1/23 (NATL-RE) (IBC)			4,200,000			4,699,674
	University of Minnesota Hospital &
	Clinics 6.75% 12/1/16			2,580,000			3,041,175
	University of Minnesota Series A
	5.50% 7/1/21			4,000,000			4,992,360
	5.75% 7/1/18			2,000,000			2,458,900
							31,513,234
Special Tax Revenue Bonds – 7.69%
	Guam Government Business
	Privilege Tax Revenue
	Series A 5.25% 1/1/36			150,000			167,427
	Hennepin County Sales Tax Revenue
	(Second Lien-Ballpark Project)
	Series B 4.75% 12/15/27			1,905,000			2,146,440
	Minneapolis Community Planning &
	Economic Development
	Department (Limited Tax
	Supported Common Bond Fund)
	6.25% 12/1/30			1,000,000			1,210,210
	Series 1 5.50% 12/1/24 (AMT)			1,000,000			1,069,760
	Series 5 5.70% 12/1/27			375,000			377,194
	Minnesota Public Safety Radio
	5.00% 6/1/23			2,845,000			3,352,149
	Puerto Rico Sales Tax
	Financing Revenue
	^(Capital Appreciation) Series A
	5.73% 8/1/44 (NATL-RE)			8,485,000			1,371,515
	First Subordinate
	Series A 5.75% 8/1/37			1,200,000			1,278,816
	Series C
	5.00% 8/1/40			985,000			1,019,918
	5.25% 8/1/40			485,000			510,555
	St. Paul Port Authority (Brownsfields
	Redevelopment Tax) Series 2
	5.00% 3/1/37			895,000			995,464
							13,499,448

10

---

			Principal
			Amount			Value
Municipal Bonds (continued)
State & Territory General Obligation Bonds – 9.16%
	Minnesota State Refunding
	(State Various Purpose)
	Series D 5.00% 8/1/24		$	2,700,000		$	3,270,753
	Minnesota State (State Trunk Highway)
	Series B
	5.00% 10/1/22			5,500,000			6,875,275
	5.00% 10/1/29			3,715,000			4,436,973
	Puerto Rico Commonwealth
	Public Improvement
	Series A 5.75% 7/1/41			1,500,000			1,506,210
							16,089,211
Transportation Revenue Bonds – 3.37%
	Minneapolis - St. Paul Metropolitan
	Airports Commission Revenue
	5.00% 1/1/22			670,000			802,848
	Series A 5.00% 1/1/35 (AMBAC)			2,000,000			2,108,260
	Series B 5.00% 1/1/26			540,000			632,826
	Series B 5.00% 1/1/27			1,190,000			1,384,517
	Series B 5.00% 1/1/30			500,000			572,560
	St. Paul Port Authority Revenue
	(Amherst H Wilder Foundation)
	Series 3 5.00% 12/1/36			380,000			424,148
							5,925,159
Water & Sewer Revenue Bonds – 1.61%
	Metropolitan Council Wastewater
	Revenue Series B 4.00% 9/1/27			1,145,000			1,262,901
	St. Paul Sewer Revenue
	Series D 5.00% 12/1/21			1,325,000			1,564,758
							2,827,659
Total Municipal Bonds
	(cost $232,122,331)						246,431,961
Total Value of Securities – 140.31%
	(cost $232,122,331)						246,431,961
†Liquidation Value of Preferred
	Stock – (42.70%)						(75,000,000	)
Receivables and Other Assets Net of
	Liabilities – 2.39%						4,197,259
Net Assets Applicable to 11,504,975
	Shares Outstanding; Equivalent to
	$15.27 Per Share – 100.00%					$	175,629,220
Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, 200 million shares
	authorized to the Fund					$	157,931,075
Undistributed net investment income							1,759,475
Accumulated net realized gain on investments							1,629,040
Net unrealized appreciation of investments							14,309,630
Total net assets						$	175,629,220

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by Assured Guaranty Corporation
FHA — Federal Housing Administration
FHLMC — Federal Home Loan Mortgage Corporation collateral
FNMA — Federal National Mortgage Association collateral
GNMA — Government National Mortgage Association collateral
IBC — Insured Bond Certificate
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
VA — Veterans Administration collateral

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

(continues)       11

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
March 31, 2013

			Principal
			Amount			Value
Municipal Bonds – 143.61%
Corporate-Backed Revenue Bonds – 15.82%
	Buckeye, Ohio Tobacco Settlement
	Financing Authority Asset-Backed
	Senior Turbo Series A-2
	5.875% 6/1/47		$	480,000		$	427,642
	6.50% 6/1/47			430,000			419,022
	Golden State, California Tobacco
	Securitization Corporate Settlement
	Revenue (Asset-Backed Senior
	Notes) Series A-1
	5.125% 6/1/47			500,000			439,320
	5.75% 6/1/47			1,615,000			1,554,210
	Harris County, Texas Industrial
	Development Solid Waste
	Disposal Revenue (Deer Park
	Refining Project) 5.00% 2/1/23			150,000			167,156
	Illinois Railsplitter Tobacco Settlement
	Authority 6.25% 6/1/24			500,000			555,800
	Louisiana Local Government
	Environmental Facilities &
	Community Development
	Authority (Westlake Chemical)
	Series A 6.50% 8/1/29			645,000			765,338
	Series A-1 6.50% 11/1/35			255,000			300,301
	Maryland Economic Development
	Port Facilities Revenue (CNX
	Marine Terminals) 5.75% 9/1/25			260,000			289,060
	M-S-R Energy Authority, California
	Gas Series C 7.00% 11/1/34			1,000,000			1,400,420
•	Navajo County, Arizona Pollution
	Control Revenue
	Series D 5.75% 6/1/34			500,000			562,400
	New Jersey Economic Development
	Authority Special Facilities
	Revenue (Continental Airlines
	Project) 5.25% 9/15/29 (AMT)			500,000			516,880
	New York Liberty Development
	Revenue (Goldman Sachs
	Headquarters) 5.25% 10/1/35			500,000			586,020
	Ohio State Air Quality Development
	Authority Revenue (First Energy
	Generation) Series A
	5.70% 8/1/20			260,000			310,666
	Pennsylvania Economic Development
	Financing Authority Exempt
	Facilities Revenue (Allegheny
	Energy Supply) 7.00% 7/15/39			345,000			411,292
	Pima County, Arizona Industrial
	Development Authority Pollution
	Control Revenue (Tucson Electric
	Power San Juan) 5.75% 9/1/29			250,000			263,758
	Salt Verde Financial, Arizona Gas
	Revenue Senior Note
	5.00% 12/1/37			400,000			447,496
	St. John the Baptist Parish, Louisiana
	(Marathon Oil) Series A
	5.125% 6/1/37			500,000			530,085
	Suffolk County, New York Tobacco
	Asset Securitization Series B
	5.00% 6/1/32			750,000			792,615
							10,739,481
Education Revenue Bonds – 24.78%
	Arizona Board of Regents System
	Revenue (University of
	Arizona) Series A
	5.00% 7/1/33			1,000,000			1,150,549
	5.00% 6/1/39			500,000			559,405
	Bowling Green, Ohio Student
	Housing Revenue (CFP I State
	University Project) 6.00% 6/1/45			270,000			299,819
	Build New York City, New York
	Resource (International Leadership
	Charter School)
	6.00% 7/1/43			500,000			501,465
	California Statewide Communities
	Development Authority School
	Facility Revenue (Aspire Public
	Schools) 6.125% 7/1/46			625,000			661,350
	California Statewide Communities
	Development Authority Student
	Housing Revenue (Irvine, LLC -
	UCI East Campus) 6.00% 5/15/23			470,000			530,367
	Delaware County, Pennsylvania
	Authority (Villanova University)
	5.00% 8/1/20			500,000			601,030
	Iowa Higher Education Loan Authority
	Revenue (Private College Facility)
	5.00% 10/1/38			500,000			532,785
	Marietta, Georgia Development
	Authority Revenue (Life University
	Income Project) 7.00% 6/15/39			430,000			462,267
	Maryland Health & Higher
	Educational Facilities Authority
	(Loyola University) Series A
	5.00% 10/1/39			650,000			735,300
	Maryland State Economic
	Development Student Housing
	Revenue (University of Maryland
	College Park Projects) 5.75% 6/1/33			370,000			402,590
	Massachusetts State Health &
	Educational Facilities Authority
	Revenue (Harvard University)
	Series A 5.00% 12/15/29			600,000			711,630
	Missouri State Health & Educational
	Facilities Authority Revenue
	(Washington University)
	Series B 5.00% 11/15/30			600,000			713,472
	Monroe County, New York Industrial
	Development Revenue (Nazareth
	College Rochester Project)
	5.50% 10/1/41			495,000			546,411

12

---

			Principal
			Amount			Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Montgomery County, Pennsylvania
	Higher Education & Health
	Authority Revenue
	(Arcadia University)
	5.25% 4/1/30		$	550,000		$	593,571
	New Jersey Economic Development
	Authority Revenue
	(MSU Student Housing Project)
	5.875% 6/1/42			735,000			826,022
	New York City, New York Trust for
	Cultural Resources (Whitney
	Museum of American Art)
	5.00% 7/1/31			500,000			555,390
	New York State Dormitory
	Authority (Columbia University)
	5.00% 10/1/41			600,000			691,086
	Oregon State Facilities Authority
	Revenue (CHF-Ashland)
	5.00% 7/1/44 (AGM)			1,000,000			1,094,090
	#(Concordia University Project)
	Series A 144A 6.125% 9/1/30			135,000			146,583
	Pennsylvania State Higher Educational
	Facilities Authority Student Housing
	Revenue (Edinboro University
	Foundation) 5.80% 7/1/30			400,000			451,928
	(University Properties - East
	Stroudsburg University)
	5.25% 7/1/19			510,000			565,794
	Phoenix, Arizona Industrial
	Development Authority Revenue
	(Eagle College Prep Project)
	Series A 5.00% 7/1/43			500,000			499,960
	(Rowan University) 5.00% 6/1/42			1,000,000			1,075,710
	Pima County, Arizona Industrial
	Development Authority Revenue
	(Edkey Charter Schools Project)
	6.00% 7/1/48			500,000			501,420
	Private Colleges & Universities
	Authority Revenue (Mercer
	University Project) Series A
	5.00% 10/1/32			135,000			146,428
	St. Lawrence County, New York
	Industrial Development Agency
	(St. Lawrence University Project)
	5.00% 7/1/26			270,000			320,911
	Troy, New York Capital Resource
	Revenue (Rensselaer Polytechnic)
	Series A 5.125% 9/1/40			600,000			656,886
	Wyoming Community Development
	Authority Student Housing
	Revenue (CHF-Wyoming LLC)
	6.50% 7/1/43			250,000			284,555
							16,818,774
Electric Revenue Bonds – 4.75%
	Puerto Rico Electric Power
	Authority Revenue
	Series A 5.00% 7/1/42			830,000			764,820
	Series TT 5.00% 7/1/26			1,165,000			1,153,233
	Series WW 5.50% 7/1/38			200,000			199,576
	Series XX 5.25% 7/1/40			805,000			772,832
	Series ZZ 5.25% 7/1/26			330,000			332,845
							3,223,306
Healthcare Revenue Bonds – 20.02%
	Arizona Health Facilities Authority
	Revenue (Catholic Healthcare
	West) Series D 5.00% 7/1/28			500,000			543,995
	Brevard County, Florida Health
	Facilities Authority Revenue
	(Heath First Project) 7.00% 4/1/39			90,000			109,963
	Butler County, Pennsylvania Hospital
	Authority Revenue (Butler Health
	System Project) 7.125% 7/1/29			300,000			373,311
	Hawaii Pacific Health Special Purpose
	Revenue Series A 5.50% 7/1/40			300,000			328,581
	Illinois Finance Authority Revenue
	(Franciscan Communities)
	Series A 5.125% 5/15/43			250,000			256,443
	(Silver Cross & Medical Centers)
	7.00% 8/15/44			450,000			531,864
	Koyukuk, Alaska Revenue (Tanana
	Chiefs Conference Health Care
	Facility Project) 7.75% 10/1/41			300,000			340,191
	Louisiana Public Facilities Authority
	Revenue (Ochsner Clinic
	Foundation Project) 6.50% 5/15/37			105,000			124,785
	Lycoming County, Pennsylvania
	Authority Health System
	Revenue (Susquehanna Health
	System Project)
	Series A 5.50% 7/1/28			500,000			546,770
	Maine Health & Higher Educational
	Facilities Authority Revenue
	(Maine General Medical Center)
	6.75% 7/1/41			300,000			360,672
	Maricopa County, Arizona Industrial
	Development Authority
	Health Facilities Revenue
	(Catholic Healthcare West)
	Series A 6.00% 7/1/39			500,000			568,325
	Maryland Health & Higher Educational
	Facilities Authority Revenue (Carroll
	Hospital) Series A 5.00% 7/1/37			500,000			549,915
	Monroe County, Pennsylvania
	Hospital Authority Revenue
	(Pocono Medical Center)
	Series A 5.00% 1/1/41			500,000			534,130
	Montgomery County, Pennsylvania
	Industrial Development Authority
	Revenue (Mortgage-Whitemarsh
	Continuing Care) 6.25% 2/1/35			675,000			685,402

(continues)       13

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
 

		Principal
		Amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New Hampshire Health & Education
	Facilities Authority Revenue
	(Dartmouth-Hitchcock Medical
	Center) 6.00% 8/1/38	$	300,000		$	348,321
	New Jersey Health Care Facilities
	Financing Authority Revenue
	Refunding (St. Peters University
	Hospital) 6.25% 7/1/35		300,000			349,461
	New Mexico State Hospital
	Equipment Loan Council Revenue
	(Presbyterian Healthcare)
	5.00% 8/1/39		500,000			546,405
	New York State Dormitory Authority
	Revenue Non State Supported
	Debt (Orange Regional Medical
	Center) 6.25% 12/1/37		500,000			553,370
	Ohio State Hospital Facilities Revenue
	Refunding (Cleveland Clinic
	Health) Series A 5.50% 1/1/39		300,000			347,019
	Orange County, Florida Health
	Facilities Authority Revenue
	(Mayflower Retirement Center)
	5.00% 6/1/32		400,000			423,488
	5.00% 6/1/36		250,000			262,733
	5.125% 6/1/42		750,000			790,373
	Oregon Health & Science University
	Series E 4.00% 7/1/29		1,000,000			1,056,639
	Philadelphia, Pennsylvania Hospitals &
	Higher Education Facilities Authority
	Revenue (Temple University Health
	System) Series A 5.50% 7/1/30		300,000			320,223
	University Medical Center, Tuscon,
	Arizona Hospital Revenue
	6.50% 7/1/39		500,000			576,785
	West Virginia Hospital Finance
	Authority (Highland Hospital
	Obligation Group) 9.125% 10/1/41		500,000			639,230
	Yavapai County, Arizona Industrial
	Development Authority Revenue
	(Yavapai Regional Medical Center)
	Series A 5.25% 8/1/21 (RADIAN)		1,500,000			1,523,999
						13,592,393
Housing Revenue Bonds – 2.44%
	California Municipal Finance Authority
	Mobile Home Park Revenue
	(Caritas Projects) Series A
	5.50% 8/15/47		750,000			796,807
	6.40% 8/15/45		430,000			474,272
	Florida Housing Finance Homeowner
	Mortgage Revenue Series 2
	5.90% 7/1/29 (NATL-RE) (AMT)		185,000			187,004
	Puerto Rico Housing Finance
	Authority (Subordinated-Capital
	Fund Modernization)
	5.50% 12/1/18 (HUD)		175,000			198,321
						1,656,404
Lease Revenue Bonds – 12.35%
	California State Public Works Board
	Lease Revenue (Various Capital
	Projects) Series A 5.00% 4/1/37		1,000,000			1,081,700
	Hudson Yards, New York
	Infrastructure Revenue
	Series A 5.75% 2/15/47		1,100,000			1,289,958
	Idaho State Building Authority
	Revenue (Health & Welfare Project)
	Series A 5.00% 9/1/24		135,000			164,487
	(State Police) Series I 5.00% 9/1/23		760,000			926,539
	Minnesota State General Revenue
	Series B 5.00% 3/1/22		1,000,000			1,252,070
	New Jersey Economic Development
	Authority (School Facilities
	Construction) Series EE
	5.00% 9/1/18		100,000			119,424
	New York City, New York Industrial
	Development Agency (Senior Trips)
	Series A 5.00% 7/1/28 (AMT)		250,000			265,195
	New York Liberty Development
	Revenue (4 World Trade Center)
	5.75% 11/15/51		970,000			1,137,238
	Pima County, Arizona Industrial
	Development Authority Metro
	Police Facility Revenue
	(Nevada Project) Series A
	5.25% 7/1/31		500,000			539,290
	5.375% 7/1/39		500,000			543,755
	Public Finance Authority, Wisconsin
	Airport Facilities Refunding
	(AFCO Investors II Portfolio)
	5.75% 10/1/31 (AMT)		500,000			496,340
	Ventura County, California Public
	Financing Authority
	Series A 5.00% 11/1/32		500,000			564,340
						8,380,336
Local General Obligation Bonds – 3.33%
	Gila County, Arizona Unified School
	District #10 (Payson School
	Improvement Project of 2006)
	Series A 5.25% 7/1/27 (AMBAC)		500,000			565,890
	New York City, New York
	Series A-1 5.25% 8/15/21		250,000			301,068
	Series I-1 5.375% 4/1/36		250,000			294,060
	Ramapo Local Development, New York
	Revenue Refunding Guaranteed
	5.00% 3/15/33		1,000,000			1,101,800
						2,262,818
Special Tax Revenue Bonds – 25.68%
	Anne Arundel County, Maryland
	Special Obligation Revenue
	(National Business Park -
	North Project)
	6.10% 7/1/40		200,000			217,986

14

---

		Principal
		Amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Brooklyn Arena Local Development,
	New York Pilot Revenue
	(Barclays Center Project)
	6.25% 7/15/40	$	940,000		$	1,126,223
	6.50% 7/15/30		300,000			368,151
	California State Economic Recovery
	Series A 5.25% 7/1/21		260,000			317,595
	California Statewide Communities
	Development Authority Revenue
	(Statewide Inland Regional Center
	Project) 5.375% 12/1/37		500,000			528,585
	Guam Government Business Privilege
	Tax Revenue
	Series A 5.00% 1/1/22		775,000			922,831
	Series B-1 5.00% 1/1/42		1,000,000			1,089,800
	Louisiana Stadium & Exposition
	District Refunding Senior
	Series A 5.00% 7/1/36		550,000			615,280
	Massachusetts Bay Transportation
	Authority Senior
	Series A 5.25% 7/1/29		200,000			255,024
	Miami-Dade County, Florida
	Special Obligation (Capital
	Appreciation & Income)
	Series B 5.00% 10/1/35 (NATL-RE)		1,000,000			1,075,970
	Mosaic District, Virginia Community
	Development Authority Revenue
	Series A 6.875% 3/1/36		520,000			602,290
	New Jersey Economic Development
	Authority Revenue
	5.00% 6/15/28		200,000			223,360
	5.00% 6/15/29		800,000			887,456
	New Jersey Transportation Trust Fund
	Authority Series AA 5.00% 6/15/21		1,000,000			1,203,660
	New York City, New York Industrial
	Development Agency Civic Facility
	Revenue (YMCA of Greater New
	York Project) 5.00% 8/1/36		1,000,000			1,040,620
	New York City, New York Transitional
	Finance Authority Building Aid
	Revenue Series S1 5.00% 7/15/21		750,000			925,793
	New York State Dormitory Authority
	(State Personal Income Tax
	Revenue-Education)
	Series A 5.00% 3/15/38		570,000			645,690
	Peoria, Arizona Municipal
	Development Authority Sales Tax &
	Excise Shared Revenue (Senior Lien
	& Subordinate Lien) 5.00% 1/1/18		1,085,000			1,264,449
	Puerto Rico Sales Tax
	Financing Revenue
	Series C 5.00% 8/1/40		600,000			621,270
	First Subordinate
	Series A 5.75% 8/1/37		245,000			261,092
	Series C 5.00% 8/1/22		530,000			619,406
	Series C 6.00% 8/1/39		300,000			324,633
	Ω(Convertible Capital Appreciation
	Bonds) Series A 6.75% 8/1/32		220,000			227,759
	Regional Transportation District,
	Colorado Tax Revenue (FasTracks
	Project) Series A 5.00% 11/1/26		500,000			602,125
	San Mateo, California Special Tax
	Community Facilities District
	#2008-1 (Bay Meadows)
	6.00% 9/1/42		95,000			103,935
	Virginia Public Building Authority
	Series A 5.00% 8/1/26		1,000,000			1,199,900
	^Wyandotte County, Kansas City,
	Kansas Unified Government
	Special Obligation Revenue
	(Capital Appreciation) Sales
	Tax Subordinate Lien Series B
	6.07% 6/1/21		240,000			159,120
						17,430,003
State & Territory General Obligation Bonds – 6.30%
	California State Various Purposes
	5.00% 9/1/41		460,000			501,717
	5.00% 10/1/41		440,000			480,251
	5.25% 11/1/40		320,000			368,666
	6.00% 4/1/38		105,000			125,610
	New York State Series A 5.00% 2/15/39		300,000			343,773
	Oregon State Series K 5.00% 5/1/22		1,275,000			1,613,921
	Puerto Rico Commonwealth
	(Public Improvement)
	Series A 5.75% 7/1/41		500,000			502,070
	Series C 6.00% 7/1/39		335,000			341,693
						4,277,701
Transportation Revenue Bonds – 22.55%
	Bay Area, California Toll Authority
	Revenue (San Francisco Bay Area)
	5.00% 4/1/27		750,000			887,978
	Central Texas Regional Mobility
	Authority Revenue Senior Lien
	6.00% 1/1/41		520,000			603,221
	Dallas/Fort Worth, Texas International
	Airport Series G 5.00% 11/1/33		1,000,000			1,115,090
	Harris County, Texas Metropolitan
	Transit Authority
	Series A 5.00% 11/1/24		500,000			601,365
	Indiana Finance Authority Revenue
	(Private Activity-Ohio River Bridges)
	5.00% 7/1/40 (AMT)		960,000			998,630
	Maryland State Economic
	Development Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35		255,000			289,642
	Metropolitan Transportation Authority,
	New York
	Series A 5.00% 11/15/41		500,000			550,150
	Series E 4.00% 11/15/38		1,000,000			1,000,910

(continues)       15

---

Statements of net assets

Delaware Investments^® National Municipal Income Fund
  

		Principal
		Amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan Washington D.C.
	Airports Authority Dulles Toll
	Road Revenue (First Senior Lien)
	Series A 5.25% 10/1/44	$	245,000		$	270,585
	New Jersey State Turnpike Authority
	Revenue Series A 5.00% 1/1/27		1,000,000			1,153,160
	New York Liberty Development
	Revenue (1 World Trade Center
	Port Authority Construction)
	5.00% 12/15/41		500,000			558,470
	North Texas Tollway Authority
	Special Projects System
	Series A 5.00% 9/1/20		250,000			306,358
	Pennsylvania Turnpike Commission
	Subordinate (Special Motor
	License Foundation)
	5.00% 12/1/22		500,000			590,075
	Series B 5.00% 12/1/41		500,000			552,715
	Port Authority of New York & New
	Jersey Special Obligation Revenue
	(JFK International Air Terminal)
	6.00% 12/1/42		230,000			269,408
	6.50% 12/1/28		500,000			551,965
	Regional Transportation, Colorado
	District Revenue (Denver Transit
	Partners) 6.00% 1/15/41		500,000			575,860
	St. Louis, Missouri Airport Revenue
	(Lambert St. Louis International)
	5.00% 7/1/32 (AMT)		1,000,000			1,057,240
	Series A-1 6.625% 7/1/34		325,000			383,919
	Texas Private Activity Bond Surface
	Transportation Senior Lien Revenue
	(LBJ Infrastructure)
	7.00% 6/30/40		285,000			344,648
	7.50% 6/30/33		665,000			834,821
	(NTE Mobility Partners)
	6.875% 12/31/39		1,000,000			1,189,159
	7.50% 12/31/31		500,000			618,175
						15,303,544
Water & Sewer Revenue Bonds – 5.59%
	Atlanta, Georgia Water & Wastewater
	Revenue Series A 6.25% 11/1/39		800,000			973,384
	New York City, New York Municipal
	Water Finance Authority (Second
	Generation Resolution) Fiscal 2012
	Series BB 5.25% 6/15/44		525,000			590,735
	Phoenix, Arizona Civic Improvement
	Wastewater Systems Revenue
	(Junior Lien) Series A 5.00% 7/1/39		900,000			1,018,314
	San Francisco, California City &
	County Public Utilities
	Commission Subordinate
	Series F 5.00% 11/1/27		500,000			588,470
	Texas State Series C 5.00% 8/1/22		500,000			621,870
						3,792,773
Total Municipal Bonds
	(cost $90,628,584)				$	97,477,533
Total Value of Securities – 143.61%
	(cost $90,628,584)					97,477,533
†Liquidation Value of Preferred Stock – (44.20%)						(30,000,000	)
Receivables and Other Assets
	Net of Liabilities – 0.59%					398,544
Net Assets Applicable to 4,528,443
	Shares Outstanding; Equivalent to
	$14.99 Per Share – 100.00%				$	67,876,077

Components of Net Assets at March 31, 2013:
Common stock, $0.01 par value, unlimited shares
	authorized to the Fund				$	60,617,476
Undistributed net investment income						792,940
Accumulated net realized loss on investments						(383,288	)
Net unrealized appreciation of investments						6,848,949
Total net assets					$	67,876,077

Summary of Abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
HUD — Housing & Urban Development Section 8
NATL-RE — Insured by National Public Finance Guarantee Corporation
RADIAN — Insured by Radian Asset Assurance

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

16

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Statements of assets and liabilities

Delaware Investments^® Closed-End Municipal Bond Funds
March 31, 2013
  

		Delaware			Delaware			Delaware
		Investments			Investments			Investments
		Colorado			Minnesota			National
		Municipal			Municipal			Municipal
		Income			Income			Income
		Fund, Inc.			Fund II, Inc.			Fund
Assets:
Investments, at value		$	102,632,038		$	246,431,961		$	97,477,533
Short-term investments, at value			200,000			—			—
Cash			28,648			524,036			71,600
Receivable for securities sold			—			5,055			15,221
Interest income receivable			1,366,817			3,510,614			1,260,801
Offering cost for preferred shareholders			205,883			368,361			283,553
Total assets			104,433,386			250,840,027			99,108,708
Liabilities:
Liquidation value of preferred stock			30,000,000			75,000,000			30,000,000
Payable for securities purchased			—			—			1,141,250
Due to manager and affiliates			18,106			43,252			14,085
Other accrued expenses			33,248			84,069			43,902
Distributions payable			33,394			83,486			33,394
Total liabilities			30,084,748			75,210,807			31,232,631
Total net assets		$	74,348,638		$	175,629,220		$	67,876,077
Investments, at cost		$	96,096,590		$	232,122,331		$	90,628,584
Short-term investments, at cost			200,000			—			—

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

17

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Statements of operations

Delaware Investments^® Closed-End Municipal Bond Funds
Year Ended March 31, 2013
 

		Delaware				Delaware				Delaware
		Investments				Investments				Investments
		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Income				Income				Income
		Fund, Inc.				Fund II, Inc.				Fund
Investment Income:
Interest		$	4,627,063			$	10,693,539			$	4,325,925
Expenses:
Management fees			420,228				1,007,362				389,540
Offering cost			41,896				89,457				57,464
Accounting and administration expenses			40,835				97,888				37,852
Rating agency fees			38,283				35,580				31,624
Dividend disbursing and transfer agent fees and expenses			34,674				70,814				34,868
Legal fees			31,098				37,986				34,618
Audit and tax			18,180				16,780				14,559
Reports and statements to shareholders			17,467				32,205				23,112
Pricing fees			7,313				12,239				14,432
Taxes (Pennsylvania franchise tax)			5,000				12,000				—
Stock exchange fees			4,678				11,232				—
Directors’/Trustees’ fees			3,546				8,082				3,200
Dues and services			1,554				3,970				1,803
Custodian fees			1,345				3,258				1,428
Insurance fees			1,128				3,726				1,217
Registration fees			868				868				868
Consulting fees			799				1,877				676
Directors’/Trustees’ expenses			224				536				199
Total operating expenses			669,116				1,445,860				647,460
Net Investment Income			3,957,947				9,247,679				3,678,465
Net Realized and Unrealized Gain:
Net realized gain on investments			89,037				2,208,718				1,281,216
Net change in unrealized appreciation (depreciation) of investments			1,916,263				1,762,327				2,597,893
Net Realized and Unrealized Gain			2,005,300				3,971,045				3,879,109
Dividends and Distributions to Preferred Shareholders			(411,526	)			(1,025,435	)			(406,627	)
Net Increase in Net Assets Resulting from Operations		$	5,551,721			$	12,193,289			$	7,150,947

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

18

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Statements of changes in net assets

Delaware Investments^® Closed-End Municipal Bond Funds
 

		Delaware Investments								Delaware Investments
		Colorado Municipal								Minnesota Municipal
		Income Fund, Inc.								Income Fund II, Inc.
		Year Ended								Year Ended
		3/31/13				3/31/12				3/31/13				3/31/12
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	3,957,947			$	3,233,923			$	9,247,679			$	7,747,076
Net realized gain			89,037				976,769				2,208,718				1,701,330
Net change in unrealized appreciation (depreciation)			1,916,263				6,668,604				1,762,327				11,778,378
Dividends and distributions to preferred shareholders			(411,526	)			(149,762	)			(1,025,435	)			(374,404	)
Net increase in net assets resulting from operations			5,551,721				10,729,534				12,193,289				20,852,380
Dividends and Distributions to Common Shareholders from:
Net investment income			(3,337,599	)			(2,805,518	)			(7,938,433	)			(6,672,886	)
Net realized gain			(478,873	)			—				(460,199	)			—
			(3,816,472	)			(2,805,518	)			(8,398,632	)			(6,672,886	)
Net Increase in Net Assets			1,735,249				7,924,016				3,794,657				14,179,494
Net Assets:
Beginning of year			72,613,389				64,689,373				171,834,563				157,655,069
End of year		$	74,348,638			$	72,613,389			$	175,629,220			$	171,834,563
Undistributed net investment income		$	800,128			$	598,215			$	1,759,475			$	1,504,205

		Delaware Investments
		National Municipal
		Income Fund
		Year Ended
		3/31/13				3/31/12
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	3,678,465			$	2,343,640
Net realized gain			1,281,216				909,697
Net change in unrealized appreciation (depreciation)			2,597,893				4,515,112
Dividends and distributions to preferred shareholders			(406,627	)			(18,904	)
Net increase in net assets resulting from operations			7,150,947				7,749,545
Dividends and Distributions to Common Shareholders from:
Net investment income			(2,762,350	)			(2,295,215	)
			(2,762,350	)			(2,295,215	)
Capital Share Transactions:
Net assets from merger to Common Shareholders*			—				40,715,147
Tender offer**			—				(13,240,759	)
			—				27,474,388
Net Increase in Net Assets			4,388,597				32,928,718
Net Assets:
Beginning of year			63,487,480				30,558,762
End of year		$	67,876,077			$	63,487,480
Undistributed net investment income		$	792,940			$	376,432

*	See Note 7 in “Notes to financial statements.”
**	See Note 6 in “Notes to financial statements.”

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

19

---

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
		3/31/13				3/31/12				3/31/11				3/31/10				3/31/09
Net asset value, beginning of period			$15.010				$13.370				$13.990				$13.220				$14.260
Income (loss) from investment operations:
Net investment income			0.818				0.669				0.601				0.607				0.755
Net realized and unrealized gain (loss)			0.416				1.582				(0.651	)			0.733				(0.965	)
Dividends and distributions on preferred stock from:
Net investment income			(0.085	)			(0.031	)			—				—				(0.173	)
Total dividends and distributions on preferred stock			(0.085	)			(0.031	)			—				—				(0.173	)
Total from investment operations			1.149				2.220				(0.050	)			1.340				(0.383	)
Less dividends and distributions to common shareholders from:
Net investment income			(0.690	)			(0.580	)			(0.570	)			(0.570	)			(0.657	)
Net realized gain			(0.099	)			—				—				—				—
Total dividends and distributions			(0.789	)			(0.580	)			(0.570	)			(0.570	)			(0.657	)
Net asset value, end of period			$15.370				$15.010				$13.370				$13.990				$13.220
Market value, end of period			$14.840				$14.600				$12.450				$13.390				$11.240
Total investment return based on:1
Market value			6.92%				22.41%				(3.00%	)			24.49%				(21.63%	)
Net asset value			7.71%				17.19%				(0.30%	)			10.55%				(2.66%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$74,349				$72,613				$64,689				$67,651				$63,952
Ratio of expenses to average net assets applicable to common shares2			0.89%				0.73%				0.56%				0.56%				0.91%
Ratio of net investment income to average net assets
applicable to common shares2			5.27%				4.68%				4.31%				4.41%				5.55%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.72%				4.46%				4.31%				4.41%				4.28%
Portfolio turnover			8%				64%				10%				20%				16%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)4			$30,000				$30,000				$—				$—				$—
Net asset coverage per share of preferred shares, end of period4		$	347,829			$	342,045				$—				$—				$—
Liquidation value per share of preferred shares4,5		$	100,000			$	100,000				$—				$—				$—

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

20

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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
		3/31/13				3/31/12				3/31/11				3/31/10				3/31/09
Net asset value, beginning of period			$14.940				$13.700				$14.060				$13.140				$14.190
Income (loss) from investment operations:
Net investment income			0.804				0.673				0.612				0.602				0.776
Net realized and unrealized gain (loss)			0.345				1.180				(0.402	)			0.888				(1.013	)
Dividends and distributions on preferred stock from:
Net investment income			(0.089	)			(0.033	)			—				—				(0.175	)
Total dividends and distributions on preferred stock			(0.089	)			(0.033	)			—				—				(0.175	)
Total from investment operations			1.060				1.820				0.210				1.490				(0.412	)
Less dividends to common shareholders from:
Net investment income			(0.690	)			(0.580	)			(0.570	)			(0.570	)			(0.638	)
Net realized gain			(0.040	)			—				—				—				—
Total dividends			(0.730	)			(0.580	)			(0.570	)			(0.570	)			(0.638	)
Net asset value, end of period			$15.270				$14.940				$13.700				$14.060				$13.140
Market value, end of period			$15.630				$14.230				$12.600				$12.740				$11.250
Total investment return based on:1
Market value			15.18%				17.95%				3.32%				18.58%				(11.91%	)
Net asset value			7.18%				13.90%				1.80%				12.04%				(2.48%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)		$	175,629			$	171,835			$	157,655			$	161,723			$	151,184
Ratio of expenses to average net assets applicable to common shares2,4			0.82%				0.70%				0.56%				0.56%				0.98%
Ratio of net investment income to average net assets
applicable to common shares2			5.23%				4.67%				4.35%				4.36%				5.74%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.65%				4.44%				4.35%				4.36%				4.45%
Portfolio turnover			24%				44%				9%				19%				15%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)5			$75,000				$75,000				$—				$—				$—
Net asset coverage per share of preferred shares, end of period5		$	334,172			$	329,113				$—				$—				$—
Liquidation value per share of preferred shares5,6		$	100,000			$	100,000				$—				$—				$—

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

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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
			3/31/13			3/31/12			3/31/11			3/31/10			3/31/09
Net asset value, beginning of period			$14.020			$12.620			$13.070			$11.960			$13.360
Income (loss) from investment operations:
Net investment income			0.812			0.535			0.610			0.571			0.704
Net realized and unrealized gain (loss)			0.858			1.409			(0.532	)		1.049			(1.367	)
Dividends and distributions on preferred stock from:
Net investment income			(0.090	)		(0.004	)		—			—			(0.172	)
Total dividends and distributions on preferred stock			(0.090	)		(0.004	)		—			—			(0.172	)
Total from investment operations			1.580			1.940			0.078			1.620			(0.835	)
Less dividends and distributions to common shareholders from:
Net investment income			(0.610	)		(0.540	)		(0.528	)		(0.510	)		(0.565	)
Net realized gain			—			—			—			—			—
Total dividends and distributions			(0.610	)		(0.540	)		(0.528	)		(0.510	)		(0.565	)
Net asset value, end of period			$14.990			$14.020			$12.620			$13.070			$11.960
Market value, end of period			$14.480			$13.240			$12.200			$12.140			$10.850
Total investment return based on:1
Market value			14.12%			13.19%			4.78%			16.69%			(4.31%	)
Net asset value			11.56%			15.87%			0.67%			13.97%			(5.65%	)
Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)			$67,876			$63,487			$30,559			$31,650			$28,967
Ratio of expenses to average net assets applicable to common shares2			0.96%			0.99%			0.65%			0.63%			1.06%
Ratio of net investment income to average net assets
applicable to common shares2			5.46%			3.99%			4.64%			4.48%			5.63%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares3			4.86%			3.96%			4.64%			4.48%			4.25%
Portfolio turnover			42%			101%			50%			69%			36%
Leverage analysis:
Value of preferred shares outstanding (000 omitted)4			$30,000			$30,000			$—			$—			$—
Net asset coverage per share of preferred shares, end of period4			$326,254			$311,625			$—			$—			$—
Liquidation value per share of preferred shares4,5			$100,000			$100,000			$—			$—			$—

1 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.

2 Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable.

3 Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders.

4 In March 2012, the Fund issued a new series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share.

5 Excluding any accumulated but unpaid dividends.

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

22

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Notes to financial statements

Delaware Investments^® Closed-End Municipal Bond Funds
March 31, 2013

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. The Funds’ shares trade on the New York Stock Exchange MKT, the successor to the American Stock Exchange.

The investment objective of each of the Colorado Municipal Fund and Minnesota Municipal Fund II is to provide current income exempt from federal income tax and from state personal income tax, if any, consistent with the preservation of capital. The investment objective of the National Municipal Fund is to provide current income exempt from federal income tax, consistent with the preservation of capital. Each of Colorado Municipal Fund and Minnesota Municipal Fund II seek to achieve its investment objective by investing substantially all of its net assets in investment grade, tax-exempt municipal obligations of its respective state at the time of investment. The National Municipal Fund seeks to achieve its investment objective by investing at least 80% of its net assets in securities the income from which is exempt from federal income tax.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by 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, and 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.

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 the Funds’ 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 the Funds’ tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Interest and Related Expenses — Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees from the Funds’ participation in inverse floater programs where a Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In conveyance of the bond, the Funds receive the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Funds, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees’ expenses are recorded on the accrual basis. There were no interest and related expenses for the year ended March 31, 2013.

Use of Estimates — The preparation of financial statements in conformity with U.S. 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 Investments^® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities 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 income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended March 31, 2013.

(continues)       23

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Notes to financial statements

Delaware Investments^® 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 Delaware Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated daily based on the adjusted average daily net assets of each Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the year ended March 31, 2013, the Funds were charged as follows:

		Colorado		Minnesota		National
		Municipal		Municipal		Municipal
		Fund		Fund II		Fund
		$5,114		$12,259		$4,740

At March 31, 2013, each Fund had liabilities payable to affiliates as follows:

		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Fund				Fund II				Fund
Investment management fees payable to DMC		$	35,563			$	85,213			$	33,291
Accounting administration and other expenses			431				1,031				403
payable to DSC
Other expenses payable to DMC and affiliates*			1,106				2,262				879

*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, legal and tax services, registration fees and directors/trustees’ fees.

As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates’ employees. For the year ended March 31, 2013, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

		Colorado		Minnesota		National
		Municipal		Municipal		Municipal
		Fund		Fund II		Fund
		$20,507		$22,518		$16,399

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

3. Investments

For the year ended March 31, 2013, the Funds made purchases and sales of investment securities other than short-term investments as follows:

		Colorado				Minnesota				National
		Municipal				Municipal				Municipal
		Fund				Fund II