Edgar Filing: Delaware Investments Colorado Municipal Income Fund, Inc.

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:	September 30, 2017

Item 1. Reports to Stockholders

LOGO

Closed-end funds

Delaware Funds by Macquarie Closed-End Municipal Bond Funds

September 30, 2017

The figures in the semiannual report for Delaware Funds by Macquarie Closed-End Municipal Bond Funds represent past results, which are not a guarantee of future results. A rise or fall in interest rates can have a significant impact on bond prices. Funds that invest in bonds can lose their value as interest rates rise.

Table of contents


Fund basics			1

Security type / sector / state allocations			2

Schedules of investments			4

Statements of assets and liabilities			23

Statements of operations			24

Statements of changes in net assets			25

Statements of cash flows			27

Financial highlights			28

Notes to financial statements			31

Other Fund information			38

About the organization			43

Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited (MGL) and its subsidiaries and affiliates worldwide. MGL is a global provider of banking, financial, advisory, investment, and funds management services. For more information, including press releases, please visit delawarefunds.com/closed-end.

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2017, and subject to change for events occurring after such date.

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

Mutual fund advisory services provided by Delaware Management Company, a series of MIMBT, which is a US registered investment advisor.

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

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

Fund basics

Delaware Investments^®

Colorado Municipal Income Fund, Inc.

As of September 30, 2017 (Unaudited)

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

$73 million

Number of holdings

103

Fund start date

July 29, 1993

NYSE MKT symbol

VCF

CUSIP number

246101109

Delaware Investments

Minnesota Municipal Income Fund II, Inc.

As of September 30, 2017 (Unaudited)

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

$168 million

Number of holdings

191

Fund start date

Feb. 26, 1993

NYSE MKT symbol

VMM

CUSIP number

24610V103

Delaware Investments

National Municipal Income Fund

As of September 30, 2017 (Unaudited)

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

$66 million

Number of holdings

182

Fund start date

Feb. 26, 1993

NYSE MKT symbol

VFL

CUSIP number

24610T108

Security type / sector / state allocations

As of September 30, 2017 (Unaudited)

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

Delaware Investments^®

Colorado Municipal Income Fund, Inc.


Security type / sector	Percentage of net assets
Municipal Bonds*		140.47%
Corporate-Backed Revenue Bonds		5.15%
Education Revenue Bonds		23.95%
Electric Revenue Bonds		2.84%
Healthcare Revenue Bonds		38.84%
Lease Revenue Bonds		7.22%
Local General Obligation Bonds		14.04%
Pre-Refunded/Escrowed to Maturity Bonds		11.54%
Special Tax Revenue Bonds		26.75%
Transportation Revenue Bonds		9.42%
Water & Sewer Revenue Bonds		0.72%
Short-Term Investment		0.41%
Total Value of Securities		140.88%
Liquidation Value of Preferred Stock		(40.85)%
Liabilities Net of Receivables and Other Assets		(0.03)%
Total Net Assets		100.00%

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


State / territory	Percentage of net assets
Colorado		138.73%
Guam		1.43%
US Virgin Islands		0.72%
Total Value of Securities		140.88%


Delaware Investments Minnesota Municipal Income Fund II, Inc.
Sector type / sector	Percentage of net assets
Municipal Bonds*		143.21%
Corporate-Backed Revenue Bonds		2.90%
Education Revenue Bonds		16.63%
Electric Revenue Bonds		13.17%
Healthcare Revenue Bonds		29.23%
Housing Revenue Bonds		2.03%
Lease Revenue Bonds		9.76%
Local General Obligation Bonds		13.84%
Pre-Refunded/Escrowed to Maturity Bonds		29.13%
Special Tax Revenue Bonds		2.66%
State General Obligation Bonds		14.99%
Transportation Revenue Bonds		7.66%
Water & Sewer Revenue Bonds		1.21%
Short-Term Investments		0.37%
Total Value of Securities		143.58%
Liquidation Value of Preferred Stock		(44.51)%
Receivables and Other Assets Net of Liabilities		0.93%
Total Net Assets		100.00%

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


State / territory	Percentage of net assets
Guam		0.55%
Minnesota		143.03%
Total		143.58%

Delaware Investments^®

National Municipal Income Fund


Security type / sector	Percentage of net assets
Municipal Bonds*		142.57%
Corporate-Backed Revenue Bonds		10.60%
Education Revenue Bonds		22.42%
Electric Revenue Bonds		3.35%
Healthcare Revenue Bonds		24.65%
Housing Revenue Bond		0.66%
Lease Revenue Bonds		10.44%
Local General Obligation Bonds		3.45%
Pre-Refunded/Escrowed to Maturity Bonds		18.78%
Special Tax Revenue Bonds		12.34%
State General Obligation Bonds		6.82%
Transportation Revenue Bonds		24.56%
Water & Sewer Revenue Bonds		4.50%
Short-Term Investment		0.53%
Total Value of Securities		143.10%
Liquidation Value of Preferred Stock		(45.19)%
Receivables and Other Assets Net of Liabilities		2.09%
Total Net Assets		100.00%

* As of the date of this report, Delaware Investments National Municipal Income Fund held bonds issued by or on behalf of territories and the states of the United States as follows:


State / territory	Percentage of net assets
Alabama		0.84	%
Alaska.		0.51	%
Arizona		7.23	%
California		20.87	%
Colorado		1.40	%
District of Columbia		1.78	%
Florida		5.67	%
Georgia		3.15	%
Guam		2.13	%
Hawaii		0.49	%
Idaho		1.55	%
Illinois		6.38	%
Indiana		0.97	%
Kansas		0.36	%
Louisiana		4.97	%
Maine		0.49	%
Maryland		2.63	%
Massachusetts		1.67	%
Michigan		1.68	%
Minnesota		5.20	%
Mississippi		0.53	%
Missouri		4.03	%
Montana		1.10	%
New Hampshire		0.49	%
New Jersey		6.34	%
New Mexico		0.81	%
New York		19.61	%
Ohio		3.96	%
Oregon		3.73	%
Pennsylvania		15.48	%
Texas		11.88	%
Utah		1.10	%
Virginia		0.86	%
Washington		1.34	%
Wisconsin		1.46	%
Wyoming		0.41	%
Total Value of Securities		143.10	%

Schedules of investments

Delaware Investments^® Colorado Municipal Income Fund, Inc.

September 30, 2017 (Unaudited)


	Principal Amount°		Value (US $)

Municipal Bonds – 140.47%

Corporate-Backed Revenue Bonds – 5.15%
Denver City & County
(United Airlines Project) 5.00% 10/1/32 (AMT)		215,000	$	234,410
Public Authority for Colorado Energy Revenue 6.25% 11/15/28		865,000		1,093,611
Public Authority of Colorado Energy Natural Gas Revenue
Series 2008 6.50% 11/15/38		1,750,000		2,457,437

			3,785,458

Education Revenue Bonds – 23.95%
Colorado Educational & Cultural Facilities Authority Revenue
144A 5.00% 7/1/36 #		500,000		510,595
5.125% 11/1/49		765,000		780,560
144A 5.25% 7/1/46 #		500,000		512,840
(Academy Charter School Project) 5.50% 5/1/36 (SGI)		1,720,000		1,725,401
(Alexander Dawson School-Nevada Project) 5.00% 5/15/29		760,000		900,646
(Charter School - Atlas Preparatory School) 144A 5.25% 4/1/45 #		700,000		700,000
(Charter School - Community Leadership Academy) 7.45% 8/1/48		500,000		579,705
(Charter School - Peak to Peak Charter) 5.00% 8/15/34		1,000,000		1,092,220
(Improvement - Charter School - University Lab School Building) 144A 5.00% 12/15/45 #		500,000		525,380
(Johnson & Wales University) Series A 5.25% 4/1/37		900,000		1,004,967
(Liberty Charter School) Series A 5.00% 1/15/44		1,000,000		1,074,090
(Littleton Charter School Project) 4.375% 1/15/36 (AGC)		1,200,000		1,202,316
(Loveland Classical Schools) 144A 5.00% 7/1/36 #		625,000		639,775


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Colorado Educational & Cultural Facilities Authority Revenue (Skyview Charter School) 144A 5.50% 7/1/49 #		750,000	$	769,313
(Student Housing - Campus Village Apartments) 5.00% 6/1/23		1,065,000		1,096,545
(Vail Mountain School Project) 4.00% 5/1/46		25,000		24,999
(Windsor Charter Academy Project) 144A 5.00% 9/1/46 #		500,000		499,475
Colorado School of Mines Series B 5.00% 12/1/42		2,500,000		2,782,125
Colorado State Board of Governors (University Enterprise System) Series A 5.00% 3/1/39		10,000		10,508
University of Colorado Series A 5.00% 6/1/33		1,000,000		1,153,130

				17,584,590

Electric Revenue Bonds – 2.84%
Platte River Power Authority Revenue Series JJ 5.00% 6/1/27		1,700,000		2,083,945

				2,083,945

Healthcare Revenue Bonds – 38.84%
Aurora Hospital Revenue (Children’s Hospital Association Project) Series A 5.00% 12/1/40		2,000,000		2,138,580
Colorado Health Facilities Authority Revenue (Catholic Health Initiatives)
Series A 5.00% 7/1/39		750,000		766,643
Series A 5.00% 2/1/41		2,400,000		2,501,640
Series A 5.25% 2/1/33		1,625,000		1,728,561
Series A 5.25% 1/1/45		1,000,000		1,066,960
Series D 6.125% 10/1/28		750,000		786,420
(Christian Living Community Project) 6.375% 1/1/41		615,000		671,838


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue (Covenant Retirement Communities Inc.)
5.00% 12/1/35		1,000,000	$	1,086,790
Series A 5.75% 12/1/36		1,000,000		1,129,200
(Evangelical Lutheran Good Samaritan Society)
5.00% 6/1/28		1,250,000		1,392,625
5.50% 6/1/33		2,000,000		2,272,320
5.625% 6/1/43		1,000,000		1,126,490
(Frasier Meadows Retirement Community Project) Series A 5.25% 5/15/37		265,000		287,053
(Healthcare Facilities - American Baptist) 8.00% 8/1/43		500,000		580,875
(Mental Health Center of Denver Project) Series A 5.75% 2/1/44		1,500,000		1,664,205
(National Jewish Health Project) 5.00% 1/1/27		500,000		526,555
(NCMC Project) 4.00% 5/15/32		1,000,000		1,074,710
(Sisters of Charity of Leavenworth Health System) Series A 5.00% 1/1/40		4,000,000		4,250,480
(Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 #		505,000		534,381
(Vail Valley Medical Center Project) 5.00% 1/15/35		1,250,000		1,424,437
Denver Health & Hospital Authority Health Care Revenue (Recovery Zone Facilities) 5.625% 12/1/40		750,000		803,707
University of Colorado Hospital Authority Revenue Series A 6.00% 11/15/29		650,000		705,653

				28,520,123

Lease Revenue Bonds – 7.22%
Aurora Certificates of Participation Series A 5.00% 12/1/30		630,000		676,765


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Lease Revenue Bonds (continued)
Colorado Building Excellent Schools Today Certificates of Participation Series G 5.00% 3/15/32		2,000,000	$	2,227,340
Pueblo County Certificates of Participation (County Judicial Complex Project) 5.00% 9/15/42 (AGM)		1,250,000		1,385,700
State of Colorado Department of Transportation Certificates of Participation
5.00% 6/15/34		340,000		391,493
5.00% 6/15/36		545,000		623,496

				5,304,794

Local General Obligation Bonds – 14.04%
Adams & Weld Counties School District No 27J Brighton 4.00% 12/1/30		700,000		772,387
Adams 12 Five Star Schools 5.00% 12/15/25		250,000		306,647
Arapahoe County School District No. 1 Englewood 4.00% 12/1/31		500,000		548,905
Beacon Point Metropolitan District 5.00% 12/1/30 (AGM)		600,000		688,014
Denver City & County (Better Denver & Zoo) Series A 5.00% 8/1/25		650,000		696,001
Denver International Business Center Metropolitan District No. 1 5.00% 12/1/30		650,000		680,264
Eaton Area Park & Recreation District 5.25% 12/1/34		190,000		205,411
5.50% 12/1/38		245,000		266,585
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork 4.00% 12/15/31		700,000		772,562
Jefferson County School District No. R-1 5.25% 12/15/24		750,000		924,037
Pueblo County School District No. 70 5.00% 12/1/31		250,000		281,690


				(continues)		5

Schedules of investments

Delaware Investments^® Colorado Municipal Income Fund, Inc.


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Local General Obligation Bonds (continued)
Rangely Hospital District 6.00% 11/1/26		750,000	$	856,943
Sierra Ridge Metropolitan District No. 2 Series A 5.50% 12/1/46		500,000		510,495
Weld County School District No. RE-1 5.00% 12/15/30 (AGM)		500,000		597,320
Weld County School District No. RE-3J 5.00% 12/15/34		1,000,000		1,179,270
Weld County School District No. RE-8
5.00% 12/1/31		510,000		613,448
5.00% 12/1/32		340,000		407,116

				10,307,095

Pre-Refunded/Escrowed to Maturity Bonds – 11.54%
Adams & Arapahoe Counties Joint School District No. 28J (Aurora) 6.00% 12/1/28-18§		600,000		635,544
Arapahoe County School District No. 1 Englewood 5.00% 12/1/31-21§		2,500,000		2,882,850
Colorado Health Facilities Authority Revenue (Total Long-Term Care) Series A 6.00% 11/15/30-20§		400,000		459,060
Colorado State Board of Governors Series A 5.00% 3/1/39-19§		175,000		184,826
University of Colorado 5.00% 6/1/31-21§		3,085,000		3,507,244
Series A 5.375% 6/1/38-19§		750,000		803,835


				8,473,359

Special Tax Revenue Bonds – 26.75%
Broomfield City & County 4.00% 12/1/37		1,000,000		1,073,240
Canyons Metropolitan District No 5 Series A 6.125% 12/1/47		500,000		503,940
Central Platte Valley Metropolitan District 5.00% 12/1/43		375,000		386,903


	Principal Amount°		Value (US $)
Municipal Bonds (continued)

Special Tax Revenue Bonds (continued)
Commerce City 5.00% 8/1/44 (AGM)		1,000,000	$	1,112,330
Fountain Urban Renewal Authority Tax Increment Revenue (Academy Highlands Project) Series A 5.50% 11/1/44		1,405,000		1,476,177
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		435,000		453,344
Series A 5.25% 1/1/36		565,000		597,787
Regional Transportation District Revenue
Series A 5.375% 6/1/31		460,000		502,536
Series B 5.00% 11/1/33		935,000		1,130,219
(Denver Transit Partners) 6.00% 1/15/41		2,175,000		2,386,236
(FasTracks Project)
Series A 4.50% 11/1/36 (AGM)		1,500,000		1,505,010
Series A 5.00% 11/1/30		330,000		399,231
Series A 5.00% 11/1/31		755,000		908,273
Series A 5.00% 11/1/38		4,085,000		4,504,039
Solaris Metropolitan District No. 3 (Limited Tax Convertible) Series A 5.00% 12/1/46		500,000		518,875
Sterling Ranch Community Authority Board Series A 5.75% 12/1/45		525,000		529,694
Tallyns Reach Metropolitan District No. 3 (Limited Tax Convertible) 5.125% 11/1/38		295,000		308,231
Thornton Development Authority (East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35		265,000		309,380
Series B 5.00% 12/1/36		440,000		512,116
Virgin Islands Public Finance Authority (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM)		500,000		528,830

				19,646,391


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Transportation Revenue Bonds – 9.42%
Colorado High Performance Transportation Enterprise Revenue (Senior U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT)		1,110,000	$	1,247,007
C-470 Express Lanes 5.00% 12/31/56		1,000,000		1,097,220
Denver City & County Airport System Revenue
Series A 5.25% 11/15/36		750,000		813,885
Series B 5.00% 11/15/28		1,000,000		1,156,060
Series B 5.00% 11/15/37		2,000,000		2,269,340
E-470 Public Highway Authority Series C 5.25% 9/1/25		310,000		335,879


				6,919,391

Water & Sewer Revenue Bonds – 0.72%
Castle Rock, Colorado Water & Sewer Enterprise Revenue 4.00% 12/1/34		250,000		267,217
Dominion Water & Sanitation District 6.00% 12/1/46		250,000		263,115

				530,332

Total Municipal Bonds (cost $96,649,299)				103,155,478


	Principal Amount°		Value (US $)

Short-Term Investment – 0.41%

Variable Rate Demand Note – 0.41%¤
Denver City & County Series A1 0.85% 12/1/29 (SPA-JPMorgan Chase Bank N. A.)		300,000	$	300,000

Total Short-Term Investment (cost $300,000)				300,000

Total Value of Securities –140.88% (cost $96,949,299)			$	103,455,478

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2017, the aggregate value of Rule 144A securities was $4,691,759, which represents 6.39% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of Sept. 30, 2017.

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.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

N.A. – National Association

SGI – Insured by Syncora Guarantee Inc.

SPA – Stand-by Purchase Agreement

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


						7

Schedules of investments

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

September 30, 2017 (Unaudited)


	Principal Amount°		Value (US $)

Municipal Bonds – 143.21%

Corporate-Backed Revenue Bonds – 2.90%
Laurentian Energy Authority I Cogeneration Revenue Series A 5.00% 12/1/21		3,325,000	$	3,317,353
St. Paul Port Authority Revenue (Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT) #		1,715,000		1,560,839

				4,878,192

Education Revenue Bonds – 16.63%
Brooklyn Park Charter School Lease Revenue (Prairie Seeds Academy Project)
Series A 5.00% 3/1/34		990,000		1,031,689
Series A 5.00% 3/1/39		170,000		175,523
Cologne Charter School Lease Revenue (Cologne Academy Project)
Series A 5.00% 7/1/29		270,000		284,359
Series A 5.00% 7/1/45		445,000		455,462
Deephaven Charter School (Eagle Ridge Academy Project)
Series A 5.25% 7/1/37		590,000		624,598
Series A 5.25% 7/1/40		500,000		528,310
Forest Lake Minnesota Charter School Revenue (Lake International Language Academy)
5.75% 8/1/44		705,000		760,984
Hugo Charter School Lease Revenue (Noble Academy Project)
Series A 5.00% 7/1/34		255,000		264,899
Series A 5.00% 7/1/44		775,000		795,491
Minneapolis Charter School Lease Revenue (Hiawatha Academies Project)
Series A 5.00% 7/1/36		750,000		770,280
Series A 5.00% 7/1/47		900,000		911,871
Minneapolis Student Housing Revenue (Riverton Community Housing Project)
5.25% 8/1/39		205,000		210,670
5.50% 8/1/49		990,000		1,022,779


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Minnesota Charter School Lease Revenue (Beacon Academy Project) Series A 5.00% 7/1/46		300,000	$	299,634
Minnesota Higher Education Facilities Authority Revenue (Bethel University) 5.00% 5/1/47		1,250,000		1,384,387
(Carleton College)
4.00% 3/1/36		485,000		520,832
5.00% 3/1/44		905,000		1,055,818
(College of St. Benedict)
Series 7-M 5.00% 3/1/31		300,000		321,519
Series 7-M 5.125% 3/1/36		275,000		295,443
(Gustavus Adolphus College) 5.00% 10/1/47		2,100,000		2,391,501
(St. Catherine University) Series 7-Q 5.00% 10/1/32		700,000		769,062
(St. Johns University) Series 8-I 5.00% 10/1/31		235,000		272,945
Series 8-I 5.00% 10/1/34		35,000		40,083
(St. Olaf College) Series 8-N 4.00% 10/1/35		590,000		636,256
(St. Scholastic College) Series H 5.25% 12/1/35		1,000,000		1,045,210
(University of St. Thomas)
Series 7-A 5.00% 10/1/39		1,000,000		1,066,480
Series 7-U 5.00% 4/1/22		750,000		861,225
Otsego Charter School (Kaleidoscope Charter School)
Series A 5.00% 9/1/34		230,000		239,124
Series A 5.00% 9/1/44		400,000		410,812
Rice County Educational Facilities Revenue (Shattuck-St. Mary’s School) Series A 144A 5.00% 8/1/22 #		1,250,000		1,323,600
St. Cloud Charter School Lease Revenue (Stride Academy Project) Series A 5.00% 4/1/46		375,000		263,989


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		825,000	$	833,827
(Great River School Project)
Series A 144A 4.75% 7/1/29 #		100,000		101,555
Series A 144A 5.50% 7/1/38 #		240,000		245,434
(Nova Classical Academy Project)
Series A 4.125% 9/1/47		750,000		744,240
Series A 6.375% 9/1/31		750,000		826,913
(Twin Cities Academy Project) Series A 5.30% 7/1/45		630,000		648,585
University of Minnesota
Series A 5.00% 9/1/42		2,000,000		2,369,320
State Supported Stadium Debt Series A 5.00% 8/1/26		1,000,000		1,215,020


				28,019,729

Electric Revenue Bonds – 13.17%
Central Minnesota Municipal Power Agency Revenue
(Brookings Southeast Twin Cities Transportation) 5.00% 1/1/32		1,130,000		1,251,034
(Brookings Twin Cities Transmission Project) 5.00% 1/1/42		1,000,000		1,094,370
Chaska Electric Revenue
Series A 5.00% 10/1/28		445,000		523,409
Minnesota Municipal Power Agency Electric Revenue
5.00% 10/1/25		500,000		599,590
5.00% 10/1/26		500,000		595,620
5.00% 10/1/27		320,000		379,360
5.00% 10/1/47		1,755,000		2,001,946
Northern Municipal Power Agency
Series A 5.00% 1/1/26		100,000		114,839
Series A 5.00% 1/1/30		340,000		384,288


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Rochester Electric Utility Revenue
Series A 5.00% 12/1/42		605,000	$	704,535
Series A 5.00% 12/1/47		985,000		1,141,044
Series B 5.00% 12/1/30		1,300,000		1,527,214
Series B 5.00% 12/1/43		1,000,000		1,148,300
Southern Minnesota Municipal Power Agency Supply Revenue
Series A 5.00% 1/1/41		240,000		273,917
Series A 5.00% 1/1/47		810,000		940,831
Western Minnesota Municipal Power Agency Supply Revenue
Series A 5.00% 1/1/25		3,000,000		3,505,500
Series A 5.00% 1/1/26		1,000,000		1,163,570
Series A 5.00% 1/1/33		1,000,000		1,155,810
Series A 5.00% 1/1/40		750,000		855,135
Series A 5.00% 1/1/46		2,500,000		2,836,525


				22,196,837

Healthcare Revenue Bonds – 29.23%
Anoka Health Care Facilities Revenue
5.375% 11/1/34		610,000		633,997
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
Series B 5.00% 1/1/47		750,000		764,910
Series D 7.00% 1/1/37		720,000		709,949
Series D 7.25% 1/1/52		1,000,000		988,610
Center City Health Care Facilities Revenue
(Hazelden Betty Ford Foundation Project)
5.00% 11/1/27		500,000		574,305
(Hazelden Foundation Project)
5.00% 11/1/41		1,600,000		1,662,304
Cloquet Housing Facilities Revenue
(HADC Cloquet Project)
Series A 5.00% 8/1/48		500,000		504,605


				(continues)		9

Schedules of investments

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


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/46 #		370,000	$	374,410
Series A 144A 5.00% 8/1/51 #		755,000		761,395
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38		280,000		283,492
Series A 5.00% 4/1/40		270,000		272,846
Duluth Economic Development Authority
(St. Luke’s Hospital Authority Obligation Group)
5.75% 6/15/32		1,400,000		1,515,402
6.00% 6/15/39		1,000,000		1,086,820
Fergus Falls Health Care Facilities Revenue
(Lake Region Healthcare) 5.00% 8/1/30		1,000,000		1,001,010
Hayward
(American Baptist Homes Midwest) 5.75% 2/1/44		500,000		518,820
Hayward Health Care Facilities Revenue
(St. John’s Lutheran Home of Albert Lea) 5.375% 10/1/44		680,000		683,148
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation) 4.00% 5/1/37		1,000,000		1,032,170
(North Memorial Health Care) 5.00% 9/1/30		865,000		989,871
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 5.00% 11/15/33		500,000		578,665
Series A 5.00% 11/15/34		500,000		576,700
(Unrefunded - Fairview Health Services) Series B 6.50% 11/15/38 (AGC)		1,940,000		2,048,000


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project) 5.00% 11/1/35		220,000	$	226,358
(Ecumen Mill City Quarter)
5.25% 11/1/45		850,000		872,287
5.375% 11/1/50		200,000		205,224
Minneapolis - St. Paul
Housing & Redevelopment Authority Health Care Revenue
(Allina Health System)
Series A 5.00% 11/15/29		585,000		705,966
(Children’s Health Care Facilities) Series A1 5.00% 8/15/34 (AGM)		500,000		537,660
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project) Series A 6.875% 12/1/48		1,220,000		1,348,832
Rochester Health Care Facilities Revenue
(Mayo Clinic) 4.00% 11/15/41		4,860,000		5,019,505
Sartell Health Care Facilities Revenue
(Country Manor Campus Project)
5.25% 9/1/30		1,000,000		1,041,700
Series A 5.30% 9/1/37		600,000		623,490
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31		205,000		219,180
5.00% 9/1/34		165,000		185,156
St. Cloud Health Care Revenue
(Centracare Health System Project)
Series A 4.00% 5/1/37		1,295,000		1,373,231
Series A 5.00% 5/1/46		2,800,000		3,164,588
Series B 5.00% 5/1/24		1,400,000		1,675,576
(Unrefunded - Centracare Health System Project)
5.125% 5/1/30		95,000		102,837


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A1 5.25% 11/15/29		640,000	$	694,675
(Fairview Health Services)
Series A 4.00% 11/15/43		905,000		941,707
Series A 5.00% 11/15/47		680,000		781,973
(Health Partners Obligation Group Project)
5.00% 7/1/29		2,000,000		2,338,180
Series A 5.00% 7/1/32		1,100,000		1,265,132
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue
(Senior Episcopal Homes Project)
5.125% 5/1/48		1,200,000		1,205,532
Series A 4.75% 11/1/31		740,000		741,021
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
Series A 5.50% 11/1/32		420,000		446,275
Series A 5.75% 11/1/39		945,000		1,004,705
Series A 6.00% 5/1/47		1,475,000		1,565,535
Winona Health Care Facilities Revenue
(Winona Health Obligation)
4.65% 7/1/26		465,000		494,509
4.75% 7/1/27		785,000		834,141
5.00% 7/1/34		750,000		795,195
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury) 5.125% 12/1/44		1,250,000		1,273,937


				49,245,536

Housing Revenue Bonds – 2.03%
Minneapolis Multifamily Housing Revenue
(Olson Townhomes Project) 6.00% 12/1/19 (AMT)		345,000		345,200


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Minnesota Housing Finance Agency
(Non Ace – State Appropriated Housing) 5.00% 8/1/33		1,390,000	$	1,579,082
Minnesota State Housing Finance Agency Homeownership
(Mortgage-Backed Securities Program) 4.40% 7/1/32 (GNMA) (FNMA)		875,000		933,957
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program) 5.50% 7/1/45		560,000		565,718


				3,423,957

Lease Revenue Bonds – 9.76%
Minnesota State General Fund Revenue Appropriations
Series A 5.00% 6/1/32		780,000		902,600
Series A 5.00% 6/1/38		5,500,000		6,282,155
Series A 5.00% 6/1/43		1,750,000		1,989,890
University of Minnesota Special Purpose Revenue
(State Supported Biomed Science Research)
5.00% 8/1/35		1,040,000		1,142,045
5.00% 8/1/36		4,000,000		4,477,640
Virginia Housing & Redevelopment Authority Health Care Facility Lease Revenue
5.25% 10/1/25		680,000		681,639
5.375% 10/1/30		965,000		967,065


				16,443,034

Local General Obligation Bonds – 13.84%
Burnsville-Eagan-Savage Independent School District No 191
(Alternative Facilities) Series A 4.00% 2/1/28		1,185,000		1,326,584
Duluth Independent School District No 709
Series A 4.00% 2/1/27		600,000		673,266


				(continues)		11

Schedules of investments

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


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Duluth, Minnesota (Improvement DECC) Series A 5.00% 2/1/34 Hennepin County		545,000	$	637,132
Series A 5.00% 12/1/36		1,300,000		1,549,600
Series A 5.00% 12/1/41		1,060,000		1,252,146
Series C 5.00% 12/1/37		5,235,000		6,221,326
Hopkins Independent School District No. 270
Series A 5.00% 2/1/28		1,000,000		1,117,410
Mahtomedi Independent School District No. 832
(School Building) Series A 5.00% 2/1/28		515,000		612,376
Metropolitan Council Waste Water Revenue
Series C 4.00% 3/1/31		1,355,000		1,529,510
Series C 4.00% 3/1/32		1,405,000		1,574,654
Mountain Iron-Buhl Independent School District No. 712
(School Building) Series A 4.00% 2/1/26		1,315,000		1,512,750
St Michael-Albertville Independent School District No. 885
(School Building) Series A 5.00% 2/1/27		1,300,000		1,585,103
St. Paul Independent School District No. 625
(School Building) Series B 5.00% 2/1/26		1,000,000		1,165,680
Willmar
(Rice Memorial Hospital Project) Series A 4.00% 2/1/32		2,440,000		2,565,294


				23,322,831

Pre-Refunded/Escrowed to Maturity Bonds – 29.13%
Anoka Health Care Facilities Revenue
(Homestead Anoka Project) Series A 7.00% 11/1/46-19 §		1,200,000		1,354,212


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Dakota-Washington Counties Housing & Redevelopment Authority Single Family Residential Mortgage Revenue
(City of Bloomington) Series B 8.375% 9/1/21 (GNMA) (AMT)		7,055,000	$	8,854,660
Deephaven Charter School
(Eagle Ridge Academy Project) Series A 5.50% 7/1/43-23 §		500,000		598,295
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 6.625% 11/15/28-18 §		500,000		531,705
Series B 6.50% 11/15/38-18 (AGC) §		355,000		377,035
Minneapolis Revenue
(National Marrow Donor Program Project) Series NMDP 4.875% 8/1/25-18 §		1,000,000		1,032,660
Minnesota Higher Education Facilities Authority Revenue
(Carleton College) Series D 5.00% 3/1/30-19 §		1,120,000		1,183,381
Rochester Health Care & Housing Revenue
(Samaritan Bethany) Series A 7.375% 12/1/41-19 §		1,220,000		1,381,821
Rocori Independent School District No. 750
(School Building)
Series B 5.00% 2/1/22-19 §		1,010,000		1,064,045
Series B 5.00% 2/1/24-19 §		1,075,000		1,132,523
Series B 5.00% 2/1/25-19 §		1,115,000		1,174,664
Series B 5.00% 2/1/26-19 §		1,155,000		1,216,804
St. Cloud Health Care Revenue
(Centracare Health System Project) 5.50% 5/1/39-19 (AGC) §		1,500,000		1,605,960


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
St. Cloud Health Care Revenue
Series A 5.125% 5/1/30-20 §		5,080,000	$	5,605,475
St. Louis Park Health Care Facilities Revenue
(Park Nicollet Health Services)
5.75% 7/1/39-19 §		2,000,000		2,164,520
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System)
Series A1 5.25% 11/15/29-19 §		755,000		821,916
St. Paul Housing & Redevelopment Authority Hospital Facility
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25 §		395,000		487,481
Series A 5.00% 11/15/30-25 §		290,000		357,898
St. Paul Sewer Revenue
Series D 5.00% 12/1/21-18 §		1,325,000		1,361,437
University of Minnesota
Series A 5.25% 12/1/28-20 §		500,000		564,365
Series A 5.25% 4/1/29-19 §		1,000,000		1,063,350
Series A 5.50% 7/1/21		4,000,000		4,474,160
Series D 5.00% 12/1/27-21 §		1,110,000		1,279,009
Series D 5.00% 12/1/28-21 §		1,880,000		2,166,249
Series D 5.00% 12/1/29-21 §		2,265,000		2,609,869
Series D 5.00% 12/1/31-21 §		1,000,000		1,152,260
Series D 5.00% 12/1/36-21 §		3,000,000		3,456,780


				49,072,534

Special Tax Revenue Bonds – 2.66%
Guam Government Business Privilege Tax Revenue
Series A 5.25% 1/1/36		150,000		158,705


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Hennepin County Sales Tax Revenue
(Second Lien-Ballpark Project) Series B 4.75% 12/15/27		1,905,000	$	1,920,259
Minneapolis Community Planning & Economic Development Department
(Limited Tax Supported Common Bond Fund) 6.25% 12/1/30		1,000,000		1,133,820
Minneapolis Revenue
(YMCA Greater Twin Cities Project) 4.00% 6/1/29		165,000		176,796
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/30		935,000		1,093,127


				4,482,707

State General Obligation Bonds – 14.99%
Minnesota State
Series A 5.00% 8/1/24		4,500,000		5,470,470
Series A 5.00% 8/1/29		700,000		844,039
(State Trunk Highway)
Series B 5.00% 10/1/22		5,500,000		6,302,175
Series B 5.00% 10/1/29		3,315,000		3,787,321
(State Various Purpose) Series D 5.00% 8/1/24		2,700,000		2,991,330
(Various Purposes) Series F 5.00% 10/1/22		5,000,000		5,865,900


				25,261,235

Transportation Revenue Bonds – 7.66%
Minneapolis – St. Paul
Metropolitan Airports Commission Revenue
5.00% 1/1/21		600,000		672,978
5.00% 1/1/22		670,000		747,164
Subordinate
Series A 5.00% 1/1/31		410,000		496,096
Series A 5.00% 1/1/32		1,255,000		1,505,875
Series B 5.00% 1/1/26		540,000		614,509
Series B 5.00% 1/1/26 (AMT)		500,000		574,450
Series B 5.00% 1/1/27		1,190,000		1,353,149
Series B 5.00% 1/1/30		500,000		558,935
Series B 5.00% 1/1/31		250,000		278,820
Series C 5.00% 1/1/33		2,000,000		2,385,260
Series C 5.00% 1/1/36		1,000,000		1,179,140
Series C 5.00% 1/1/46		1,245,000		1,439,432


				(continues)		13

Schedules of investments

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


	Principal Amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority
Health Care Facilities Revenue
Series A 3.00% 8/1/29		710,000	$	705,435
St. Paul Port Authority Revenue
(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36		380,000		399,053


				12,910,296

Water & Sewer Revenue Bonds – 1.21%
Guam Government Waterworks Authority 5.00% 1/1/46		725,000		774,199
Metropolitan Council Waste Water Revenue
Series B 4.00% 9/1/27		1,145,000		1,259,729


				2,033,928

Total Municipal Bonds (cost $230,983,298)				241,290,816

Short-Term Investment – 0.37%
Variable Rate Demand Notes – 0.37%¤
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue Series A-II
(Children’s Hospitals & Clinics) 0.84% 8/15/37 (AGM) (SPA – US Bank N.A.)		625,000		625,000

Total Short-Term Investment (cost $625,000)				625,000


Total Value of Securities – 143.58% (cost $231,608,298)	$	241,915,816

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.At Sept. 30, 2017, the aggregate value of Rule 144A securities was $4,367,233, which represents 2.59% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by USTreasury 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.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FNMA – Federal National Mortgage Association Collateral

GNMA – Government National Mortgage Association Collateral

N.A. – National Association

SPA – Stand-by Purchase Agreement

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

Delaware Investments^® National Municipal Income Fund

September 30, 2017 (Unaudited)


	Principal Amount°		Value (US $)

Municipal Bonds – 142.57%

Corporate-Backed Revenue Bonds – 10.60%
Buckeye, Ohio Tobacco Settlement Financing Authority
Asset-Backed -2
Series A-2 5.875% 6/1/47		500,000	$	480,970
Series A-2 6.50% 6/1/47		430,000		429,940
Golden State, California Tobacco Securitization Corporate Settlement Revenue		790,000		790,000
(Asset-Backed Senior Notes) Series A-1 5.75% 6/1/47
Illinois Railsplitter Tobacco Settlement Authority 6.25% 6/1/24		500,000		510,195
Louisiana Local Government Environmental Facilities & Community Development Authority
(Westlake Chemical)
Series A 6.50% 8/1/29		645,000		727,495
Series A-1 6.50% 11/1/35		255,000		288,260
M-S-R Energy Authority, California Gas
Series B 6.50% 11/1/39		250,000		353,103
Series C 7.00% 11/1/34		1,000,000		1,429,490
Shoals, Indiana
(National Gypsum Project) 7.25% 11/1/43 (AMT)		310,000		355,747
Suffolk County, New York Tobacco Asset Securitization
Series B 5.00% 6/1/32		750,000		809,813
Tobacco Settlement Financing Corporation, Louisiana
Asset-Backed Note Series A 5.25% 5/15/35		460,000		506,455
TSASC Revenue, New York
(Settlement) Series A 5.00% 6/1/41		60,000		66,563
Valparaiso, Indiana
(Pratt Paper Project) 7.00% 1/1/44 (AMT)		240,000		287,479

				7,035,510


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds – 22.42%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project) 144A 6.00% 7/1/47 #		330,000	$	354,938
California Educational Facilities Authority Revenue
(Loma Linda University) Series A 5.00% 4/1/47		500,000		563,650
California State University
(Systemwide) Series A 5.00% 11/1/42		200,000		235,668
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services Income - Student Housing Project) 5.00% 7/1/35		1,000,000		1,067,850
Health & Educational Facilities Authority of the State of Missouri
(St. Louis College of Pharmacy Project) 5.25% 5/1/33		500,000		550,715
(Washington University) Series B 5.00% 11/15/30		600,000		683,808
Louisiana Public Facilities Authority Revenue
(Provident Group-Flagship Properties) Series A 5.00% 7/1/56		500,000		547,765
Maryland Health & Higher Educational Facilities Authority
(Loyola University) Series A 5.00% 10/1/39		650,000		724,393
Massachusetts Development Finance Agency
(Umass Boston Student Housing Project) 5.00% 10/1/48		285,000		312,243
Monroe County, New York Industrial Development Revenue
(Nazareth College Rochester Project) 5.50% 10/1/41		495,000		540,208


				(continues)		15

Schedules of investments

Delaware Investments^® National Municipal Income Fund


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Montgomery County, Pennsylvania Higher Education & Health Authority Revenue
(Arcadia University) 5.25% 4/1/30		550,000	$	576,537
New Hope, Texas Cultural Education Facilities
(Chief-Collegiate Housing- Tarleton St.) 5.00% 4/1/34		1,000,000		1,082,970
New Jersey Economic Development Authority Revenue
(MSU Student Housing Project) 5.875% 6/1/42		450,000		488,700
New York City, New York Trust For Cultural Resources
(Whitney Museum of American Art) 5.00% 7/1/31		500,000		555,725
New York State Dormitory Authority
(Columbia University) 5.00% 10/1/41		600,000		672,882
Pennsylvania State University
Series A 5.00% 9/1/47		1,000,000		1,169,580
Philadelphia, Pennsylvania Authority for Industrial Development
(1st Philadelphia Preparatory College) 7.25% 6/15/43		370,000		430,436
Phoenix, Arizona Industrial Development Authority Revenue
(Rowan University Project) 5.00% 6/1/42		1,000,000		1,078,850
Pima County, Arizona Industrial Development Authority Education Revenue
(Edkey Charter School Project) 6.00% 7/1/48		500,000		420,985
Private Colleges & Universities Authority Revenue, Georgia
(Mercer University) Series A 5.00% 10/1/32		135,000		145,013


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Swarthmore Borough Authority, Pennsylvania
(Swarthmore College Project) 5.00% 9/15/32		490,000	$	580,993
Troy, New York Capital Resource Revenue
(Rensselaer Polytechnic) Series A 5.125% 9/1/40		600,000		656,592
University of California
Series AI 5.00% 5/15/32		1,000,000		1,171,690
Wyoming Community Development Authority Student Housing Revenue
(CHF-Wyoming LLC) 6.50% 7/1/43		250,000		273,673


				14,885,864

Electric Revenue Bonds – 3.35%
Imperial Irrigation District Electric System Revenue, California
Series C 5.00% 11/1/28		60,000		73,466
JEA Electric System Revenue, Florida
Series A 5.00% 10/1/33		1,000,000		1,151,250
Long Island Power Authority, New York
Series A 5.00% 9/1/44		250,000		282,540
Series B 5.00% 9/1/46		130,000		148,794
Philadelphia, Pennsylvania Gas Works Revenue
(1998 General Ordinance Fifteenth Series) 5.00% 8/1/47		500,000		567,745


				2,223,795

Healthcare Revenue Bonds – 24.65%
Alabama Special Care Facilities Financing Authority-Birmingham Alabama
(Methodist Home for the Aging) 6.00% 6/1/50		500,000		554,840
Arizona Health Facilities Authority Revenue
(Catholic Healthcare West)
Series D 5.00% 7/1/28		500,000		525,025


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
California Health Facilities Financing Authority Revenue
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		400,000	$	515,268
California Statewide Communities Development Authority
(Loma Linda University Medical Center) Series A 144A 5.25% 12/1/56 #		760,000		836,600
Capital Trust Agency, Florida
(Tuscan Gardens Senior Living Center) Series A 7.00% 4/1/49		375,000		371,280
Colorado Health Facilities Authority Revenue
(Healthcare Facilities - American Baptist) 8.00% 8/1/43		330,000		383,377
Cuyahoga County, Ohio
Hospital Revenue
(The Metrohealth System) 5.50% 2/15/57		1,000,000		1,104,730
Hawaii Pacific Health Special Purpose Revenue
Series A 5.50% 7/1/40		300,000		324,141
Housing & Redevelopment Authority of The City of St. Paul Minnesota
(Healthpartners Obligation Group) 5.00% 7/1/29		1,000,000		1,169,090
Kalispell, Montana
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/37		700,000		732,816
Lycoming County, Pennsylvania Authority Health System Revenue
(Susquehanna Health System Project) Series A 5.50% 7/1/28		500,000		533,925
Maine Health & Higher Educational Facilities Authority Revenue
(Maine General Medical Center) 6.75% 7/1/41		300,000		327,060


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue
(Catholic Healthcare West)
Series A 6.00% 7/1/39		500,000	$	533,510
Miami-Dade County, Florida
Health Facilities Authority Revenue
(Nicklaus Children’s Hospital Project) 5.00% 8/1/47		200,000		225,846
Michigan Finance Authority Revenue
(Beaumont Health Credit Group) 5.00% 11/1/44		1,000,000		1,115,290
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 6.125% 7/1/50		750,000		813,405
New Hampshire Health and Education Facilities Authority Revenue
(Dartmouth - Hitchcock Medical Center) 6.00% 8/1/38		300,000		325,761
New Hope, Texas Cultural Education Facilities
(Cardinal Bay Inc.)
Series A1 4.00% 7/1/36		55,000		56,930
Series A1 5.00% 7/1/46		135,000		149,828
Series A1 5.00% 7/1/51		135,000		149,614
Series B 4.25% 7/1/36		80,000		81,520
Series B 4.75% 7/1/51		160,000		165,803
Series B 5.00% 7/1/46		135,000		143,956
New Jersey Health Care
Facilities Financing Authority Revenue
(St. Peters University Hospital) 6.25% 7/1/35		300,000		328,413
New York State Dormitory Authority
(Orange Regional Medical Center) 144A 5.00% 12/1/35 #		500,000		548,160


				(continues)		17

Schedules of investments

Delaware Investments^® National Municipal Income Fund


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Orange County, Florida Health Facilities Authority Revenue
(Mayflower Retirement Center) 5.00% 6/1/32		400,000	$	425,740
5.00% 6/1/36		250,000		264,220
5.125% 6/1/42		750,000		791,887
Oregon State Facilities Authority Revenue
(Peacehealth Project)
Series A 5.00% 11/15/29		500,000		580,120
Palm Beach County Health Facilities Authority, Florida
(Sinai Residences Boca Raton Project)
7.25% 6/1/34		20,000		24,134
7.50% 6/1/49		105,000		127,844
Palomar Health, California 5.00% 11/1/39		130,000		143,573
Tarrant County, Texas Cultural Education Facilities Finance
(Baylor Scott & White Health) Series A 5.00% 11/15/45		330,000		373,398
(Buckner Senior Living - Ventana Project) 6.75% 11/15/47		250,000		271,150
Westminster, Maryland (Lutheran Village Millers Grant Inc.) 6.00% 7/1/34		500,000		540,510
Yavapai County, Arizona
Industrial Development Authority Revenue
(Yavapai Regional Medical Center) Series A 5.00% 8/1/28		720,000		803,894


				16,362,658

Housing Revenue Bond – 0.66%
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Project) Series A 6.40% 8/15/45		405,000		438,255


				438,255


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Lease Revenue Bonds – 10.44%
California State Public Works Board Lease Revenue
(Various Capital Projects)
Series A 5.00% 4/1/37		1,000,000	$	1,127,260
Idaho State Building Authority Revenue
(Health & Welfare Project)
Series A 5.00% 9/1/24		135,000		155,015
(State Police) Series I 5.00% 9/1/23		760,000		873,529
Minnesota State General Revenue Appropriations
Series B 5.00% 3/1/29		2,000,000		2,285,880
MTA Hudson Rail Yards Trust Obligations, New York
Series A 5.00% 11/15/56		735,000		823,575
New Jersey Economic Development Authority
Series WW 5.25% 6/15/30		1,000,000		1,114,980
(School Facilities Construction) 5.00% 9/1/18		25,000		25,780
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 5.75% 10/1/31		500,000		526,975


				6,932,994

Local General Obligation Bonds – 3.45%
Chicago, Illinois
Series A 5.50% 1/1/34		225,000		247,246
Series C 5.00% 1/1/38		500,000		532,660
District of Columbia
Series A 5.00% 6/1/37		1,000,000		1,183,380
New York, New York
Series A-1 5.25% 8/15/21		250,000		259,467
Series I-1 5.375% 4/1/36		65,000		69,135


				2,291,888

Pre-Refunded/Escrowed to Maturity Bonds – 18.78%
Atlanta, Georgia Water & Wastewater Revenue
Series A 6.25%
11/1/39-19§		300,000		332,541
Bowling Green, Ohio Student Housing Revenue
(CFP I State University Project) 6.00% 6/1/45-20§		260,000		292,669


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Pre-Refunded/Escrowed to Maturity Bonds (continued)
Brevard County, Florida Health Facilities Authority Revenue
(Health First Project) 7.00% 4/1/39-19§		350,000	$	381,441
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project)		940,000		1,052,527
6.25% 7/15/40-20§
6.50% 7/15/30-20§		300,000		337,611
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project)
7.125% 7/1/29-19§		300,000		330,834
California State Economic Recovery
(Unrefunded) Series A 5.25% 7/1/21-19§		95,000		102,163
California Statewide Communities Development Authority School Facility Revenue
(Aspire Public Schools) 6.125% 7/1/46-19§		625,000		665,913
Central Texas Regional Mobility Authority Revenue Senior Lien 6.00% 1/1/41-21§		520,000		598,905
Harris County, Texas Industrial Development Corporation Solid Waste Disposal Revenue
(Deer Park Refining Project) 5.00% 2/1/23-19§		150,000		162,684
Illinois Finance Authority Revenue
(Silver Cross & Medical Centers) 7.00% 8/15/44-19§		950,000		1,053,825
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference Health Care Facility Project) 7.75% 10/1/41-19§		300,000		338,610
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§		105,000		124,636


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Pre-Refunded/Escrowed to Maturity Bonds (continued)
Marietta, Georgia Development Authority Revenue
(Life University Income Project) 7.00%
6/15/39-18§		430,000	$	448,133
Metropolitan Transit Authority of Harris County, Texas
Series A 5.00%
11/1/24-21§		500,000		575,005
Monroe County, Pennsylvania Hospital Authority Revenue
(Pocono Medical Center)
Series A 5.00% 1/1/41-22§		500,000		576,115
New Jersey Turnpike Authority
Series A 5.00% 1/1/27-22§		25,000		29,158
New Mexico Hospital Equipment Loan Council Revenue
(Presbyterian Healthcare) 5.00% 8/1/39-19§		500,000		535,885
New York State Dormitory Authority
(State Personal Income Tax Revenue-Education)
Series A 5.00% 3/15/38-19§		570,000		603,499
New York, New York
Series I-1 5.375% 4/1/36-19§		185,000		197,193
Ohio State
(Cleveland Clinic Health)
Series A 5.50% 1/1/39-19§		300,000		317,148
Oregon State Department of Transportation
Series A 5.00% 11/15/26-23§		1,000,000		1,202,390
Oregon State Facilities Authority Revenue
(Concordia University Project) Series A 144A 6.125% 9/1/30-20#§		100,000		114,120
Pennsylvania State Higher Educational Facilities Authority Revenue
(Edinboro University Foundation) 5.80% 7/1/30-20§		400,000		450,068


				(continues)		19

Schedules of investments

Delaware Investments^® National Municipal Income Fund


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Pre-Refunded/Escrowed to Maturity Bonds (continued)
San Francisco, California City & County Public Utilities Commission Water Revenue
Series F 5.00% 11/1/27-20§		500,000	$	560,950
University Medical Center, Tucson, Arizona Hospital Revenue 6.50% 7/1/39-19§		500,000		547,265
University of Arizona
Series A 5.00% 6/1/39-19§		500,000		533,220


				12,464,508

Special Tax Revenue Bonds – 12.34%
Anne Arundel County, Maryland Special Obligation Revenue
(National Business Park - North Project) 6.10% 7/1/40		200,000		206,048
Central Puget Sound, Washington Regional Transit Authority
(Green Bond - Improvement) Series S-1 5.00% 11/1/35		750,000		888,337
Guam Government Business Privilege Tax Revenue
Series A 5.00% 1/1/22		775,000		856,026
Series B-1 5.00% 1/1/42		540,000		559,408
Massachusetts Bay Transportation Authority Senior
Series A 5.25% 7/1/29		200,000		256,896
Mosaic District, Virginia Community Development Authority Revenue
Series A 6.875% 3/1/36		520,000		571,714
New Jersey Economic Development Authority Revenue
(Cigarette Tax)
5.00% 6/15/28		200,000		215,700
5.00% 6/15/29		800,000		859,312
(School Facilities Construction) Series AA 5.50% 12/15/29		295,000		308,759


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Special Tax Revenue Bonds (continued)
New York City, New York Transitional Finance Authority Future Tax Secured Revenue
(Future Tax Secured - Subordinated Fiscal) Series E-1 5.00% 2/1/41		745,000	$	852,489
New York State Dormitory Authority
Series A 5.00% 3/15/33		1,000,000		1,152,230
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Route 33 Project) 7.00% 7/1/32		205,000		239,188
Public Finance Authority, Wisconsin Airport Facilities Revenue
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 #		380,000		442,795
Regional Transportation District, Colorado Tax Revenue
(Denver Transit Partners) 6.00% 1/15/41		500,000		548,560
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project A) Series A 5.75% 9/1/32		235,000		236,920


				8,194,382

State General Obligation Bonds – 6.82%
California State
5.25% 11/1/40		320,000		359,142
(Various Purposes)
4.00% 11/1/34		205,000		222,913
4.00% 11/1/47		200,000		211,750
5.00% 8/1/27		500,000		616,485
5.00% 10/1/41		440,000		498,551
5.00% 11/1/47		1,000,000		1,172,020
6.00% 4/1/38		105,000		112,740
Illinois State
5.00% 5/1/36		90,000		94,685
5.00% 2/1/39		160,000		167,413
Series A 5.00% 4/1/38		170,000		177,047


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

State General Obligation Bonds (continued)
New York State
Series A 5.00% 2/15/39		300,000	$	316,479
Oregon State
Series K 5.00% 5/1/22		500,000		581,270


				4,530,495

Transportation Revenue Bonds – 24.56%
Alameda Corridor, California Transportation Authority
(2nd Sub Lien) Series B 5.00% 10/1/37		430,000		490,144
Atlanta, Georgia Department of Aviation
Series B 5.00% 1/1/29		1,000,000		1,167,860
Chicago, Illinois O’Hare International Airport Revenue
(General-Senior Lien) Series D 5.25% 1/1/34		1,000,000		1,128,830
Maryland State Economic Development Revenue
(Transportation Facilities Project) Series A 5.75% 6/1/35		255,000		272,901
Metropolitan Transportation Authority, New York
Series A 5.00% 11/15/41		500,000		561,935
New Jersey Turnpike Authority
Series A 5.00% 1/1/27		475,000		546,317
Series B 5.00% 1/1/40		250,000		292,163
New Orleans, Louisiana Aviation Board
Series B 5.00% 1/1/45 (AMT)		1,000,000		1,106,130
New York Liberty Development Revenue
(1 World Trade Center Port Authority Construction)
5.00% 12/15/41		500,000		562,645
New York Transportation Development
(La Guardia Airport)
Series A 5.25% 1/1/50 (AMT)		700,000		779,639
North Texas Tollway Authority Special Projects System
Series A 5.00% 9/1/20		250,000		277,220
Pennsylvania Turnpike Commission Subordinate
Series A-1 5.00% 12/1/43		500,000		548,845


	Principal Amount°		Value (US $)

Municipal Bonds (continued)

Transportation Revenue Bonds (continued)
Pennsylvania Turnpike Commission Subordinate
Series A-1 5.00% 12/1/47		210,000	$	240,028
(Special Motor License Foundation) Series B 5.00% 12/1/41		500,000		552,350
Port Authority of Allegheny County, Pennsylvania 5.75% 3/1/29		900,000		1,030,806
Port Authority of New York & New Jersey Special Project
(JFK International Air Terminal)
6.00% 12/1/42		230,000		256,855
6.50% 12/1/28		500,000		520,000
Salt Lake City, Utah Airport Revenue
Series B 5.00% 7/1/42		625,000		729,437
St. Louis, Missouri Airport Revenue
(Lambert St. Louis International)
5.00% 7/1/32 (AMT)		1,000,000		1,089,830
Series A-1 6.625% 7/1/34		325,000		354,071
Texas Private Activity Bond Surface Transportation
(Senior Lien - Blueridge Transportation)
5.00% 12/31/40 (AMT)		110,000		120,839
5.00% 12/31/45 (AMT)		110,000		120,248
5.00% 12/31/50 (AMT)		160,000		174,312
5.00% 12/31/55 (AMT)		160,000		173,720
Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue
(LBJ Infrastructure)
7.00% 6/30/40		285,000		322,241
7.50% 6/30/33		665,000		758,206
(Mobility Partners) 7.50% 12/31/31		500,000		561,970
(NTE Mobility Partners)
6.75% 6/30/43 (AMT)		225,000		260,348
6.875% 12/31/39		1,000,000		1,112,010
7.00% 12/31/38 (AMT)		165,000		190,950


				16,302,850


				(continues)		21

Schedules of investments

Delaware Investments^® National Municipal Income Fund


	Principal Amount°		Value (US $)

Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 4.50%
City of Chicago, Illinois Waterworks Revenue (2nd Lien) 5.00% 11/1/29		280,000	$	323,968
Massachusetts Water Resources Authority
(Green Bond) Series B 4.00% 8/1/36		500,000		536,945
New York City Water & Sewer
System, New York
(2nd Generation Fiscal 2013) Series CC 5.00% 6/15/47		345,000		393,583
Philadelphia, Pennsylvania Water & Wastewater Revenue
Series A 5.00% 7/1/45		500,000		570,560
Southern California Water
Replenishment District 5.00% 8/1/41		1,000,000		1,161,480

			2,986,536


Total Municipal Bonds
(cost $88,099,486)				94,649,735



Short-Term Investment – 0.53%
Variable Rate Demand Note – 0.53%¤
Mississippi Business Finance
Corporation Gulf
Opportunity Zone Industrial
Development Revenue
Series I
(Chevron USA Inc. Project) 0.87% 11/1/35
(SPA - US Bank N.A.)		350,000		350,000


Total Short-Term Investment
(cost $350,000)				350,000


Total Value of Securities – 143.10% (cost $88,449,486)	$	94,999,735

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.At Sept. 30, 2017, the aggregate value of Rule 144A securities was $2,296,613, which represents 3.46% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by USTreasury 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.

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

N.A. – National Association

SPA – Stand-by Purchase Agreement

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

Statements of assets and liabilities

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds

September 30, 2017 (Unaudited)


	Delaware Investments Colorado Municipal Income Fund, Inc.				Delaware Investments Minnesota Municipal Income Fund II, Inc.				Delaware Investments National Municipal Income Fund
Assets:
Investments, at value¹		$	103,155,478			$	241,290,816			$	94,649,735
Short-term investments, at value²			300,000				625,000				350,000
Cash			—				—				265,680
Interest income receivable			1,451,135				3,097,338				1,297,253
Offering cost for preferred shareholders			109,770				136,050				119,273
Prepaid rating agency fee			24,917				24,083				28,833

Total assets			105,041,300				245,173,287				96,710,774

Liabilities:
Cash overdraft			448,891				562,063				—
Liquidation value of preferred stock			30,000,000				75,000,000				30,000,000
Payable for securities purchased			1,070,540				938,523				240,347
Investment management fees payable			34,131				80,391				31,800
Other accrued expenses			32,106				76,402				29,715
Audit and tax fees payable			21,042				20,970				20,970
Legal fees payable to affiliates			1,082				1,787				1,859
Accounting and administration expenses payable to affiliates			653				1,093				631
Directors’/Trustees’ fees and expenses payable			179				411				162
Reports and statements to shareholders payable to affiliates			35				80				32

Total liabilities			31,608,659				76,681,720				30,325,516

Total Net Assets Applicable to Common Shareholders		$	73,432,641			$	168,491,567			$	66,385,258


Net Assets Applicable to Common Shareholders Consist of:
Paid-in capital ($0.001 par value)^3,4		$	66,918,121			$	157,931,075			$	60,617,476
Undistributed net investment income			462,254				359,122				223,004
Accumulated net realized loss on investments			(453,913	)			(106,148	)			(1,005,471	)
Net unrealized appreciation of investments			6,506,179				10,307,518				6,550,249

Total Net Assets Applicable to Common Shareholders		$	73,432,641			$	168,491,567			$	66,385,258


Net Asset Value per Common Share		$	15.18			$	14.65			$	14.66


¹Investments, at cost			96,649,299				230,983,298				88,099,486
²Short-term investments, at cost			300,000				625,000				350,000
³Common shares outstanding			4,837,100				11,504,975				4,528,443
⁴Common shares authorized			200 million				200 million				unlimited

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

Statements of operations

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds

Six months ended September 30, 2017 (Unaudited)


	Delaware Investments Colorado Municipal Income Fund, Inc.				Delaware Investments Minnesota Municipal Income Fund II, Inc.				Delaware Investments National Municipal Income Fund
Investment Income:
Interest		$	2,188,350			$	4,436,250			$	2,065,671

Expenses:
Management fees			207,241				488,277				192,692
Interest expense			305,174				762,935				305,174
Rating agency fees			29,462				25,339				24,962
Audit and tax fees			24,101				26,172				20,970
Accounting and administration expenses			19,404				36,724				18,502
Dividend disbursing and transfer agent fees and expenses			16,513				35,425				17,013
Reports and statements to shareholders			11,346				25,145				10,479
Legal fees			9,439				14,384				8,202
Offering costs			9,017				12,119				10,455
Stock exchange fees			2,388				5,471				2,141
Custodian fees			1,755				5,732				1,821
Directors’/Trustees’ fees and expenses			1,621				3,678				1,442
Registration fees			398				507				430
Other			7,827				15,843				12,034

			645,686				1,457,751				626,317
Less expense paid indirectly			(1,149	)			(1,284	)			(775	)

Total operating expenses			644,537				1,456,467				625,542

Net Investment Income			1,543,813				2,979,783				1,440,129


Net Realized and Unrealized Gain:
Net realized gain on investments			80,137				651,865				242,146
Net change in unrealized appreciation (depreciation) of investments			1,286,198				2,326,858				1,269,163

Net Realized and Unrealized Gain			1,366,335				2,978,723				1,511,309

Net Increase in Net Assets Resulting from Operations		$	2,910,148			$	5,958,506			$	2,951,438

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

Statements of changes in net assets

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds


	Delaware Investments Colorado Municipal Income Fund, Inc.
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,543,813		$	3,240,164
Net realized gain		80,137			608,285
Net change in unrealized appreciation (depreciation)		1,286,198			(3,897,264	)

Net increase (decrease) in net assets resulting from operations		2,910,148			(48,815	)


Dividends and Distributions to Common Shareholders from:
Net investment income		(1,717,171	)		(3,482,712	)

		(1,717,171	)		(3,482,712	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders		1,192,977			(3,531,527	)

Net Assets Applicable to Common Shareholders:
Beginning of period		72,239,664			75,771,191

End of period	$	73,432,641		$	72,239,664

Undistributed net investment income	$	462,254		$	635,612


	Delaware Investments Minnesota Municipal Income Fund II, Inc.
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,979,783		$	6,309,240
Net realized gain		651,865			619,214
Net change in unrealized appreciation (depreciation)		2,326,858			(7,447,417	)

Net increase (decrease) in net assets resulting from operations		5,958,506			(518,963	)


Dividends and Distributions to Common Shareholders from:
Net investment income		(3,221,393	)		(6,845,460	)

		(3,221,393	)		(6,845,460	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders		2,737,113			(7,364,423	)

Net Assets Applicable to Common Shareholders:
Beginning of period		165,754,454			173,118,877

End of period	$	168,491,567		$	165,754,454

Undistributed net investment income	$	359,122		$	600,732

Statements of changes in net assets

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds


	Delaware Investments National Municipal Income Fund
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,440,129		$	2,995,863
Net realized gain		242,146			147,253
Net change in unrealized appreciation (depreciation)		1,269,163			(3,279,316	)

Net increase (decrease) in net assets resulting from operations		2,951,438			(136,200	)


Dividends and Distributions to Common Shareholders from:
Net investment income		(1,358,533	)		(3,079,341	)

		(1,358,533	)		(3,079,341	)


Net Increase (Decrease) in Net Assets Applicable to Common Shareholders		1,592,905			(3,215,541	)

Net Assets Applicable to Common Shareholders:
Beginning of period		64,792,353			68,007,894

End of period	$	66,385,258		$	64,792,353

Undistributed net investment income	$	223,004		$	141,408

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

Statements of cash flows

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds

Six months ended September 30, 2017 (Unaudited)


	Delaware Investments Colorado Municipal Income Fund, Inc.				Delaware Investments Minnesota Municipal Income Fund II, Inc.				Delaware Investments National Municipal Income Fund
Net Cash Provided by (Used for) Operating Activities:
Net increase in net assets resulting from operations		$	2,910,148			$	5,958,506			$	2,951,438


Adjustments to reconcile net increase in net assets from operations to cash provided by (used for) operating activities:
Amortization of premium and accretion of discount on investments			214,104				1,129,192				252,578
Purchase of investment securities			(4,022,980	)			(24,438,517	)			(11,981,572	)
Proceeds from disposition of investment securities			2,427,615				22,207,319				11,930,508
(Purchase) sale from disposition of short-term investment securities, net			300,000				975,000				(350,000	)
Net realized gain on investments			(80,137	)			(651,865	)			(242,146	)
Net change in net unrealized (appreciation) depreciation			(1,286,198	)			(2,326,858	)			(1,269,163	)
Decrease in receivable for securities sold			4,904				25,275				—
Increase (decrease) in interest receivable			(25,034	)			137,398				42,869
Increase in other accrued expenses receivable			(1,000	)			(6,000	)			(19,500	)
Amortization of offering costs for preferred shareholders			16,479				20,458				17,918
Increase in payable for securities purchased			800,359				248,433				240,347
Decrease in interest payable			—				—				—
Decrease in investment management fees payable			(465	)			(1,055	)			(286	)
Decrease in Trustees’ fees and expenses payable			(11	)			(24	)			(8	)
Decrease in audit fees payable			21,042				20,970				20,970
(Increase) decrease in other affiliates payable			(532	)			(2,046	)			419
Decrease in other accrued expenses			(5,272	)			(14,804	)			(9,580	)

Total adjustments			(1,637,126	)			(2,677,124	)			(1,366,646	)

Net cash provided by operating activities			1,273,022				3,281,382				1,584,792


Cash Flows Used for Financing Activities:
Cash dividends and distributions paid to common shareholders			(2,007,397	)			(3,767,879	)			(1,584,935	)
Increase in bank overdraft			448,891				562,063				—

Net cash used for financing activities			(1,558,506	)			(3,205,816	)			(1,584,935	)

Net increase (decrease) in cash			(285,484	)			75,566				(143	)
Cash at beginning of year			285,484				(75,566	)			265,823

Cash at end of year		$	—			$	—			$	265,680


Cash paid for interest expense for leverage		$	305,149			$	762,872			$	305,149

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

Financial highlights

Delaware Investments^® Colorado Municipal Income Fund, Inc.

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


	Six months ended 9/30/17¹				Year ended
	(Unaudited)				3/31/17				3/31/16				3/31/15				3/31/14				3/31/13

Net asset value, beginning of period		$	14.93			$	15.66			$	15.55			$	14.43			$	15.37			$	15.01

Income (loss) from investment operations:
Net investment income²			0.32				0.67				0.71				0.71				0.70				0.73
Net realized and unrealized gain (loss)			0.29				(0.68	)			0.12				1.10				(0.93	)			0.42

Total from investment operations			0.61				(0.01	)			0.83				1.81				(0.23	)			1.15


Less dividends and distributions to common shareholders from:
Net investment income			(0.36	)			(0.72	)			(0.72	)			(0.69	)			(0.69	)			(0.69	)
Net realized gain			—				—				—				—				(0.02	)			(0.10	)

Total dividends and distributions			(0.36	)			(0.72	)			(0.72	)			(0.69	)			(0.71	)			(0.79	)


Net asset value, end of period		$	15.18			$	14.93			$	15.66			$	15.55			$	14.43			$	15.37


Market value, end of period		$	15.22			$	14.70			$	15.07			$	14.35			$	13.33			$	14.84


Total investment return based on:³
Market value			5.98	%			2.24	%			10.38	%			13.01	%			(5.25	%)			6.92	%
Net asset value			4.07	%			(0.07	%)			5.85	%			13.12	%			(0.97	%)			7.71	%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)		$	73,433			$	72,240			$	75,771			$	75,226			$	69,781			$	74,349
Ratio of expenses to average net assets applicable to common shareholders⁴			1.75	%			1.60	%			1.52	%			1.43	%			1.49	%			1.44	%
Ratio of net investment income to average net assets applicable to common shareholders⁵			4.20	%			4.32	%			4.59	%			4.65	%			4.90	%			4.72	%
Portfolio turnover			2	%			12	%			13	%			14	%			26	%			8	%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)⁶		$	30,000			$	30,000			$	30,000			$	30,000			$	30,000			$	30,000
Net asset coverage per share of preferred shares, end of period⁶		$	344,775			$	340,799			$	352,571			$	350,753			$	332,602			$	347,829
Liquidation value per share of preferred shares⁶		$	100,000			$	100,000			$	100,000			$	100,000			$	100,000			$	100,000

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.063, $0.110, $0.079, $0.077, $0.078, and $0.079 per share for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013, respectively, and from realized capital gains of $0.002, and $0.006 per share for the years ended March 31, 2014 and 2013, respectively.

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.

⁴	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 0.92%, 0.90%, 1.01%, 0.92%, 0.94%, and 0.89%, respectively.

⁵	The ratio of net investment income excluding interest expense for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 5.03%, 5.03%, 5.11%, 5.16%, 5.45%, and 5.27%, respectively.

⁶

In November 2011, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on Feb. 2, 2016 and replaced with Series 2021 Shares, which are the same amount and value as the Fund’s Series 2016 Shares.

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

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

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


	Six months ended 9/30/17¹				Year ended
	(Unaudited)				3/31/17				3/31/16				3/31/15				3/31/14				3/31/13
Net asset value, beginning of period		$	14.41			$	15.05			$	14.97			$	14.31			$	15.27			$	14.94
Income (loss) from investment operations:
Net investment income²			0.26				0.55				0.63				0.64				0.65				0.72
Net realized and unrealized gain (loss)			0.26				(0.59	)			0.08				0.69				(0.81	)			0.35

Total from investment operations			0.52				(0.04	)			0.71				1.33				(0.16	)			1.07


Less dividends and distributions to common shareholders from:
Net investment income			(0.28	)			(0.60	)			(0.63	)			(0.67	)			(0.69	)			(0.69	)
Net realized gain			—				—				—				—				(0.12	)			(0.04	)

Total dividends and distributions			(0.28	)			(0.60	)			(0.63	)			(0.67	)			(0.81	)			(0.73	)


Net asset value, end of period		$	14.65			$	14.41			$	15.05			$	14.97			$	14.31			$	15.27


Market value, end of period		$	14.25			$	14.56			$	14.70			$	13.85			$	13.34			$	15.63


Total investment return based on:³
Market value			(0.26%	)			3.16%				11.17%				8.97%				(9.26%	)			15.18%
Net asset value			3.61%				(0.27%	)			5.30%				9.80%				(0.36%	)			7.18%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)		$	168,492			$	165,754			$	173,119			$	172,280			$	164,599			$	175,629
Ratio of expenses to average net assets applicable to common shareholders⁴			1.72%				1.59%				1.46%				1.40%				1.51%				1.40%
Ratio of net investment income to average net assets applicable to common shareholders⁵			3.53%				3.69%				4.24%				4.33%				4.54%				4.65%
Portfolio turnover			7%				9%				16%				10%				17%				24%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)⁶		$	75,000			$	75,000			$	75,000			$	75,000			$	75,000			$	75,000
Net asset coverage per share of preferred shares, end of period⁶		$	324,655			$	321,006			$	330,825			$	329,707			$	319,465			$	334,172
Liquidation value per share of preferred shares⁶		$	100,000			$	100,000			$	100,000			$	100,000			$	100,000			$	100,000

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.066, $0.115, $0.083, $0.081, $0.076, and $0.084 per share for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013, respectively, and from realized capital gains of $0.014, and $0.005 per share for the years ended March 31, 2014 and 2013, respectively.

⁴	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended Sep. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 0.82%, 0.82%, 0.90%, 0.85%, 0.88%, and 0.82%, respectively.

⁵	The ratio of net investment income excluding interest expense to average net assets for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 4.43%, 4.46%, 4.80%, 4.88%, 5.17%, and 5.23%, respectively.

⁶

In November 2011, the Fund issued a series of 750 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on Feb. 2, 2016 and replaced with Series 2021 Shares, which are the same amount and value as the Fund’s Series 2016 Shares.

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


				(continues)		29

Financial highlights

Delaware Investments^® National Municipal Income Fund

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


	Six months ended 9/30/17¹				Year ended
	(Unaudited)				3/31/17				3/31/16				3/31/15				3/31/14				3/31/13
Net asset value, beginning of period		$	14.31			$	15.02			$	14.97			$	13.81			$	14.99			$	14.02

Income (loss) from investment operations:
Net investment income²			0.32				0.66				0.70				0.71				0.71				0.72
Net realized and unrealized gain (loss)			0.33				(0.69	)			0.11				1.22				(1.18	)			0.86

Total from investment operations			0.65				(0.03	)			0.81				1.93				(0.47	)			1.58


Less dividends and distributions to common shareholders from:
Net investment income			(0.30	)			(0.68	)			(0.76	)			(0.77	)			(0.71	)			(0.61	)

Total dividends and distributions			(0.30	)			(0.68	)			(0.76	)			(0.77	)			(0.71	)			(0.61	)


Net asset value, end of period		$	14.66			$	14.31			$	15.02			$	14.97			$	13.81			$	14.99


Market value, end of period		$	13.53			$	12.94			$	13.80			$	13.14			$	12.35			$	14.48


Total investment return based on:³
Market value			6.92%				(1.50%	)			11.32%				12.87%				(9.65%	)			14.12%
Net asset value			4.83%				0.01%				6.35%				14.99%				(2.41%	)			11.56%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)		$	66,385			$	64,792			$	68,008			$	67,804			$	62,526			$	67,876
Ratio of expenses to average net assets applicable to common shareholders⁴			1.89%				1.73%				1.70%				1.60%				1.58%				1.56%
Ratio of net investment income to average net assets applicable to common shareholders⁵			4.35%				4.45%				4.72%				4.86%				5.17%				4.86%
Portfolio turnover			10%				13%				25%				38%				40%				42%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)⁶		$	30,000			$	30,000			$	30,000			$	30,000			$	30,000			$	30,000
Net asset coverage per share of preferred shares, end of period⁶		$	321,284			$	315,898			$	326,693			$	326,013			$	308,420			$	326,254
Liquidation value per share of preferred shares⁶		$	100,000			$	100,000			$	100,000			$	100,000			$	100,000			$	100,000

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.067, $0.117, $0.084, $0.083, $0.085, and $0.090 per share for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013, respectively.

⁴	The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 0.97%, 0.94%, 1.13%, 1.03%, 0.96%, and 0.96%, respectively.

⁵	The ratio of net investment income excluding interest expense to average net assets for the six months ended Sept. 30, 2017 and the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 5.27%, 5.24%, 5.29%, 5.44%, 5.79%, and 5.46%, respectively.

⁶

In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series 2017 Shares were redeemed on Feb. 2, 2016 and replaced with Series 2021 Shares, which are the same amount and value as the Fund’s Series 2017 Shares.

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

Notes to financial statements

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds

September 30, 2017 (Unaudited)

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 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 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 seeks 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. 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 US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

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

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken on the Fund’s federal income tax returns through the six months ended Sept. 30, 2017 and for all open tax years (years ended March 31, 2014–March 31, 2017), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the six months ended Sept. 30, 2017, the Funds did not incur any interest or tax penalties.

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

Use of Estimates — Each Fund is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to each Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds SM by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Each Fund declares and pays


				(continues)		31

Notes to financial statements

Delaware Funds^SM by Macquarie Closed-End Municipal Bond Funds

1. Significant Accounting Policies (continued)

dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statements of operations” under “Custodian fees” with the corresponding expense offset shown under “Less expense paid indirectly.” For the six months ended Sept. 30, 2017, each Fund earned the following amounts under this agreement:

Colorado
Municipal
Fund

Minnesota
Municipal

Fund II

National
Municipal
Fund

$1,149

$1,284

$775

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, DIFSC’s fees were calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds from April 1, 2017 through Aug. 31, 2017 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 DIFSC under the service agreement described above were allocated among all funds in the Delaware Funds on a relative net asset value (NAV) basis. Effective Sept. 1, 2017, the Funds entered into an amendment to the DIFSC agreement. Under the amendment to the DIFSC agreement, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each Fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each Fund in the Delaware Funds then pays its relative portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended Sept. 30, 2017, each Fund was charged for these services as follows:

Colorado
Municipal

Fund

Minnesota
Municipal

Fund II

National
Municipal
Fund

$2,653

$5,806

$2,490

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Sept. 30, 2017, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Colorado
Municipal

Fund

Minnesota
Municipal

Fund II

National
Municipal
Fund

$8,201

$13,243

$8,628

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

Cross trades for the six months ended Sept. 30, 2017, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly

scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Sept. 30, 2017, the Funds engaged in securities purchases and securities sales, which did not result in any realized gains or losses as follows:


	Colorado Municipal Fund			Minnesota Municipal Fund II			National Municipal Fund

Purchases		$	100,058		$	900,301		$	200,096
Sales			400,169			3,901,455			450,113

3. Investments

For the six months ended Sept. 30, 2017, each Fund made purchases and sales of investment securities other than short-term investments as follows:


	Colorado Municipal Fund				Minnesota Municipal Fund II				National Municipal Fund

Purchases		$	4,022,980			$	24,438,517			$	11,981,572
Sales			(2,427,615	)			(22,207,319	)			(11,930,508	)

At Sept. 30, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2017, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:


	Colorado Municipal Fund				Minnesota Municipal Fund II				National Municipal Fund
Cost of investments		$	96,942,051			$	231,587,623			$	88,428,404

Aggregate unrealized appreciation of investments		$	6,562,973			$	10,996,637			$	6,706,906
Aggregate unrealized depreciation of investments			(49,546	)			(668,444	)			(135,575	)

Net unrealized appreciation of investments		$	6,513,427			$	10,328,193			$	6,571,331

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At March 31, 2017, capital loss carryforwards available to offset future realized capital gains, through the indicated expiration dates were as follows:

Pre-enactment capital loss
Expiration date

No expiration
Post-enactment capital loss character

2018

Short-term

Long-term

Total

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