UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
| Investment Company Act file number: | 811-07410 | |
| Exact name of registrant as specified in charter: | Delaware Investments® National | |
| Municipal Income Fund | ||
| Address of principal executive offices: | 2005 Market Street | |
| Philadelphia, PA 19103 | ||
| Name and address of agent for service: | David F. Connor, Esq. | |
| 2005 Market Street | ||
| Philadelphia, PA 19103 | ||
| Registrant’s telephone number, including area code: | (800) 523-1918 | |
| Date of fiscal year end: | March 31 | |
| Date of reporting period: | June 30, 2016 |
Item 1. Schedule of Investments.
Schedule of investments
Delaware Investments® National
Municipal Income Fund
June 30, 2016
(Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds – 140.43% | |||||
| Corporate-Backed Revenue Bonds – 12.43% | |||||
| Buckeye, Ohio Tobacco | |||||
| Settlement Financing | |||||
| Authority | |||||
| Asset-Backed -2 | |||||
| Series A-2 5.875% 6/1/47 | 500,000 | $ | 499,120 | ||
| Series A-2 6.50% 6/1/47 | 430,000 | 441,253 | |||
| Golden State, California | |||||
| Tobacco Securitization | |||||
| Corporate Settlement | |||||
| Revenue | |||||
| (Asset-Backed Senior | |||||
| Notes) Series A-1 | |||||
| 5.75% 6/1/47 | 830,000 | 848,866 | |||
| Harris County, Texas Industrial | |||||
| Development Corporation | |||||
| Solid Waste Disposal | |||||
| Revenue | |||||
| (Deer Park Refining Project) | |||||
| 5.00% 2/1/23 | 150,000 | 167,305 | |||
| Illinois Railsplitter Tobacco | |||||
| Settlement Authority | |||||
| 6.25% 6/1/24 | 500,000 | 502,420 | |||
| Louisiana Local Government | |||||
| Environmental Facilities & | |||||
| Community Development | |||||
| Authority | |||||
| (Westlake Chemical) | |||||
| Series A 6.50% 8/1/29 | 645,000 | 769,943 | |||
| Series A-1 6.50% 11/1/35 | 255,000 | 308,802 | |||
| Louisiana Public Facilities | |||||
| Authority | |||||
| (LA Pellets Project) 144A | |||||
| 7.75% 7/1/39 (AMT)#@‡ | 240,000 | 138,965 | |||
| Lower Alabama Gas District | |||||
| Series A 5.00% 9/1/46 | 820,000 | 1,146,048 | |||
| M-S-R Energy Authority, | |||||
| California Gas | |||||
| Series C 7.00% 11/1/34 | 1,000,000 | 1,562,800 | |||
| Ohio State Air Quality | |||||
| Development Authority | |||||
| Revenue | |||||
| (First Energy Generation) | |||||
| Series A 5.70% 8/1/20 | 260,000 | 287,908 | |||
| Shoals, Indiana | |||||
| (National Gypsum Project) | |||||
| 7.25% 11/1/43 (AMT) | 310,000 | 377,338 | |||
| Suffolk County, New York | |||||
| Tobacco Asset | |||||
| Securitization | |||||
| Series B 5.00% 6/1/32 | 750,000 | 852,998 | |||
| Tobacco Settlement Financing | |||||
| Corporation, Louisiana | |||||
| Asset-Backed Note Series A | |||||
| 5.25% 5/15/35 | 460,000 | 531,263 | |||
| Valparaiso, Indiana | |||||
| (Pratt Paper Project) | |||||
| 7.00% 1/1/44 (AMT) | 240,000 | 300,950 | |||
| 8,735,979 | |||||
| Education Revenue Bonds – 21.24% | |||||
| Bowling Green, Ohio Student | |||||
| Housing Revenue | |||||
| (CFP I State University | |||||
| Project) 6.00% 6/1/45 | 260,000 | 287,045 | |||
| East Hempfield Township, | |||||
| Pennsylvania Industrial | |||||
| Development Authority | |||||
| (Student Services Income - | |||||
| Student Housing Project) | |||||
| 5.00% 7/1/35 | 1,000,000 | 1,114,050 | |||
| Health & Educational Facilities | |||||
| Authority of the State of | |||||
| Missouri | |||||
| (St. Louis College of | |||||
| Pharmacy Project) | |||||
| 5.25% 5/1/33 | 500,000 | 575,380 | |||
| (Washington University) | |||||
| Series B 5.00% 11/15/30 | 600,000 | 715,446 | |||
| Marietta, Georgia | |||||
| Development Authority | |||||
| Revenue | |||||
| (Life University Income | |||||
| Project) 7.00% 6/15/39 | 430,000 | 454,140 | |||
| Maryland Health & Higher | |||||
| Educational Facilities | |||||
| Authority | |||||
| (Loyola University) Series A | |||||
| 5.00% 10/1/39 | 650,000 | 766,149 | |||
| Massachusetts State Health & | |||||
| Educational Facilities | |||||
| Authority Revenue | |||||
| (Harvard University) | |||||
| Series A 5.00% 12/15/29 | 600,000 | 688,512 | |||
| Monroe County, New York | |||||
| Industrial Development | |||||
| Revenue | |||||
| (Nazareth College | |||||
| Rochester Project) | |||||
| 5.50% 10/1/41 | 495,000 | 572,670 | |||
(continues) NQ- OV9 [6/16] 8/16 (17335) 1
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds (continued) | |||||
| Education Revenue Bonds (continued) | |||||
| Montgomery County, | |||||
| Pennsylvania Higher | |||||
| Education & Health | |||||
| Authority Revenue | |||||
| (Arcadia University) | |||||
| 5.25% 4/1/30 | 550,000 | $ | 598,532 | ||
| New Hope Cultural Education | |||||
| Facilities, Texas | |||||
| (Chief-Collegiate Housing- | |||||
| Tarleton St.) | |||||
| 5.00% 4/1/34 | 1,000,000 | 1,134,920 | |||
| New Jersey Economic | |||||
| Development Authority | |||||
| Revenue | |||||
| (MSU Student Housing | |||||
| Project) 5.875% 6/1/42 | 450,000 | 511,677 | |||
| New York City, New York Trust | |||||
| For Cultural Resources | |||||
| (Whitney Museum of | |||||
| American Art) | |||||
| 5.00% 7/1/31 | 500,000 | 579,230 | |||
| New York State Dormitory | |||||
| Authority | |||||
| (Columbia University) | |||||
| 5.00% 10/1/41 | 600,000 | 706,464 | |||
| Oregon State Facilities | |||||
| Authority Revenue | |||||
| (Concordia University | |||||
| Project) Series A 144A | |||||
| 6.125% 9/1/30 # | 135,000 | 145,658 | |||
| Pennsylvania State Higher | |||||
| Educational Facilities | |||||
| Authority Revenue | |||||
| (Edinboro University | |||||
| Foundation) 5.80% 7/1/30 | 400,000 | 438,424 | |||
| (University Properties - East | |||||
| Stroudsburg University) | |||||
| 5.25% 7/1/19 | 510,000 | 550,968 | |||
| Philadelphia Authority for | |||||
| Industrial Development | |||||
| (1st Philadelphia | |||||
| Preparatory College) | |||||
| 7.25% 6/15/43 | 370,000 | 449,576 | |||
| Phoenix, Arizona Industrial | |||||
| Development Authority | |||||
| Revenue | |||||
| (Rowan University Project) | |||||
| 5.00% 6/1/42 | 1,000,000 | 1,145,630 | |||
| Pima County, Arizona | |||||
| Industrial Development | |||||
| Authority Education | |||||
| Revenue | |||||
| (Edkey Charter School | |||||
| Project) 6.00% 7/1/48 | 500,000 | 516,445 | |||
| Private Colleges & Universities | |||||
| Authority Revenue, Georgia | |||||
| (Mercer University) Series A | |||||
| 5.00% 10/1/32 | 135,000 | 155,168 | |||
| Swarthmore Borough | |||||
| Authority, Pennsylvania | |||||
| (Swarthmore College | |||||
| Project) 5.00% 9/15/32 | 490,000 | 611,300 | |||
| Troy, New York Capital | |||||
| Resource Revenue | |||||
| (Rensselaer Polytechnic) | |||||
| Series A 5.125% 9/1/40 | 600,000 | 686,088 | |||
| University of California | |||||
| Series AI 5.00% 5/15/32 | 1,000,000 | 1,233,690 | |||
| Wyoming Community | |||||
| Development Authority | |||||
| Student Housing Revenue | |||||
| (CHF-Wyoming LLC) | |||||
| 6.50% 7/1/43 | 250,000 | 287,423 | |||
| 14,924,585 | |||||
| Electric Revenue Bonds – 2.28% | |||||
| Imperial Irrigation District | |||||
| Electric System Revenue, | |||||
| California | |||||
| Series C 5.00% 11/1/28 | 60,000 | 78,041 | |||
| JEA Electric System Revenue, | |||||
| Florida | |||||
| Series A 5.00% 10/1/33 | 1,000,000 | 1,224,250 | |||
| Long Island Power Authority, | |||||
| New York | |||||
| Series A 5.00% 9/1/44 | 250,000 | 299,593 | |||
| 1,601,884 | |||||
| Healthcare Revenue Bonds – 22.74% | |||||
| Alabama Special Care | |||||
| Facilities Financing | |||||
| Authority - Birmingham | |||||
| (Methodist Home for the | |||||
| Aging) 6.00% 6/1/50 | 500,000 | 546,480 | |||
| Arizona Health Facilities | |||||
| Authority Revenue | |||||
| (Catholic Healthcare West) | |||||
| Series D 5.00% 7/1/28 | 500,000 | 550,885 | |||
2 NQ- OV9 [6/16] 8/16 (17335)
(Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds (continued) | |||||
| Healthcare Revenue Bonds (continued) | |||||
| California Statewide | |||||
| Communities Development | |||||
| Authority | |||||
| (Loma Linda University | |||||
| Medical Center) Series A | |||||
| 144A 5.25% 12/1/56 # | 760,000 | $ | 882,390 | ||
| Capital Trust Agency, Florida | |||||
| (Tuscan Gardens Senior | |||||
| Living Center) Series A | |||||
| 7.00% 4/1/49 | 375,000 | 402,574 | |||
| Colorado Health Facilities | |||||
| Authority Revenue | |||||
| (Healthcare Facilities - | |||||
| American Baptist) | |||||
| 8.00% 8/1/43 | 330,000 | 400,914 | |||
| Hawaii Pacific Health Special | |||||
| Purpose Revenue | |||||
| Series A 5.50% 7/1/40 | 300,000 | 340,878 | |||
| Housing & Redevelopment | |||||
| Authority of The City of St. | |||||
| Paul Minnesota | |||||
| (Healthpartners Obligation | |||||
| Group) 5.00% 7/1/29 | 1,000,000 | 1,238,140 | |||
| Lycoming County, | |||||
| Pennsylvania Authority | |||||
| Health System Revenue | |||||
| (Susquehanna Health | |||||
| System Project) Series A | |||||
| 5.50% 7/1/28 | 500,000 | 565,920 | |||
| Maine Health & Higher | |||||
| Educational Facilities | |||||
| Authority Revenue | |||||
| (Maine General Medical | |||||
| Center) 6.75% 7/1/41 | 300,000 | 344,688 | |||
| Maricopa County, Arizona | |||||
| Industrial Development | |||||
| Authority Health Facilities | |||||
| Revenue | |||||
| (Catholic Healthcare West) | |||||
| Series A 6.00% 7/1/39 | 500,000 | 568,350 | |||
| Michigan Finance Authority | |||||
| Revenue | |||||
| (Beaumont Health Credit | |||||
| Group) 5.00% 11/1/44 | 1,000,000 | 1,198,230 | |||
| Monroe County, Pennsylvania | |||||
| Hospital Authority Revenue | |||||
| (Pocono Medical Center) | |||||
| Series A 5.00% 1/1/41 | 500,000 | 559,660 | |||
| Moon, Pennsylvania Industrial | |||||
| Development Authority | |||||
| (Baptist Homes Society | |||||
| Obligation) | |||||
| 6.125% 7/1/50 | 750,000 | 866,123 | |||
| New Hampshire Health and | |||||
| Education Facilities | |||||
| Authority Revenue | |||||
| (Dartmouth - Hitchcock | |||||
| Medical Center) | |||||
| 6.00% 8/1/38 | 300,000 | 346,212 | |||
| New Hope Cultural Education | |||||
| Facilities | |||||
| (Cardinal Bay) | |||||
| Series A1 4.00% 7/1/36 | 55,000 | 59,352 | |||
| Series A1 5.00% 7/1/46 | 135,000 | 158,629 | |||
| Series A1 5.00% 7/1/51 | 135,000 | 157,343 | |||
| Series B 4.25% 7/1/36 | 80,000 | 85,760 | |||
| Series B 4.75% 7/1/51 | 160,000 | 174,832 | |||
| Series B 5.00% 7/1/46 | 135,000 | 154,108 | |||
| New Jersey Health Care | |||||
| Facilities Financing | |||||
| Authority Revenue | |||||
| (St. Peters University | |||||
| Hospital) 6.25% 7/1/35 | 300,000 | 332,337 | |||
| New Mexico Hospital | |||||
| Equipment Loan Council | |||||
| Revenue | |||||
| (Presbyterian Healthcare) | |||||
| 5.00% 8/1/39 | 500,000 | 553,855 | |||
| New York State Dormitory | |||||
| Authority Revenue Non | |||||
| State Supported Debt | |||||
| (Orange Regional Medical | |||||
| Center) 6.25% 12/1/37 | 500,000 | 548,190 | |||
| Ohio State | |||||
| (Cleveland Clinic Health) | |||||
| Series A 5.50% 1/1/39 | 300,000 | 337,662 | |||
| Orange County, Florida Health | |||||
| Facilities Authority Revenue | |||||
| (Mayflower Retirement | |||||
| Center) | |||||
| 5.00% 6/1/32 | 400,000 | 442,788 | |||
| 5.00% 6/1/36 | 250,000 | 275,288 | |||
| 5.125% 6/1/42 | 750,000 | 832,695 | |||
| Oregon State Facilities | |||||
| Authority Revenue | |||||
| (Peacehealth Project) | |||||
| Series A 5.00% 11/15/29 | 500,000 | 614,710 | |||
(continues) NQ- OV9 [6/16] 8/16 (17335) 3
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds (continued) | |||||
| Healthcare Revenue Bonds (continued) | |||||
| Palm Beach County Health | |||||
| Facilities Authority, Florida | |||||
| (Sinai Residences Boca | |||||
| Raton Project) | |||||
| 7.25% 6/1/34 | 20,000 | $ | 24,704 | ||
| 7.50% 6/1/49 | 105,000 | 131,103 | |||
| Tarrant County Cultural | |||||
| Education Facilities Finance | |||||
| (Baylor Scott & White | |||||
| Health) Series A | |||||
| 5.00% 11/15/45 | 330,000 | 404,702 | |||
| West Virginia Hospital Finance | |||||
| Authority Revenue | |||||
| (Highland Hospital | |||||
| Obligation Group) | |||||
| 9.125% 10/1/41 @ | 500,000 | 468,675 | |||
| Westminster, Maryland | |||||
| (Lutheran Village Millers | |||||
| Grant) 6.00% 7/1/34 | 500,000 | 574,180 | |||
| Yavapai County, Arizona | |||||
| Industrial Development | |||||
| Authority Revenue | |||||
| (Yavapai Regional Medical | |||||
| Center) Series A | |||||
| 5.00% 8/1/28 | 720,000 | 837,187 | |||
| 15,979,544 | |||||
| Housing Revenue Bond – 0.69% | |||||
| California Municipal Finance | |||||
| Authority Mobile Home | |||||
| Park Revenue | |||||
| (Caritas Project) Series A | |||||
| 6.40% 8/15/45 | 420,000 | 483,004 | |||
| 483,004 | |||||
| Lease Revenue Bonds – 9.07% | |||||
| California State Public Works | |||||
| Board Lease Revenue | |||||
| (Various Capital Projects) | |||||
| Series A 5.00% 4/1/37 | 1,000,000 | 1,183,710 | |||
| Idaho State Building Authority | |||||
| Revenue | |||||
| (Health & Welfare Project) | |||||
| Series A 5.00% 9/1/24 | 135,000 | 163,701 | |||
| (State Police) Series I | |||||
| 5.00% 9/1/23 | 760,000 | 911,939 | |||
| Minnesota State General | |||||
| Revenue Appropriations | |||||
| Series B 5.00% 3/1/29 | 2,000,000 | 2,413,700 | |||
| New Jersey Economic | |||||
| Development Authority | |||||
| Series WW 5.25% 6/15/30 | 1,000,000 | 1,147,650 | |||
| (School Facilities | |||||
| Construction) | |||||
| 5.00% 9/1/18 | 25,000 | 26,698 | |||
| Public Finance Authority, | |||||
| Wisconsin Airport Facilities | |||||
| Revenue | |||||
| (AFCO Investors II | |||||
| Portfolio) 5.75% 10/1/31 | 500,000 | 521,380 | |||
| 6,368,778 | |||||
| Local General Obligation Bonds – 1.76% | |||||
| Chicago, Illinois | |||||
| Series A 5.50% 1/1/34 | 225,000 | 230,989 | |||
| Series C 5.00% 1/1/38 | 500,000 | 502,255 | |||
| New York, New York | |||||
| Series A-1 5.25% 8/15/21 | 250,000 | 275,040 | |||
| Series I-1 5.375% 4/1/36 | 200,000 | 225,360 | |||
| 1,233,644 | |||||
| Pre-Refunded/Escrowed to Maturity Bonds – 15.48% | |||||
| Atlanta, Georgia Water & | |||||
| Wastewater Revenue | |||||
| Series A | |||||
| 6.25% 11/1/39-19§ | 950,000 | 1,122,216 | |||
| Bay Area, California Toll | |||||
| Authority Toll Bridge | |||||
| Revenue | |||||
| (San Francisco Bay Area) | |||||
| Series F1 | |||||
| 5.00% 4/1/34-18§ | 1,000,000 | 1,077,050 | |||
| Brevard County, Florida | |||||
| Health Facilities Authority | |||||
| Revenue | |||||
| (Health First Project) | |||||
| 7.00% 4/1/39-19§ | 350,000 | 409,906 | |||
| Butler County, Pennsylvania | |||||
| Hospital Authority Revenue | |||||
| (Butler Health System | |||||
| Project) | |||||
| 7.125% 7/1/29-19§ | 450,000 | 534,357 | |||
| California State Economic | |||||
| Recovery | |||||
| Series A 5.25% 7/1/21-19§ | 165,000 | 187,508 | |||
| (Unrefunded) Series A | |||||
| 5.25% 7/1/21-19§ | 95,000 | 107,959 | |||
4 NQ- OV9 [6/16] 8/16 (17335)
(Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds (continued) | |||||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||
| California Statewide | |||||
| Communities Development | |||||
| Authority Revenue | |||||
| (Statewide Inland Regional | |||||
| Center Project) | |||||
| 5.375% 12/1/37-17§ | 500,000 | $ | 534,470 | ||
| California Statewide | |||||
| Communities Development | |||||
| Authority School Facility | |||||
| Revenue | |||||
| (Aspire Public Schools) | |||||
| 6.125% 7/1/46-19§ | 625,000 | 708,387 | |||
| California Statewide | |||||
| Communities Development | |||||
| Authority Student Housing | |||||
| Revenue | |||||
| (Irvine, LLC - UCI East | |||||
| Campus) | |||||
| 6.00% 5/15/23-18§ | 470,000 | 517,578 | |||
| Central Texas Regional | |||||
| Mobility Authority Revenue | |||||
| Senior Lien | |||||
| 6.00% 1/1/41-21§ | 520,000 | 635,352 | |||
| Gila County, Arizona Unified | |||||
| School District No. 10 | |||||
| (Payson School | |||||
| Improvement Project of | |||||
| 2006) Series A | |||||
| 5.25% 7/1/27-17 (AMBAC) | 500,000 | 523,495 | |||
| Illinois Finance Authority | |||||
| Revenue | |||||
| (Silver Cross & Medical | |||||
| Centers) | |||||
| 7.00% 8/15/44-19§ | 950,000 | 1,130,851 | |||
| Koyukuk, Alaska Revenue | |||||
| (Tanana Chiefs Conference | |||||
| Health Care Facility Project) | |||||
| 7.75% 10/1/41-19 | 300,000 | 364,749 | |||
| Louisiana Public Facilities | |||||
| Authority Revenue | |||||
| (Ochsner Clinic Foundation | |||||
| Project) | |||||
| 6.50% 5/15/37-21§ | 105,000 | 132,412 | |||
| Maryland State Economic | |||||
| Development Student | |||||
| Housing Revenue | |||||
| (University of Maryland | |||||
| College Park Projects) | |||||
| 5.75% 6/1/33-18§ | 370,000 | 406,260 | |||
| Metropolitan Transit Authority | |||||
| of Harris County, Texas | |||||
| Series A | |||||
| 5.00% 11/1/24-21§ | 500,000 | 604,870 | |||
| New Jersey Economic | |||||
| Development Authority | |||||
| (School Facilities | |||||
| Construction) | |||||
| 5.00% 9/1/18 | 75,000 | 81,962 | |||
| New York City, New York | |||||
| Industrial Development | |||||
| Agency Civic Facility | |||||
| Revenue | |||||
| (YMCA of Greater New | |||||
| York Project) | |||||
| 5.00% 8/1/36-16§ | 595,000 | 597,356 | |||
| New York, New York | |||||
| Series I-1 | |||||
| 5.375% 4/1/36-19§ | 50,000 | 56,347 | |||
| University Medical Center, | |||||
| Tucson, Arizona Hospital | |||||
| Revenue | |||||
| 6.50% 7/1/39-19§ | 500,000 | 583,660 | |||
| University of Arizona | |||||
| Series A 5.00% 6/1/39-19 | 500,000 | 561,455 | |||
| 10,878,200 | |||||
| Special Tax Revenue Bonds – 20.44% | |||||
| Anne Arundel County, | |||||
| Maryland Special | |||||
| Obligation Revenue | |||||
| (National Business Park - | |||||
| North Project) | |||||
| 6.10% 7/1/40 | 200,000 | 212,460 | |||
| Brooklyn Arena Local | |||||
| Development, New York | |||||
| Pilot Revenue | |||||
| (Barclays Center Project) | |||||
| 6.25% 7/15/40 | 940,000 | 1,086,574 | |||
| 6.50% 7/15/30 | 300,000 | 351,378 | |||
| Central Puget Sound, | |||||
| Washington Regional | |||||
| Transit Authority | |||||
| (Green Bond - | |||||
| Improvement) Series S-1 | |||||
| 5.00% 11/1/35 | 750,000 | 937,830 | |||
| Guam Government Business | |||||
| Privilege Tax Revenue | |||||
| Series A 5.00% 1/1/22 | 775,000 | 906,587 | |||
| Series B-1 5.00% 1/1/42 | 540,000 | 610,189 | |||
(continues) NQ- OV9 [6/16] 8/16 (17335) 5
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| Municipal Bonds (continued) | |||||
| Special Tax Revenue Bonds (continued) | |||||
| Massachusetts Bay | |||||
| Transportation Authority | |||||
| Senior | |||||
| Series A 5.25% 7/1/29 | 200,000 | $ | 277,710 | ||
| Miami-Dade County, Florida | |||||
| Special Obligation | |||||
| (Capital Appreciation & | |||||
| Income) Series B | |||||
| 5.00% 10/1/35 (NATL-RE) | 1,000,000 | 1,003,560 | |||
| Mosaic District, Virginia | |||||
| Community Development | |||||
| Authority Revenue | |||||
| Series A 6.875% 3/1/36 | 520,000 | 604,952 | |||
| New Jersey Economic | |||||
| Development Authority | |||||
| Revenue | |||||
| 5.00% 6/15/28 | 200,000 | 222,628 | |||
| 5.00% 6/15/29 | 800,000 | 888,624 | |||
| (School Facilities | |||||
| Construction) Series AA | |||||
| 5.50% 12/15/29 | 900,000 | 995,787 | |||
| 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 | 911,299 | |||
| New York State Dormitory | |||||
| Authority | |||||
| Series A 5.00% 3/15/33 | 1,000,000 | 1,209,060 | |||
| (State Personal Income Tax | |||||
| Revenue-Education) | |||||
| Series A 5.00% 3/15/38 | 570,000 | 632,706 | |||
| Northampton County, | |||||
| Pennsylvania Industrial | |||||
| Development Authority | |||||
| Revenue | |||||
| (Route 33 Project) | |||||
| 7.00% 7/1/32 | 230,000 | 257,618 | |||
| Oregon State Department of | |||||
| Transportation | |||||
| Series A 5.00% 11/15/26 | 1,000,000 | 1,273,910 | |||
| Peoria, Arizona Municipal | |||||
| Development Authority | |||||
| Sales Tax & Excise Shared | |||||
| Revenue | |||||
| (Senior Lien & Subordinate | |||||
| Lien) 5.00% 1/1/18 | 1,085,000 | 1,153,442 | |||
| Regional Transportation | |||||
| District, Colorado Tax | |||||
| Revenue | |||||
| (Denver Transit Partners) | |||||
| 6.00% 1/15/41 | 500,000 | 582,460 | |||
| 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 | 245,401 | |||
| 14,364,175 | |||||
| State General Obligation Bonds – 2.80% | |||||
| California State | |||||
| 5.25% 11/1/40 | 320,000 | 377,418 | |||
| (Various Purposes) | |||||
| 5.00% 10/1/41 | 440,000 | 525,602 | |||
| 6.00% 4/1/38 | 105,000 | 119,851 | |||
| New York State | |||||
| Series A 5.00% 2/15/39 | 300,000 | 333,225 | |||
| Oregon State | |||||
| Series K 5.00% 5/1/22 | 500,000 | 609,940 | |||
| 1,966,036 | |||||
| Transportation Revenue Bonds – 24.71% | |||||
| Alameda Corridor | |||||
| Transportation Authority | |||||
| (2nd Sub Lien) Series B | |||||
| 5.00% 10/1/37 | 430,000 | 527,988 | |||
| Atlanta, Georgia Department | |||||
| of Aviation | |||||
| Series B 5.00% 1/1/29 | 1,000,000 | 1,233,910 | |||
| Chicago, Illinois O’Hare | |||||
| International Airport | |||||
| Revenue | |||||
| (General-Senior Lien) | |||||
| Series D 5.25% 1/1/34 | 1,000,000 | 1,206,050 | |||
| Maryland State Economic | |||||
| Development Revenue | |||||
| (Transportation Facilities | |||||
| Project) Series A | |||||
| 5.75% 6/1/35 | 255,000 | 281,357 | |||
| Metropolitan Transportation | |||||
| Authority, New York | |||||
| Series A 5.00% 11/15/41 | 500,000 | 589,085 | |||
6 NQ- OV9 [6/16] 8/16 (17335)
(Unaudited)
| Principal | Value | ||||
| Amount° | (U.S. $) | ||||
| 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 | $ | 274,077 | ||
| New Jersey State Turnpike | |||||
| Authority Revenue | |||||
| Series A 5.00% 1/1/27 | 1,000,000 | 1,208,190 | |||
| New Orleans, Louisiana | |||||
| Aviation Board | |||||
| Series B | |||||
| 5.00% 1/1/45 (AMT) | 1,000,000 | 1,169,560 | |||
| New York Liberty | |||||
| Development Revenue | |||||
| (1 World Trade Center Port | |||||
| Authority Construction) | |||||
| 5.00% 12/15/41 | 500,000 | 597,755 | |||
| New York Transportation | |||||
| Development | |||||
| (La Guardia Airport) | |||||
| Series A | |||||
| 5.25% 1/1/50 (AMT) | 700,000 | 822,192 | |||
| North Texas Tollway Authority | |||||
| Special Projects System | |||||
| Series A 5.00% 9/1/20 | 250,000 | 291,400 | |||
| Pennsylvania Turnpike | |||||
| Commission | |||||
| Series A-1 5.00% 12/1/43 | 500,000 | 585,260 | |||
| Pennsylvania Turnpike | |||||
| Commission Subordinate | |||||
| (Special Motor License | |||||
| Foundation) | |||||
| 5.00% 12/1/22 | 500,000 | 581,165 | |||
| Series B 5.00% 12/1/41 | 500,000 | 575,560 | |||
| Port Authority of Allegheny | |||||
| County, Pennsylvania | |||||
| 5.75% 3/1/29 | 900,000 | 1,078,002 | |||
| Port Authority of New York & | |||||
| New Jersey Special Project | |||||
| (JFK International Air | |||||
| Terminal) | |||||
| 6.00% 12/1/42 | 230,000 | 272,148 | |||
| 6.50% 12/1/28 | 500,000 | 504,280 | |||
| St. Louis, Missouri Airport | |||||
| Revenue | |||||
| (Lambert St. Louis | |||||
| International) | |||||
| 5.00% 7/1/32 (AMT) | 1,000,000 | 1,113,190 | |||
| Series A-1 6.625% 7/1/34 | 325,000 | 373,523 | |||
| Texas Private Activity Bond | |||||
| Surface Transportation | |||||
| (Senior Lien - Blueridge | |||||
| Transportation) | |||||
| 5.00% 12/31/40 (AMT) | 110,000 | 129,162 | |||
| 5.00% 12/31/45 (AMT) | 110,000 | 129,361 | |||
| 5.00% 12/31/50 (AMT) | 160,000 | 187,872 | |||
| 5.00% 12/31/55 (AMT) | 160,000 | 187,003 | |||
| Texas Private Activity Bond | |||||
| Surface Transportation | |||||
| Corporate Senior Lien | |||||
| Revenue | |||||
| (LBJ Infrastructure) | |||||
| 7.00% 6/30/40 | 285,000 | 343,602 | |||
| 7.50% 6/30/33 | 665,000 | 818,329 | |||
| (Mobility Partners) | |||||
| 7.50% 12/31/31 | 500,000 | 603,005 | |||
| (NTE Mobility Partners) | |||||
| 6.75% 6/30/43 (AMT) | 225,000 | 282,524 | |||
| 6.875% 12/31/39 | 1,000,000 | 1,182,790 | |||
| 7.00% 12/31/38 (AMT) | 165,000 | 210,710 | |||
| 17,359,050 | |||||
| Water & Sewer Revenue Bonds – 6.79% | |||||
| City of Chicago, Illinois | |||||
| Waterworks Revenue | |||||
| (2nd Lien) 5.00% 11/1/29 | 280,000 | 339,282 | |||
| Massachusetts Water | |||||
| Resources Authority | |||||
| (Green Bond) Series B | |||||
| 4.00% 8/1/36 | 500,000 | 575,145 | |||
| New York City Water & Sewer | |||||
| System, New York | |||||
| (2nd Generation Fiscal | |||||
| 2013) Series CC | |||||
| 5.00% 6/15/47 | 345,000 | 416,146 | |||
| Philadelphia, Pennsylvania | |||||
| Water & Wastewater | |||||
| Revenue | |||||
| Series A 5.00% 7/1/45 | 500,000 | 596,150 | |||
| Phoenix, Arizona Civic | |||||
| Improvement Wastewater | |||||
| Systems Revenue | |||||
| (Junior Lien) Series A | |||||
| 5.00% 7/1/39 | 900,000 | 1,001,988 | |||
| San Francisco, California City | |||||
| & County Public Utilities | |||||
| Commission Water | |||||
| Revenue | |||||
| Series F 5.00% 11/1/27 | 500,000 | 588,380 | |||
(continues) NQ- OV9 [6/16] 8/16 (17335) 7
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
| Principal | Value | |||||
| Amount° | (U.S. $) | |||||
| Municipal Bonds (continued) | ||||||
| Water & Sewer Revenue Bonds (continued) | ||||||
| Southern California Water | ||||||
| Replenishment District | ||||||
| 5.00% 8/1/41 | 1,000,000 | $ | 1,249,990 | |||
| 4,767,081 | ||||||
| Total Municipal Bonds | ||||||
| (cost $87,909,166) | 98,661,960 | |||||
| Total Value of Securities – 140.43% | ||||||
| (cost $87,909,166) | $ | 98,661,960 | ||||
| Liquidation Value of | ||||||
| Preferred | ||||||
| Stock – (42.70%) | (30,000,000 | ) | ||||
| Receivables and Other | ||||||
| Assets Net of | ||||||
| Liabilities – 2.27% | 1,597,640 | |||||
| Net Assets Applicable to | ||||||
| 4,528,443 Shares | ||||||
| Outstanding – 100.00% | $ | 70,259,600 | ||||
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $1,167,013, which represents 1.66% of the Fund’s net assets. |
| @ | Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $607,640, which represents 0.86% of the Fund’s net assets. |
| ° | Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ‡ | Non-income-producing security. Security is currently in default. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. |
Summary of
abbreviations:
AMBAC - Insured by AMBAC
Assurance Corporation
AMT - Subject to Alternative Minimum Tax
NATL-RE -
Insured by National Public Finance Guarantee Corporation
8 NQ- OV9 [6/16] 8/16 (17335)
Notes
Delaware Investments® National
Municipal Income Fund
June 30, 2016
(Unaudited)
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 Delaware Investments National Municipal Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.
Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Directors/Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.
2. Investments
At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:
| Cost of investments | $ | 87,909,166 | |
| Aggregate unrealized appreciation of investments | $ | 10,921,736 | |
| Aggregate unrealized depreciation of investments | (168,942 | ) | |
| Net unrealized appreciation of investments | $ | 10,752,794 |
U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.
| Level 1 – |
Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts) |
| Level 2 – |
Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities) |
| Level 3 – |
Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
NQ- OV9 [6/16] 8/16 (17335) 9
Notes
June 30, 2016 (Unaudited)
The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:
| Securities | Level 2 | ||
| Municipal Bonds | $ | 98,661,960 | |
During the period ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.
3. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”
10 NQ- OV9 [6/16] 8/16 (17335)
Item 2. Controls and Procedures.
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: