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<SEC-DOCUMENT>0001206774-07-002080.txt : 20070829
<SEC-HEADER>0001206774-07-002080.hdr.sgml : 20070829
<ACCEPTANCE-DATETIME>20070829150654
ACCESSION NUMBER:		0001206774-07-002080
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070829
DATE AS OF CHANGE:		20070829
EFFECTIVENESS DATE:		20070829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		071087331

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>difloridainsured_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY bgColor=#ffffff><P align=center><FONT face=serif size=2>UNITED STATES<BR></FONT><FONT face=serif size=2>SECURITIES AND EXCHANGE COMMISSION <BR>Washington, DC 20549 </FONT></P>

<P align=center><FONT face=serif size=2>FORM N-Q </FONT></P>

<P align=center><B><FONT face=serif size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF <BR>REGISTERED MANAGEMENT INVESTMENT COMPANY </FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Investment Company Act file number:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>811-07410</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>Delaware Investments Florida Insured</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Address of principal executive offices:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>2005 Market Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>Philadelphia, PA 19103</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>David F. Connor, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>2005 Market Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>Philadelphia, PA 19103</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Registrant&#146;s telephone number, including area code:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%">&nbsp;</TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>(800) 523-1918</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Date of fiscal year end:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>March 31</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="50%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="50%"><FONT face=serif size=2>Date of reporting period:</FONT>&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="47%"><FONT face=serif size=2>June 30, 2007</FONT>&nbsp; </TD></TR>
</TABLE>

<BR>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=justify><B><FONT face=serif size=2>Item 1. Schedule of Investments. </FONT></B></P>

<P align=justify><FONT face=serif><FONT face=serif size=3><B>Schedule of Investments </B>(Unaudited)</FONT></FONT><FONT face=serif></FONT></P>

<P align=justify><B><U><FONT face=serif size=2><FONT size=3>Delaware Investments Florida Insured Municipal Income Fund</FONT></FONT></U></B><B><FONT face=serif></FONT></B></P>

<P align=justify><FONT face=serif size=2>June 30, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=1>Principal</FONT></B>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=1>Amount</FONT></B>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=1>Value</FONT></B>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Municipal Bonds &#150; 155.79%</FONT></B>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><I><FONT face=serif size=1>Education Revenue Bonds &#150; 3.66%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Florida Agriculture &amp; Mechanical University Revenue (Student Apartment Facility) 5.625% 7/1/21 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$1,250,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp; 1,251,788</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,251,788</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><I><FONT face=serif size=1>Electric Revenue Bonds &#150; 5.93%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>JEA Electric Systems Revenue Series 3-A 5.00% 10/1/34 (FSA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>2,032,240</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,032,240</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><I><FONT face=serif size=1>Health Care Revenue Bonds &#150; 18.34%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Escambia County Health Facilities Authority (Florida Health Care Facilities - VHA Program) 5.95% 7/1/20 (AMBAC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>355,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>367,265</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>Lee Memorial Health System Board of Directors Revenue Refunding Series A 5.00% 4/1/20 (FSA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,021,340</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Miami-Dade County Public Facilities Revenue (Jackson Health Systems) Series A 5.00% 6/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,541,910</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>Orange County Health Facilities Authority Revenue (Orlando Regional Healthcare) Series A 6.25% 10/1/18 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>2,326,480</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>South Broward Hospital Revenue Refunding 5.00% 5/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,025,940</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>6,282,935</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><I><FONT face=serif size=1>Housing Revenue Bonds &#150; 23.38%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>Broward County Housing Finance Authority (St. Croix Apartments Project) Series A 5.45% 11/1/36 (FSA) (AMT)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>930,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>946,284</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Florida Housing Finance Agency</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; (Homeowner Mortgage) Series 2 5.90% 7/1/29 (MBIA) (AMT)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>380,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>385,430</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Leigh Meadows Apartments Section 8 HUD) Series N 6.30% 9/1/36 (AMBAC) (AMT)</FONT></FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,510,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,538,640</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Woodbridge Apartments Project) Series L</FONT></FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.05% 12/1/16 (AMBAC) (AMT)</FONT></FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,080,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,095,109</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.25% 6/1/36 (AMBAC) (AMT)</FONT></FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,519,920</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Volusia County Multifamily Housing Finance Authority (San Marco Apartments) Series A 5.60% 1/1/44 (FSA) (AMT)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,523,430</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>8,008,813</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><I><FONT face=serif size=1>Lease Revenue Bonds &#150; 20.22%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Broward County School Board Certificates of Participation Series A 5.25% 7/1/24 (FSA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,046,040</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Florida Municipal Loan Council Revenue Series A 5.00% 2/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,049,900</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Orange County School Board Certificates of Participation Series A 5.00% 8/1/27 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,250,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,273,825</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Palm Beach County School Board Certificates of Participation Series D 5.00% 8/1/28 (FSA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,528,590</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>South Florida Water Management District Certificate of Participation 5.00% 10/1/36 (AMBAC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,027,910</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>6,926,265</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><I><FONT face=serif size=1>Local General Obligation Bonds &#150; 3.89%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Julington Creek Plantation Community Development District Special Assessment 5.00% 5/1/29 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>295,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>301,646</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Port St. Lucie 5.00% 7/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,032,200</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,333,846</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#167;</FONT><I><FONT face=serif size=1>Pre-Refunded Bonds &#150; 9.31%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Florida State Board of Education (Capital Outlay Public Education) Series C 6.00% 6/1/21-10 (FGIC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,131,300</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Tampa Utility Tax Improvement Series A 6.125% 10/1/19-09 (AMBAC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,058,140</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>3,189,440</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><I><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 29.60%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Flagler County Capital Improvements Revenue 5.00% 10/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,028,320</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Florida State Department of Transportation (Right of Way) 5.00% 7/1/31 (FGIC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,525,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,565,535</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Jacksonville Sales Tax Revenue (Better Jacksonville) 5.00% 10/1/30 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,542,045</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Jacksonville Transportation Revenue 5.25% 10/1/29 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,076,180</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1><FONT face=wingdings>&#182;</FONT></FONT><FONT face=serif size=1>Miami-Dade County Special Obligation (Capital Appreciation &amp; Income) Series B 5.00% 10/1/35 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,871,980</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Seminole County Sales Tax Revenue Series A 5.00% 10/1/31 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,024,730</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>St. John&#146;s County Sales Tax Revenue Series A 5.00% 10/1/36 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,032,470</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>10,141,260</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><I><FONT face=serif size=1>State General Obligation Bonds &#150; 6.01%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Florida State Board Education Public Education (Capital Outlay) Series E 5.00% 6/1/34 (AMBAC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,059,360</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>2,059,360</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><I><FONT face=serif size=1>Transportation Revenue Bonds &#150; 15.68%</FONT></I>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Florida Ports Financing Commission Revenue (State Transportation Trust Fund) 5.375% 6/1/27 (MBIA) (AMT)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,010,780</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Miami-Dade County Aviation Revenue (Miami International Airport) Series B 5.00% 10/1/37 (FGIC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,250,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,302,740</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>Miami-Dade County Expressway Authority Toll Systems Revenue</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/37 (AMBAC)</FONT></FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,031,820</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#ffffff><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B 5.00% 7/1/33 (FGIC)</FONT></FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><FONT face=serif size=1>1,025,830</FONT> </FONT></TD></TR>
<TR>
<TD noWrap align=left width="97%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>5,371,170</FONT> </TD></TR>
</TABLE>

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<PAGE>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0><I><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 19.77%</FONT></I>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Cape Coral Water &amp; Sewer Revenue 4.75% 10/1/31 (AMBAC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,004,020</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0><FONT face=serif size=1>JEA Florida Water &amp; Sewer Systems Revenue (Sub-Second Crossover) 5.00% 10/1/25 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,030,900</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Riviera Beach Utilities Special District Water &amp; Sewer Revenue 5.00% 10/1/34 (FGIC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,200,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,231,248</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0><FONT face=serif size=1>Village Center Community Development District Utility Revenue 5.00% 10/1/36 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,500,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,532,370</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Winter Haven Utility System Revenue 5.00% 10/1/30 (MBIA)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,915,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,974,288</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>6,772,826</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Total Municipal Bonds (cost $52,615,744)</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>53,369,943</FONT></B> </FONT></TD></TR>
<TR>
<TD noWrap align=left width="96%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT face=wingdings>&#159;</FONT></FONT><B><FONT face=serif size=1>Short-Term Investment &#150; 0.58%</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#ffffff><FONT size=+0><I><FONT face=serif size=1>Variable Rate Demand Note &#150; 0.58%</FONT></I>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Orange County Health Facilities Authority Series B 3.89% 10/1/41 (FGIC)</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>200,000</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>200,000</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#ffffff><FONT size=+0><B><FONT face=serif size=1>Total Short-Term Investment (cost $200,000)</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=+0><B><FONT face=serif size=1>200,000</FONT></B> </FONT></TD></TR>
<TR>
<TD noWrap width="99%" colSpan=4><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR>
<TD noWrap width="99%" colSpan=4><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Total Value of Securities &#150; 156.37%</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; (cost $52,815,744)</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>53,569,943</FONT></B> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0><B><FONT face=serif size=1>Receivables and Other Assets Net of Liabilities (See Notes) &#150; 2.01%</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0><B><FONT face=serif size=1>688,786</FONT></B> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (58.38%)</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>(</FONT></B><B><FONT face=serif size=1>20,000,000)</FONT></B> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT size=+0><B><FONT face=serif size=1>Net Assets Applicable to 2,422,200 Shares Outstanding &#150; 100.00%</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><B><FONT face=serif size=1>$&nbsp; 34,258,729</FONT></B> </FONT></TD></TR>
</TABLE>

<BR>
<P align=justify><FONT face=serif size=1><FONT face=wingdings>&#182;</FONT></FONT><FONT face=serif size=1>Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.<BR></FONT><FONT face=serif size=1>&#167;Pre-Refunded bonds. Municipals 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. See Note 4 in &#147;Notes.&#148;<BR></FONT><FONT face=serif size=1><FONT face=wingdings>&#159;</FONT>Variable rate security. The rate shown is the rate as of June 30, 2007. </FONT></P>

<P align=justify><B><FONT face=serif size=1>Summary of Abbreviations:<BR></FONT></B><FONT face=serif size=1>AMBAC &#150; Insured by the AMBAC Assurance Corporation <BR>AMT &#150; Subject to Alternative Minimum Tax <BR>FGIC &#150; Insured by the Financial Guaranty Insurance Company <BR>FSA &#150; Insured by Financial Security Assurance <BR>HUD &#150; Housing and Urban Development <BR>MBIA &#150; Insured by the Municipal Bond Insurance Association <BR>VHA &#150; Veterans Health Administration </FONT></P>

<P align=justify>
<HR color=black SIZE=1>

<P align=justify><B><FONT face=serif size=4></FONT></B></P>

<P align=justify><B><FONT face=serif size=4>Notes</FONT></B></P>

<P align=justify><B><FONT face=serif size=2>1. Significant Accounting Policies<BR></FONT></B><FONT face=serif size=1>The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by Delaware Investments Florida Insured Municipal Income Fund (the &#147;Fund&#148;). </FONT></P>

<P align=justify><B><FONT face=serif size=2>Security Valuation</FONT></B><FONT face=serif size=2> - </FONT><FONT face=serif size=1>Long-term debt securities are valued by an independent pricing service and such prices are believed to reflect the fair value of such securities. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates value. Other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund's Board of Trustees. 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 with respect to foreign securities, aftermarket trading or significant events after local market trading (e.g., government actions or pronouncements, trading volume or volatility on markets, exchanges among dealers, or news events). </FONT></P>

<P align=justify><FONT face=serif size=1>In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157 &#147;Fair Value Measurements&#148; (Statement 157). Statement 157 establishes a framework for measuring fair value in generally accepted accounting principles, clarifies the definition of fair value within that framework, and expands disclosures about the use of fair value measurements. Statement 157 is intended to increase consistency and comparability among fair value estimates used in financial reporting. Statement 157 is effective for fiscal years beginning after November 15, 2007. Management does not expect the adoption of Statement 157 to have an impact on the amounts reported in the financial statements. </FONT></P>

<P align=justify><B><FONT face=serif size=2>Federal Income Taxes </FONT></B><FONT face=serif size=2>- </FONT><FONT face=serif size=1>The Fund intends to continue to qualify for federal income tax purposes as a regulated investment company and make the requisite distributions to shareholders. Accordingly, no provision for federal income taxes has been made in the financial statements.</FONT></P>

<P align=justify><FONT face=serif size=1>On July 13, 2006, the FASB released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the 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 would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in the Fund&#146;s net asset value calculations as late as the Fund&#146;s last net asset value calculation in the first required
financial statement reporting period. As a result, the Fund will incorporate FIN 48 in its semiannual report on September 30, 2007. Although the Fund's tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Fund's financial statements.</FONT></P>

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<BR>
<P align=justify><B><FONT face=serif size=2>Use of Estimates</FONT></B><FONT face=serif size=2> - </FONT><FONT face=serif size=1>The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of 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.</FONT><FONT face=serif size=2> </FONT></P>

<P align=justify><B><FONT face=serif size=2>Other </FONT></B><FONT face=serif size=1>- Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments</FONT><FONT face=serif size=1><SUP>&#174;</SUP></FONT><FONT face=serif size=1> Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis.</FONT><FONT face=serif size=1> </FONT><FONT face=serif size=1>Discounts and premiums are amortized to interest income over the lives of the respective securities. The Fund declares and pays dividends from net investment income monthly
and distributions from net realized gain on investments, if any, at least annually. In addition, in order to satisfy certain distribution requirements of the Tax Reform Act of 1986, the Fund may declare special year-end dividend and capital gains distributions during November or December to shareholders of record on a date in such month. Such distributions, if received by shareholders by January, are deemed to have been paid by a Fund and received by shareholders on the earlier of the date paid or December 31 of the prior year. </FONT></P>

<P align=justify><B><FONT face=serif size=2>2. Investments<BR></FONT></B><FONT face=serif size=1>At June 30, 2007, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At June 30, 2007, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows: </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Cost of investments</FONT>&nbsp; </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$</FONT> </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>52,815,744</FONT><FONT size=3> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>Aggregate unrealized appreciation</FONT>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT> </FONT></TD>
<TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>1,070,935</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT>&nbsp; </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(316,736</FONT> </FONT></TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="97%"><FONT size=+0><FONT face=serif size=1>Net unrealized appreciation</FONT>&nbsp; </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT> </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>754,199</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
</TABLE>

<BR>
<P align=justify><B><FONT face=serif size=2>3. Inverse Floaters<BR></FONT></B><FONT face=serif size=1>The Fund may participate in inverse floater programs where the fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities ("inverse floaters") with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Fund are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Fund typically uses inverse floaters to adjust the duration of its portfolio. Duration measures a portfolio's sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that the Fund transferred to the trust, the Fund
seeks to adjust its portfolio's sensitivity to changes in interest rates. The Fund may also invest in inverse floaters to add additional income to the Fund or to adjust the Fund&#146;s exposure to a specific segment of the yield curve. There were no inverse floaters for the period ended June 30, 2007. </FONT></P>

<P align=justify><FONT face=serif size=1>Previously, the Fund treated these transactions as a sale of the bonds and as a purchase of the inverse floating rate securities. Under Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), the transfer of the bonds is not considered a sale, but rather a form of financing for accounting purposes. </FONT></P>

<P align=justify><B><FONT face=serif size=2>4. Credit and Market Risk <BR></FONT></B><FONT face=serif size=1>The Fund uses leverage in the form of preferred shares. Leveraging may result in a higher degree of volatility because the Fund&#146;s net asset value could be more sensitive to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to the leverage. </FONT></P>

<P align=justify><FONT face=serif size=1>The Fund concentrates its investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the state, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Schedule of Investments. </FONT></P>

<P align=justify><FONT face=serif size=1>The Fund may invest in advanced refunded bonds, escrow secured bonds or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a "current refunding.&#148; &#147;Advance refunded bonds&#148; are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future
payments of principal and interest and bond premium of the advance refunded bond. Bonds are "escrowed to maturity" when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates. Bonds are considered "pre-refunded" when the refunding issue's proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become "defeased" when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody's Investors Service, Inc., Standard &amp; Poor's Ratings
Group, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.</FONT></P>

<P align=justify><FONT face=serif size=1>The Fund may invest up to 15% of its total assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund&#146;s Board of Trustees has delegated to Delaware Management Company the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund's limitation on investments in illiquid assets. At June 30, 2007, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund&#146;s Liquidity Procedures.</FONT></P>

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<P align=justify><B><FONT face=serif size=2>Item 2. Controls and Procedures. </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The registrant&#146;s principal executive officer and principal financial officer have evaluated the registrant&#146;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. </FONT></P>

<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There were no significant changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </FONT></P>

<P align=justify><B><FONT face=serif size=2>Item 3. Exhibits. </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>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: </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
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<BODY><P align=center><B><U><FONT face=serif size=2>CERTIFICATION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>

<P align=justify><FONT face=serif size=2>I, Patrick P. Coyne , certify that: </FONT></P>

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<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this report on Form N-Q of Delaware Investments Florida Insured Municipal Income Fund, Inc.;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
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<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
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<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD></TR>
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<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp; </TD></TR>
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<TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;&nbsp; </TD></TR>
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<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;Patrick P. Coyne</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Date: August 29, 2007</FONT>&nbsp; </TD></TR>
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<P align=justify>
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<PAGE>

<P align=center><B><U><FONT face=serif size=2>CERTIFICATION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>

<P align=justify><FONT face=serif size=2>I, Richard Salus, certify that: </FONT></P>

<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this report on Form N-Q of Delaware Investments Florida Insured Municipal Income Fund, Inc.;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD></TR>
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<TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD></TR>
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<TD width="100%" colSpan=5>&nbsp; </TD></TR>
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<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD width="100%" colSpan=3><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD width="100%"><FONT face=serif size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%"><FONT face=serif size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;Richard Salus</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Financial Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Date: August 29, 2007</FONT>&nbsp; </TD></TR>
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<P align=center><B><U><FONT face=serif size=2>SIGNATURES</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>

<P align=justify><B><FONT face=serif size=2>Delaware Investments Florida Insured Municipal Income Fund, Inc. </FONT></B></P>

<P align=justify><B><FONT size=2></FONT></B>&nbsp;</P>

<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;Patrick P. Coyne</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Date: August 29, 2007</FONT>&nbsp; </TD></TR>
</TABLE>

<BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. <BR>&nbsp;</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;Patrick P. Coyne</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Date: August 29, 2007</FONT>&nbsp; </TD></TR>
</TABLE>

<BR><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp; Richard Salus</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Financial Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="100%"><FONT face=serif size=2>Date: August 29, 2007</FONT>&nbsp; </TD></TR>
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