-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FWTwHyLroSawK6EzPv/+WSbBS5GRewKTmoZKta4vRsPZkRvNQigwcOpCVIcrxePa
 3GNgZO9s0XbtxQRgAAaG1A==

<SEC-DOCUMENT>0001206774-08-001511.txt : 20080828
<SEC-HEADER>0001206774-08-001511.hdr.sgml : 20080828
<ACCEPTANCE-DATETIME>20080828161159
ACCESSION NUMBER:		0001206774-08-001511
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080630
FILED AS OF DATE:		20080828
DATE AS OF CHANGE:		20080828
EFFECTIVENESS DATE:		20080828

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:			0331

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		081045637

	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>delagroupnational_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<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="49%"><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="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><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 National</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"><FONT face=serif size=2>Municipal Income
      Fund</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><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="49%">&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="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><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="49%">&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="49%">&nbsp;</TD>
    <TD noWrap align=left width="3%"  >&nbsp;</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="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>Registrant&#146;s
      telephone number, including area code:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"  ></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="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><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="49%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="47%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><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,
      2008</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 align=justify><B><FONT face=serif size=3>Schedule of Investments
</FONT></B><FONT face=serif size=3>(Unaudited) </FONT></P>
<P align=justify><B><FONT face=serif><U>Delaware Investments National Municipal
Income Fund</U></FONT></B><FONT face=serif> </FONT></P>
<P align=justify><FONT face=serif size=2>June 30, 2008 </FONT><FONT face=serif></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="4%" colSpan=2><B><FONT face=serif size=1>Principal</FONT></B>&nbsp; </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%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="4%" colSpan=2><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="4%" colSpan=2><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds &#150; 152.83%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face=serif size=1>Corporate-Backed Revenue Bonds &#150; 4.01%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Brazos, Texas Harbor Industrial
      Development Environmental Facilities Revenue (Dow Chemical Project)</FONT>
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.90% 5/1/38</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,438</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Chesapeake, Virginia Economic Development Authority
      Pollution Control Revenue</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Virginia Electric &amp; Power Company Project) Series A
      3.60% 2/1/32</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>485,925</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Iowa Finance Authority Pollution Control Facilities Revenue
      Refunding (Interstate Power) 5.00% 7/1/14 (FGIC)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>493,255</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>South Carolina
      Tobacco Settlement Revenue Management Authority Refunding 5.00%
      6/1/18</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>65,000</FONT>
</TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>63,473</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,293,091</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face=serif size=1>Electric
      Revenue Bonds &#150; 4.54%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>JEA Florida Electric Systems Revenue Series 3-A 5.00% 10/1/34
      (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,001,970</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Puerto Rico
      Electric Power Authority Revenue Series W 5.00% 7/1/28</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>470,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>460,111</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,462,081</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face=serif size=1>Health Care
      Revenue Bonds &#150; 18.51%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Albany, New York Industrial Development Agency Civic Facility
      Revenue (St. Peter's Hospital Project)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Series A 5.25% 11/15/32</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>473,040</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Allegheny
      County, Pennsylvania Hospital Development Authority Revenue (University of
      Pittsburgh Medical Center)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 9/1/14</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>524,005</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Health Facilities Authority Revenue (Banner Health) Series
      A 5.00% 1/1/17</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>310,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>323,745</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Escambia County,
      Florida Health Facilities Authority (VHA Program) 5.95% 7/1/20
      (AMBAC)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>355,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>373,364</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Lee Memorial Health System Board of Directors Florida Revenue
      Refunding Series A 5.00% 4/1/20 (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,016,260</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Maryland State Health &amp; Higher Education
      Facilities Authority Revenue (Johns Hopkins Health Systems)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/15/48</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>115,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>119,430</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Massachusetts State Health &amp; Education Facilities Authority
      Revenue</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Boston Medical Center) Series B 5.25%
      7/1/38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>45,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>42,044</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Caregroup) Refunding Series E-2 5.38%
      7/1/19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>511,455</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Orange County,
      Florida Health Facilities Authority Revenue (Orlando Regional
      Healthcare)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 6.25% 10/1/18 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,234,901</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Scottsdale, Arizona Industrial Development Authority Hospital
      Revenue Refunding</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Scottsdale Healthcare) Series A 5.00%
      9/1/23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>360,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>352,854</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>5,971,098</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><I><FONT face=serif size=1>Housing Revenue Bonds &#150; 15.28%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Broward County,
      Florida Housing Finance Authority (St. Croix Apartments Project) Series
      A</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.45% 11/1/36 (FSA) (AMT)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>605,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>589,869</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Florida Housing Finance Agency</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Homeowner Mortgage) Series 2 5.90% 7/1/29 (MBIA)
      (AMT)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>355,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>362,934</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Leigh Meadows Apartments) Series N 6.30% 9/1/36
      (AMBAC) (AMT) (HUD Section 8)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,510,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,511,657</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Volusia County,
      Florida Multifamily Housing Finance Authority (San Marco Apartments)
      Series A</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.60% 1/1/44 (FSA) (AMT)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,464,765</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,929,225</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face=serif size=1>Lease Revenue
      Bonds &#150; 17.77%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Broward County, Florida School Board Certificates of Participation
      Series A 5.25% 7/1/24 (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,036,830</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Florida State
      Municipal Loan Council Revenue Series A 5.00% 2/1/35 (MBIA)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,937,040</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Orange County, Florida School Board Certificates of Participation
      Series A 5.00% 8/1/27 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,248,425</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Palm Beach
      County, Florida School Board Certificates of Participation Series D 5.00%
      8/1/28 (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,509,840</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>5,732,135</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face=serif size=1>Local General
      Obligation Bonds &#150; 11.63%</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="1%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Denver, Colorado City &amp; County Justice System 5.00%
      8/1/23</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,052,580</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Harris County,
      Texas Flood Control District Refunding Series A 5.25% 10/1/18</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,092,520</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Northside, Texas Independent School District (Permanent School Fund
      Guaranteed) 5.25% 8/15/21</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,069,130</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Waco, Texas
      Independent School District Refunding 5.25% 8/15/19 (Permanent School Fund
      Guaranteed)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>537,270</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="90%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%"   bgColor=#c0c0c0><FONT size=1>3,751,500</FONT>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><I><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 11.62%</FONT></I> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Florida State Board of Education
      (Capital Outlay Public Education) Series C 6.00% 6/1/21-10 (FGIC)</FONT>
    </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,143,200</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth
      Highway &amp; Transportation Authority Revenue Series K 5.00%
      7/1/40-15</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>545,735</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Tampa, Florida Utility Tax
      Improvement Series A 6.125% 10/1/19-09 (AMBAC)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,057,990</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,746,925</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><I><FONT face=serif size=1>Special Tax Revenue
      Bonds &#150; 24.57%</FONT></I> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Florida State Department
      of Transportation (Right of Way) 5.00% 7/1/31 (FGIC)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,525,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,539,777</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Jacksonville, Florida Sales Tax
      Revenue (Better Jacksonville) 5.00% 10/1/30 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,517,145</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Jacksonville, Florida
      Transportation Revenue 5.25% 10/1/29 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,048,180</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1></FONT><FONT face=serif size=1><FONT face=Symbol>W</FONT>Miami-Dade County,
      Florida Special Obligation (Capital Appreciation &amp; Income) Series
      B</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 10/1/35 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>1,815,720</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>Seminole County, Florida Sales Tax
      Revenue Series A 5.00% 10/1/31 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT size=1>1,002,940</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=1>7,923,762</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><I><FONT size=1>State General Obligation Bonds &#150; 4.82%</FONT></I> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=1>Puerto Rico Commonwealth Refunding (Public
      Improvement) Series A</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>5.00% 7/1/16 (Assured Gty)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=1>250,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>264,345</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>5.50% 7/1/19 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=1>1,250,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=1>1,289,050</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT size=1>1,553,395</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><I><FONT size=1>Transportation Revenue
      Bonds &#150; 16.71%</FONT></I> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>Florida Ports Financing Commission
      Revenue (State Transportation Trust Fund) 5.375%</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>6/1/27 (MBIA) (AMT)<FONT size=3>&nbsp;&nbsp;</FONT></FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>980,760</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=1>Miami-Dade County, Florida Aviation Revenue
      (Miami International Airport) Series B 5.00% 10/1/37 (FGIC)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=1>2,250,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>2,156,467</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>Miami-Dade County, Florida Expressway
      Authority Toll Systems Revenue 5.00% 7/1/37 (AMBAC)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>977,540</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=1>North Texas Tollway Authority Revenue (First
      Tier) Refunding Series A 6.00% 1/1/19</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>547,350</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>Triborough, New York Bridge &amp;
      Tunnel Authority</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.00% 11/15/17</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>335,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>362,758</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=Symbol><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#183;</FONT>Series B-3 5.00%
      11/15/38</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>350,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>365,733</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>5,390,608</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><I><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 23.37%</FONT></I> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Arizona Water Quality Infrastructure
      Finance Authority Series A 5.00% 10/1/19</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>539,065</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>California State
      Department of Water Resources (Central Valley Project) Series A 5.00%
      12/1/20</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>450,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>482,720</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Cape Coral, Florida Water &amp; Sewer
      Revenue 4.75% 10/1/31 (AMBAC)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>961,800</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Florida Village Center
      Community Development District Florida Utility Revenue 5.00% 10/1/36
      (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,499,880</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>JEA Florida Water &amp; Sewer Systems
      Revenue Sub-Second Crossover Series B 5.00% 10/1/25 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,010,080</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Riviera Beach, Florida
      Utility Special District Water &amp; Sewer Revenue 5.00% 10/1/34
      (FGIC)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,200,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,130,232</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Winter Haven, Florida Utility System
      Revenue 5.00% 10/1/30 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,915,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,914,846</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,538,623</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><B><FONT face=serif size=1>Total Municipal Bonds
      (cost $49,842,289)</FONT></B> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>49,292,443</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="88%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT><STRONG>Short-Term Investments &#150; 6.20%</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><I><FONT face=serif size=1>Variable Rate Demand
      Notes &#150; 6.20%</FONT></I> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Allegheny County,
      Pennsylvania Industrial Development Authority Revenue (Oakland Catholic
      High School Project)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>1.54% 6/1/38 (LOC - PNC Bank
      N.A)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Connecticut State Health &amp;
      Education Facilities Authority (Yale University) Series Y-3 2.85%
      7/1/35</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Short-Term Investments (cost $2,000,000)</FONT></B> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2,000,000</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 159.03%</FONT></B> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(cost $51,842,289)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>51,292,443</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><B><FONT face=serif size=1>Receivables and Other
      Assets Net of Liabilities (See Notes) &#150; 2.98%</FONT></B> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>960,994</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (62.01%)</FONT></B>
</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(20,000,000</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><B><FONT face=serif size=1>Net Assets Applicable to
      2,422,200 Shares Outstanding &#150; 100.00%</FONT></B> </TD>
    <TD noWrap align=left width="1%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>32,253,437</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;
</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1></FONT><FONT face=serif size=1><FONT face=Symbol>W</FONT>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 3 in &#147;Notes.&#148; <BR></FONT><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Variable rate security. The rate shown is the
rate as of June 30, 2008. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=1>Summary of Abbreviations:
</FONT></B></P>
<P align=justify><FONT face=serif size=1>AMBAC &#150; Insured by the AMBAC Assurance
Corporation<BR>AMT &#150; Subject to Alternative Minimum Tax<BR>Assured Gty &#150; Insured
by the Assured Guaranty Corporation<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>LOC - Letter of Credit<BR>MBIA &#150; Insured by the
Municipal Bond Insurance Association<BR>VHA &#150; Veterans Health Administration
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="100%"  >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face=serif size=3>Notes</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<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 National Municipal Income Fund
(Fund). </FONT></P>
<P align=justify><B><FONT face=serif size=2>Security
Valuation</FONT></B><B><FONT face=serif size=1> </FONT></B><FONT face=serif size=1>&#150; Long-term debt securities are valued by an independent pricing service
or broker 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 market value. Generally, other
securities and assets for which market quotations are not readily available are
valued at fair value as determined in good faith under the direction of the
Fund&#146;s Board of Trustees (Board). In determining whether market quotations are
readily available or fair valuation will be used, various factors will be taken
into consideration, such as market closures, 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><B><FONT face=serif size=2>Federal Income
Taxes</FONT></B><B><FONT face=serif size=1> </FONT></B><FONT face=serif size=1>&#150;
The Fund intends to continue to qualify for federal income tax purposes as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended, and make the requisite distributions to shareholders.
Accordingly, no provision for federal income taxes has been made in the
financial statements. </FONT></P>
<P align=justify><FONT face=serif size=1>The Fund evaluates 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 are recorded as a tax benefit or expense in the
current year. The Fund did not record any tax benefit or expense in the current
period.</FONT><FONT face=serif size=1> </FONT></P>
<P align=justify><B><FONT face=serif size=2>Use of Estimates</FONT></B><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></P>
<P align=justify><B><FONT face=serif size=2>Other </FONT></B><FONT face=serif size=1>&#150; 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 allocated amongst such funds on the basis of average
net assets. Management fees and some other expenses are paid monthly. Security
transactions are recorded on the date the securities are purchased or sold
(trade date) for financial reporting purposes. Costs used in calculating
realized gains and losses on the sale of investment securities are those of the
specific securities sold. Interest income is recorded on the accrual basis.
Discounts and premiums 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,
annually. </FONT></P>
<P align=justify><B><FONT face=serif size=2>2. Investments<BR></FONT></B><FONT face=serif size=1>At June 30, 2008, 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, 2008, 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="94%" bgColor=#c0c0c0><FONT face=serif size=1>Cost
      of investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>51,842,289</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Aggregate unrealized
      appreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>632,038</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,181,884</FONT> </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Net unrealized
      depreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(549,846</FONT> </TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>For federal income tax purposes, at
March 31, 2008, capital loss carryforwards of $18,596 may be carried forward and
applied against future capital gains. Such capital loss carryforwards expire in
2016. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=1>Effective April 1, 2008, the Fund
adopted Financial Accounting Standards No. 157, Fair Value Measurements (FAS
157). FAS 157 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. FAS 157 also establishes a
framework for measuring fair value, and a three level hierarchy for fair value
measurements 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-tier hierarchy of inputs is
summarized below. </FONT></P>
<P align=justify><FONT face=serif size=1>Level 1 - inputs are quoted prices in
active markets<BR>Level 2 - inputs that are observable, directly or
indirectly<BR></FONT><FONT face=serif size=1>Level 3 - inputs are unobservable
and reflect assumptions on the part of the reporting entity </FONT></P>
<P align=justify><FONT face=serif size=1>The following table summarizes the
valuation of the Fund's investments by the above FAS 157 fair value hierarchy
levels as of June 30, 2008: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Securities</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Level
      1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face=serif size=1>Level 2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>51,292,443</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Level
      3</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face=serif size=1>Total</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>51,292,443</FONT> </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>3. 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. A real or
perceived decline in creditworthiness of a bond insurer can have an adverse
impact on the value of insured bonds held in the Fund. At June 30, 2008, 69% of
the Fund&#146;s net assets, including liquidation value of preferred stock, were
insured by bond insurers. 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."
Advance refunded bonds 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.</FONT></P>
<P align=justify><FONT face=serif size=1>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 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&#146;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
net 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
has delegated to Delaware Management Company the day-to-day functions of
determining whether individual securities are liquid for purposes of the Fund&#146;s
limitation on investments in illiquid assets. Securities eligible for resale
pursuant to Rule 144A, which are determined to be liquid, are not subject to the
Fund&#146;s 15% limit on investments in illiquid securities. As of June 30, 2008,
there were no Rule 144A securities and no securities have been determined to be
illiquid under the Fund&#146;s Liquidity Procedures. </FONT></P>
<P align=justify><B><FONT face=serif size=2>4. Preferred
Shares<BR></FONT></B><FONT face=serif size=1>Beginning in February 2008,
remarketing of the Fund&#146;s shares failed. A remarketing fails when the
remarketing agent is unable to set a dividend rate that will clear the market of
all of the shares that current holders wish to sell in a remarketing. A failed
remarketing means that the current holders retain their preferred shares until
the next periodic remarketing (for the Fund, periodic remarketings are typically
28 days but are generally 7 days when a remarketing fails), and the dividend
rate for the next dividend period is automatically set to the maximum dividend
rate established by the Fund&#146;s </FONT><FONT face=serif size=1>governing
instruments. The Fund&#146;s preferred shares maximum rate is calculated as 110% of
the higher applicable AA composite commercial paper rate and the taxable
equivalent of the short-term municipal bond rate. </FONT></P>
<P align=justify><FONT face=serif size=1>These developments generally do not
affect the management or investment policies of the Fund. However, one
implication of these failed remarketings for common shareholders is that the
Fund&#146;s cost of leverage may be higher than it otherwise would have been had the
remarketing continued to be successful. If this is the case, the Fund&#146;s future
common share earnings may be lower than they otherwise would have
been.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<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>
<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 National
      Municipal Income Fund;</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>
  <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></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>
  <TR>
    <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>
  <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>
  <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>(d)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</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 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></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 noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT 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></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">
      <P align=justify><FONT face=serif size=2>PATRICK P.
      COYNE&nbsp;</FONT><B><FONT face=serif size=2> </FONT></B></P></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>By:&nbsp;&nbsp;&nbsp; Patrick P. Coyne
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2>Title: Chief Executive Officer
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>Date: August 28, 2008</FONT></TD>
    <TD width="99%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<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 National
      Municipal Income Fund;</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>
  <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>
  <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>(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>
  <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>
  <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>(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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</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 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></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 noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT 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></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">
      <P align=justify><FONT face=serif size=2>RICHARD
      SALUS&nbsp;</FONT><B><FONT face=serif size=2> </FONT></B></P></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>By:&nbsp;&nbsp;&nbsp; Richard Salus </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2>Title: Chief Financial
Officer</FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>Date: August 28, 2008</FONT></TD>
    <TD width="99%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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 National
Municipal Income Fund </FONT></B></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">
      <P align=justify><FONT face=serif size=2>PATRICK P.
      COYNE&nbsp;</FONT><B><FONT face=serif size=2> </FONT></B></P></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>By:&nbsp;&nbsp;&nbsp; Patrick P. Coyne
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2>Title: Chief Executive Officer
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>Date: August 28, 2008</FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"  >&nbsp;</TD>
    <TD width="99%"  >&nbsp;</TD></TR></TABLE>
<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.
</FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">
      <P align=justify><FONT face=serif size=2>PATRICK P.
      COYNE&nbsp;</FONT><B><FONT face=serif size=2> </FONT></B></P></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>By:&nbsp;&nbsp;&nbsp; Patrick P. Coyne
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2>Title: Chief Executive Officer
    </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>Date: August 28, 2008</FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">
      <P align=justify><FONT face=serif size=2>RICHARD
      SALUS&nbsp;</FONT><B><FONT face=serif size=2> </FONT></B></P></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>By:&nbsp;&nbsp;&nbsp; Richard Salus </FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2>Title: Chief Financial
Officer</FONT></TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>Date: August 28, 2008</FONT></TD>
    <TD width="99%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
