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<SEC-DOCUMENT>0001206774-09-001651.txt : 20090828
<SEC-HEADER>0001206774-09-001651.hdr.sgml : 20090828
<ACCEPTANCE-DATETIME>20090828151559
ACCESSION NUMBER:		0001206774-09-001651
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090828
DATE AS OF CHANGE:		20090828
EFFECTIVENESS DATE:		20090828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		091043089

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	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>dintlmuniincfund_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">

<P align=center><FONT face=serif size=2>UNITED STATES<BR></FONT><FONT face=serif size=2>SECURITIES AND EXCHANGE COMMISSION<BR></FONT><FONT face=serif size=2>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 REGISTERED <BR>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="50%"><FONT face=serif size=2>811-07410</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><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="50%"><FONT face=serif size=2>Municipal Income Fund</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><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="50%"><FONT face=serif size=2>Philadelphia, PA 19103</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><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="50%"><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="50%"><FONT face=serif size=2>Philadelphia, PA 19103</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><FONT face=serif size=2>(800) 523-1918</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><FONT face=serif size=2>March 31</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</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="50%"><FONT face=serif size=2>June 30, 2009</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Item 1. Schedule of Investments.
</FONT></B></P>
<P align=left><B><FONT face=serif>Schedule of Investments </FONT></B><FONT face=serif>(Unaudited)</FONT><B><FONT face=serif size=5> </FONT></B></P>
<P align=left><B><FONT face=serif size=2><U>Delaware Investments National
Municipal Income Fund</U></FONT></B><B><FONT face=serif> </FONT></B></P>
<P align=left><FONT face=serif size=2>June 30, 2009 </FONT><FONT face=serif></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="4%" colSpan=2><B><FONT face=serif size=1>Principal</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="4%" colSpan=2><B><FONT face=serif size=1>Amount</FONT></B></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>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds &#150; 96.29%</FONT></B></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>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><I><FONT face=serif size=1>Corporate-Backed Revenue Bonds &#150; 6.59%</FONT></I></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% 5/1/38
    (AMT)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>125,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>103,396</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Buckeye, Ohio Tobacco
      Settlement Financing Authority Asset-Backed Senior Turbo Series A-2 6.50%
      6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>130,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>80,243</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Chesapeake, Virginia Economic
      Development Authority Pollution Control Revenue (Virginia Electric &amp;
      Power 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></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 3.60%
      2/1/32</FONT></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=right 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>499,420</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Golden State,
      California Tobacco Securitization Settlement Revenue (Asset-Backed Senior
      Notes) Series A-1</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 6/1/47</FONT></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=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>254,392</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>120,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>72,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right 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>513,791</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Nassau County, New
      York Tobacco Settlement Asset-Backed Series A-3 5.125% 6/1/46</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>135,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>87,508</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Pennsylvania Economic Development Financing Authority Exempt
      Facilities Revenue (Allegheny Energy Supply)</FONT></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 7/15/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>345,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>349,447</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,960,666</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><I><FONT face=serif size=1>Education Revenue Bonds &#150; 4.73%</FONT></I></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>California
      Educational Facilities Authority Revenue (University of Southern
      California) Series A 5.00% 10/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>250,715</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>California Statewide Communities Development Authority
      Student Housing Revenue</FONT></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Irvine, LLC - UCI East
      Campus) 6.00% 5/15/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>470,000</FONT></TD>
    <TD noWrap align=right 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>446,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Marietta, Georgia
      Development Authority Revenue Refunding (Life University Income Project)
      7.00% 6/15/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>430,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>362,576</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Maryland State Economic Development Student Housing Revenue
      (University of Maryland College Park Projects)</FONT></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 6/1/33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>370,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>347,604</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,407,527</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><I><FONT face=serif size=1>Health Care Revenue Bonds &#150;
    20.62%</FONT></I></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Albany, New York
      Industrial Development Agency Civic Facility Revenue (St. Peter's Hospital
      of Albany Project)</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.25%
      11/15/32</FONT></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=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>399,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>310,000</FONT></TD>
    <TD noWrap align=right 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>314,842</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Brevard County,
      Florida Healthcare Facilities Authority Revenue (Heath First Income
      Project) 7.00% 4/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>90,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>91,447</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Butler County, Pennsylvania Hospital Authority Revenue
      (Butler Health System Project) 7.125% 7/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>150,000</FONT></TD>
    <TD noWrap align=right 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>155,478</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><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=right width="3%"><FONT face=serif size=1>295,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>302,372</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Illinois Finance Authority Revenue (Silver Cross &amp;
      Medical Centers) 7.00% 8/15/44</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>540,000</FONT></TD>
    <TD noWrap align=right 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>524,848</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><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%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,009,260</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Maricopa County Industrial Development Authority Health
      Facilities Revenue (Catholic Healthcare West)</FONT></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 6.00%
      7/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>225,000</FONT></TD>
    <TD noWrap align=right 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>224,379</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Maryland State Health &amp; Higher Education
      Facilities Authority Revenue (John Hopkins Health Systems)</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/15/48</FONT></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=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>122,612</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Massachusetts State Health &amp; Education Facilities
      Authority Revenue (Caregroup) Refunding</FONT></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-2 5.375%
      7/1/19</FONT></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=right 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>504,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><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="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 6.25% 10/1/18
      (NATL-RE)</FONT></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=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,144,899</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Scottsdale Healthcare)
      Series A 5.00% 9/1/23</FONT></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=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>337,698</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>6,132,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><I><FONT face=serif size=1>Housing Revenue Bonds &#150; 15.14%</FONT></I></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>California Housing
      Finance Agency Revenue (Home Mortgage) Series M 5.95% 8/1/25
    (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>235,913</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Homeowner Mortgage)
      Series 2 5.90% 7/1/29 (NATL-RE) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=right 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>298,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Leigh Meadows
      Apartments) Series N 6.30% 9/1/36 (AMBAC) (HUD Section 8) (AMT)</FONT></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=right 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>2,510,051</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Volusia County,
      Florida Multifamily Housing Finance Authority (San Marco
    Apartments)</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.60% 1/1/44
      (FSA) (AMT)</FONT></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=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,457,640</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,502,104</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><I><FONT face=serif size=1>Local
      General Obligation Bonds &#150; 3.56%</FONT></I></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Desert, California Community College District Election 2004
      Series C 5.00% 8/1/37 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>295,000</FONT></TD>
    <TD noWrap align=right 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>280,889</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Idaho Board Bank
      Authority Revenue Series A 5.00% 9/15/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>256,560</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>New York City, New
    York</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></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=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal
      2003 Series I 5.375% 4/1/36</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=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 size=1>256,758</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal
      2009 Sub-Series A-1 5.25% 8/15/21</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>263,203</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=1>1,057,410</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><I><FONT size=1>Special Tax Revenue Bonds &#150; 21.89%</FONT></I></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT size=1>Jacksonville, Florida Sales Tax
      Revenue (Better Jacksonville) 5.00% 10/1/30 (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=1>1,300,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>1,244,126</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>Jacksonville, Florida Transportation Revenue
      Refunding 5.25% 10/1/29 (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT></TD>
    <TD noWrap align=right 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>998,680</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT size=1>Miami-Dade County, Florida
      Special Obligation (Capital Appreciation &amp; Income) Series B</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/35
      (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>1,838,379</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>New York
      State Dormitory Authority (State Personal Income Tax Revenue-Education)
      Series A 5.00% 3/15/38</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>570,000</FONT></TD>
    <TD noWrap align=right 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>563,958</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT size=1>New York State Thruway Authority
      (State Personal Income Tax Revenue-Transportation) Series A 5.00%
      3/15/22</FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=1>425,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1>452,051</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=1>New York
      State Urban Development Revenue (State Personal Income Tax) Series B-1
      5.00% 3/15/36</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>250,000</FONT></TD>
    <TD noWrap align=right 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>247,798</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT size=1>Puerto Rico Sales Tax Financing
      Sales Tax Revenue First Sub-Series A</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1><FONT face=Symbol><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#183;</FONT>5.00%
      8/1/39</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>506,095</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%
      8/1/37</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>285,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>273,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1></FONT><FONT face=serif size=1><FONT face=Symbol>W</FONT>Capital Appreciation 6.75%
      8/1/32</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>610,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>384,910</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>6,509,127</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><I><FONT face=serif size=1>State General Obligation Bonds &#150;
      7.37%</FONT></I></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>California State
      (Various Purposes) 6.00% 4/1/38</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>105,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>103,994</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>New York State Refunding Series A 5.00%
      2/15/39</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=right 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>302,721</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>Puerto Rico
      Commonwealth (Public Improvement) Series A</FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/16
      (ASSURED GTY)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>260,945</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 7/1/19
      (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,241,937</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Virginia State Commonwealth Refunding Series B 5.00%
      6/1/20</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>281,428</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,191,025</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><I><FONT face=serif size=1>Transportation Revenue Bonds &#150;
      7.46%</FONT></I></TD>
    <TD noWrap align=left width="3%" 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></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>Florida Ports
      Financing Commission Revenue (State Transportation Trust Fund) 5.375%
      6/1/27 (NATL-RE) (AMT)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>939,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Miami-Dade County, Florida Aviation Revenue (Miami
      International Airport Hub)</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00%
      10/1/37 (NATL-RE) (FGIC)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right 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>902,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Triborough, New York Bridge &amp; Tunnel Authority
      Revenue Sub-Series B-3 5.00% 11/15/38</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>350,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>375,676</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,217,076</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><I><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150;
      8.93%</FONT></I></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Atlanta Georgia Water &amp; Wastewater Revenue
      Series A 6.25% 11/1/39</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=right 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>298,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>Florida Water
      Pollution Control Financing Revenue Series A 5.00% 1/15/25</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>235,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>241,641</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Riviera Beach, Florida Utility Special District
      Water &amp; Sewer Revenue 5.00% 10/1/34 (NATL-RE) (FGIC)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,200,000</FONT></TD>
    <TD noWrap align=right 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>969,168</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>Village Center
      Community Development District, Florida Utility Revenue 5.00% 10/1/36
      (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>235,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>195,694</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Winter Haven, Florida Utilities Systems Revenue
      5.00% 10/1/30 (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>949,710</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,655,088</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Municipal Bonds (cost
      $29,745,041)</FONT></B></TD>
    <TD noWrap align=left 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>28,632,153</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="92%">&nbsp;</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=Symbol size=1>&#183;</FONT><B><FONT face=serif size=1>Short-Term Investments &#150;
      1.68%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><I><FONT face=serif size=1>Variable Rate Demand Notes &#150; 1.68%</FONT></I></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Allegheny County, Pennsylvania Industrial
      Development Authority Revenue (United Jewish Federation)</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B
      0.30% 10/1/25 (LOC </FONT><I><FONT face=serif size=1>&#150; </FONT></I><FONT face=serif size=1>PNC Bank N.A.)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT></TD>
    <TD noWrap align=right 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>100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=1>Illinois Health
      Facilities Authority Revenue (Revolving Pooled Fund) Series B 0.23%
      8/1/20</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>400,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>400,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Short-Term Investments (cost
      $500,000)</FONT></B></TD>
    <TD noWrap align=left 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>500,000</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150;
      97.97%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost
      $30,245,041)</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>29,132,153</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face=serif size=1>Receivables and Other Assets Net of Liabilities (See Notes) &#150;
      2.03%</FONT></B></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>604,176</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets Applicable to 2,422,200
      Shares Outstanding &#150; 100.00%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>29,736,329</FONT></B></TD></TR></TABLE><BR>
<P align=left><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><FONT face=Symbol>&#183;</FONT>Variable rate security. The rate shown is the rate as of
June 30, 2009. </FONT></P>
<P align=left><B><FONT face=serif size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face=serif size=1>AMBAC &#150; Insured by the
AMBAC Assurance Corporation <BR>AMT &#150; Subject to Alternative Minimum Tax
<BR>ASSURED GTY &#150; Insured by 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 &#150; Letter of Credit
<BR></FONT><FONT face=serif size=1>NATL-RE &#150; Insured by the National Public
Finance Guarantee Corporation <BR>VHA &#150; Veterans Health Administration
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%">
      <P align=justify><B><FONT face=serif>Notes</FONT></B></P></TD></TR></TABLE>
<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><FONT face=serif size=2> &#150;</FONT><FONT face=serif size=1> Debt securities are valued
by an independent pricing service or broker. To the extent current market prices
are not available, the pricing service may take into account developments
related to the specific security, as well as transactions in comparable
securities. 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 or
suspension of trading in a security. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Federal Income Taxes</FONT></B><FONT face=serif size=2> &#150;</FONT><FONT face=serif size=1> No provision for federal
income taxes has been made as 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. The Fund evaluates tax positions taken or
expected to be taken in the course of preparing the Fund&#146;s tax returns to
determine whether the tax positions are &#147;more-likely-than-not&#148; 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></P>
<P align=justify><B><FONT face=serif size=2>Use of Estimates</FONT></B><FONT face=serif size=2> &#150;</FONT><FONT face=serif size=1> The preparation of financial
statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Other</FONT></B><FONT face=serif size=2> &#150;</FONT><FONT face=serif size=1> Expenses directly attributable to the
Fund are charged directly to the Fund. Other expenses common to various funds
within the Delaware Investments<SUP>&#174;</SUP> Family of Funds are generally
allocated amongst such funds on the basis of average net assets. Management fees
and some other expenses are paid monthly. Security transactions are recorded on
the date the securities are purchased or sold (trade date) for financial
reporting purposes. Costs used in calculating realized gains and losses on the
sale of investment securities are those of the specific securities sold.
Interest income is recorded on the accrual basis. Discounts and premiums 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, 2009, the cost of investments for federal income
tax purposes has been estimated since final tax characteristics cannot be
determined until fiscal year end. At June 30, 2009, the cost of investments and
unrealized appreciation (depreciation) for the Fund were as follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=justify width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Cost of investments</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>30,245,041</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="95%"><FONT face=serif size=1>Aggregate unrealized
      appreciation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$231,580</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(1,344,468</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="95%"><FONT face=serif size=1>Net unrealized
      depreciation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(1,112,888</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1>)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>For federal income tax purposes, at
March 31, 2009, capital loss carryforwards of $1,789,580 may be carried forward
and applied against future capital gains. Such capital loss carryforwards will
expire as follows: $18,596 in 2016 and $1,770,984 in 2017. </FONT></P>
<P align=justify><FONT face=serif size=1>The Fund applies 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 under current market conditions. 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 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 FAS 157 fair value hierarchy levels
as of June 30, 2009: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=justify width="96%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Municipal Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>29,132,153</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="96%"><FONT face=serif size=1>Total</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap width="1%"><FONT size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=1>29,132,153</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>There were no Level 1 or Level 3
securities at the beginning or end of the period. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>3. Credit and Market
Risk<BR></FONT></B><FONT face=serif size=1>The Fund concentrates its investments
in securities issued by municipalities. On September 13, 2007, shareholders of
Delaware Investments National Municipal Income Fund (formerly Delaware
Investments Florida Insured Municipal Income Fund) approved (1) the elimination
of the Fund&#146;s fundamental investment policy that required the Fund to invest
primarily in insured municipal securities issued by the State of Florida and (2)
the adoption of a new fundamental investment policy permitting the Fund to
invest in un-insured municipal securities issued by states other than Florida.
The Fund&#146;s portfolio managers began to transition the Fund&#146;s portfolio to
include un-insured municipal bonds issued by other states and territories on
October 15, 2007. As of June 30, 2009, municipal bonds issued by the state of
Florida constitute approximately 54% of the Fund&#146;s portfolio. These investments
could make the Fund more sensitive to economic conditions in Florida than other
more geographically diversified national municipal income funds. The value of
these investments may be adversely affected by new legislation within the
states, regional or local economic conditions, and differing levels of supply
and demand for municipal bonds. Many municipalities insure repayment for their
obligations. Although bond insurance reduces the risk of loss due to default by
an issuer, such bonds remain subject to the risk that value may fluctuate for
other reasons and there is no assurance that the insurance company will meet its
obligations. 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, 2009, 61% of the Fund&#146;s net assets were insured by bond insurers. These
securities have been identified in the schedule of investments. </FONT></P>
<P align=justify><FONT face=serif size=1>The Fund invests a portion of its
assets in high yield fixed income securities, which carry ratings of BB or lower
by Standard &amp; Poor&#146;s Ratings Group (S&amp;P) and/or Ba or lower by Moody&#146;s
Investors Service, Inc. (Moody&#146;s). Investments in these higher yielding
securities are generally accompanied by a greater degree of credit risk than
higher rated securities. Additionally, lower rated securities may be more
susceptible to adverse economic and competitive industry conditions than
investment grade securities.</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 of their lien on the pledged
revenues or other security under the terms of the bond contract and 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, S&amp;P, 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, a series of Delaware Management
Business Trust, 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, 2009, 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>6. Subsequent Events &#150; Purchase of
Delaware Investments by Macquarie Group<BR></FONT></B><FONT face=serif size=1>On
August 19, 2009, Lincoln National Corporation and Macquarie Group (&#147;Macquarie&#148;)
entered into an agreement pursuant to which Delaware Investments, including
Delaware Management Company (DMC), Delaware Distributors, L.P. (DDLP), and
Delaware Service Company (DSC), will be acquired by Macquarie, an
Australia-based global provider of banking, financial, advisory, investment and
funds management services (the &#147;Transaction&#148;). Upon completion of the
Transaction, DMC, DDLP and DSC will be wholly-owned subsidiaries of
Macquarie.</FONT></P>
<P align=justify><FONT face=serif size=1>The Transaction will result in a change
of control of DMC which, in turn, will cause the termination of the investment
advisory agreement between DMC and the Fund. As a result, a Special Meeting of
Shareholders (the &#147;Meeting&#148;) of the Fund will be scheduled for the purpose of
asking shareholders to approve a new investment advisory agreement between DMC
and the Fund (the &#147;New Agreement&#148;). If approved by shareholders, the New
Agreement will take effect upon the closing of the Transaction, which is
currently anticipated to occur in the fourth quarter of 2009. Shareholders of
the Fund will receive proxy materials including more detailed information about
the Meeting, the Transaction and the proposed New Agreement. </FONT></P>
<P align=justify><FONT face=serif size=1>Effective June 30, 2009, the Fund
adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 165, Subsequent Events (FAS 165). In accordance with FAS 165,
management has evaluated whether any events or transactions occurred subsequent
to June 30, 2009 through August 15, 2009, the date of issuance of the Fund&#146;s
schedule of portfolio holdings, and determined that there were no other material
events or transactions that would require recognition or disclosure in the
Fund&#146;s schedule of portfolio holdings.</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>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">

<P align=center><B><U><FONT face=serif size=2>CERTIFICATION</FONT></U></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></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>I have reviewed this
      report on Form N-Q of Delaware Investments </FONT><FONT face=serif size=2>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><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=3>&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%"><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=3>&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%"><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=3>&nbsp;</TD></TR></TABLE>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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 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>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><BR>
<TABLE cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>By:</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>Title:</FONT>
</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Chief Executive
      Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>Date:</FONT> </TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>August 26,
      2009</FONT>&nbsp; </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></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 </FONT><FONT face=serif size=2>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 width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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 width="100%" colSpan=5>&nbsp;</TD></TR></TABLE>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>All significant
      deficiencies and material weaknesses in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#146;s ability to record, process, summarize,
      and report financial information; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <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>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><BR>
<TABLE cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>By:</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>Title:</FONT>
</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Chief Financial
      Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2>Date:</FONT> </TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>August 26,
      2009</FONT>&nbsp; </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>
<TABLE cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>By:</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Chief Executive
      Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>August 26,
      2009</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Patrick P. Coyne</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>August 26, 2009<FONT size=3>&nbsp; </FONT></FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Richard Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Chief Financial
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>August 26, 2009<FONT size=3>&nbsp; </FONT></FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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