Delaware Investments National Municipal Income Fund

Holdings as of 12/31/2009 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
ARIZONA HEALTH FACS AUTH REV	310,000.00	1.05	$330,909.50	5.00	01/01/2017	AZSMED
ATLANTA GA WTR & WASTEWTR REV	300,000.00	1.02	$319,938.00	6.25	11/01/2039	ATLUTL
BAY AREA TOLL AUTH CALIF TOLL	235,000.00	0.79	$249,182.25	5.62	04/01/2044	BAYTRN
BRAZOS TEX HBR INDL DEV CORP	125,000.00	0.39	$121,847.50	5.90	05/01/2038	BRADEV
BREVARD CNTY FLA HEALTH FACS	90,000.00	0.31	$97,973.10	7.00	04/01/2039	BREMED
BROOKLYN ARENA LOCAL DEV CORP	300,000.00	1.02	$320,916.00	5.88	07/15/2030	BRKDEV
BUCKEYE OHIO TOB SETTLEMENT	130,000.00	0.34	$108,219.80	6.50	06/01/2047	BUCGEN
BUCKEYE OHIO TOB SETTLEMENT	320,000.00	0.77	$242,467.20	5.88	06/01/2047	BUCGEN
BUTLER CNTY PA HOSP AUTH HOSP	150,000.00	0.53	$167,497.50	7.12	07/01/2029	BUTMED
CALIFORNIA HSG FIN AGY REV	250,000.00	0.82	$257,742.50	5.95	08/01/2025	CASHSG
CALIFORNIA MUN FIN AUTH CTFS	270,000.00	0.77	$242,662.50	5.50	02/01/2039	CASMED
CALIFORNIA ST	105,000.00	0.34	$107,608.20	6.00	04/01/2038	CAS
CALIFORNIA ST ECONOMIC RECOVER	260,000.00	0.88	$278,363.80	5.25	07/01/2021	CASDEV
CALIFORNIA STATEWIDE CMNTYS DE	470,000.00	1.55	$488,118.50	6.00	05/15/2023	CASDEV
CASH	40,276.74	0.13	$40,276.74	0.00	12/15/2038	US-CASH
CHESAPEAKE VA ECON DEV AUTH PO	500,000.00	1.64	$517,465.00	3.60	02/01/2032	CHEPCR
CLAYTON CNTY GA DEV AUTH SPL F	200,000.00	0.64	$200,192.00	9.00	06/01/2035	CYTDEV
DESERT CALIF CMNTY COLLEGE DIS	295,000.00	0.94	$297,581.25	5.00	08/01/2037	DESHGR
ESCAMBIA CNTY FLA HEALTH FACS	290,000.00	0.95	$298,160.60	5.95	07/01/2020	ESCMED
FLA WTR POLLUTION CTL FING	235,000.00	0.80	$252,305.40	5.00	01/15/2025	FLSPOL
FLORIDA HSG FIN AGY	290,000.00	0.93	$293,384.30	5.90	07/01/2029	FLSHSG
FLORIDA PORTS FING COMMN REV	1,000,000.00	3.18	$1,000,000.00	5.38	06/01/2027	FLSTRN
GOLDEN ST TOB SECURITIZATION	370,000.00	0.79	$248,421.70	5.12	06/01/2047	GLDGEN
HARRIS CNTY TEX INDL DEV CORP	150,000.00	0.48	$149,709.00	5.00	02/01/2023	HARPOL
HAWAII ST DEPT BUDGET & FIN	290,000.00	0.99	$311,016.30	6.50	07/01/2039	HISGEN
IDAHO BD BK AUTH REV	250,000.00	0.87	$274,022.50	5.00	09/15/2028	IDSGEN
ILLINOIS FIN AUTH REV	300,000.00	1.00	$316,680.00	7.00	08/15/2044	ILSGEN
IOWA FIN AUTH POLLUTN CTL FAC	500,000.00	1.72	$540,400.00	5.00	07/01/2014	IASPOL
JACKSONVILLE FLA SALES TAX REV	1,300,000.00	4.19	$1,320,761.00	5.00	10/01/2030	JACGEN
JACKSONVILLE FLA TRANS REV	1,000,000.00	3.26	$1,026,500.00	5.25	10/01/2029	JACTRN
LONG TERM RECEIVABLES	-31,202.72	-0.10	-$31,202.72	0.00	N/A	SECNCAHUS
LYCOMING CNTY PA AUTH HEALTH	500,000.00	1.54	$485,325.00	5.50	07/01/2028	550804AQ1
M-S-R ENERGY AUTH CALIF	115,000.00	0.38	$118,125.70	6.12	11/01/2029	MSRPWR
M-S-R ENERGY AUTH CALIF	210,000.00	0.71	$224,784.00	6.50	11/01/2039	MSRPWR
MARICOPA CNTY ARIZ INDL DEV AU	225,000.00	0.75	$235,271.25	6.00	07/01/2039	MARMED
MARIETTA GA DEV AUTH REV	430,000.00	1.25	$394,181.00	7.00	06/15/2039	MARDEV
MARYLAND ST ECONOMIC DEV CORP	370,000.00	1.19	$373,663.00	5.75	06/01/2033	MDSDEV
MASSACHUSETTS ST HEALTH & EDL	250,000.00	0.73	$229,242.50	6.12	10/01/2029	MASMED
MASSACHUSETTS ST HEALTH & EDL	360,000.00	1.19	$373,798.80	5.38	07/01/2019	MASMED
METROPOLITAN WASHINGTON D C AR	245,000.00	0.79	$249,603.55	5.25	10/01/2044	METAPT
MIAMI-DADE CNTY FLA SPL OBLIG	2,000,000.00	6.28	$1,977,000.00	5.00	10/01/2035	MIAGEN
NEW HAMPSHIRE HEALTH & ED FACS	300,000.00	1.00	$314,685.00	6.00	08/01/2038	NHSMED
NEW MEXICO ST HOSP EQUIP LN CO	1,000,000.00	3.14	$987,780.00	5.00	08/01/2039	NMSMED
NEW YORK N Y	250,000.00	0.85	$266,385.00	5.38	04/01/2036	NYC
NEW YORK N Y	250,000.00	0.87	$274,270.00	5.25	08/15/2021	NYC
NEW YORK N Y CITY INDL DEV AGY	450,000.00	1.41	$444,915.00	7.62	08/01/2025	NYCDEV
NEW YORK ST	300,000.00	0.99	$312,246.00	5.00	02/15/2039	NYS
NEW YORK ST DORM AUTH ST PERS	570,000.00	1.87	$589,944.30	5.00	03/15/2038	NYSHGR
NEW YORK ST TWY AUTH ST PERS	425,000.00	1.49	$469,442.25	5.00	03/15/2022	NYSTRN
OHIO ST AIR QUALITY DEV AUTH	260,000.00	0.86	$271,112.40	5.70	08/01/2020	OHSDEV
OHIO ST HOSP FAC REV	300,000.00	0.99	$311,205.00	5.50	01/01/2039	OHSMED
ORANGE CNTY FLA HEALTH FACS AU	1,470,000.00	5.32	$1,674,785.70	6.25	10/01/2018	ORAMED
PENNSYLVANIA ECONOMIC DEV FING	345,000.00	1.18	$373,024.35	7.00	07/15/2039	PASDEV
PENNSYLVANIA ST TPK COMMN TPK	300,000.00	0.97	$306,018.00	5.25	06/01/2039	PASTRN
PENNSYLVANIA ST TPK COMMN TPK	390,000.00	1.25	$394,368.00	5.12	12/01/2040	PASTRN
PUERTO RICO COMWLTH	200,000.00	0.64	$200,862.00	6.00	07/01/2039	PRC
PUERTO RICO COMWLTH	250,000.00	0.85	$268,700.00	5.00	07/01/2016	PRC
PUERTO RICO COMWLTH	1,250,000.00	4.16	$1,309,812.50	5.50	07/01/2019	PRC
PUERTO RICO SALES TAX FING	285,000.00	0.94	$295,610.55	5.75	08/01/2037	PRCGEN
PUERTO RICO SALES TAX FING	500,000.00	1.67	$524,555.00	5.00	08/01/2039	PRCGEN
PUERTO RICO SALES TAX FING	610,000.00	1.48	$465,442.20	0.00	08/01/2032	PRCGEN
RIVIERA BEACH FLA UTIL SPL DIS	1,200,000.00	3.51	$1,105,596.00	5.00	10/01/2034	RIVUTL
SACRAMENTO CNTY CALIF ARPT SYS	300,000.00	1.02	$321,855.00	6.00	07/01/2041	SACAPT
SALT VERDE FINL CORP GAS REV A	300,000.00	0.82	$256,707.00	5.00	12/01/2037	SLTPWR
SCOTTSDALE ARIZ INDL DEV AUTH	360,000.00	1.08	$340,848.00	5.00	09/01/2023	SCOMED
SECURITIZED NET CASH - ACR1	487,045.61	1.55	$487,045.61	0.00	N/A	SECCASHAC
ST LOUIS MO ARPT REV	325,000.00	1.09	$343,889.00	6.62	07/01/2034	STLAPT
TEXAS PRIVATE ACTIVITY SURFACE	300,000.00	1.04	$326,643.00	7.50	12/31/2031	TXSTRN
TRIBOROUGH BRDG & TUNL AUTH N	350,000.00	1.23	$388,115.00	5.00	11/15/2038	TRBTRN
VIRGINIA ST	250,000.00	0.91	$287,905.00	5.00	06/01/2020	VAS
VOLUSIA CNTY FLA HSG FIN AUTH	1,500,000.00	4.78	$1,506,585.00	5.60	01/01/2044	VOLMFH
WINTER HAVEN FLA UTIL SYS REV	1,000,000.00	3.22	$1,013,880.00	5.00	10/01/2030	WHVUTL