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 310,000.001.05$330,909.505.0001/01/2017AZSMED
ATLANTA GA WTR & WASTEWTR REV 300,000.001.02$319,938.006.2511/01/2039ATLUTL
BAY AREA TOLL AUTH CALIF TOLL 235,000.000.79$249,182.255.6204/01/2044BAYTRN
BRAZOS TEX HBR INDL DEV CORP 125,000.000.39$121,847.505.9005/01/2038BRADEV
BREVARD CNTY FLA HEALTH FACS 90,000.000.31$97,973.107.0004/01/2039BREMED
BROOKLYN ARENA LOCAL DEV CORP 300,000.001.02$320,916.005.8807/15/2030BRKDEV
BUCKEYE OHIO TOB SETTLEMENT 130,000.000.34$108,219.806.5006/01/2047BUCGEN
BUCKEYE OHIO TOB SETTLEMENT 320,000.000.77$242,467.205.8806/01/2047BUCGEN
BUTLER CNTY PA HOSP AUTH HOSP 150,000.000.53$167,497.507.1207/01/2029BUTMED
CALIFORNIA HSG FIN AGY REV 250,000.000.82$257,742.505.9508/01/2025CASHSG
CALIFORNIA MUN FIN AUTH CTFS 270,000.000.77$242,662.505.5002/01/2039CASMED
CALIFORNIA ST 105,000.000.34$107,608.206.0004/01/2038CAS
CALIFORNIA ST ECONOMIC RECOVER 260,000.000.88$278,363.805.2507/01/2021CASDEV
CALIFORNIA STATEWIDE CMNTYS DE 470,000.001.55$488,118.506.0005/15/2023CASDEV
CASH 40,276.740.13$40,276.740.0012/15/2038US-CASH
CHESAPEAKE VA ECON DEV AUTH PO 500,000.001.64$517,465.003.6002/01/2032CHEPCR
CLAYTON CNTY GA DEV AUTH SPL F 200,000.000.64$200,192.009.0006/01/2035CYTDEV
DESERT CALIF CMNTY COLLEGE DIS 295,000.000.94$297,581.255.0008/01/2037DESHGR
ESCAMBIA CNTY FLA HEALTH FACS 290,000.000.95$298,160.605.9507/01/2020ESCMED
FLA WTR POLLUTION CTL FING 235,000.000.80$252,305.405.0001/15/2025FLSPOL
FLORIDA HSG FIN AGY 290,000.000.93$293,384.305.9007/01/2029FLSHSG
FLORIDA PORTS FING COMMN REV 1,000,000.003.18$1,000,000.005.3806/01/2027FLSTRN
GOLDEN ST TOB SECURITIZATION 370,000.000.79$248,421.705.1206/01/2047GLDGEN
HARRIS CNTY TEX INDL DEV CORP 150,000.000.48$149,709.005.0002/01/2023HARPOL
HAWAII ST DEPT BUDGET & FIN 290,000.000.99$311,016.306.5007/01/2039HISGEN
IDAHO BD BK AUTH REV 250,000.000.87$274,022.505.0009/15/2028IDSGEN
ILLINOIS FIN AUTH REV 300,000.001.00$316,680.007.0008/15/2044ILSGEN
IOWA FIN AUTH POLLUTN CTL FAC 500,000.001.72$540,400.005.0007/01/2014IASPOL
JACKSONVILLE FLA SALES TAX REV 1,300,000.004.19$1,320,761.005.0010/01/2030JACGEN
JACKSONVILLE FLA TRANS REV 1,000,000.003.26$1,026,500.005.2510/01/2029JACTRN
LONG TERM RECEIVABLES -31,202.72-0.10-$31,202.720.00N/ASECNCAHUS
LYCOMING CNTY PA AUTH HEALTH 500,000.001.54$485,325.005.5007/01/2028550804AQ1
M-S-R ENERGY AUTH CALIF 115,000.000.38$118,125.706.1211/01/2029MSRPWR
M-S-R ENERGY AUTH CALIF 210,000.000.71$224,784.006.5011/01/2039MSRPWR
MARICOPA CNTY ARIZ INDL DEV AU 225,000.000.75$235,271.256.0007/01/2039MARMED
MARIETTA GA DEV AUTH REV 430,000.001.25$394,181.007.0006/15/2039MARDEV
MARYLAND ST ECONOMIC DEV CORP 370,000.001.19$373,663.005.7506/01/2033MDSDEV
MASSACHUSETTS ST HEALTH & EDL 250,000.000.73$229,242.506.1210/01/2029MASMED
MASSACHUSETTS ST HEALTH & EDL 360,000.001.19$373,798.805.3807/01/2019MASMED
METROPOLITAN WASHINGTON D C AR 245,000.000.79$249,603.555.2510/01/2044METAPT
MIAMI-DADE CNTY FLA SPL OBLIG 2,000,000.006.28$1,977,000.005.0010/01/2035MIAGEN
NEW HAMPSHIRE HEALTH & ED FACS 300,000.001.00$314,685.006.0008/01/2038NHSMED
NEW MEXICO ST HOSP EQUIP LN CO 1,000,000.003.14$987,780.005.0008/01/2039NMSMED
NEW YORK N Y 250,000.000.85$266,385.005.3804/01/2036NYC
NEW YORK N Y 250,000.000.87$274,270.005.2508/15/2021NYC
NEW YORK N Y CITY INDL DEV AGY 450,000.001.41$444,915.007.6208/01/2025NYCDEV
NEW YORK ST 300,000.000.99$312,246.005.0002/15/2039NYS
NEW YORK ST DORM AUTH ST PERS 570,000.001.87$589,944.305.0003/15/2038NYSHGR
NEW YORK ST TWY AUTH ST PERS 425,000.001.49$469,442.255.0003/15/2022NYSTRN
OHIO ST AIR QUALITY DEV AUTH 260,000.000.86$271,112.405.7008/01/2020OHSDEV
OHIO ST HOSP FAC REV 300,000.000.99$311,205.005.5001/01/2039OHSMED
ORANGE CNTY FLA HEALTH FACS AU 1,470,000.005.32$1,674,785.706.2510/01/2018ORAMED
PENNSYLVANIA ECONOMIC DEV FING 345,000.001.18$373,024.357.0007/15/2039PASDEV
PENNSYLVANIA ST TPK COMMN TPK 300,000.000.97$306,018.005.2506/01/2039PASTRN
PENNSYLVANIA ST TPK COMMN TPK 390,000.001.25$394,368.005.1212/01/2040PASTRN
PUERTO RICO COMWLTH 200,000.000.64$200,862.006.0007/01/2039PRC
PUERTO RICO COMWLTH 250,000.000.85$268,700.005.0007/01/2016PRC
PUERTO RICO COMWLTH 1,250,000.004.16$1,309,812.505.5007/01/2019PRC
PUERTO RICO SALES TAX FING 285,000.000.94$295,610.555.7508/01/2037PRCGEN
PUERTO RICO SALES TAX FING 500,000.001.67$524,555.005.0008/01/2039PRCGEN
PUERTO RICO SALES TAX FING 610,000.001.48$465,442.200.0008/01/2032PRCGEN
RIVIERA BEACH FLA UTIL SPL DIS 1,200,000.003.51$1,105,596.005.0010/01/2034RIVUTL
SACRAMENTO CNTY CALIF ARPT SYS 300,000.001.02$321,855.006.0007/01/2041SACAPT
SALT VERDE FINL CORP GAS REV A 300,000.000.82$256,707.005.0012/01/2037SLTPWR
SCOTTSDALE ARIZ INDL DEV AUTH 360,000.001.08$340,848.005.0009/01/2023SCOMED
SECURITIZED NET CASH - ACR1 487,045.611.55$487,045.610.00N/ASECCASHAC
ST LOUIS MO ARPT REV 325,000.001.09$343,889.006.6207/01/2034STLAPT
TEXAS PRIVATE ACTIVITY SURFACE 300,000.001.04$326,643.007.5012/31/2031TXSTRN
TRIBOROUGH BRDG & TUNL AUTH N 350,000.001.23$388,115.005.0011/15/2038TRBTRN
VIRGINIA ST 250,000.000.91$287,905.005.0006/01/2020VAS
VOLUSIA CNTY FLA HSG FIN AUTH 1,500,000.004.78$1,506,585.005.6001/01/2044VOLMFH
WINTER HAVEN FLA UTIL SYS REV 1,000,000.003.22$1,013,880.005.0010/01/2030WHVUTL