-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KdFwJe94p97NQP/pR7YXMVxRASs7ezBjT9wsLgawaNbUnKQE10z8TRKGMOUSQUji BYUxrSV5wT9lB0fdn1zcMw== 0001206774-07-001863.txt : 20070730 0001206774-07-001863.hdr.sgml : 20070730 20070730124115 ACCESSION NUMBER: 0001206774-07-001863 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070531 FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 EFFECTIVENESS DATE: 20070730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE INVESTMENTS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000879342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06411 FILM NUMBER: 071008762 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: (215) 255-2127 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR INVESTMENT TRUST DATE OF NAME CHANGE: 19921215

0000879342 S000002409 DELAWARE TAX-FREE FLORIDA INSURED FUND

C000006401 DELAWARE TAX-FREE FLORIDA INSURED FUND CLASS A VFLIX

C000006402 DELAWARE TAX-FREE FLORIDA INSURED FUND CLASS B DVDBX

C000034367 DELAWARE TAX-FREE FLORIDA INSURED FUND CLASS C

N-Q 1 deltaxfreefl_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:	811-6411

Exact name of registrant as specified in charter:	Delaware Investments Municipal Trust

Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103

Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103

Registrant’s telephone number, including area code:	(800) 523-1918

Date of fiscal year end:	August 31

Date of reporting period:	May 31, 2007

Item 1. Schedule of Investments (Unaudited)

Schedule of Investments (Unaudited)

Delaware Tax-Free Florida Insured Fund

May 31, 2007

	Principal
	Amount	Value
Municipal Bonds– 106.21%
Education Revenue Bonds – 3.51%
Broward County Educational Facilities Authority Revenue (Nova Southeastern University)
5.25% 4/1/27 (RADIAN)	$1,000,000	$1,035,040
University of Central Florida Athletics Association Certificates of Participation Series A
5.25% 10/1/34 (FGIC)	2,000,000	2,115,340
		3,150,380
Electric Revenue Bonds – 3.66%
Florida Municipal Power Agency Revenue Refunding (Stanton II Project) 5.00% 10/1/26 (AMBAC)	2,000,000	2,071,760
Ocala Utility System Revenue Refunding Series B 5.25% 10/1/25 (FGIC)	1,125,000	1,206,045
		3,277,805
Health Care Revenue Bonds – 14.95%
Escambia County Health Facilities Authority (Florida Health Care Facilities - VHA Program)
5.95% 7/1/20 (AMBAC)	560,000	580,395
Highlands County Health Facilities Authority (Adventist Health System) Series C 5.25% 11/15/36	1,000,000	1,036,940
Indian River County Hospital District Revenue Refunding 6.10% 10/1/18 (FSA)	3,000,000	3,065,130
Jacksonville Economic Development Commission Health Care Facilities Revenue (Mayo Clinic)
5.00% 11/15/36	1,000,000	1,023,540
Lakeland Hospital System Revenue Refunding (Lakeland Regional Health System) 5.00% 11/15/32	1,000,000	1,016,560
Miami-Dade County Public Facilities Revenue (Jackson Health Systems) Series A
5.00% 6/1/35 (MBIA)	1,500,000	1,557,585
North Miami Health Facilities Authority (Catholic Health Services) (LOC Suntrust Bank-Miami)
6.00% 8/15/16	500,000	513,455
Palm Beach County Health Facilities Authority Revenue (Boca Raton Community Hospital)
5.625% 12/1/31	2,000,000	2,106,280
Tallahassee Health Facilities Revenue Refunding (Tallahassee Memorial Regional Medical Center)
Series B 6.00% 12/1/15 (MBIA)	2,500,000	2,503,900
		13,403,785
Housing Revenue Bonds – 14.77%
Florida Housing Finance Agency
(Crossings Indian Run Apartments HUD) Series V 6.10% 12/1/26 (AMBAC) (AMT)	750,000	761,535
(Landings at Sea Forest Apartments) Series T
5.85% 12/1/18 (AMBAC) (FHA) (AMT)	370,000	375,532
6.05% 12/1/36 (AMBAC) (FHA) (AMT)	700,000	709,296
(Leigh Meadows Apartments Section 8 HUD) Series N
6.20% 9/1/26 (AMBAC) (AMT)	2,765,000	2,803,433
6.30% 9/1/36 (AMBAC) (AMT)	2,000,000	2,027,420
(Riverfront Apartments Section 8 HUD) Series A 6.25% 4/1/37 (AMBAC) (AMT)	1,000,000	1,020,820
(Spinnaker Cove Apartments) Series G 6.50% 7/1/36 (AMBAC) (FHA) (AMT)	500,000	506,810
(The Vineyards Project) Series H 6.40% 11/1/15	500,000	505,865
(Woodbridge Apartments Project) Series L
6.15% 12/1/26 (AMBAC) (AMT)	1,750,000	1,778,053
6.25% 6/1/36 (AMBAC) (AMT)	2,000,000	2,031,800
Orange County Housing Finance Authority Homeowner Revenue Series B 5.25% 3/1/33
(GNMA) (FNMA) (AMT)	205,000	208,128
Volusia County Multifamily Housing Finance Authority (San Marco Apartments) Series A
5.60% 1/1/44 (FSA) (AMT)	500,000	510,620
		13,239,312
Lease Revenue Bonds – 5.77%
Florida Municipal Loan Council Revenue Refunding Series B 5.00% 11/1/29 (MBIA)	1,000,000	1,042,140
Pasco County School Board Series A 5.00% 8/1/30 (AMBAC)	1,000,000	1,040,380
Puerto Rico Public Buildings Authority Revenue Refunding (Commonwealth Guaranteed
Government Facilities) Series F 5.25% 7/1/25	930,000	1,010,222
South Florida Water Management District Certificate of Participation 5.00% 10/1/36 (AMBAC)	1,000,000	1,040,410
St. Augustine Capital Improvement Revenue Refunding 5.00% 10/1/34 (AMBAC)	1,000,000	1,038,280
		5,171,432
Local General Obligation Bonds – 4.76%
Enterprise Community Development District Special Assessment 6.10% 5/1/16 (MBIA)	695,000	696,279
Hollywood Community Redevelopment Agency 5.625% 3/1/24	1,200,000	1,276,308

Julington Creek Plantation Community Development District Special Assessment Revenue
5.00% 5/1/29 (MBIA)	200,000	206,236
Port St. Lucie 5.00% 7/1/35 (MBIA)	2,000,000	2,090,500
		4,269,323
§Pre-Refunded Bonds – 26.56%
Florida State Board of Education (Lottery Revenue) Series A 6.00% 7/1/14-10 (FGIC)	1,000,000	1,071,550
Highlands County Health Facilities Authority (Adventist Health System/Sunbelt) Series A
6.00% 11/15/31-11	1,500,000	1,637,400
Jacksonville Port Authority Seaport Revenue 5.70% 11/1/30-10 (MBIA) (AMT)	205,000	215,517
Lee County Airport Revenue Series B 5.75% 10/1/33-10 (FSA)	3,000,000	3,205,380
Miami-Dade County Educational Facilities Authority Series A 5.75% 4/1/29-10 (AMBAC)	2,000,000	2,120,300
Orange County Health Facilities Authority Revenue (Adventist Health System) 5.625%
11/15/32-12	1,000,000	1,089,800
Osceola County School Board Series A 5.25% 6/1/27-12 (AMBAC)	4,000,000	4,273,320
Puerto Rico Commonwealth Highway & Transportation Authority Revenue
Series D 5.25% 7/1/38-12	3,000,000	3,191,430
Series G 5.00% 7/1/42-13	525,000	557,891
Series K 5.00% 7/1/35-15	1,000,000	1,075,960
South Broward Hospital District Revenue (Memorial Health Care System) 5.625%
5/1/32-12	3,000,000	3,252,090
Tampa Utilities Tax Revenue Series A
6.00% 10/1/17-09 (AMBAC)	1,000,000	1,059,050
6.125% 10/1/18-09 (AMBAC)	1,000,000	1,061,810
		23,811,498
Special Tax Revenue Bonds – 21.44%
Jacksonville Excise Taxes Revenue Series B
5.00% 10/1/26 (AMBAC)	1,000,000	1,029,390
5.125% 10/1/32 (FGIC)	1,000,000	1,043,250
&Palm Beach County Criminal Justice Facilities Revenue Series B 7.40% 6/1/12 (FGIC)	15,000,000	16,268,700
^Puerto Rico Commonwealth Infrastructure Financing Authority Series A 4.60% 7/1/30 (FGIC)	2,500,000	874,625
		19,215,965
State General Obligation Bonds – 3.16%
Puerto Rico Commonwealth Refunding (Public Improvement) Series A 5.50% 7/1/19 (MBIA)	2,500,000	2,832,075
		2,832,075
Transportation Revenue Bonds – 3.55%
Jacksonville Port Authority Seaport Revenue 5.70% 11/1/30 (MBIA) (AMT)	295,000	309,942
Miami-Dade County Aviation Revenue (Miami International Airport)
Series A 5.00% 10/1/33 (FSA) (AMT)	500,000	511,470
Series B 5.00% 10/1/37 (FGIC)	1,000,000	1,033,720
Miami-Dade County Expressway Authority Toll Systems Revenue 5.00% 7/1/37 (AMBAC)	1,000,000	1,044,109
Puerto Rico Commonwealth Highway & Transportation Authority Revenue Series G
5.00% 7/1/42	275,000	280,550
		3,179,791
Water & Sewer Revenue Bonds – 4.08%
Melbourne Water and Sewer Revenue Series A 4.25% 10/1/30 (FGIC)	1,000,000	942,670
Tampa Water and Sewer Revenue Refunding 6.00% 10/1/16 (FSA)	1,000,000	1,152,760
Village Center Community Development District Utility Revenue 5.00% 10/1/36 (MBIA)	500,000	515,910
Winter Haven Utilities Systems Revenue Refunding & Improvement 5.00% 10/1/30 (MBIA)	1,000,000	1,043,190
		3,654,530
Total Municipal Bonds (cost $91,399,764)		95,205,896

Total Value of Securities – 106.21%
(cost $91,399,764)		95,205,896
Liabilities Net of Receivables and Other Assets (See Notes) – (6.21%)*		(5,567,559	)
Net Assets Applicable to 8,117,678 Shares Outstanding – 100.00%		$89,638,337

^Zero coupon security. The rate shown is the yield at the time of purchase.
§Pre-Refunded Bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded Bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 4 in “Notes.”
&Security held in a trust in connection with the Inverse Floater security $7,500,000, 7.40% 6/1/12. See Note 3 in “Notes.”
*Includes $7,500,000 in liability for Inverse Floater programs. See Note 3 in “Notes.”

Summary of Abbreviations:
AMBAC – Insured by the AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
FGIC – Insured by the Financial Guaranty Insurance Company
FHA – Insured by the Federal Housing Authority
FNMA – Insured by Federal National Mortgage Association
FSA – Insured by Financial Security Assurance

GNMA – Insured by Government National Mortgage Association
HUD – Housing and Urban Development
LOC – Letter of Credit MBIA – Insured by the Municipal Bond Insurance Association
RADIAN – Insured by Radian Asset Assurance
VHA – Veterans Health Administration

Notes

1. Significant Accounting Policies
The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by Delaware Investments Municipal Trust (formerly, Voyageur Investment Trust) - Delaware Tax-Free Florida Insured Fund (the Fund).

Security Valuation – Long-term debt securities are valued by an independent pricing service and such prices are believed to reflect the fair value of such securities. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates market value. Open-end investment companies are valued at their published net asset value. Other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures, aftermarket trading or significant events after local market trading (e.g., government actions or pronouncements, trading volume or volatility on markets, exchanges among dealers, or news events).

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

Federal Income Taxes – The Fund intends to continue to qualify for federal income tax purposes as a regulated investment company and make the requisite distributions to shareholders. Accordingly, no provision for federal income taxes has been made in the financial statements.

On July 13, 2006, the FASB released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in the Fund’s net asset value calculations as late as the Fund's last net asset value calculation in the first required financial statement reporting period. As a result, the Fund will incorporate FIN 48 in its semiannual report on February 29, 2008. Although the Fund's tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Fund's financial statements.

Class Accounting - Investment income and common expenses are allocated to the classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates – 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.

Other – Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities. The Fund declares dividends daily from net investment income and pays such dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually.

2. Investments
At May 31, 2007, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At May 31, 2007, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	91,399,764
Aggregate unrealized appreciation		3,854,868
Aggregate unrealized depreciation		(48,736	)
Net unrealized appreciation	$	3,806,132

For federal income tax purposes, at August 31, 2006, capital loss carryforwards of $517,691 may be carried forward and applied against future capital gains. Such capital loss carryforwards expire as follows: $517,691 expires in 2008.

3. Inverse Floaters
The Fund may participate in inverse floater programs where it transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (inverse floaters) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Fund are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Fund typically uses inverse floaters to adjust the duration of its portfolio. Duration measures a portfolio's sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that the Fund transferred to the trust, the Fund seeks to adjust its portfolio's sensitivity to changes in interest rates. The Fund may also invest in inverse floaters to add additional income to the Fund or to adjust the Fund's exposure to a specific segment of the yield curve. Securities held in trust relating to inverse floater program are identified on the Schedule of Investments.

Previously, the Fund treated this transaction as a sale of the bonds and as a purchase of the inverse floating rate securities. Under Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), the transfer of the bonds is not considered a sale, but rather a form of financing for accounting purposes.

4. Credit and Market Risk
The Fund concentrates its investments in securities issued by Florida’s municipalities. The value of these investments may be adversely affected by new legislation within the state, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified on the Schedule of Investments.

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.

Bonds are considered "pre-refunded" when the refunding issue's proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become "defeased" when the rights and interests of the bondholders and their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody's Investors Service, Inc., Standard & Poor’s Ratings Group, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement. The Fund will purchase escrow secured bonds without additional insurance only where the escrow is invested in securities of the U.S. government or agencies or instrumentalities of the U.S. government.

The Fund may invest up to 15% of its total assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund’s Board of Trustees 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’s limitation on investments in illiquid assets. At May 31, 2007, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures.

5. Termination of New Purchases of Class B Shares
As of the close of business on May 31, 2007, each fund in the Delaware Investments^® Family of Funds no longer accepts new or subsequent investments in Class B shares of the funds, other than a reinvestment of dividends or capital gains or permitted exchanges. Existing shareholders of Class B shares may continue to hold their Class B shares, reinvest dividends into Class B shares, and exchange their Class B shares of one Delaware Investments^® Fund for Class B shares of another Fund, as permitted by existing exchange privileges. Existing Class B shareholders wishing to make subsequent purchases in a Fund's shares will be permitted to invest in other classes of the Fund, subject to that class’ pricing structure and eligibility requirements, if any.

For Class B shares outstanding as of May 31, 2007 and Class B shares acquired upon reinvestment of dividends or capital gains, all Class B share attributes, including the contingent deferred sales charge (CDSC) schedules, conversion to Class A schedule, and distribution and service (12b-1) fees, will continue in their current form. However, as of the close of business on May 31, 2007, reinvestment of redeemed shares with respect to Class B shares (which, as described in the prospectus, permits you to reinvest within 12 months of selling your shares and have any CDSC you paid on such shares credited back to your account) has been discontinued. In addition, because the Fund's or its distributor’s ability to assess certain sales charges and fees is dependent on the sale of new shares, the termination of new purchases of Class B shares could ultimately lead to the elimination and/or reduction of such sales charges and fees. The Fund may not be able to provide shareholders with advance notice of the reduction in these sales charges and fees. You will be notified via a Prospectus Supplement if there are any changes to any attributes, sales charges, or fees.

6. Subsequent Event
As of the close of business on July 13, 2007, Delaware Tax-Free USA Fund (the Acquiring Fund) acquired all of the assets and assumed all of the liabilities of Delaware Tax-Free Florida Insured Fund (the Acquired Fund), an open-end investment company, in exchange for shares of the Acquiring Fund pursuant to the Plan and Agreement of Reorganization (the Reorganization). The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their share in the Acquired Fund prior to the Reorganization.

The Reorganization was treated as a non-taxable event and, accordingly, the Acquiring Fund’s basis in the securities acquired reflected the historical cost basis as of the date of transfer. The net assets and net unrealized appreciation of the Acquired Fund, as of the close of business on July 13, 2007 were as follows:

Net Unrealized

Net Assets Appreciation

$88,309,928 $2,426,693

The net assets of the Acquiring Fund prior to the Reorganization was $795,540,696. The combined net assets of the Acquiring Fund after merger was $883,850,624.

Item 2. Controls and Procedures.

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’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.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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:

EX-99.CERT 2 exhibit99-cert.htm CERTIFICATION

CERTIFICATION

I, Patrick P. Coyne, certify that:

1.	I have reviewed this report on Form N-Q of Delaware Investments Municipal Trust

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;

3.	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;

4.	The registrant’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:

	(a)	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;

	(b)	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;

	(c)	Evaluated the effectiveness of the registrant’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

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

         (a)
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’s ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

PATRICK P. COYNE

By:      Patrick P. Coyne

Title:   Chief Executive Officer

Date:   July 23, 2007

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-Q of Delaware Investments Municipal Trust

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;

3.	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;

4.	The registrant’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:

	(a)	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;

	(b)	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;

	(c)	Evaluated the effectiveness of the registrant’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

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

         (a)
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’s ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

RICHARD SALUS

By:      Richard Salus

Title:   Chief Financial Officer

Date:   July 23, 2007

SIGNATURES

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.

Delaware Investments Municipal Trust

PATRICK P. COYNE

By: Patrick P. Coyne

Title: Chief Executive Officer

Date: July 23, 2007

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.

PATRICK P. COYNE

By: Patrick P. Coyne

Title: Chief Executive Officer

Date: July 23, 2007

RICHARD SALUS

By: Richard Salus

Title: Chief Financial Officer

Date: July 23, 2007

-----END PRIVACY-ENHANCED MESSAGE-----

		(a)		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’s ability to record, process, summarize, and report financial information; and

		(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.