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<SEC-DOCUMENT>0001206774-07-001537.txt : 20070608
<SEC-HEADER>0001206774-07-001537.hdr.sgml : 20070608
<ACCEPTANCE-DATETIME>20070608115144
ACCESSION NUMBER:		0001206774-07-001537
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070608
DATE AS OF CHANGE:		20070608
EFFECTIVENESS DATE:		20070608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		07908746

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>difloridainsured_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
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<BODY bgColor=#ffffff><P align=center><FONT face=serif size=2>UNITED STATES SECURITIES AND EXCHANGE COMMISSION </FONT></P>

<P align=center><FONT face=serif size=2>Washington, D.C. 20549 </FONT></P>

<P align=center><FONT face=serif size=2>FORM N-CSR </FONT></P>

<P align=center><FONT face=serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</FONT></P>

<P align=left><FONT face=serif size=2>Investment Company Act file number: 811-7410 </FONT></P>

<P align=left><FONT face=serif size=2>Exact name of registrant as specified in charter:<BR></FONT><FONT face=serif size=2>Delaware Investments Florida Insured Municipal Income Fund</FONT></P>

<P align=left><FONT face=serif size=2>Address of principal executive offices: <BR>2005 Market Street <BR>Philadelphia, PA 19103 </FONT></P>

<P align=left><FONT face=serif size=2>Name and address of agent for service: <BR>David F. Connor, Esq.<BR></FONT><FONT face=serif size=2>2005 Market Street <BR>Philadelphia, PA 19103 </FONT></P>

<P align=left><FONT face=serif size=2>Registrant&#146;s telephone number, including area code: (800) 523-1918 </FONT></P>

<P align=left><FONT face=serif size=2>Date of fiscal year end: March 31 </FONT></P>

<P align=left><FONT face=serif size=2>Date of reporting period: March 31, 2007 </FONT></P>

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<P align=left><FONT face=serif size=2>Item 1. Reports to Stockholders </FONT></P>

<P align=left><FONT face=serif size=2>The Registrant&#146;s shareholder reports are combined with the shareholder reports of other investment company registrants. This Form N-CSR pertains to the DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND of the Registrant, information on which is included in the following shareholder reports. </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
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<TD vAlign=bottom width="50%" bgColor=#c0c0c0><FONT color=#ffffff><BR><BR>&nbsp;</FONT></TD>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=6>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Report </FONT></FONT></P>
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<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=5>Delaware</FONT></FONT></P>
</TD></TR>
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<TD vAlign=bottom width="50%" bgColor=#c0c0c0></TD>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=5>Investments </FONT></FONT></P>
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<TR>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0></TD>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=5>Closed-End </FONT></FONT></P>
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<TR>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0></TD>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=5>Municipal Bond </FONT></FONT></P>
</TD></TR>
<TR>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0></TD>
<TD vAlign=bottom width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=5>Funds</FONT></FONT></P>
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<TD width="50%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
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<TD width="50%" bgColor=#c0c0c0>
<P align=left><FONT color=#ffffff><FONT face=serif size=2>March 31, 2007</FONT></FONT></P>
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<TD width="50%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
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<TD width="50%">&nbsp;</TD></TR>
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<P align=left><FONT face=serif size=5>Closed-end funds</FONT></P>
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<TD vAlign=bottom width="50%"><IMG src="giclosedend_ncsr1x1x1.jpg" border=0></TD>
<TD vAlign=bottom width="50%"><IMG src="giclosedend_ncsr1x1x2.jpg" border=0></TD></TR>
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<P align=left><FONT face=serif size=6>Table of contents</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Porfolio management review</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>1</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Performance summaries</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>7</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Sector allocations and credit quality breakdowns</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>8</FONT></B>&nbsp; </TD></TR>
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<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Financial statements:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="97%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of net assets</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>10</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Statements of operations</FONT></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>23</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="97%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Statements of changes in net assets</FONT></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>24</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Financial highlights</FONT></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>25</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="97%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Notes to financial statements</FONT></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>29</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Report of independent registered public accounting firm</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>36</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Other fund information</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>37</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; Board of trustees/directors and officers addendum</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>41</FONT></B>&nbsp; </TD></TR>
<TR>
<TD width="1%"></TD>
<TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&gt; About the organization</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>43</FONT></B>&nbsp; </TD></TR>
</TABLE>

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<P align=left><B><FONT face=serif size=2>Dividend Reinvestment Plans</FONT></B></P>

<P align=left><FONT face=serif size=2>Each Fund offers an automatic dividend reinvestment program. If Fund shares are registered in your name and you are not already reinvesting dividends but would like to do so, contact the dividend plan agent, Mellon Investor Services LLC, at 800 851-9677. You will be asked to put your request in writing. If you have shares registered in a &#147;street&#148; name, contact your financial advisor or the broker/ dealer holding the shares.</FONT></P>

<P align=left><FONT face=serif size=2>Under the current policies of Arizona Municipal Income Fund, Florida Insured Municipal Income Fund, and Minnesota Municipal Income Fund II, all distributions of net investment income and capital gains to common stock shareholders are automatically reinvested in additional shares unless shareholders elect to receive all dividends and other distributions in cash paid by check mailed directly to shareholders by the dividend plan agent. Under the current policies of Colorado Insured Municipal Income Fund, distributions of net investment income and capital gains to common shareholders will be paid in cash unless shareholders notify Mellon Investor Services LLC of their desire to participate in the dividend reinvestment program.</FONT></P>

<P align=left><FONT face=serif size=2>After each Fund declares a dividend or determines to make a capital gains distribution, the plan agent will, as agent for the participants, receive the cash payment and use it to buy shares in the open market on the American Stock Exchange. The Funds will not issue any new shares in connection with the plan. You can contact Mellon at:</FONT></P>

<P align=left><FONT face=serif size=2>Mellon Investor Services LLC <BR>Dividend Reinvestment Department <BR>Overpeck Centre <BR>85 Challenger Road <BR>Ridgefield, NJ 07660 <BR>800 851-9677<BR><BR><BR><BR><BR><BR><BR></FONT><FONT face=serif size=1>Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.<BR><BR></FONT><FONT face=serif size=1>Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management <BR>Business Trust, which is a registered investment advisor.</FONT></P>

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<P align=left><FONT face=serif size=6>Portfolio management review</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left><FONT face=serif size=2>April 10, 2007</FONT></P>

<P align=left><FONT face=serif size=2>The managers of Delaware Closed-End Municipal Bond Funds provided the answers to the questions below as a review of the Funds&#146; activities for the fiscal year that ended March 31, 2007. Please see page 6 to learn more about the portfolio managers.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What was the investment environment like for municipal bond funds during the fiscal year ended March 31, 2007?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Based on changing projections for inflation during the year, the U.S. Federal Reserve&#146;s direction on monetary policy remained a topic of speculation and drove market volatility. Overall, rates fell during the year, primarily during the third and fourth quarters of calendar year 2006. The closely watched 10-year Treasury yield opened at a 4.86% and finished the fiscal year at a 4.65% (source: Municipal Market Data).</FONT></P>

<P align=left><FONT face=serif size=2>In the spring of 2006, economic reports showed strong growth for the first calendar quarter of 2006. Prices of oil and other commodities also rose in the spring, which led to inflationary pressure and uncertainty among investors about the timing of a Fed change in monetary policy. This helped push bond yields higher across all maturities and spurred an equity market pullback in May and June.</FONT></P>

<P align=left><FONT face=serif size=2>As the summer of 2006 progressed, inflation concerns began to cool because of weaker housing data and a steady drop in oil prices. Yields generally fell through the summer months after peaking on June 28, 2006 (source: Bloomberg). A broad-based bond rally that lasted into December seemed to be a result of investors having largely concluded that the Fed was finished boosting short-term interest rates after two years of restrictive policy measures.</FONT></P>

<P align=left><FONT face=serif size=2>During that rally, municipals performed well compared to U.S. Treasury bonds. We continued to feel the effect of nontraditional buyers in the municipal bond marketplace. In the past, demand for municipal bonds has traditionally been generated by individuals who are attracted to their tax-advantaged status. Today, analyzing the market entails an added layer of complexity, because hedge funds, banks,</FONT> <FONT face=serif size=2>and corporations are entering the municipal bond market for other benefits. As an example, they might employ trading strategies aimed at capitalizing on the yield difference (known as a spread) between long and short bond yields.</FONT></P>

<P align=left><FONT face=serif size=2>In part because of an active fourth quarter, $383 billion of bonds were issued nationally for calendar year 2006. The total was just 6.1% lower than the record set in 2005 (source: Bond Buyer). The increased demand from nontraditional buyers helped to support prices in the market despite the high rate of new issuance. In the first quarter of 2007, the active pace of issuance continued, with $104 billion hitting the market, a total that beat the pace of issuance in the same period a year ago by 49%.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What factors influenced performance in the Funds?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>During a strong bond market rally, like the one that took place last fall, municipal bond prices tend to lag behind those of Treasury securities. Due to this fact, combined with a heavy supply of new municipal bonds entering the market at that time, we might reasonably have expected municipal bond prices to trail Treasuries by a considerable margin. However, the market remained stronger than taxable bonds through fiscal year-end. Demand, traditional and nontraditional, remained exceptionally high and the new issuance was scooped up by eager investors.</FONT></P>

<P align=left><FONT face=serif size=2>Demand also drove yields lower (and prices higher) for long maturity bonds, shrinking the yield spread between short and long-maturities. During the fiscal year, the spread between 2- and 30-year maturities narrowed by nearly a half percentage point.</FONT></P>

<P align=left><FONT face=serif size=2>During the market rally, we found what we believed to be good long-term opportunities, based on the attractiveness of the way certain bonds were structured. In the Funds without an insured mandate, our focus early in the year was on identifying value in the low and middle portion of the investment grade market segment &#151; specifically, bonds rated BBB and A by Standard &amp; Poor&#146;s (S&amp;P).</FONT></P>

<P align=left><FONT face=serif size=1><BR>The views expressed are current as of the date of this report and are subject to change.</FONT></P>

<P align=right><I><FONT face=serif size=2><FONT color=#808080>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> <FONT face=serif size=2>1</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Portfolio management review</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left><FONT face=serif size=2>April 10, 2007</FONT></P>

<P align=left><B><FONT face=serif size=2>Arizona Municipal Income Fund</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Q: What conditions prevailed in the Arizona debt market?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Arizona is one of the fastest growing, most dynamic economies in the nation. The state has a competitive business climate and tax structure, a skilled, knowledge-based workforce, and both cultural and scenic tourism resources. Job growth in Arizona continued to accelerate in 2006 and ranked second nationwide. For fiscal year 2006, the state&#146;s non-farm payroll increased 4.8% (source: Nelson A. Rockefeller State Revenue Report #65). As of March 2007, the state&#146;s unemployment rate of 3.9% was below the national unemployment rate of 4.4%, according to U.S. Department of Labor data.</FONT></P>

<P align=left><FONT face=serif size=2>For fiscal 2006, tax revenues increased 19.10%, led by very strong personal and sales tax (source: Nelson A. Rockefeller State Revenue Report #65). According to a recent Moody&#146;s report, the state&#146;s General Fund ended fiscal 2006 at $1.7 billion. The Arizona Budget Stabilization Fund totaled $651.0 million as of June 30, 2006, representing a $490.1 million increase over 2005. Arizona&#146;s fiscal year 2007 General Fund budget currently totals $10.09 billion and increases base spending by about 7.70%. The three main spending priorities include public safety, education, and healthcare.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: How did the Arizona Municipal Income Fund perform versus its benchmark and peer group? </FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>The Fund returned +5.26% at net asset value (share returns include distributions reinvested). The median return of the Fund&#146;s peer group, the Lipper Other States Municipal Debt category, was +4.65% during the same period. As a broader benchmark, the Lehman Brothers Municipal Index returned +5.43% over the 12-month period (sources: Lipper, Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>We remind shareholders that substantially all dividends in the Fund are free from federal income tax but may be subject to the alternative minimum tax, which applies to certain taxpayers. Capital gains, if any, are taxable. Additionally, past performance is not a guarantee of future results. Investors should consult with a tax professional regarding their specific solutions.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What strategies affected Fund performance? </FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Bonds issued to finance hospitals and other healthcare projects outperformed other portions of the municipal bond market during the fiscal year. The healthcare industry currently appears stable and is growing based on the current and future needs of aging baby boomers. Healthcare bonds tend to be among the lower-rated investment grade issues (A or BBB, rated by S&amp;P). An example of a strong performer in the Fund was a bond issued by University of Arizona Medical Center, rated Baa1 by Moody&#146;s and BBB+ by S&amp;P, which is due to mature in 2033.</FONT></P>

<P align=left><FONT face=serif size=2>On the downside, bonds that were pre-refunded were among the underperformers during the one-year period. An example in the Fund was an AAA-rated Arizona School Facilities Board Revenue bond paying 5.00% interest and scheduled for redemption in 2011. Many pre-refunded bonds in the Fund currently show fiscal-period total returns that are lower compared to other bonds in the Fund during market rallies, but they have the potential to provide attractive income payments. Traditionally, we have opted to hold these bonds, without realizing a taxable gain. A downside of this strategy is that the short call feature, or the ability of the issuer to redeem the bond early, restricts price appreciation. During periods of falling interest rates, this may constrain the bond&#146;s total return.</FONT></P>

<P align=left><FONT face=serif size=2>In comparing returns to the benchmark index, one limiting factor for the Fund was that it did not utilize the noninvestment grade segment of the market. This rating category outperformed the Lehman Brothers Municipal Bond Index, posting a +9.84% return for the period. At its February 2007 meeting, the Fund&#146;s board of directors approved a change that will allow us to invest up to 20% of the Fund&#146;s net assets in municipal bonds that are rated lower than Ba1 by Moody&#146;s or BB+ by S&amp;P, or that are unrated but judged to be of comparable quality.</FONT></P>

<P align=left><I><FONT face=serif size=2>Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include</FONT></I></P>

<P align=left><FONT face=serif size=2>2</FONT></P>

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<PAGE>

<P align=left><I><FONT face=serif size=2>greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed.</FONT></I></P>

<P align=left><B><FONT face=serif size=2>Colorado Insured Municipal Income Fund</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Q: What conditions prevailed in the Colorado debt market?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>After experiencing a sharper economic downturn than the nation in recent years, Colorado is now showing signs of recovering at a healthy pace. The state&#146;s employment declines bottomed out in early 2004. For Colorado&#146;s 2006 fiscal year, job growth was above national levels of 1.4%, with the state&#146;s non-farm payroll increasing 2.1% (source: Nelson A. Rockefeller State Revenue Report #65). This is largely attributable to growth in construction, healthcare, and education. As of March 2007, the state&#146;s unemployment rate of 3.8% was below the national unemployment rate of 4.4%, according to U.S. Department of Labor data.</FONT></P>

<P align=left><FONT face=serif size=2>For fiscal year 2006, Colorado tax revenues increased 11.6% (source: Nelson A. Rockefeller State Revenue Report #65). This growth is due to increases in personal income tax, sales tax, but most importantly corporate income tax. According to a recent Moody&#146;s report, Colorado&#146;s Required Statutory Reserve increased by $53 million to total $251.7 million in 2006. Colorado&#146;s General Fund balance stood at $592.7 million as of June 30, 2006. Voter initiatives, such as the Tax Payer Bill of Rights, have limited Colorado&#146;s financial flexibility.</FONT></P>

<P align=left><FONT face=serif size=2>In November 2005, Referendum C was approved by Colorado voters. This allowed the state to retain tax revenue collected in excess of the fiscal year&#146;s budget for the following five years, estimated to be $3.7 billion. Highlights of the 2006-2007 budget include increased higher education and human services spending.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: How did the Fund perform versus its benchmark and peer group?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Colorado Insured Municipal Income Fund returned +4.35% at net asset value (share returns include distributions reinvested). The median return of the Fund&#146;s</FONT> <FONT face=serif size=2>peer group, the Lipper Other States Municipal Debt category, was +4.65% during the same period. A broader benchmark, the Lehman Brothers Municipal Index, returned +5.43% over the 12-month period (sources: Lipper, Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>We remind shareholders that substantially all dividends in the Fund are free from federal income tax but may be subject to the alternative minimum tax, which applies to certain taxpayers. Capital gains, if any, are taxable. Additionally, past performance is not a guarantee of future results. Investors should consult with a tax professional regarding their specific situation.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What strategies affected Fund performance? </FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>We believe one of the reasons the Fund underperformed its Lipper peer group was due to the fundamental investment policy requiring the Fund to invest 80% of its assets in 100% insured or AAA-rated bonds. It should be noted that the Fund&#146;s peer group is not strictly an insured universe. Over this 12-month period in the Lehman Municipal Bond Index, S&amp;P AAA-rated bonds returned just +5.29%, while BBB-rated bonds returned +7.33%, and noninvestment grade bonds posted a +9.84% return (source: Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>Another drag on performance for the period was the significant level of bonds in the Fund with short call dates. A call is a feature that allows the issuer to redeem the bond early. These bonds were typically purchased with 10 years or so of call protection and have since &#147;rolled down the yield curve&#148; as they near their call dates. They were originally purchased in favorable yield environments, earned above-market book yields, and most have experienced price appreciation. Traditionally, we have opted to hold these bonds, maintaining the high book yield and not realizing a taxable gain. A downside of this strategy is that the short call feature, or the ability of the issuer to redeem the bond early, restricts price appreciation. During periods of falling interest rates, this may constrain the bond&#146;s total return.</FONT></P>

<P align=left><FONT face=serif size=2>Another facet of the Fund is older, pre-refunded bonds. Pre-refunded bonds are typically short in duration and</FONT></P>

<P align=right><I><FONT face=serif size=2><FONT color=#808080>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> <FONT face=serif size=2>3</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Portfolio management review</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left><FONT face=serif size=2>April 10, 2007</FONT></P>

<P align=left><FONT face=serif size=2>their performance will typically be close to that of bonds with short call dates. The pre-refunded portion of the Lehman Brothers Municipal Bond Index returned just 4.40% over the fiscal year. During the last six months, we purchased some longer bonds, funding those purchases with the sale proceeds of higher-quality, shorter-duration bonds &#150; either pre-refunded bonds or bonds with very short calls.</FONT></P>

<P align=left><B><FONT face=serif size=2>Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Q: What conditions prevailed in the Florida debt market?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Florida&#146;s economy is one of the strongest in the nation. Job growth remained robust with non-farm payroll increasing 3.2% in 2006 fiscal year (source: Nelson A. Rockefeller State Revenue Report #65). High population growth has given strength to the state&#146;s economy but has also put pressure on government services for education, corrections, transportation, and health and human services.</FONT></P>

<P align=left><FONT face=serif size=2>One area of concern for the state economy is the housing market, which is currently experiencing a significant decline. Florida housing were down 47% in the last quarter of calendar 2006, compared to the same period of 2005 (source: Moody&#146;s). As of July 2006, the state&#146;s unemployment rate remained very low at 3.3% compared to the national unemployment rate of 4.4%, based on U.S. Department of Labor data.</FONT></P>

<P align=left><FONT face=serif size=2>For fiscal 2006, tax revenues were up 8.4%. Sales and use tax revenues, which account for approximately 72% of all taxes, grew 9.9% (source: Nelson A. Rockefeller State Revenue Report #65).</FONT></P>

<P align=left><FONT face=serif size=2>According to a recent Moody&#146;s report, the state&#146;s General Fund ended fiscal 2006 at $8.0 billion. Florida&#146;s Budget Stabilization Fund totaled $999 million at the end of fiscal 2005 and $1.1 billion at the end of fiscal 2006. The Florida intangible personal property tax, which is a duty on stocks and bonds that affects some of Florida&#146;s wealthiest, was voted out of existence by the state legislature on April 26, 2006, with annual </FONT><FONT face=serif size=2>tax savings estimated to be $161 million for an estimated 300,000 taxpayers. According to this report, the $74 billion fiscal 2007 budget provides for $298 million in tax cuts and sets aside $6.4 billion in reserves. The state has conservatively estimated net general revenue growth of 1.6% in 2007 compared to a historical average of 9.8%.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: How did the Fund perform versus its benchmark and peer group?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>The Florida Insured Municipal Income Fund returned +5.27% at net asset value (share returns include distributions reinvested). The median return of the Fund&#146;s peer group, the Lipper Florida Closed-End Municipal Debt Funds, was +5.89% during the same period. As a broader benchmark, the Lehman Brothers Municipal Index returned +5.43% over the 12-month period (sources: Lipper, Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>We remind shareholders that substantially all dividends in the Fund are free from federal income tax but may be subject to the alternative minimum tax, which applies to certain taxpayers. Capital gains, if any, are taxable. Additionally, past performance is not a guarantee of future results. Investors should consult with a tax professional regarding their specific situations.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What strategies affected Fund performance? </FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>We believe one of the</FONT><B><FONT face=serif size=2></FONT></B> <FONT face=serif size=2>reasons that the Fund underperformed its Lipper peer group is due to the fundamental investment policy requiring the Fund to invest 80% of its assets in 100% insured or S&amp;P AAA-rated bonds. It should be noted that the Fund&#146;s peer group is not strictly an insured universe. Over this 12-month period in the Lehman Municipal Bond Index, AAA-rated bonds returned just +5.29%, while BBB-rated bonds returned +7.33%, and noninvestment grade bonds posted a +9.84% return (source: Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>One of the other drags on performance was the significant level of bonds in the Fund with short call dates. A call is a feature that allows the issuer to redeem a bond early. These bonds were typically purchased with 10 years or so of call protection and have since &#147;rolled down the yield curve&#148; as they near their call dates. They were originally purchased in favorable yield</FONT></P>

<P align=left><FONT face=serif size=2>4</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2>environments, earned above-market book yields, and most have experienced price appreciation. Traditionally, we have opted to hold these bonds, maintaining the high book yield and not realizing a taxable gain. A downside of this strategy is that the short call feature, or the ability of the issuer to redeem the bond early, restricts price appreciation. During periods of falling interest rates, this may constrain the bond&#146;s total return.</FONT></P>

<P align=left><B><FONT face=serif size=2>Minnesota Municipal Income Fund II</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Q: What conditions prevailed in the Minnesota debt market?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Minnesota has recovered from the 2001 recession and the resulting damage to the state&#146;s finances. The state has steady demographic trends, high personal income levels, high employment diversity and performance, and low unemployment (source: Moody&#146;s). In fiscal 2006, the state&#146;s non-farm payroll increased 1.9% compared to national growth of 1.4% (source: Nelson A. Rockefeller State Revenue Report #65). As of March 2007, the state&#146;s unemployment rate was slightly high at 4.5% compared to the national unemployment rate of 4.4% (source: U.S. Department of Labor).</FONT></P>

<P align=left><FONT face=serif size=2>For fiscal 2006, tax revenues were up 8.8% (source: Nelson A. Rockefeller State Revenue Report #65). According to a recent Moody&#146;s report, the state&#146;s General Fund ended fiscal 2006 at $838.8 million, a $745.8 million increase over 2005. The budget reserve has climbed back to $1.1 billion, on a budgetary basis (source: Fiscal Survey of the States, December 2006). The enacted 2006-2007 Budget projects total spending to increase 8.4%. Most of the spending increases are going toward K-12 education, health and human services, and public safety. The state is paying for these increases with approximately $1 billion in new ongoing revenues, including a $0.75 per pack increase in the cigarette tax.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: How did the Fund perform versus its benchmark and peer group?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Minnesota Municipal Income Fund II returned +6.05% at net asset value (share returns include</FONT> <FONT face=serif size=2>distributions reinvested). The median return of the Fund&#146;s peer group, the Lipper Other States Municipal Debt category, was +4.65% during the same period. As a broader benchmark, the Lehman Brothers Municipal Index returned +5.43% over the 12-month period (sources: Lipper, Lehman Brothers).</FONT></P>

<P align=left><FONT face=serif size=2>We remind shareholders that substantially all dividends in the Fund are free from federal income tax but may be subject to the alternative minimum tax, which applies to certain taxpayers. Capital gains, if any, are taxable. Additionally, past performance is not a guarantee of future results. Investors should consult with a tax professional regarding their specific situation.</FONT></P>

<P align=left><B><FONT face=serif size=2>Q: What strategies affected Fund performance?</FONT></B></P>

<P align=left><B><FONT face=serif size=2>A:</FONT></B> <FONT face=serif size=2>Bonds issued to finance hospitals and other healthcare projects outperformed other portions of the municipal bond market during the fiscal year. The healthcare industry currently appears stable and is growing based on the current and future needs of aging baby boomers. Healthcare bonds tend to be among the lower-rated investment grade issues (A or BBB by S&amp;P). An example in the Fund of one of the better performers is a bond issued by the City of Duluth for the Benedictine Health System, which is rated A- by S&amp;P and A- by Fitch, and is due to mature in 2033.</FONT></P>

<P align=left><FONT face=serif size=2>Bonds issued to finance corporate-related projects, were the top-performing sector in the Lehman Brothers Municipal Bond Index for the period. The Fund was slightly overweight versus the benchmark in this sector. An example of a strong performer was a bond issued for an electric co-generation facility by Laurentian Energy Authority. The bond is currently rated Baa3 by Moody&#146;s and matures in 2021.</FONT></P>

<P align=left><FONT face=serif size=2>On the downside, bonds that were pre-refunded were among the underperformers over a one-year period. An example in the Fund is an AAA-rated (by S&amp;P) Minnesota Agriculture and Economic Development Board Revenue bond paying 5.75% interest and scheduled for redemption later in 2007.</FONT></P>

<P align=left><FONT face=serif size=2>Many pre-refunded bonds in the Fund showed fiscal year total returns for the period that were lower compared to other bonds in the Fund during market rallies, but they currently still</FONT></P>

<P align=right><I><FONT face=serif size=2><FONT color=#808080>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> <FONT face=serif size=2>5</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Portfolio management review</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left><FONT face=serif size=2>April 10, 2007</FONT></P>

<P align=left><FONT face=serif size=2>provide attractive income payments. Traditionally, we have opted to hold these bonds, maintaining the high book yield and not realizing a taxable gain. A downside of this strategy is that the short call dates may restrict price appreciation which, during periods of falling interest rates, constrains the bond&#146;s total return.</FONT></P>

<P align=left><FONT face=serif size=2>In comparing returns to the benchmark index and some of the Fund&#146;s peers, one limiting factor for the Fund was that it did not utilize the noninvestment grade segment of the market. This rating category outperformed the Lehman Brothers Municipal Bond Index, posting a +9.84% return. At its February 2007 meeting, the Fund&#146;s board of directors approved a change that will allow us to invest up to 20% of the Fund&#146;s net assets in municipal bonds that are rated lower than Ba1 by Moody&#146;s or BB+ by S&amp;P, or that are unrated but judged to be of comparable quality.</FONT></P>

<P align=left><I><FONT face=serif size=2>Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed.</FONT></I></P>

<P align=left><B><FONT face=serif size=2>Fund managers</FONT></B></P>

<P align=left><FONT face=serif size=2>Joseph Baxter<BR></FONT><FONT face=serif size=2>Senior Vice President, Head of Municipal Bond <BR>Department, Senior Portfolio Manager <BR>Arizona Municipal Income Fund, <BR>Colorado Insured Municipal Income Fund, <BR>Florida Insured Municipal Income Fund, <BR>Minnesota Municipal Income Fund II</FONT></P>

<P align=left><FONT face=serif size=2>Mr. Baxter joined Delaware Investments in 1999. He heads the firm&#146;s municipal bond department and is responsible for setting the department&#146;s investment strategy. He is also a co-portfolio manager of the firm&#146;s municipal bond funds and several client accounts. Before joining Delaware Investments, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. </FONT><FONT face=serif size=2>Mr. Baxter received a bachelor&#146;s degree in finance and marketing from LaSalle University.</FONT></P>

<P align=left><FONT face=serif size=2>Robert Collins<BR></FONT><FONT face=serif size=2>Senior Vice President, Senior Portfolio Manager <BR>Arizona Municipal Income Fund, <BR>Colorado Insured Municipal Income Fund, <BR>Florida Insured Municipal Income Fund, <BR>Minnesota Municipal Income Fund II</FONT></P>

<P align=left><FONT face=serif size=2>Mr. Collins joined Delaware Investments in 2004 and is a co-portfolio manager of several of the firm&#146;s municipal bond funds and client accounts. Prior to joining Delaware Investments, he spent five years as a co-manager of the municipal portfolio management group within PNC Advisors, where he oversaw the tax-exempt investments of high net worth and institutional accounts. Before that, he headed the municipal fixed income team at Wilmington Trust, where he managed funds and high net worth accounts. Mr. Collins earned a bachelor&#146;s degree in economics from Ursinus College, and he is also a former president of the Financial Analysts of Wilmington, Delaware.</FONT></P>

<P align=left><FONT face=serif size=2>Denise Franchetti<BR></FONT><FONT face=serif size=2>Vice President, Portfolio Manager, <BR>Senior Research Analyst <BR>Arizona Municipal Income Fund, <BR>Colorado Insured Municipal Income Fund, <BR>Florida Insured Municipal Income Fund, <BR>Minnesota Municipal Income Fund II</FONT></P>

<P align=left><FONT face=serif size=2>Ms. Franchetti joined Delaware Investments in 1997 as a research analyst for the municipal bond group. Currently, she is responsible for following the airports/airlines, education, hotels, leases, turnpike/toll, and transportation sectors for the group. In 2003, she was also named as portfolio manager on several of the tax-exempt funds in addition to her research duties. Previously, Ms. Franchetti was a fixed income trader at Provident Mutual Life Insurance and an investment analyst at General Accident Insurance. Ms. Franchetti received her bachelor&#146;s degree and an MBA from LaSalle University, and she is a member of The CFA Society of Philadelphia.</FONT></P>

<P align=left><FONT face=serif size=2>6</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=6>Performance summaries</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Arizona Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Fund basics<BR></FONT></B><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund objective</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%"><FONT face=serif size=2>The Fund seeks to provide current income exempt from both regular federal income tax and from Arizona personal income tax, consistent with preservation of capital.</FONT></TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Total Fund net assets</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>$43.9 million<FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Number of holdings</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>52<FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund start date</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>Feb. 26, 1993<FONT size=3> </FONT></FONT></P>
</TD></TR>
</TABLE>


<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Fund basics<BR></FONT></B><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund objective</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state personal income tax, consistent with preservation of capital. </FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Total Fund net assets&nbsp;</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>$73.1 million&nbsp;<FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Number of holdings</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>52<FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund start date</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>July 29, 1993<FONT size=3> </FONT></FONT></P>
</TD></TR>
</TABLE>


<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Fund basics<BR></FONT></B><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund objective</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>The Fund seeks to provide current income exempt from both regular federal income tax consistent with preservation of capital.</FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Total Fund net assets</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%"><FONT face=serif size=2>$35.2 million</FONT> </TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Number of holdings</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>39<FONT size=3>&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund start date</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>Feb.&nbsp;26, 1993<FONT size=3> </FONT></FONT></P>
</TD></TR>
</TABLE>


<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Fund basics<BR></FONT></B><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund objective</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota personal income tax, consistent with preservation of capital.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Total Fund net assets&nbsp;</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>$171.1 million&nbsp;<FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Number of holdings</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>126<FONT size=3>&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD width="100%" bgColor=#c0c0c0>
<P align=left><FONT face=serif size=2><B>Fund start date</B><FONT size=3> </FONT></FONT></P>
</TD></TR>
<TR>
<TD width="100%">
<P align=left><FONT face=serif size=2>Feb.&nbsp;26, 1993<FONT size=3> </FONT></FONT></P>
</TD></TR>
</TABLE>


<P align=right><FONT face=serif size=2>7</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Sector allocations and credit quality breakdowns</FONT></P>

<P align=left><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<P align=left><FONT face=serif size=2>Sector designations may be different than the sector designations presented in other Fund materials.</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Arizona Municipal Income Fund, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"></TD>
<TD noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>Percentage</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=1>Sector</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>of Net Assets</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;152.47%</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Education Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>16.48%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>12.60%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Escrowed to Maturity Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>6.09%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>19.52%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Housing Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>2.05%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>8.73%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Local General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>20.08%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>36.30%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Special Tax Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>8.36%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>16.70%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>5.56%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term Investments</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>3.64%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Total Value of Securities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>156.11%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets Net of Liabilities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>0.82%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Liquidation Value of Preferred Stock</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>(56.93%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD width="98%" colSpan=2>&nbsp;</TD>
<TD width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown<FONT size=3> </FONT></FONT></FONT></TD>
<TD noWrap align=left width="5%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed income investments)<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>67.71%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>15.24%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>8.20%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT face=serif size=1>BBB</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>7.41%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Not Rated</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.44%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#ffffff><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"></TD>
<TD noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>Percentage</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=1>Sector</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>of Net Assets</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;148.74%</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Education Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>29.87%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.48%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>5.36%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>13.11%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Local General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>14.55%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>49.08%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Special Tax Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>5.54%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>18.76%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>10.99%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term Investments</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>1.50%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Total Value of Securities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>150.24%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets Net of Liabilities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>4.51%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Liquidation Value of Preferred Stock</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>(54.75%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD width="98%" colSpan=2>&nbsp;</TD>
<TD width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown<FONT size=3> </FONT></FONT></FONT></TD>
<TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed income investments)<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>100.00%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#ffffff><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>8</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=2>As of March 31, 2007</FONT></P>

<P align=left><FONT face=serif size=2>Sector designations may be different than the sector designations presented in other Fund materials.</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Florida Insured Municipal Income Fund</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"></TD>
<TD noWrap align=center width="6%" colSpan=2><FONT size=1><FONT face=serif size=1>Percentage<FONT size=3> </FONT></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT size=1><FONT face=serif size=1>Sector<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT size=1><FONT face=serif size=1>of Net Assets<FONT size=3> </FONT></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;151.21%</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Education Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>3.56%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>5.81%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>18.20%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>23.12%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Lease Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>20.02%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>3.87%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>9.15%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>26.35%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>State General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>5.97%</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>15.51%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>19.65%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term Investments</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>3.40%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Total Value of Securities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>154.61%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets Net of Liabilities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>2.11%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Liquidation Value of Preferred Stock</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>(56.72%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD width="98%" colSpan=2>&nbsp;</TD>
<TD width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown<FONT size=3> </FONT></FONT></FONT></TD>
<TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed income investments)<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>100.00%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#ffffff><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><B><FONT face=serif size=2>Delaware Investments<BR></FONT></B><B><FONT face=serif size=2>Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"></TD>
<TD noWrap align=center width="6%" colSpan=2><FONT size=1><FONT face=serif size=1>Percentage</FONT></FONT><FONT size=3> </FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT size=1><FONT face=serif size=1>Sector<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT size=1><FONT face=serif size=1>of Net Assets</FONT></FONT><FONT size=3> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;158.45%</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Corporate-Backed Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>6.60%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>8.65%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Electric Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>21.06%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>17.13%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>21.58%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>9.76%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Lease Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>10.42%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>25.98%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>22.91%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.64%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=1>State General Obligation Bonds</FONT> </TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>5.08%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>7.64%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Short-Term Investments</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>0.47%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>158.92%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Liabilities Net of Receivables and Other Assets</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>(3.41%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=1>(55.51%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR>
<TD width="98%" colSpan=2>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown<FONT size=3> </FONT></FONT></FONT></TD>
<TD noWrap align=left width="5%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed income investments)<FONT size=3> </FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>57.03%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>14.38%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>15.95%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT face=serif size=1>BBB</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>9.21%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>BB</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.16%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#ffffff><FONT face=serif size=1>B</FONT> </TD>
<TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>0.36%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Not Rated</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>0.91%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#ffffff><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=right><FONT face=serif size=2>9</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>


<P><FONT face=serif size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=2>March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds &#150; 152.47%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Education Revenue Bonds &#150; 16.48%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona State University Certificates</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>of Participation (Research</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Infrastructure Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 9/1/30 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,048,890</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Student Loan Acquisition</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A-1 5.90% 5/1/24 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,589,055</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Glendale Industrial Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Midwestern University)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 5/15/31</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>350,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>373,398</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Northern Arizona University</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Northern Arizona University</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Research Project)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 9/1/30 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,054,390</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pima County Industrial</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority (Tucson</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Day School Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 6/1/37</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>502,145</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>South Campus Group Student</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Housing Revenue (Arizona</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>State University South Campus</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Project) 5.625% 9/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,096,500</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Arizona Certificates</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>of Participation (University</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>of Arizona Project) Series B</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.125% 6/1/22 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>527,680</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Puerto Rico Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series Q 5.00% 6/1/36</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1,042,890</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>7,234,948</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Electric Revenue Bonds &#150; 12.60%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Salt River Project Agricultural</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement &amp; Power District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Electric System Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Salt River Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.00% 1/1/31</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,573,170</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.00% 1/1/37</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,646,000</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B 5.00% 1/1/25</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,315,563</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>5,534,733</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds &#150; 6.09%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Infrastructure Financing Authority</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.50% 10/1/40</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>2,674,950</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,674,950</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1>Health Care Revenue Bonds &#150; 19.52%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Maricopa County Industrial</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Catholic Healthcare West)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.50% 7/1/26</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>430,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>460,582</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Mayo Clinic) 5.00% 11/15/36</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>784,343</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Maricopa County Industrial</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority Health</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Facilities Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Mayo Clinic Hospital)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 11/15/37</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,047,160</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Show Low Industrial Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Hospital Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Navapache Regional Medical</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Center)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.50% 12/1/17 (ACA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,600,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,643,968</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University Medical Center</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Corporation Arizona Hospital</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/33</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,021,890</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/35</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>511,500</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Yavapai County Industrial</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Yavapai Regional</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Medical Center) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 8/1/21 (RADIAN)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,104,859</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>8,574,302</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 2.05%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Industrial Development</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Single Family</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Statewide Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.35% 6/1/20 (GNMA)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(FNMA) (FHLMC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>465,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>472,026</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series C 5.30% 4/1/20 (GNMA)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(FNMA) (FHLMC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>370,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>372,720</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pima County Industrial</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority Single</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Family Mortgage Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A-1 6.125% 11/1/33</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(GNMA) (FNMA) (FHLMC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>55,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>55,128</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>899,874</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds &#150; 8.73%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Game &amp; Fishing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Department &amp; Commission</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Beneficial Interest Certificates</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Administration Building Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/26</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>640,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>669,133</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Coconino County Unified School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>District #8 (Page Impact Aid</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue Project of 2004)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.00% 7/1/15 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,078,350</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Nogales Development Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Municipal Facilities Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 6/1/30 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>526,510</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Civic Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Corporation Excise Tax Senior</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Lien (Municipal Courthouse</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Project) Series A 5.25% 7/1/24</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,039,710</FONT> </TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>10</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Lease Revenue Bonds </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Prescott Valley Municipal Property</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation 5.00% 1/1/27</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp; &nbsp;500,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$ &nbsp;&nbsp; 520,350</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>3,834,053</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds &#150; 20.08%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Marana Tangerine Farm Road</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement District Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.60% 1/1/26</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>998,440</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Maricopa County School District #6</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Washington Elementary)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 7/1/13 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,280,679</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Washington Elementary School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement Project of 2001)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.00% 7/1/17 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,096,160</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Maricopa County School District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>#38 Refunding (Madison</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Elementary) 5.00% 7/1/13 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,339,538</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Queen Creek Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #1 5.00% 1/1/32</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,021,030</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Tempe Union High School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #213 5.00% 7/1/14 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,080,990</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>8,816,837</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 36.30%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona School Facilities Board</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.25% 9/1/19-14 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,097,150</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona School Facilities Board</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (State School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement) Series 2001</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/19-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,104,140</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona Transportation Board</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Highway Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 7/1/18-09</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,350,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,457,465</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona Water Infrastructure</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Finance Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Water Quality Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.05% 10/1/20-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,585,515</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Oro Valley Municipal Property</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Excise Tax</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/20-11 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,055,780</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Public Improvement Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.125% 7/1/31-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>250,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>264,845</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Highway &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Transportation Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Transportation Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series D 5.00% 7/1/32-12 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,475,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,694,654</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Scottsdale Industrial Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Hospital Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Scottsdale Healthcare)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.80% 12/1/31-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,095,190</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Southern Arizona Capital</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities Finance Corporation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(University of Arizona Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 9/1/23-12 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,150,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;1,224,221</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Virgin Islands Public Finance</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue (Gross</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Receipts Tax Loan Note) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.125% 10/1/29-10 (ACA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,361,663</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>15,940,623</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 8.36%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona Tourism &amp; Sports Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Tax Revenue Multipurpose</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Stadium Facilities Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/31 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,041,580</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Glendale Municipal Property</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/33 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,107,300</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>San Luis Civic Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Municipal</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities Excise Tax Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/38 (XLCA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>523,890</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>3,672,770</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 16.70%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Phoenix Civic Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Airport Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.25% 7/1/27</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(FGIC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,086,920</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Highway &amp; Transportation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Transportation</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding Series D</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/32 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,025,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>5,244,894</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>7,331,814</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 5.56%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Phoenix Civic Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Wastewater</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Systems Revenue Junior Lien</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/24 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,590,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,657,209</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/26 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>784,808</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,442,017</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $64,117,120)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><B><FONT face=serif color=#231f20 size=1>66,956,921</FONT></B> </TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>11</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=justify><FONT face=serif color=#b2b2b2 size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif><FONT size=3>&#149;</FONT></FONT><B><FONT face=serif color=#231f20 size=1>Sh</FONT></B><B><FONT face=serif size=1>ort-Term Investments &#150; 3.64%</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Variable Rate Demand Notes &#150; 3.64%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona Health Facilities Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Catholic West Health</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities) Series B</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>3.68% 7/1/35</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 600,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>$ 600,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Coconino County Industrial</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Development Authority</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Industrial Development</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Scuff Steel Project)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>3.75% 3/1/27 (LOC</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Wells Fargo Bank NA) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif color=#231f20 size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $1,600,000)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif color=#231f20 size=1>1,600,000</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 156.11%</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $65,717,120)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>68,556,921</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Net of Liabilities &#150; 0.82%</FONT></B> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>359,212</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (56.93%)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT><B>(25,000,000</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B>)</B></FONT><FONT size=3> </FONT></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets Applicable to 2,982,200</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Shares Outstanding &#150; 100.00%</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif color=#231f20 size=1>$ 43,916,133</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>($43,916,133 / 2,982,200 Shares)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$14.73</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Components of Net Assets at March 31, 2007:</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Common stock, $0.01 par value, 200 million shares</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>authorized to the Fund</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>$ 40,838,893</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Accumulated net realized gain on investments</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>237,439</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Net unrealized appreciation of investments</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>2,839,801</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Total net assets</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>$ 43,916,133</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%"><FONT face=serif size=1>&#167;</FONT></TD>
<TD vAlign=top align=left width="99%"><FONT face=serif size=1>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 9 in &#147;Notes to Financial Statements.&#148;</FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%">&#149;</TD>
<TD vAlign=middle align=left width="99%"><FONT face=serif size=1>Variable rate security. The rate shown is the rate as of March 31, 2007.</FONT></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><B><FONT face=serif size=1>Summary of Abbreviations:</FONT></B>&nbsp;</TD>
<TD noWrap align=left width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>ACA &#151; Insured by American Capital Access<BR>AMBAC &#151; Insured by the AMBAC Assurance Corporation&nbsp;<BR>AMT &#151; Subject to Alternative Minimum Tax&nbsp;<BR>FGIC &#151; Insured by the Financial Guaranty Insurance Company&nbsp;<BR>FHLMC &#151; Insured by the Federal Home Loan Mortgage Corporation&nbsp;<BR>FNMA &#151; Insured by Federal National Mortgage Association&nbsp;<BR>FSA &#151; Insured by Financial Security Assurance&nbsp;<BR>GNMA &#151; Insured by Government National Mortgage Association&nbsp;<BR>LOC &#151; Letter of Credit&nbsp;<BR>MBIA &#151; Insured by the Municipal Bond Insurance Association&nbsp;<BR>RADIAN &#151; Insured by Radian Asset Assurance&nbsp;<BR>XLCA &#151; Insured by XL Capital Assurance&nbsp;</FONT></FONT></TD>
<TD noWrap align=left width="4%"><FONT size=1>&nbsp;</FONT></TD></TR>
</TABLE>



<P><FONT size=1>See accompanying notes</FONT></P>


<P><FONT face=serif size=2>12</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=2>March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds &#150; 148.74%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1>Education Revenue Bonds &#150; 29.87%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Boulder County Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(University Corporation for</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Atmospheric Research)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 9/1/26 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$4,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 4,655,610</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Educational &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cultural Facilities Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Johnson &amp; Wales University</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 4/1/28 (XLCA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>3,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,125,370</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Littleton School Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.375% 1/15/36 (CIFG)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>1,200,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,173,012</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(University of Colorado</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Foundation Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/27 (AMBAC)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>4,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>4,185,640</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(University of Northern</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/31 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>2,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,578,475</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado State Board of Governors</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Colorado University) Series B</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 3/1/35 (AMBAC)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,800,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,892,052</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>University of Northern Colorado</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 6/1/35 (FSA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>4,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>4,214,880</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>21,825,039</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1>Electric Revenue Bonds &#150; 1.48%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arkansas River Power Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/32 (XLCA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,081,170</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,081,170</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds &#150; 5.36%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Health Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(North Colorado Medical</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Center) 5.95% 5/15/12 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,255,388</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Porter Place) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.00% 1/20/36 (GNMA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>2,515,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>2,657,902</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>3,913,290</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1>Lease Revenue Bonds &#150; 13.11%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Educational &amp; Cultural</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding (Bromley School</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 9/15/32 (XLCA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,074,450</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Denver Convention Center Hotel</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Refunding Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/35 (XLCA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>5,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>5,258,350</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Glendale Certificates of</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/25 (XLCA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,597,545</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Westminster Building Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 12/1/22 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;<FONT face=serif size=1>1,555,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,646,465</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>9,576,810</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1>Local General Obligation Bonds &#150; 14.55%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Adams &amp; Arapahoe Counties Joint</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>School District #28J (Aurora)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.25% 12/1/25 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;2,181,140</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Adams County School District #14</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.125% 12/1/31 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>537,980</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arapahoe County Water &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Wastewater Public Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Refunding Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.125% 12/1/32 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,058,590</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Bowles Metropolitan District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding 5.00% 12/1/33 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,102,320</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Centennial Downs Metropolitan</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/28 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,055,630</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Douglas County School District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>#Re-1 (Douglas &amp; Elbert</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Counties)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/15/21(MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,051,890</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Garfield County School District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>#Re-2 5.00% 12/1/25 (FSA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,071,610</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Green Valley Ranch Metropolitan</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 12/1/19 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,051,470</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Sand Creek Metropolitan District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding &amp; Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/31 (XLCA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>521,405</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>10,632,035</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 49.08%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Auraria Higher Education Center</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Parking Facilities System</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 4/1/26-10 (AMBAC)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,485,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,615,711</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Aurora Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 12/1/30-10 (AMBAC)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,123,420</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Burlingame Multifamily Housing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.00% 11/1/29-09 (MBIA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,290,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,442,720</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Educational &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cultural Facilities Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(University of Denver Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 3/1/21-11 (AMBAC)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,200,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,412,480</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.25% 3/1/35-16 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,657,815</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Water Resources &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Development Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.80% 11/1/20-10 (FGIC)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,220,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,308,011</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Denver City &amp; County Excise Tax</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Colorado Convention</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Center Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 9/1/20-11 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,813,949</FONT> </TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>13</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=justify><FONT face=serif color=#b2b2b2 size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=2>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>&#167;</FONT><FONT face=serif size=1>Pre-Refunded Bonds </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Denver Convention Center Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/33-13 (XLCA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$3,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>$ <FONT size=3>&nbsp; </FONT>3,220,230</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>E-470 Public Highway Authority</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 9/1/29-10 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,000,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>3,250,170</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 9/1/35-10 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,700,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,841,763</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Eagle County Certificates of</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Participation 5.40% 12/1/18-09</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,054,070</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Garfield Pitkin &amp; Eagle County</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>School District #Re-1 Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Roaring Fork County) Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/15/27-14 (FSA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,625,055</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lakewood Certificates of Participation</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 12/1/22-10 (AMBAC)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,118,440</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Pueblo County (Library District</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) 5.80% 11/1/19-09</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,395,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,469,563</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Weld &amp; Adams Counties School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #Re-3J</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/15/24-14 (FSA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>830,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>899,197</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>35,852,594</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 5.54%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Broomfield County Sales &amp; Use</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Tax Revenue Refunding &amp;</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/31 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>650,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>682,312</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Golden Sales &amp; Use Tax Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement Series B</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.10% 12/1/20 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,055,750</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Gypsum Sales Tax &amp; General</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Funding Revenue 5.25% 6/1/30</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Assured Gty)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,083,060</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Regional Transportation District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Sales Tax Revenue (Fastracks</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.375% 11/1/31 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>1,227,775</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>4,048,897</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 18.76%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Denver City &amp; County</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Airport Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 11/15/25 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,063,160</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series E 5.25% 11/15/23 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>7,500,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>7,636,650</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Northwest Parkway Public Highway</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 6/15/41 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,150,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>4,419,086</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Highway &amp; Transportation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding Series N</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 7/1/39 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>584,855</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>13,703,751</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 10.99%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Water Resources &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Development Authority</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Small Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.80% 11/1/20 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;780,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;833,836</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Water Resources &amp;</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Development Authority</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Water Resources Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Parker Water &amp; Sanitation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District) Series D</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.125% 9/1/34 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp;<FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,589,475</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 9/1/43 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp;<FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,137,220</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lafayette Water Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/27 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,100,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,162,458</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Ute Water Conservancy District</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue 5.75% 6/15/20 (MBIA)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp;<FONT face=serif size=1>2,155,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>2,304,815</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>8,027,804</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $103,516,553)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif color=#231f20 size=1>&nbsp;108,661,390</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Sho</FONT></B><B><FONT face=serif size=1>rt-Term Investments &#150; 1.50%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1><FONT size=3>&#149;</FONT>Variable Rate Demand Notes &#150; 1.50%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Colorado Housing &amp; Finance</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Class I AA3</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>3.66% 5/1/36</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,100,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>1,100,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $1,100,000)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif color=#231f20 size=1>1,100,000</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 150.24%</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $104,616,553)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>109,761,390</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Net of Liabilities &#150; 4.51%</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>3,294,347</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (54.75%)</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT><B>(40,000,000</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Net Assets Applicable to 4,837,100</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Shares Outstanding &#150; 100.00%</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif color=#231f20 size=1>$ &nbsp;73,055,737</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>($73,055,737 / 4,837,100 Shares)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$15.10</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Components of Net Assets at March 31, 2007</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Common stock, $0.01 par value, 200 million shares</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>authorized to the Fund</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>$ &nbsp;67,238,110</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed net investment income</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>264,788</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Accumulated net realized gain on investments</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>408,002</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>5,144,837</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Total net assets</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>$ &nbsp;73,055,737</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>14</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="95%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%"><FONT face=serif size=1>&#167;</FONT></TD>
<TD vAlign=top align=left width="95%"><FONT face=serif size=1>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 9 in &#147;Notes to Financial Statements.&#148;</FONT></TD>
<TD vAlign=top align=left width="4%"></TD></TR>
<TR>
<TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="95%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="4%"></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%">&#149;</TD>
<TD vAlign=middle align=left width="95%"><FONT face=serif size=1>Variable rate security. The rate shown is the rate as of March 31, 2007.</FONT></TD>
<TD vAlign=middle align=left width="4%"></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><B><FONT face=serif size=1>Summary of Abbreviations:</FONT></B>&nbsp;</TD>
<TD noWrap align=left width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>AMBAC &#151; Insured by the AMBAC Assurance Corporation&nbsp;<BR><FONT face=serif>Assured Gty &#151; Insured by the Assured Guaranty Corporation</FONT>&nbsp;<BR><FONT face=serif>CIFG &#151; CDC IXIS Financial Guaranty</FONT>&nbsp;<BR><FONT face=serif>FGIC &#151; Insured by the Financial Guaranty Insurance Company</FONT>&nbsp;<BR>FSA &#151; Insured by Financial Security Assurance&nbsp;<BR>GNMA &#151; Insured by Government National Mortgage Association&nbsp;<BR>MBIA &#151; Insured by the Municipal Bond Insurance Association&nbsp;<BR>XLCA &#151; Insured by XL Capital Assurance&nbsp;</FONT></FONT></TD>
<TD noWrap align=left width="4%"><FONT size=1>&nbsp;</FONT></TD></TR>
</TABLE>

<BR><FONT face=serif size=1>See accompanying notes</FONT>&nbsp; <BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>15</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left><FONT face=serif size=2>March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds &#150; 151.21%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Education Revenue Bonds &#150; 3.56%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida Agriculture &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Mechanical University Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Student Apartment Facility)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.625% 7/1/21 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$1,256,075</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1,256,075</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds &#150; 5.81%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>JEA Electric Systems Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 3-A 5.00% 10/1/34 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>2,047,660</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,047,660</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Health Care Revenue Bonds &#150; 18.20%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Escambia County Health Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority (Florida Health Care</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities - VHA Program)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.95% 7/1/20 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>355,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>368,774</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lee County Memorial Health</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>System Board of Directors</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 4/1/20 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,036,440</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Miami-Dade County Public</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities Revenue (Jackson</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Health Systems) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 6/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,572,135</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Orange County Health Facilities</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue (Orlando</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Regional Healthcare) Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.25% 10/1/18 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,388,160</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>South Broward Hospital Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,050,770</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>6,416,279</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 23.12%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Broward County Housing Finance</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority (St. Croix Apartments</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.45% 11/1/36 (FSA) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>935,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>964,658</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida Housing Finance Agency</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Homeowner Mortgage)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 2 5.90% 7/1/29</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(MBIA) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>410,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>416,535</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Leigh Meadows Apartments</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>HUD) Series N 6.30% 9/1/36</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(AMBAC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,510,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,554,579</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Woodbridge Apartments</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) Series L</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.05% 12/1/16 (AMBAC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,120,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,142,310</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.25% 6/1/36 (AMBAC) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,530,150</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Volusia County Multifamily</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Housing Finance Authority (San</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Marco Apartments) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.60% 1/1/44 (FSA) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><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=right width="4%"><FONT face=serif color=#231f20 size=1>1,544,565</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>8,152,797</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Lease Revenue Bonds &#150; 20.02%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Broward County School Board</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.25% 7/1/24 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,062,470</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida State Municipal Loan</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Council Revenue Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,094,080</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Orange County School Board</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 8/1/27 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,294,575</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Palm Beach County School Board</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Certificates of Participation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series D 5.00% 8/1/28 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,552,755</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>South Florida Water Management</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Certificate of</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Participation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/36 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,053,740</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>7,057,620</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds &#150; 3.87%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Julington Creek Plantation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Community Development</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Special Assessment</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/1/29 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>295,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>306,824</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Port St. Lucie 5.00% 7/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,057,600</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1,364,424</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 9.15%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida State Board of Education</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Capital Outlay Public</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Education) Series C 6.00%</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6/1/21-10 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,158,120</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Tampa Utility Tax Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 6.125% 10/1/19-09</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,068,940</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>3,227,060</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 26.35%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Flagler County Capital</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvements Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,052,100</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida State Department of</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Transportation (Right of Way)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/31 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,525,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,606,816</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Jacksonville Sales Tax Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/30 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,583,385</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Jacksonville Transportation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue 5.25% 10/1/29 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,110,519</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=wingdings size=1>&#182;</FONT><FONT face=serif size=1>Miami-Dade County Special</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Obligation (Capital Appreciation</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>&amp; Income) Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/35 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,887,560</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Seminole County Sales Tax Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 10/1/31 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,048,320</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>9,288,700</FONT> </TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>16</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="3%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="2%" colSpan=2>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="3%"></TD>
<TD noWrap align=center width="2%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>State General Obligation Bonds &#150; 5.97%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida State Board of Education</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Public Education (Capital</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Outlay) Series E 5.00% 6/1/34</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$2,000,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>$&nbsp; &nbsp;2,105,460</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp; </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif color=#231f20 size=1>2,105,460</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 15.51%</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Florida Ports Financing</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Commission Revenue (State</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Transportation Trust Fund)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 6/1/27 (MBIA) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>1,012,030</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Miami-Dade County Aviation</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Miami International</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Airport) Series B</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/37 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>2,250,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,350,823</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Miami-Dade County Expressway</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Toll Systems Revenue</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/37 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>1,057,210</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.00% 7/1/33 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif color=#231f20 size=1>1,046,640</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>5,466,703</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 19.65%</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cape Coral Water &amp; Sewer</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue 4.75% 10/1/31</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,028,120</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>JEA Florida Water &amp; Sewer Systems</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Sub-Second Crossover</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/25 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp;<FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>1,054,650</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Riviera Beach Utilities Special</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Water &amp; Sewer Revenue</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/34 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,200,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,258,632</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Village Center Community</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Development District Utility</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue 5.00% 10/1/36 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp;<FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>1,564,290</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Winter Haven Utilities Systems</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue 5.00% 10/1/30 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,915,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>2,022,891</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp; </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif color=#231f20 size=1>6,928,583</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $51,630,697)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif color=#231f20 size=1>53,311,361</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="98%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0>&#149;</FONT><B><FONT face=serif color=#231f20 size=1>Sh</FONT></B><B><FONT face=serif size=1>ort-Term Investments &#150; 3.40%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Variable Rate Demand Notes &#150; 3.40%</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Orange County Health Facilities</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue Series B</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>3.80% 10/1/41 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=1>1,200,000</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>1,200,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $1,200,000)</FONT> </TD>
<TD noWrap align=right width="4%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=serif color=#231f20 size=1>1,200,000</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 154.61%</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(cost $52,830,697)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>$ 54,511,361</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Net of Liabilities &#150; 2.11%</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><B><FONT face=serif size=1>744,964</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (56.72%)</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1><FONT face="Times New Roman" color=#000000 size=3>&nbsp;</FONT><B>(20,000,000</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><B><FONT face=serif size=1>Net Assets Applicable to 2,422,200</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Shares Outstanding &#150; 100.00%</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=serif color=#231f20 size=1>$ 35,256,325</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="98%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>($35,256,325 / 2,422,200 Shares)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$14.56</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="98%" colSpan=5>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at March 31, 2007:</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Common stock, $0.01 par value, unlimited shares</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>authorized to the Fund</FONT> </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>$ 33,361,389</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>71,820</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Accumulated net realized gain on investments</FONT> </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>142,452</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>1,680,664</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Total net assets</FONT> </TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif color=#231f20 size=1>$ 35,256,325</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD vAlign=top align=right width="1%"><FONT face=Wingdings size=1>&#182;</FONT></TD>
<TD vAlign=top align=left width="99%"><FONT face=serif size=1>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.</FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="1%"></TD>
<TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%"><FONT face=serif size=1>&#167;</FONT></TD>
<TD vAlign=top align=left width="99%"><FONT face=serif size=1>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 9 in &#147;Notes to Financial Statements.&#148;</FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top align=right width="1%">&#149;</TD>
<TD vAlign=middle align=left width="99%"><FONT face=serif size=1>Variable rate security. The rate shown is the rate as of March 31, 2007.</FONT></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><B><FONT face=serif size=1>Summary of Abbreviations:</FONT></B>&nbsp;</TD>
<TD noWrap align=left width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>AMBAC &#151; Insured by the AMBAC Assurance Corporation&nbsp;<BR>AMT &#151; Subject to Alternative Minimum Tax&nbsp;<BR>FGIC &#151; Insured by the Financial Guaranty Insurance Company&nbsp;<BR>FSA &#151; Insured by Financial Security Assurance&nbsp;<BR><FONT face=serif>HUD &#151; Housing and Urban Development</FONT>&nbsp;<BR>MBIA &#151; Insured by the Municipal Bond Insurance Association&nbsp;<BR><FONT face=serif>VHA &#151; Veterans Health Administration</FONT></FONT></FONT></TD>
<TD noWrap align=left width="4%"><FONT size=1>&nbsp;</FONT></TD></TR>
</TABLE>



<P><FONT face=serif size=1>See accompanying notes</FONT> <BR></P>

<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>17</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=2>March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds &#150; 158.45%</FONT></B>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Corporate-Backed Revenue Bonds &#150; 6.60%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Anoka County Solid Waste</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Disposal Revenue (National</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Rural Utility) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.95% 12/1/08 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ &nbsp; &nbsp;300,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ &nbsp;&nbsp; 308,481</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cloquet Pollution Control</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding (Potlatch</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Corporation Project)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.90% 10/1/26</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5,642,945</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Laurentian Energy Authority I</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cogeneration Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 12/1/21</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,325,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,398,715</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Community</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Development Agency</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Supported (Limited Tax</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Common Bond Fund) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.75% 12/1/25</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(LOC &#150; US Bank NA) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>865,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>921,952</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Sartell Environmental Improvement</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(International Paper)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.20% 6/1/27</FONT> </TD>
<TD noWrap align=right width="4%" 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=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,032,550</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>11,304,643</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds &#150; 8.65%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Art Center Facilities</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Walker Art Center</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) 5.125% 7/1/21</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,250,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,419,320</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota State Higher Education</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Facilities Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Augsburg College) Series 6-J1</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/1/28</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>775,665</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(College of St. Benedict) Series 5-W</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 3/1/20</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,070,300</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 3/1/24</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>314,424</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(St. Catherine College)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 5-N1 5.375% 10/1/32</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,576,770</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(St. Mary&#146;s University)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 5-U 4.80% 10/1/23</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,400,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,431,052</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(St. Thomas University) Series 5-Y</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/24</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,042,860</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/34</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,593,030</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Cloud Housing &amp; Redevelopment</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue (State</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>University Foundation Project)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/1/23</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,041,140</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>University of the Virgin Islands</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Improvement Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 6/1/34</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>531,410</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>14,795,971</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds &#150; 21.06%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Chaska Electric Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Generating Facilities) Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/25</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>250,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>267,040</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota State Municipal Power</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Agency Electric Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 10/1/34</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,723,795</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/19</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,610,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,715,375</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Southern Minnesota Municipal</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Agency Supply</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>System Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>&amp;</FONT><SUP><FONT face=serif size=1>1 </FONT></SUP><FONT face=serif size=1>5.25% 1/1/14 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>15,254,750</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>&amp;</FONT><SUP><FONT face=serif size=1>2 </FONT></SUP><FONT face=serif size=1>5.25% 1/1/15 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,294,840</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.25% 1/1/16 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,656,465</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Western Minnesota Municipal</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Agency Supply Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 1/1/30 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,790,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>7,128,346</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>36,040,611</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds &#150; 17.13%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Dakota/Washington Counties</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Housing &amp; Redevelopment</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Bloomington</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Mortgage Single Family</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Residential Mortgage Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>8.375% 9/1/21 (GNMA) (FHA)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(VA) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>8,055,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>11,657,760</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Southern Minnesota Municipal</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Agency Supply System</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Series B</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 1/1/15 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>390,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>413,150</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 1/1/11 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,040,500</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Paul Housing &amp;</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority Sales</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Tax (Civic Center Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.55% 11/1/23</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,300,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,379,695</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.55% 11/1/23 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,200,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,345,530</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>University of Minnesota Hospital &amp;</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Clinics 6.75% 12/1/16</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,580,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,091,408</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>University of Minnesota Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 7/1/21</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4,604,320</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Western Minnesota Municipal</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Power Agency Supply Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 6.625% 1/1/16</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,535,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,777,131</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>29,309,494</FONT> </TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>18</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Health Care Revenue Bonds &#150; 21.58%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Bemidji Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>First Meeting Revenue (North</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Country Health Services)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 9/1/24 (RADIAN)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 1,546,935</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Duluth Economic Development</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Benedictine</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Health System-St. Mary&#146;s</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Hospital) 5.25% 2/15/33</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5,217,849</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Glencoe Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Glencoe Regional</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Health Services Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 4/1/25</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,062,520</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Maple Grove Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (North Memorial</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Health Care) 5.00% 9/1/29</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,515,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,576,161</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Health Care</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>System Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Allina Health Systems) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 11/15/32</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,200,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,440,224</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Fairview Health Services) Series D</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 11/15/30 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,581,015</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 11/15/34 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,418,318</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota Agricultural &amp; Economic</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Development Board Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding (Fairview Health</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Care System) Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.75% 11/15/26 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>100,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>103,078</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.375% 11/15/29</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>195,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>210,210</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Northfield Hospital Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 11/1/31</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>796,410</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Rochester Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Mayo Clinic) 5.00% 11/15/36</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,093,120</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Mayo Foundation) Series B</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 11/15/27</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>4,365,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>4,484,688</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Shakopee Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (St. Francis Regional</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Medical Center) 5.25% 9/1/34</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,560,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,632,556</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Louis Park Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Park Nicollet Health</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Services) Series B 5.25% 7/1/30</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,316,463</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Healthpartners Obligation</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Group Project) 5.25% 5/15/36</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,103,260</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Regions Hospital Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.30% 5/15/28</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,016,840</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Franciscan Health Project-</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Elderly) 5.40% 11/20/42</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(GNMA) (FHA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,700,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;2,846,205</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Waconia Health Care Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Ridgeview Medical</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Center Project) Series A</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.10% 1/1/19 (RADIAN)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,405,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,483,146</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>36,928,998</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 9.76%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Chanhassen Multifamily Housing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding (Heritage</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Park Apartments</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project HUD Section 8)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.20% 7/1/30 (FHA) (AMT)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,105,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,128,083</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Dakota County Housing &amp;</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority Single</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Family Mortgage Revenue</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.85% 10/1/30 (GNMA)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(FNMA) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>16,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>16,304</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Harmony Multifamily Housing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue HUD Section 8</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Zedakah Foundation Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.95% 9/1/20</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>974,550</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Multifamily Housing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Gaar Scott Loft Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.95% 5/1/30 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>950,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>986,509</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Olson Townhomes Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.00% 12/1/19 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>890,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>890,223</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Seward Towers Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/20/36 (GNMA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,068,100</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Sumner Housing Project)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.15% 2/20/45</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(GNMA) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,575,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,653,221</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota State Housing Finance</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Agency Revenue (Rental</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Housing) Series D</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.95% 2/1/18 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>130,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>130,235</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota State Housing Finance</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Agency Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Residential Housing)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B-1 5.35% 1/1/33 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,775,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,819,215</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series I 5.15% 7/1/38 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,028,440</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Single Family Mortgage)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 2/1/35 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,014,840</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series J 5.90% 7/1/28 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,035,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,061,879</FONT> </TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>19</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net assets</FONT></P>

<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Housing Revenue Bonds </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Southeastern Minnesota</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Multi-County Housing &amp;</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue (Winona County)</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.35% 1/1/28</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,170,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 1,171,568</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Washington County Housing &amp;</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Woodland Park Apartments</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) 4.70% 10/1/32</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>757,785</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>16,700,952</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Lease Revenue Bonds &#150; 10.42%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Andover Economic Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Public Facilities</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lease Revenue (Andover</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Community Center)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.125% 2/1/24</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>525,390</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.20% 2/1/29</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,055,430</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Public Buildings</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Revenue (Guaranteed</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Government Facilities Bonds)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series D 5.25% 7/1/27</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>530,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>555,827</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Paul Port Authority Lease</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Cedar Street Office</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Building Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/22</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,385,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,512,192</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 12/1/27</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,800,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,077,680</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 3-12 5.125% 12/1/27</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,056,660</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Robert Street Office</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Building Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 3-11 5.00% 12/1/27</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,045,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,195,179</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 9 5.25% 12/1/27</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,122,980</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Virginia Housing &amp; Redevelopment</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Health Care Facility</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lease Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/25</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>680,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>714,476</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 10/1/30</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>965,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1,020,266</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>17,836,080</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Local General Obligation Bonds &#150; 25.98%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Centennial Independent School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #012 Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/20 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>800,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>843,992</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Dakota County Community</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Development Agency</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Governmental Housing</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Senior Housing Facilities)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 1/1/23</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,100,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,163,239</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Elk River Independent School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #728 Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/16 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,613,535</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Farmington Independent School</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #192</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 2/1/23 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,280,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;2,389,440</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.00% 2/1/27 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,586,010</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Hennepin County Regional Railroad</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority 5.00% 12/1/26</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,618,264</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Hennepin County Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/18</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,300,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,402,005</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lakeville Independent School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #194 Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.75% 2/1/22 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,068,340</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Metropolitan Council Waste Water</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Treatment Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.375% 12/1/27</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,486,400</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/21</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,148,640</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Refunding (Sports</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arena Project) 5.125% 10/1/20</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>760,313</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minneapolis Special School District</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>#001 5.00% 2/1/19 (FSA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,175,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,247,180</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Moorhead Economic Development</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Tax Increment</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.25% 2/1/25 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,055,640</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Moorhead Improvement Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/33 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,250,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,413,768</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Morris Independent School District</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>#769 5.00% 2/1/28 (MBIA)</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,750,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,982,349</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Mounds View Independent School</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #621 Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/23 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,020,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,117,142</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Princeton Independent School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District Refunding #477</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 2/1/24 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,060,780</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Robbinsdale Independent School</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #281</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/21 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>526,595</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>St. Michael Independent School</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>District #885</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/22 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,109,980</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 2/1/24 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,125,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,186,864</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Washington County Housing &amp;</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority</FONT>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Refunding Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 2/1/22 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,705,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,812,875</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.50% 2/1/32 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,140,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,265,768</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Willmar (Rice Memorial Hospital</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project) 5.00% 2/1/32 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,500,000</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,608,350</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>44,467,469</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 22.91%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Chaska Electric Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.00% 10/1/25-10</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,077,130</FONT> </TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>20</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT size=+0><FONT face=serif size=1>Value</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif color=#231f20 size=1>Mu</FONT></B><B><FONT face=serif size=1>nicipal Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Community</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Agency (Limited</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tax Common Bond Fund) Series</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Limited Tax Common Bond</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Fund) Series G-1</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.70% 12/1/19-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,100,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$<FONT size=3>&nbsp; </FONT>1,183,996</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series G-3 5.45% 12/1/31-11</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;1,074,140</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Health Care System</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Fairview Health Services)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.625% 5/15/32-12</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,750,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>3,015,705</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis/St. Paul Metropolitan</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Airports Commission Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.00% 1/1/30-08</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,450,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,498,878</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.125% 1/1/25-09</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>900,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>931,284</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series C 5.25% 1/1/32-11 (FGIC)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6,330,239</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis/St. Paul Metropolitan</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Area Council Series C</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 2/1/22-11</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,044,770</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minnesota Agricultural &amp; Economic</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Board Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Fairview Health Care System)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.75% 11/15/26-07 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,450,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5,626,907</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>6.375% 11/15/29-10</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,105,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6,710,676</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>6.00% 7/1/26-07</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,020,810</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Highway &amp; Transportation</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue Series D</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 7/1/38-12</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,075,050</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement Revenue Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/27-12</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,250,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,331,463</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Public Buildings</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue (Guaranteed</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Government Facilities) Series D</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 7/1/27-12</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,470,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,578,148</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Rochester Electric Utility Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 12/1/30-10 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>600,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>627,414</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Southern Minnesota Municipal</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Power Agency Supply Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Refunding Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.75% 1/1/18-13</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,715,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>4,089,398</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>39,216,008</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 1.64%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Community</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Agency Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Limited Tax Supported</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Common Bond Fund) Series 5</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.70% 12/1/27</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>375,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>377,989</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Development Revenue</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Limited Tax Supported</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Common Bond Fund)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.50%12/1/24 (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>&nbsp;<FONT size=3>&nbsp;</FONT>1,061,520</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Infrastructure Financing</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority (Special Tax Revenue)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B 5.00% 7/1/46</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>800,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>831,416</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Virgin Islands Public Finance</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue (Senior Lien</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Matching Fund Loan Notes)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.25% 10/1/23</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>532,495</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>2,803,420</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>State General Obligation Bonds &#150; 5.08%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minnesota State</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 11/1/17</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,160,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,184,244</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 8/1/21</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,025,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5,293,637</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.50% 7/1/19 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,148,820</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Government</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Bank Senior Notes</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B 5.00% 12/1/14</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>1,067,950</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>8,694,651</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 7.64%</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis/St. Paul Metropolitan</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Airports Commission Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="4%" bgColor=#ffffff><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 1/1/22 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>3,134,580</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 1/1/28 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,120,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>2,207,386</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 1/1/16 (MBIA)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,069,700</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 1/1/35 (AMBAC)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>2,094,700</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 1/1/24 (FGIC) (AMT)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>1,034,630</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Parking Revenue</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Block 19 Ramp Project)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.35% 8/1/29 (FSA)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,350,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3,541,318</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>13,082,314</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>(cost $258,872,962)</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif color=#231f20 size=1>271,180,611</FONT></B> </FONT></TD></TR>
<TR>
<TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1><FONT size=3>&#149;</FONT><B>Sh</B></FONT><FONT face=serif size=1><B>ort-Term Investments &#150; 0.47%</B></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Variable Rate Demand Notes &#150; 0.47%</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Minnesota Series C</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>3.63% 12/1/36</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>800,000</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>800,000</FONT> </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"><FONT size=+0>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $800,000)</FONT> </TD>
<TD noWrap align=left width="4%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><B><FONT face=serif color=#231f20 size=1>800,000</FONT></B> </FONT></TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>21</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#c0c0c0>Statements of net assets</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2><FONT color=#c0c0c0>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 158.92%</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $259,672,962)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=+0><B><FONT face=serif size=1>$271,980,611</FONT></B> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><B><FONT face=serif size=1>Liabilities Net of Receivables and</FONT></B> </TD>
<TD noWrap align=left width="4%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=1>Other Assets &#150; (3.41%)*</FONT></B> </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=1>(5,837,293</FONT></B> </FONT></TD>
<TD noWrap align=left width="1%"><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (55.51%)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=+0><B><FONT face=serif color=#231f20 size=1>(95,000,000</FONT></B> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT size=1>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><B><FONT face=serif size=1>Net Assets Applicable to 11,504,975 Shares</FONT></B> </TD>
<TD noWrap align=left width="4%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp; &nbsp; &nbsp;<B><FONT face=serif size=1>Outstanding &#150; 100.00%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT size=+0><B><FONT face=serif color=#231f20 size=1>$171,143,318</FONT></B> </FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="98%" colSpan=3>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>($171,143,318 / 11,504,975 Shares)</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$14.88</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="98%" colSpan=3>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at March 31, 2007:</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=1>Common stock, $0.01 par value, 200 million shares</FONT> </TD>
<TD noWrap align=left width="4%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>authorized to the Fund</FONT> </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT size=+0><FONT face=serif size=1>$158,785,529</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=+0><FONT face=serif size=1>93,893</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=1>Accumulated net realized loss on investments</FONT> </TD>
<TD noWrap align=right width="4%" colSpan=2><FONT size=+0><FONT face=serif size=1>(43,753</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=+0><FONT face=serif color=#231f20 size=1>12,307,649</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=1>Total net assets</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT size=+0><FONT face=serif color=#231f20 size=1>$171,143,318</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
<TR vAlign=bottom>
<TD vAlign=top align=left width="1%"><FONT face=serif size=1>&amp;</FONT> </TD>
<TD vAlign=top align=left width="98%">
<P align=left><FONT face=serif size=1><SUP>1</SUP>Security held in a trust in connection with the Inverse Floater security $7,000,000, 6.706%, 1/1/14.</FONT></P>
</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"></TD>
<TD vAlign=top noWrap align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>&amp;</FONT> </TD>
<TD vAlign=top noWrap align=left width="98%"><FONT face=serif size=1><SUP>2</SUP><FONT face=serif size=1>Security held in a trust in connection with the Inverse Floater security $1,500,000, 6.706%, 1/1/15.</FONT><FONT size=3></FONT></FONT></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="1%"></TD>
<TD vAlign=top noWrap align=left width="98%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap align=right width="1%"><FONT size=1>&#167;</FONT></TD>
<TD vAlign=top align=left width="98%"><FONT size=1>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 9 in &#147;Notes to Financial Statements.&#148; </FONT></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="98%"></TD></TR>
<TR>
<TD vAlign=top noWrap align=right width="1%"><FONT size=2>&#149;</FONT></TD>
<TD vAlign=top align=left width="98%"><FONT size=1>Variable rate security. The rate shown is the rate as of March 31, 2007.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="1%"></TD>
<TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap align=right width="1%"><FONT size=1>*</FONT></TD>
<TD vAlign=top align=left width="98%">
<P align=left><FONT face=serif size=1>Includes $8,500,000 in liability for Inverse Floater programs. See Note 8 in &#147;Notes to Financial Statements.&#148;</FONT></P>
</TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>For additional information on the Inverse Floater Programs, see Note 8 in &#147;Notes to Financial Statements&#148;.</FONT></P>

<P align=left><B><FONT face=serif size=1>Summary of Abbreviations:<BR></FONT></B><FONT face=serif size=1>AMBAC &#151; Insured by the AMBAC Assurance Corporation <BR>AMT &#151; Subject to Alternative Minimum Tax <BR>FGIC &#151; Insured by the Financial Guaranty Insurance Company <BR>FHA &#151; Insured by the Federal Housing Administration <BR>FNMA &#151; Insured by Federal National Mortgage Association <BR>FSA &#151; Insured by Financial Security Assurance <BR>GNMA &#151; Insured by Government National Mortgage Association <BR>HUD &#151; Housing and Urban Development <BR>LOC &#151; Letter of Credit <BR>MBIA &#151; Insured by the Municipal Bond Insurance Association <BR>RADIAN &#151; Insured by Radian Asset Assurance <BR>VA &#151; Insured by the Veterans Administration</FONT></P>

<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=left><FONT face=serif size=2>22</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Statements of operations</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds<BR></FONT></B><B><FONT face=serif size=2><BR></FONT></B><FONT face=serif size=2>Year Ended March 31, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Delaware</FONT> </TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Delaware</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Delaware</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Investments</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Investments</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Investments</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Arizona</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Colorado Insured</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Florida Insured</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Minnesota</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Income</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Income</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Income</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Fund, Inc.</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund, Inc.</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Fund II, Inc.</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT face=serif size=1>Investment Income:</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2></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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"><FONT size=+0>&nbsp; &nbsp;<FONT face=serif size=1>Interest</FONT></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>$ </FONT><FONT face=serif color=#231f20 size=1>3,241,635</FONT></FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=1>$&nbsp; <FONT face=serif color=#231f20>5,502,486</FONT></FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>$ </FONT><FONT face=serif color=#231f20 size=1>2,712,469</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>$ </FONT><FONT face=serif color=#231f20 size=1>13,128,934</FONT></FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT face=serif size=1>Expenses:</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Management fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>275,385</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>453,667</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>221,241</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,061,139</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Interest and related expenses</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&#151;</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>339,001</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Remarketing agent fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>63,196</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>100,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;50,556</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>237,500</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Accounting and administration expenses</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>27,538</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>45,367</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;22,124</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>105,945</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Dividend disbursing and transfer agent fees and expenses</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>20,566</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>35,239</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;29,299</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>104,927</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Audit and tax fees</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>19,253</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>20,487</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;18,917</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>24,288</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Rating agency fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>13,425</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>13,121</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;13,425</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>33,025</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Reports and statements to shareholders</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,559</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>19,951</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;11,567</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>30,525</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Legal fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>8,347</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>14,113</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;5,806</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>28,248</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Directors&#146;/Trustees&#146; fees and benefits</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7,927</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>13,275</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;6,382</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>30,713</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Taxes (other than taxes on income)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5,917</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>&nbsp;9,367</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;347</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14,639</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Custodian fees</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,810</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;3,836</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;2,444</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7,662</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Stock exchange fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,720</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>&nbsp;4,579</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;2,205</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14,360</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Pricing fees</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,846</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;1,924</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;1,480</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,826</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Insurance fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,209</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>&nbsp;2,013</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;970</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6,983</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Dues and services</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,120</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;1,983</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;827</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,193</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Consulting fees</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,038</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>&nbsp;2,987</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;788</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3,470</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Registration fees</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>628</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;628</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;628</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>538</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Directors&#146;/Trustees&#146; expenses</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>500</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=1>&nbsp;517</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;184</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>880</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>464,984</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>743,054</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;389,190</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,051,862</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp; &nbsp;<FONT face=serif size=1>Less expense paid indirectly</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>(2,771</FONT> </TD>
<TD noWrap align=left width="2%"><FONT size=1>)</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=1>(3,772</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;(2,413</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT>&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>(7,396</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Total operating expenses</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>462,213</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>739,282</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;386,777</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,044,466</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"><FONT size=+0><B><FONT face=serif size=1>Net Investment Income</FONT></B></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>2,779,422</FONT></FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT size=+0></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT color=#231f20 size=1>4,763,204</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>&nbsp;2,325,692</FONT> </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>11,084,468</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" bgColor=#ffffff colSpan=11>&nbsp;</TD>
<TD align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Realized and Unrealized Gain (Loss) on Investments:</FONT></B> </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#ffffff>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>387,724</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>607,660</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>243,904</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>159,043</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>82,776</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>(275,520</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>79,273</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,367,602</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#ffffff><B><FONT face=serif size=1>Net Realized and Unrealized Gain on Investments</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>470,500</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=1>332,140</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>323,177</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,526,645</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR>
<TD width="99%" bgColor=#ffffff colSpan=11>&nbsp;</TD>
<TD align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Dividends on Preferred Stock</FONT></B></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(925,058</FONT> </FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=1>)</FONT>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>(1,417,500</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(733,838</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(3,434,732</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#ffffff><B><FONT face=serif size=1>Net Increase in Net Assets Resulting from Operations</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$ 2,324,864</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=1>$&nbsp; 3,677,844</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$ 1,915,031</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$ 10,176,381</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=right><FONT face=serif size=2>23</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Statements of changes in net assets</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Delaware</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Delaware</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Investments Arizona</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Investments Colorado</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Municipal Income</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Insured Municipal</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Fund, Inc.</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Income Fund, Inc.</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;<BR>&nbsp;</FONT>Year Ended</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Year Ended</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/07</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/06</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/07</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>3/31/06</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Increase (Decrease) in Net Assets from Operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp; 2,779,422</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp; 2,835,929</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp; 4,763,204</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp; 4,925,858</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain (loss) on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>387,724</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(34,038</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>607,660</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="4%" bgColor=#c0c0c0><FONT face=serif size=1>411,416</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of investments</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>82,776</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(488,430</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(275,520</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(1,020,909</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(925,058</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(701,535</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1,417,500</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1,058,796</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net increase in net assets resulting from operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>2,324,864</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>1,611,926</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>3,677,844</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>3,257,569</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends and Distributions to Common Shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(2,236,650</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(2,564,692</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(4,111,535</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(4,643,616</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(95,430</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(59,644</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(343,434</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(145,113</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(2,332,080</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(2,624,336</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>(4,454,969</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>(4,788,729</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Decrease in Net Assets</FONT></B> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(7,216</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(1,012,410</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(777,125</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(1,531,160</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3></FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Beginning of year</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>43,923,349</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>44,935,759</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>73,832,862</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>75,364,022</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>End of year</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$43,916,133</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$43,923,349</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp; 73,055,737</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp; 73,832,862</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Undistributed (Distributions in excess of) net investment income</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=1>330,793</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=1>264,788</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938,459</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Delaware</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Delaware</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Investments Florida</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Investments Minnesota</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Insured Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Municipal Income</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Income Fund</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Fund II, Inc.</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;<BR>&nbsp;</FONT>Year Ended</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="11%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Year Ended</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/07</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/06</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/07</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>3/31/06</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Increase (Decrease) in Net Assets from Operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp; 2,325,692</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp; 2,462,489</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp; 11,084,468</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp; 7,447,276</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>243,904</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>806,263</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>159,043</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="4%" bgColor=#c0c0c0><FONT face=serif size=1>217,830</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of investments</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>79,273</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(1,379,442</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2,367,602</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(1,110,246</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(733,838</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(622,604</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(3,434,732</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1,840,835</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net increase in net assets resulting from operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>1,915,031</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>1,266,706</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>10,176,381</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>4,714,025</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp; </TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends and Distributions to Common Shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(1,986,204</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(2,349,534</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(8,513,682</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(6,835,306</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(164,710</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(591,017</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(2,150,914</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(2,940,551</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>(8,513,682</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>(6,835,306</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Capital Share Transactions:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Net assets from reorganization*</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>63,644,025</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>63,644,025</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"><B><FONT face=serif size=1>Net Increase (Decrease) in Net Assets</FONT></B> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(235,883</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(1,673,845</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1,662,699</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>61,522,744</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp; &nbsp;<FONT face=serif size=1>Beginning of year</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>35,492,208</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>37,166,053</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>169,480,619</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT color=#231f20 size=1>107,957,875</FONT></FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>End of year</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$35,256,325</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$35,492,208</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$171,143,318</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>$169,480,619</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Undistributed net investment income</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;71,820</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=1>422,158</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,893</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969,303</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>*See Note 7 in &#147;Notes to Financial Statements.&#148;</FONT></P>

<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=left><FONT face=serif size=2>24</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Financial highlights</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><FONT face=serif size=1>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%" colSpan=14><FONT face=serif size=2>Year Ended</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/07</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/06</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/05</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/04</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/03</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.070</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.570</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.480</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.932</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.951</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.956</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.020</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.067</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.160</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.177</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.332</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.276</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.988</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Dividends on preferred stock from:</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.297</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.232</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.118</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.075</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.103</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%">&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.013</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.002</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.003</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.016</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.018</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.310</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.234</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.121</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.091</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.121</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Total from investment operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>0.782</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>0.540</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>0.503</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1.205</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1.934</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to common shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.750</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.860</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.960</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.960</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.940</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.032</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.020</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.043</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.155</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(0.164</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Total dividends and distributions</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.782</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(0.880</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(1.003</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(1.115</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>(1.104</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$14.730</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$14.730</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.070</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.570</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.480</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$14.790</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.980</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.390</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$16.560</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$15.490</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>1</FONT></SUP></B></TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Market value</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(2.58%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>9.74%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.78%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14.64%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>12.74%</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.26%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3.31%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3.34%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7.86%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>13.44%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net assets applicable to common shares, end of period (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$43,916</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$43,923</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$44,936</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$46,429</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$46,167</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common shares</FONT><SUP><FONT face=serif size=1>2</FONT></SUP></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.18%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.16%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%">&nbsp; &nbsp; <FONT face=serif size=1>applicable to common shares</FONT><FONT face=serif size=1><SUP>2 </SUP></FONT></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.34%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.28%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.34%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.63%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.96%</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>applicable to common shares net of dividends to preferred shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.23%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.72%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.54%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.04%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.18%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Portfolio turnover</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>17%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>2%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>8%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>30%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>24%</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$25,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$25,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$25,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$25,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$25,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of period</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$137,832</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$137,847</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$139,872</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$142,858</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$142,334</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=15>&nbsp;</TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=middle width="100%"><FONT face=serif size=1><SUP>1 </SUP>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from
the beginning to the end of such periods.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend payments to preferred shareholders.</FONT> </TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.</FONT> </TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;<FONT face=serif size=1>Excluding any accumulated but unpaid dividends.</FONT> </TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT>&nbsp;&nbsp;&nbsp; </FONT></I>&nbsp;<FONT face=serif size=2>25</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif color=#c0c0c0 size=6>Financial highlights</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><FONT face=serif size=1>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%" colSpan=14><FONT face=serif size=2>Year Ended<FONT size=3>&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/07</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/06</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/05</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/04</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/03</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.260</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.580</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$16.110</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.920</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.780</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.985</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.018</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.019</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.043</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.068</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.069</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.129</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.432</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.324</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.324</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Dividends on preferred stock from:</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.274</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.213</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.124</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.077</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.098</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%">&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.019</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.006</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.003</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.013</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.023</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.293</FONT> </FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.219</FONT> </FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.127</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.090</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.121</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Total from investment operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>0.761</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>0.670</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>0.460</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>1.277</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>2.271</FONT> </FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to common shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.850</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.960</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.960</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.960</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.940</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.071</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.030</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.030</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.127</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.191</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Total dividends and distributions</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.921</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.990</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.990</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.087</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.131</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.100</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.260</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.580</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.110</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.920</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.940</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$18.650</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$17.180</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.960</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.650</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>1</FONT></SUP></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Market value</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(9.86%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14.64%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>7.42%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>8.76%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>21.31%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.35%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3.44%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2.56%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>8.05%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>15.37%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#ffffff><FONT face=serif size=1>Net assets applicable to common shares, end of period (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$73,056</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$73,833</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$75,364</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$77,903</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>$76,988</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common shares</FONT><SUP><FONT face=serif size=1>2</FONT></SUP> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.95%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#ffffff>&nbsp; &nbsp;<FONT face=serif size=1>applicable to common shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6.49%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6.51%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6.51%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6.54%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6.83%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp; <FONT face=serif size=1>applicable to common shares net of dividends to preferred shares</FONT><FONT face=serif size=1><SUP>3</SUP></FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.56%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.11%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.69%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.98%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.08%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Portfolio turnover</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>11%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>12%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>5%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>13%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>14%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$40,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$40,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$40,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$40,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$40,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of period</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$141,320</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$142,291</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$144,205</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$147,379</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$146,235</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=15>&nbsp;</TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=middle width="100%"><FONT face=serif size=1><SUP>1</SUP> Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from
the beginning to the end of such periods.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend payments to preferred shareholders.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;<FONT face=serif size=1>Excluding any accumulated but unpaid dividends.</FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=left><FONT face=serif size=2>26</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><B><FONT face=serif size=2>Delaware Investments Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><FONT face=serif size=1>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=14><FONT face=serif size=2>Year Ended</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/07</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>3/31/06</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3/31/05</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3/31/04</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3/31/03</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>$15.340</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.370</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.150</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp; </TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>0.960</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="6%" bgColor=#ffffff><FONT face=serif size=1>1.017</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.057</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>1.088</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.084</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.141</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>(0.236</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.675</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.130</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.186</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#ffffff><FONT face=serif size=1>Dividends on preferred stock from:</FONT> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</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>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.285</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>(0.202</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.114</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.082</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.109</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#ffffff>&nbsp; &nbsp;<FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.018</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.055</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.009</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.005</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.303</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.257</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.123</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.087</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.109</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#ffffff><FONT face=serif size=1>Total from investment operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>0.798</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>0.524</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>0.259</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>0.871</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT size=+0><FONT face=serif color=#231f20 size=1>2.161</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to common shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(0.820</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>(0.970</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>(1.020</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>(0.995</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>(0.941</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.068</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.244</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.099</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.046</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>&#151;</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Total dividends and distributions</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.888</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.214</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.119</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.041</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.941</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.560</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.650</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.340</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.200</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.370</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.530</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.050</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.050</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.650</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.050</FONT></FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>1</FONT></SUP></B> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Market value</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(4.12%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>14.75%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>(3.02%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>18.04%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>14.17%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.27%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>2.76%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.59%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.59%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>14.92%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Net assets applicable to common shares, end of period (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$35,256</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>$35,492</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$37,166</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>$39,244</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$39,651</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common shares</FONT><SUP><FONT face=serif size=1>2</FONT></SUP> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.10%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.24%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.11%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.18%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%">&nbsp; &nbsp;<FONT face=serif size=1>applicable to common shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.58%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>6.70%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>6.75%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>6.70%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>6.81%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>applicable to common shares net of dividends to preferred shares</FONT><FONT face=serif size=1><SUP>3</SUP></FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.51%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>5.01%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.97%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.16%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.13%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Portfolio turnover</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>9%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>28%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>11%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>3%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>13%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="6%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" 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>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$20,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>$20,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$20,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>$20,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$20,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of period</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$138,141</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=1>$138,731</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,915</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$148,110</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$149,128</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=15>&nbsp;</TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=middle width="100%"><FONT face=serif size=1><SUP>1</SUP> Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from
the beginning to the end of such periods.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend payments to preferred shareholders.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>4</SUP> Excluding any accumulated but unpaid dividends.</FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=right><I><FONT face=serif color=#c0c0c0 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>27</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#c0c0c0>Financial highlights</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><FONT face=serif size=1>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%" colSpan=14><FONT face=serif size=2>Year Ended<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/07</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/06</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/05</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/04</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>3/31/03</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.890</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.280</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$15.060</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$14.280</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.963</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>0.971</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.025</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.093</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>1.143</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.225</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.012</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(0.237</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.207</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.689</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Dividends on preferred stock from:</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.298</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.243</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.128</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.082</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.112</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.298</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.243</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.128</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.082</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.112</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Total from investment operations</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>0.890</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>0.740</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>0.660</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>1.218</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>1.720</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends to common shareholders from:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net investment income</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.740</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.900</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.050</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.998</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.940</FONT> </FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.740</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.900</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(1.050</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.998</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>(0.940</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.880</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.730</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.890</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.280</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.060</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$14.640</FONT> </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.200</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.370</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$16.800</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$15.300</FONT> </FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><FONT face=serif size=1><SUP>1</SUP></FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Market value</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(5.13%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4.73%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>4.02%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>16.87%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>15.84%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.05%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.69%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.03%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7.99%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>12.19%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Net assets applicable to common shares, end of period (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$171,143</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$169,481</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$107,958</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$110,828</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$109,212</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.20%</FONT><SUP><FONT face=serif size=1>5</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.00%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>0.93%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;</FONT>applicable to common shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.52%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.45%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>6.85%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>7.23%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>7.74%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>applicable to common shares net of dividends to preferred shares</FONT><FONT face=serif size=1><SUP>3</SUP></FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.50%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.86%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.00%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.69%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.99%</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Portfolio turnover</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>3%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>8%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>15%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>34%</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>22%</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=14>&nbsp;</TD>
<TD width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
<TD noWrap align=left width="4%" 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="4%" 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="4%" 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="4%" 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="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$95,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$95,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$60,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$60,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$60,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of period</FONT> </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$140,075</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$139,200</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$139,965</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$142,357</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$141,010</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP> </TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>$50,000</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=15>&nbsp;</TD></TR>
</TABLE>

<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=bottom width="100%"><FONT face=serif size=1><SUP>1</SUP> Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from
the beginning to the end of such periods.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend payments to preferred shareholders. </FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>4</SUP> Excluding any accumulated but unpaid dividends.</FONT></TD></TR>
<TR>
<TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=bottom width="100%"><FONT face=serif size=1><SUP>5</SUP> The ratio of expenses to average net assets applicable to common shares includes interest and related expenses which include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees&#146; fees in connection with the Fund&#146;s participation in inverse floater programs. See Notes 1 and 8 in &#147;Notes to Financial Statements&#148;.</FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>

<P align=left><FONT face=serif size=2>28</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Notes to financial statements</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left><FONT face=serif size=2>March 31, 2007</FONT></P>

<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal Income Fund, Inc. (&#147;Arizona Municipal Fund&#148;); Delaware Investments Colorado Insured Municipal Income Fund, Inc. (&#147;Colorado Insured Municipal Fund&#148;) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (&#147;Minnesota Municipal Fund II&#148;) are organized as Minnesota corporations and Delaware Investments Florida Insured Municipal Income Fund (&#147;Florida Insured Municipal Fund&#148;) is organized as a Massachusetts Business Trust (each referred to as a &#147;Fund&#148; and collectively as the &#147;Funds&#148;). Arizona Municipal Fund, Florida Insured Municipal Fund and Minnesota Municipal Fund II are considered diversified closed-end management investment companies and Colorado Insured Municipal Fund is considered a non-diversified closed-end management investment company under the Investment Company Act of 1940, as amended. The Funds&#146; common shares trade on the American Stock
Exchange. The Funds&#146; preferred shares are traded privately through a remarketing agent. </FONT></P>

<P align=left><FONT face=serif size=1>The investment objective of each Fund is to provide high current income exempt from federal income tax and from the personal income tax of its state, if any, consistent with the preservation of capital. Each Fund will seek to achieve its investment objective by investing substantially all of its net assets in investment grade, tax-exempt municipal obligations of its respective state.</FONT></P>

<P align=left><B><FONT face=serif size=2>1. Significant Accounting Policies</FONT></B></P>

<P align=left><FONT face=serif size=1>The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by the Funds. </FONT></P>

<P align=left><B><FONT face=serif size=1>Security Valuation &#151;</FONT></B><FONT face=serif size=1> 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. 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 each Fund&#146;s Board of Directors/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).</FONT></P>

<P align=left><FONT face=serif size=1>In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157 &#147;Fair Value Measurements&#148; (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. </FONT></P>

<P align=left><B><FONT face=serif size=1>Federal Income Taxes &#151;</FONT></B><FONT face=serif size=1> Each 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.</FONT></P>

<P align=left><FONT face=serif size=1>On July 13, 2006, the FASB released FASB Interpretation No. 48 &#147;Accounting for Uncertainty in Income Taxes&#148; (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 Funds&#146; 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 a 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 each Fund&#146;s net asset value calculations as late as each Fund&#146;s last net asset value calculation in
the first required financial statement reporting period. As a result, the Funds will incorporate FIN 48 in its semiannual report on September 30, 2007. Although each Fund&#146;s tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Funds&#146; financial statements.</FONT></P>

<P align=left><B><FONT face=serif size=1>Use of Estimates &#151;</FONT></B><FONT face=serif size=1> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</FONT></P>

<P align=left><B><FONT face=serif size=1>Interest and Related Expenses &#151; </FONT></B><FONT face=serif size=1>Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees&#146; fees from the Minnesota Municipal Fund II&#146;s participation in inverse floater programs where the Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In consideration of the conveyance of the bond, the Fund receives the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Fund, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees&#146; fees expenses
are recorded on the accrual basis. </FONT></P>

<P align=left><FONT face=serif size=1>For the year ended March 31, 2007, the Minnesota Municipal Fund II had an average daily liability from the participation in inverse floater programs of $8,832,630 and recorded interest expense at an average rate of 3.80%</FONT></P>

<P align=right><I><FONT face=serif color=#c0c0c0 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>29</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Notes to financial statements</FONT></FONT></P>

<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><B><FONT face=serif size=2>1. Significant Accounting Policies (continued)</FONT></B></P>

<P align=left><FONT face=serif size=1><B>Other &#151;</B> Expenses directly attributable to a Fund are charged directly to that 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. Each Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. In addition, in order to satisfy certain distribution requirements of the Tax
Reform Act of 1986, the Funds may declare special year-end dividend and capital gains distributions during November or December to shareholders of record on a date in such month. Such distributions, if received by shareholders by January 31, are deemed to have been paid by the Funds and received by shareholders on the earlier of the date paid or December 31 of the prior year. </FONT></P>

<P align=left><FONT face=serif size=1>The Funds receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. The expense paid under this arrangement is included in custodian fees and on the Statements of Operations with the corresponding expense offset shown as &#147;expense paid indirectly.&#148;</FONT></P>

<P align=left><B><FONT face=serif size=2>2. Investment Management, Administration Agreements and Other Transactions with Affiliates</FONT></B></P>

<P align=left><FONT face=serif size=1>In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated daily based on the average weekly net assets of each Fund, excluding the liquidation value of the preferred stock.</FONT></P>

<P align=left><FONT face=serif size=1>Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides accounting and administration services. Each Fund pays DSC a monthly fee computed at the annual rate of 0.04% of the Funds&#146; average daily net assets, excluding the liquidation value of preferred stock, for accounting and administration services.</FONT></P>

<P align=left><FONT face=serif size=1>At March 31, 2007, each Fund had liabilities payable to affiliates as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Arizona</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Colorado Insured</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Florida Insured</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="1%"><FONT face=serif size=1>Minnesota</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="1%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT face=serif size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Investment management fee payable to DMC</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$23,034</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$37,815</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$18,493</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$89,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><FONT face=serif size=1>Accounting administration and other expenses</FONT>&nbsp;<FONT face=serif size=1>payable to DSC</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 2,397</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>&nbsp;&nbsp;11,705</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 1,920</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 9,244</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Other expenses payable to DMC and affiliates*</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 3,623</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 5,397</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 1,661</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 7,179</FONT>&nbsp;</TD></TR>
</TABLE>

<BR>
<P style="PADDING-LEFT: 4pt; TEXT-INDENT: -4pt" align=left><FONT face=serif size=1>*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Such expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, stock exchange fees, custodian fees and directors/trustees&#146; fees.</FONT></P>

<P align=left><FONT face=serif size=1>As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates&#146; employees. For the year ended March 31, 2007, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates&#146; employees as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="83%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Arizona</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Colorado Insured</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Florida Insured</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="1%"><FONT face=serif size=1>Minnesota</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="83%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD noWrap align=center width="1%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="83%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT face=serif size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="83%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$2,062</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$3,448</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,660</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$8,008</FONT>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>Directors&#146;/Trustees&#146; fees and benefits include expenses accrued by the Funds for each Director&#146;s/Trustee&#146;s retainer, per meeting fees and retirement benefits. Independent Directors/Trustees with over five years of uninterrupted service were eligible to participate in a retirement plan that provided for the payment of benefits upon retirement. The amount of the retirement benefit was determined based on factors set forth in the plan, including the number of years of service. On November 16, 2006, the Board of Directors/Trustees unanimously voted to terminate the retirement plan. Payments equal to the net present value of the earned benefits were made in 2007 to those independent trustees so entitled. The retirement benefit payout for the Arizona Municipal Fund, Colorado Insured Municipal Fund, Florida Insured Municipal Fund and Minnesota Municipal Fund II was $5,506, $9,218, $4,431 and $21,329, respectively. Certain officers of DMC and DSC are
officers and/or directors/ trustees of the Funds. These officers and directors/trustees are paid no compensation by the Funds.</FONT></P>

<P align=left><FONT face=serif size=2>30</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><B><FONT face=serif size=2>3. Investments</FONT></B></P>

<P align=left><FONT face=serif size=1>For the year ended March 31, 2007, the Funds made purchases and sales of investment securities other than short-term investments as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD noWrap align=left width="81%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Arizona</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Colorado Insured</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Florida Insured</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Minnesota</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="81%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="81%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT>&nbsp; </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=1>Purchases</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>11,091,543</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>11,974,513</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>4,897,981</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1><FONT color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>14,657,319</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="81%"><FONT size=1>Sales</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face="Times New Roman" color=#000000 size=3></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=1>12,291,084</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face="Times New Roman" color=#000000 size=3></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=1>15,396,413</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face="Times New Roman" color=#000000 size=3></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=1>6,179,060</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=1>9,374,946</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
</TABLE>



<P><FONT size=1>At March 31, 2007, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows: </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD noWrap align=left width="81%">&nbsp;</TD>
<TD noWrap align=center width="4%" colSpan=3></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Colorado Insured</FONT> </TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Florida Insured</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Cost of investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1><FONT face="Times New Roman" color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>65,701,368</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif><FONT color=#231f20 size=1><FONT style="BACKGROUND-COLOR: #c0c0c0" color=#000000 size=3>&nbsp;</FONT>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>104,617,648</FONT> </TD>
<TD noWrap align=left width="1%" 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><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;</FONT><FONT color=#231f20 size=1>$</FONT></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>52,830,697</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>250,847,275</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=1>Aggregate unrealized appreciation</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>2,910,098</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>5,164,859</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>1,699,424</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>12,687,120</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(54,545</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(21,117</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(18,760</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</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>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(53,784</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)<FONT face="Times New Roman" size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=1>Net unrealized appreciation</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>2,855,553</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>5,143,742</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>1,680,664</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>12,633,336</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="81%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=center width="1%"></TD></TR>
</TABLE>



<P><B><FONT size=2>4. Dividend and Distribution Information</FONT></B></P>


<P><FONT size=1>Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Additionally, net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2007 and 2006 was as follows:&nbsp; </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=right width="4%" colSpan=3></TD>
<TD noWrap align=right width="3%" colSpan=2></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=center width="6%" colSpan=4></TD></TR>
<TR>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Arizona</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Colorado Insured</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Florida Insured</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Minnesota</FONT> </TD></TR>
<TR>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Municipal</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="78%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT size=1>Year Ended 3/31/07</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" 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="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="78%"><FONT size=1>Ordinary income</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face="Times New Roman" color=#000000 size=3>&nbsp;<FONT color=#231f20 size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=1>15,433</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT color=#231f20 size=1>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT color=#231f20 size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=1>Tax-exempt income</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>3,106,771</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="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>5,436,875</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>2,676,030</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>11,948,414</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="78%"><FONT size=1>Long-term capital gain</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT color=#231f20 size=1>134,934</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>435,594</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>208,722</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=1>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>3,257,138</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>5,872,469</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>2,884,752</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>11,948,414</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="78%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT size=1>Year Ended 3/31/06</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" 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="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="78%"><FONT size=1>Tax-exempt income</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT size=1>3,261,410</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT size=1>5,673,140</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT size=1>2,839,838</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT size=1>8,676,141</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=1>Long-term capital gain</FONT><FONT size=3> </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>64,461</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>174,385</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>723,317</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="78%"><FONT size=1>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT color=#231f20 size=1>3,325,871</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>5,847,525</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>3,563,155</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>8,676,141</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
</TABLE>



<P><B><FONT size=2>5. Components of Net Assets on a Tax Basis</FONT></B></P>


<P><FONT size=1>As of March 31, 2007, the components of net assets on a tax basis were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD noWrap align=left width="99%" colSpan=16>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Arizona</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Colorado Insured</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Florida Insured</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Minnesota</FONT> </TD></TR>
<TR>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="4%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="3%" colSpan=3><FONT size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="80%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Shares of beneficial interest</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>40,838,893</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>67,238,110</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>33,361,389</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>158,785,529</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Undistributed tax-exempt income</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>264,788</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>71,820</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>93,893</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Undistributed long-term gains</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>221,687</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="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>409,097</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>142,452</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Capital loss carryforwards</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>&#151;</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=1>(369,440</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=1>)</FONT><FONT size=3> </FONT></TD></TR>
<TR>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Unrealized appreciation of investments</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>2,855,553</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>5,143,742</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>1,680,664</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>12,633,336</FONT> </TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Net assets</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT color=#231f20 size=1>43,916,133</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>73,055,737</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>35,256,325</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;<FONT color=#231f20 size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT color=#231f20 size=1>171,143,318</FONT> </TD>
<TD noWrap align=center width="1%"></TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT> </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>31</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#c0c0c0>Notes to financial statements</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2><FONT color=#c0c0c0>Delaware Investments Closed-End Municipal Bond Funds</FONT></FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><B><FONT face=serif size=2>5. Components of Net Assets on a Tax Basis (continued)</FONT></B></P>

<P align=left><FONT face=serif size=1>The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax treatment of market discount on debt instruments, and tax treatment of participation in inverse floater programs.</FONT></P>

<P align=left><FONT face=serif size=1>For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of dividends and distributions, tax treatment of market discount on certain debt instruments and tax treatment of participation in inverse floater programs. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2007, the Funds recorded the following reclassifications:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Arizona</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=center width="3%"><FONT face=serif size=1>Minnesota</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="3%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=1>Fund II</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed (Accumulated) net investment income (loss)</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 13,438</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$ (11,464)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Accumulated net realized gains (losses)</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>(13,438)</FONT>&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>11,464 </FONT>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at March 31, 2007 will expire as follows:</FONT></P>

<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Minnesota<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Municipal</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Fund II<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>2008<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;$175,394<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=1>2009<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=1>175,804<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>2010</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>8,416</FONT>&nbsp;</TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="94%"><FONT face=serif size=1>2013</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=+0><FONT face=serif color=#231f20 size=1>9,826</FONT>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif color=#231f20 size=1>$369,440</FONT>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>For the year ended March, 31 2007, Arizona Municipal Fund and Minnesota Municipal Fund II utilized $30,981 and $164,149, respectively, of capital loss carryforwards.</FONT></P>

<P align=left><B><FONT face=serif size=2>6. Capital Stock</FONT></B></P>

<P align=left><FONT face=serif size=1>Pursuant to their articles of incorporation, Arizona Municipal Fund, Colorado Insured Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. Florida Insured Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. The Funds did not repurchase any shares under the Share Repurchase Program during the year ended March 31, 2007. Shares issuable under the Funds&#146; dividend reinvestment plan are purchased by the Funds&#146; transfer agent, Mellon Investor Services, LLC, in the open market.</FONT></P>

<P align=left><FONT face=serif size=1>For the year ended March 31, 2007, the Funds did not have any transactions in common shares.</FONT></P>

<P align=left><FONT face=serif size=1>The Funds each have one million shares of $0.01 par value preferred shares authorized, except for Florida Insured Municipal Fund, which has an unlimited amount of $0.01 par value preferred shares authorized. On May 14, 1993, Arizona Municipal Fund and Florida Insured Municipal Fund issued 500 and 400 preferred shares, respectively. Also on that date, Minnesota Municipal Fund II issued 600 Series A and 600 Series B preferred shares. On September 23, 1993, Colorado Insured Municipal Fund issued 800 preferred shares. The preferred shares of each Fund have a liquidation preference of $50,000 per share plus an amount equal to accumulated but unpaid dividends.</FONT></P>

<P align=left><FONT face=serif size=1>In connection with the reorganizations described in Note 7 on the next page, shareholders of Minnesota Municipal Income Fund II approved amendments to its charter to create two new series to absorb the preferred stock of Delaware Investments Minnesota Municipal Income Fund, Inc. (&#147;Minnesota Municipal Fund&#148;) and Delaware Investments Minnesota Municipal Income Fund III, Inc. (&#147;Minnesota Municipal Fund III&#148;). These series have identical rights and preferences (including liquidation rights) in all material respects to the preferred shares of Minnesota Municipal Fund and Minnesota Municipal Fund III, and are substantially similar to the Series A and B preferred shares of Minnesota Municipal Fund II with respect to their preferences, voting powers, restrictions, limitation as to dividends, qualifications, liquidation rights, and term and conditions of redemption. Minnesota Municipal Fund II issued 400 Series C Preferred Shares to preferred
shareholders of Minnesota Municipal Fund in exchange for that Fund&#146;s preferred shares and 300 Series D Preferred Shares to preferred shareholders of Minnesota Municipal Fund III in exchange for that Fund&#146;s preferred shares at the close of the reorganization on February 24, 2006.</FONT></P>

<P align=left><FONT face=serif size=2>32</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><B><FONT face=serif size=2>6. Capital Stock (continued)</FONT></B></P>

<P align=left><FONT face=serif size=1>Dividends for the outstanding preferred shares of each Fund are cumulative at a rate established at the initial public offering and are typically reset every 28 days based on the results of an auction. Dividend rates (adjusted for any capital gain distributions) ranged during the year ended March 31, 2007 as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT face=serif size=1><FONT face=serif size=1>Fund&nbsp;</FONT></FONT></TD>
<TD align=left width="81%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>Low&nbsp;</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD noWrap align=left width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
<TD noWrap align=center width="1%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>High&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT face=serif size=1>Arizona Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></FONT></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=serif size=1>3.00%&nbsp;</FONT></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face="Times New Roman" size=3><FONT face=serif size=1><FONT face="Times New Roman" size=1>&nbsp;</FONT>to&nbsp;</FONT></FONT></FONT></TD>
<TD align=center width="1%" bgColor=#c0c0c0></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=serif size=1>4.45%&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="82%" colSpan=2><FONT face=serif size=1><FONT face=serif size=1>Colorado Insured Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></FONT></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>3.05%&nbsp;</FONT></FONT></TD>
<TD align=left width="1%"></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face="Times New Roman" size=3><FONT face=serif size=1><FONT face="Times New Roman" size=1>&nbsp;<FONT face=serif size=1>to</FONT>&nbsp;</FONT></FONT></FONT></FONT></TD>
<TD align=center width="1%"></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>4.11%&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT face=serif size=1>Florida Insured Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></FONT></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=serif size=1>3.00%&nbsp;</FONT></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face="Times New Roman" size=3><FONT face=serif size=1><FONT face="Times New Roman" size=1>&nbsp;</FONT>to<FONT face=serif size=3>&nbsp;</FONT></FONT></FONT></FONT></TD>
<TD align=center width="1%" bgColor=#c0c0c0></TD>
<TD align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=serif size=1>4.35%&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="82%" colSpan=2><FONT face=serif size=1><FONT face=serif size=1>Minnesota Municipal Fund II&nbsp;<FONT size=3>&nbsp;</FONT></FONT></FONT></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>3.21%&nbsp;</FONT></FONT></TD>
<TD align=left width="1%"></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face="Times New Roman" size=3><FONT face=serif size=1><FONT face="Times New Roman" size=1>&nbsp;</FONT>to<FONT face=serif size=3>&nbsp;</FONT></FONT></FONT></FONT></TD>
<TD align=center width="1%"></TD>
<TD align=center width="5%"><FONT face=serif size=1><FONT face=serif size=1>3.95%</FONT></FONT>&nbsp;</TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>Citigroup Global Markets, Inc. (formerly Salomon Smith Barney, Inc.) and Merrill Lynch Pierce, Fenner &amp; Smith Inc. (Colorado Insured Municipal Fund only), as the remarketing agents, receive an annual fee from each of the Funds of 0.25% of the average amount of preferred stock outstanding.</FONT></P>

<P align=left><FONT face=serif size=1>Under the 1940 Act, the Funds may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred stock is less than 200%. The preferred shares are redeemable at the option of the Funds, in whole or in part, on any dividend payment date at $50,000 per share plus any accumulated but unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $50,000 per share plus any accumulated but unpaid dividends whether or not declared, if certain requirements relating to the composition of the assets and liabilities of each Fund are not satisfied. The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares are also entitled to
elect two of each Fund&#146;s Directors. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, and (b) take any action requiring a vote of security holders pursuant to Section 13(a) of the 1940 Act, including, among other things, changes in each of the Fund&#146;s subclassification as a closed-end investment company or (c) changes in their fundamental investment restrictions.</FONT></P>

<P align=left><B><FONT face=serif size=2>7. Fund Reorganization</FONT></B></P>

<P align=left><FONT face=serif size=1>At the close of business on February 24, 2006, Minnesota Municipal Income Fund II acquired substantially all of the assets of Minnesota Municipal Fund and Minnesota Municipal Fund III, each pursuant to an Agreement and Plan of Acquisition (the &#147;Reorganization&#148;). The common shareholders of Minnesota Municipal Fund and Minnesota Municipal Fund III each received common shares of Minnesota Municipal Fund II equal to the aggregate net asset value of their respective shares prior to the Reorganization. The preferred shares of Minnesota Municipal Fund and Minnesota Municipal Fund III received the same number of Series C and Series D preferred shares, respectively, of Minnesota Municipal Fund II as they held in their respective Funds prior to the Reorganization (see Note 6). The Reorganizations were treated as non-taxable events and, accordingly, Minnesota Municipal Fund II&#146;s basis in the securities acquired reflected the historical cost basis as of the
date of transfer. The net assets, net unrealized appreciation and accumulated net realized gain (loss) of Minnesota Municipal Fund and Minnesota Municipal Fund III as of the close of business on February 24, 2006, were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="85%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Net Unrealized</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Accumulated Net</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Net Assets</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Appreciation</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Realized Gain/Loss</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>Minnesota Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$38,077,404</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$2,648,640</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>2,145</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="85%"><FONT size=1>Minnesota Municipal Fund III&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>&nbsp;25,566,621</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;1,999,455</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=1></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT size=1>(81,744</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff><FONT size=1>)</FONT></TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=1>The net assets of Minnesota Municipal Fund II prior to the Reorganizations were $108,531,274. The combined net assets of Minnesota Municipal Fund II after the Reorganization were $172,175,299.</FONT></P>

<P align=left><FONT face=serif size=1>Minnesota Municipal Fund II continues to trade and is listed on the American Stock Exchange. Beginning on February 27, 2006 and going forward, however, Minnesota Municipal Fund and Minnesota Municipal Fund III will no longer trade or be listed on the American Stock Exchange, and their corporate existence will be liquidated and dissolved. In January 2007, shareholders of Minnesota Municipal Fund and Minnesota Municipal Fund III received Form 1099-DIV that reported the amount and character of each Fund&#146;s distributions paid in calendar year 2006.</FONT></P>

<P align=left><FONT face=serif size=1>Common and preferred shares of Minnesota Municipal Fund II issued to shareholders of Minnesota Municipal Fund and Minnesota Municipal Fund III in connection with the Reorganizations were as follows:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="80%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Common</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Exchange</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Preferred</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Exchange</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Shares Issued</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Ratio</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Shares Issued</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>Ratio</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Minnesota Municipal Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,543,581</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.02 to 1</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>400</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1 to 1&nbsp;</FONT></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Minnesota Municipal Fund III</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>1,709,194</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>1.08 to 1</FONT><FONT size=3></FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>300</FONT><FONT size=3></FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>1 to 1&nbsp;</FONT><FONT size=3></FONT></TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif color=#c0c0c0 size=2>(continues)</FONT></I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>33</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Notes to financial statements</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware Investments Closed-End Municipal Bond Funds</FONT></FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><B><FONT face=serif size=2>8. Inverse Floaters</FONT></B></P>

<P align=left><FONT face=serif size=1>The Funds may participate in inverse floater programs where a fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (&#147;inverse floaters&#148;) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Funds 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 Funds typically use inverse floaters to adjust the duration of their portfolios. Duration measures a portfolio&#146;s sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that the Funds transferred to the trust, the Funds seek to adjust its portfolio&#146;s sensitivity
to changes in interest rates. The Funds may also invest in inverse floaters to add additional income to the Funds or to adjust the Funds&#146; exposure to a specific segment of the yield curve. Securities held in trust relating to inverse floater programs are identified on the Statements of Net Assets.</FONT></P>

<P align=left><FONT face=serif size=1>Previously, the Funds treated these transactions 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.</FONT></P>

<P align=left><B><FONT face=serif size=2>9. Credit and Market Risk</FONT></B></P>

<P align=left><FONT face=serif size=1>The Funds use leverage in the form of preferred shares. Leveraging may result in a higher degree of volatility because each Fund&#146;s net asset value could be more sensitive to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to the leverage.</FONT></P>

<P align=left><FONT face=serif size=1>The Funds concentrate their investments in securities issued by municipalities. 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. These securities have been identified in the Statements of Net Assets.</FONT></P>

<P align=left><FONT face=serif size=1>The Funds 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 &#147;current refunding.&#148; &#147;Advance refunded bonds&#148; 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 &#147;escrowed to maturity&#148; 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 &#147;pre-refunded&#148; when the refunding issue&#146;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 &#147;defeased&#148; 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 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&#146;s Investors Service,
Inc., Standard &amp; Poor&#146;s Ratings Group, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.</FONT></P>

<P align=left><FONT face=serif size=1>Each 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 each 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, each Fund&#146;s Board of Trustees/Directors has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund&#146;s limitation on investments in illiquid assets. At March 31, 2007, there were no Rule 144A securities and no securities have been determined to be illiquid under the Funds&#146; Liquidity Procedures.</FONT></P>

<P align=left><B><FONT face=serif size=2>10. Contractual Obligations</FONT></B></P>

<P align=left><FONT face=serif size=1>The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds&#146; existing contracts and expects the risk of loss to be remote.</FONT></P>

<P align=left><FONT face=serif size=2>34</FONT></P>

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<PAGE>

<P align=left><B><FONT face=serif size=2>11. Tax Information (Unaudited)</FONT></B></P>

<P align=left><FONT face=serif size=1>The information set forth below is for each Fund&#146;s fiscal year as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.</FONT></P>

<P align=left><FONT face=serif size=1>For the fiscal year ended March 31, 2007, each Fund designates distributions paid during the year as follows:</FONT></P>

<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
<TD noWrap align=center width="85%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>(A)</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>(B)</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR>
<TD noWrap align=center width="85%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>Long-Term</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Tax-</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR>
<TD noWrap align=center width="85%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>Capital Gains</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Exempt</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Total</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="85%"></TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Distributions</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Distributions</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT face=serif size=1>Distributions</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>(Tax Basis)</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>(Tax Basis)</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1>(Tax Basis)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>Arizona Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>96%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100%&nbsp;</FONT></TD></TR>
<TR>
<TD noWrap align=left width="85%"><FONT size=1>Colorado Insured Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>7%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>93%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>100%&nbsp;</FONT></TD></TR>
<TR>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>Florida Insured Municipal Fund&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>7%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>93%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>100%&nbsp;</FONT></TD></TR>
<TR>
<TD noWrap align=left width="85%"><FONT size=1>Minnesota Municipal Fund II&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>&#151;</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>100%</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff><FONT size=1>100%&nbsp;</FONT></TD></TR>
<TR>
<TD noWrap align=left width="85%"><FONT size=1>&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD></TR>
<TR>
<TD noWrap align=left width="85%"><FONT size=1>(A) and (B) are based on a percentage of each Fund&#146;s total distributions.&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD>
<TD noWrap align=center width="1%" bgColor=#ffffff></TD>
<TD noWrap align=center width="4%" bgColor=#ffffff></TD></TR>
</TABLE>


<P align=right><FONT face=serif size=2>35</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=6>Report of independent<BR>registered public accounting firm</FONT></P>

<P align=left><FONT face=serif size=2><BR><BR>To the Shareholders and Board of Directors/Trustees<BR>Delaware Investments Arizona Municipal Income Fund, Inc. <BR></FONT><FONT face=serif size=2>Delaware Investments Colorado Insured Municipal Income Fund, Inc.<BR></FONT><FONT face=serif size=2>Delaware Investments Florida Insured Municipal Income Fund<BR>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></P>

<P align=left><FONT face=serif size=2>We have audited the accompanying statements of net assets of Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund and Delaware Investments Minnesota Municipal Income Fund II, Inc. (the &#147;Funds&#148;), as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds&#146; management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>

<P align=left><FONT face=serif size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds&#146; internal control over financial reporting. Our audits included consideration of internal control over financial </FONT><FONT face=serif size=2>reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds&#146; internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2007, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

<P align=left><FONT face=serif size=2>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the respective Funds at March 31, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</FONT></P>

<P align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR align=right>
<TD width="50%"></TD>
<TD width="50%"><IMG src="giclosedend_ncsr4x4x1.jpg" border=0></TD></TR>
<TR>
<TD width="50%"><FONT size=2>Philadelphia, Pennsylvania<BR>May 15, 2007</FONT></TD>
<TD width="50%"><FONT size=2></FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=2>36</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Other Fund information</FONT></P>

<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><B><FONT face=serif size=2><FONT face=serif>Changes to the Funds&#146; Investment Policies</FONT></FONT></B></P>

<P align=left><FONT face=serif size=1>At a meeting on August 16-17, 2006, the Funds&#146; Boards of Directors/Trustees approved the following changes and clarifications to the Funds&#146; non-fundamental investment policies. The changes became effective on September 1, 2006.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Arizona Municipal Income Fund, Inc. &#151; </FONT></B><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Arizona and federal income tax, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Arizona municipal obligations.</FONT></P>

<P align=left><FONT face=serif size=1>The Fund may invest in the lowest tier of investment grade rated bonds (i.e., rated Baa by Moody&#146;s or BBB by S&amp;P).</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Colorado Insured Municipal Income Fund, Inc. &#151; </FONT></B><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Colorado and federal income tax, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Colorado municipal obligations.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Florida Insured Municipal Income Fund &#151; </FONT></B><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from federal income tax subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Florida municipal obligations.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Minnesota Municipal Income Fund II, Inc. &#151; </FONT></B><FONT face=serif size=1>The Fund may invest in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Minnesota and federal income tax to the extent that not more than 5% of the Fund&#146;s exempt interest dividends are derived from such obligations, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Minnesota municipal obligations.</FONT></P>

<P align=left><FONT face=serif size=1>The Fund may invest in the lowest tier of investment grade rated bonds (i.e., rated Baa by Moody&#146;s or BBB by S&amp;P).</FONT></P>

<P align=left><B><FONT face=serif size=2>Proxy Results</FONT></B></P>

<P align=left><FONT face=serif size=1>The shareholders of Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund, and Delaware Investments Minnesota Municipal Income Fund II, Inc. (each, a &#147;Fund&#148;) voted on the following proposals (as applicable) at the annual meeting of shareholders on August 16, 2006 (the &#147;Annual Meeting&#148;). The description of each proposal and number of shares voted are as follows:</FONT></P>

<P align=left><FONT face=serif size=1>1. To elect a Board of Directors for each Fund.</FONT></P>

<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="79%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=4><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Commo<FONT face=serif color=#231f20 size=1>n Sh</FONT>areholders</FONT> </TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT face=serif size=1>Preferre<FONT face=serif color=#231f20 size=1>d Sh</FONT>areholders</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%">&nbsp; </TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT size=1><FONT size=3>&nbsp;</FONT>Shares Voted</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%">&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Shares Voted</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT></FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Patrick P. Coyne *&nbsp;</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Thomas L. Bennett</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%"><FONT size=1>2,922,156&nbsp; </FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>23,800</FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>John A. Fry</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Anthony D. Knerr</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%"><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Lucinda S. Landreth</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="79%"><FONT size=1>Ann R. Leven</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%"><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Thomas F. Madison</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" 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=center width="4%" bgColor=#c0c0c0><FONT size=1>490</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>0</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Janet L. Yeomans</FONT>&nbsp;</TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>490</FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>0</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>J. Richard Zecher</FONT>&nbsp; </TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,922,669&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>23,287</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
</TABLE>

<BR>
<P align=right><I><FONT face=serif color=#c0c0c0 size=2>(continues)</FONT></I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>37</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif color=#b2b2b2 size=6>Other Fund information</FONT></P>

<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments Closed-End Municipal Bond Funds</FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><FONT size=1>Delaware Investments Colorado Insured Municipal Fund, Inc.</FONT></P>

<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=4><FONT size=1><FONT size=3>&nbsp;</FONT>Commo<FONT face=serif color=#231f20 size=1>n Sh</FONT>areholders</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT size=1><FONT size=3>&nbsp;</FONT>Preferre<FONT face=serif color=#231f20>d Sh</FONT>areholders</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="5%" colSpan=2><FONT size=1><FONT size=3>&nbsp;</FONT>Shares Voted</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%">&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>Shares Voted</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT><FONT color=#231f20>Shares Voted For</FONT></FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT><FONT color=#231f20>Shares Voted For</FONT></FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Patrick P. Coyne *&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,582,707&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>56,914</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Thomas L. Bennett&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%"><FONT size=1>4,549,334&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>90,287</FONT></TD>
<TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>John A. Fry&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,582,207&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>57,414</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Anthony D. Knerr&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%"><FONT size=1>4,583,741&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>55,880</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Lucinda S. Landreth&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,584,407&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>55,214</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="79%"><FONT size=1>Ann R. Leven&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%"><FONT size=1>4,584,688&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT size=1>54,933</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>Thomas F. Madison&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>507</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>0</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%"><FONT size=1>Janet L. Yeomans&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>507</FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>0</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT size=1>J. Richard Zecher&nbsp;</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,584,157&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>55,464</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>Delaware Investments Florida Insured Municipal Fund</FONT></P>

<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Commo<FONT face=serif color=#231f20 size=1>n Sh</FONT>areholders</FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT face=serif size=1>Preferre<FONT face=serif color=#231f20 size=1>d Sh</FONT>areholders</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>Shares Voted</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%">&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Shares Voted</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT></FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Patrick P. Coyne *&nbsp;</FONT><FONT size=3>&nbsp;<FONT style="BACKGROUND-COLOR: #c0c0c0"></FONT></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>&nbsp;2,272,312&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>13,322</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Thomas L. Bennett</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>&nbsp;2,267,912&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>17,722</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>John A. Fry</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>&nbsp;2,272,312&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>13,322</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Anthony D. Knerr</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>&nbsp;2,272,312&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>13,322</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Lucinda S. Landreth</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>&nbsp;2,272,312&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>13,322</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Ann R. Leven</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>&nbsp;2,270,212&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>15,422</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Thomas F. Madison</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>398</FONT></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>2</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Janet L. Yeomans</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>398</FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1>2</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>J. Richard Zecher</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>&nbsp;2,270,212&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1>15,422</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></P>

<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Commo<FONT face=serif color=#231f20 size=1>n Sh</FONT>areholders</FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=3><FONT face=serif size=1>Preferre<FONT face=serif color=#231f20 size=1>d Sh</FONT>areholders</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>Shares Voted</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%">&nbsp;</TD>
<TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1>Shares Voted</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT color=#231f20><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT></FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Patrick P. Coyne *</FONT>&nbsp;<FONT style="BACKGROUND-COLOR: #c0c0c0"></FONT></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>9,972,071</FONT>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>367,397</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Thomas L. Bennett</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>9,966,036</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>373,432</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>John A. Fry</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>9,971,763</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>367,705</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Anthony D. Knerr</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>9,968,331</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>371,137</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Lucinda S. Landreth</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>9,974,924</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>364,544</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="80%"><FONT size=1>Ann R. Leven</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>9,976,761</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>362,707</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>Thomas F. Madison</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>1,416</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>0</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT size=1>Janet L. Yeomans</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>1,416</FONT>&nbsp;</TD>
<TD noWrap align=center width="1%"></TD>
<TD noWrap align=center width="4%"><FONT size=1><FONT size=3>&nbsp;</FONT>0</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT size=1>J. Richard Zecher</FONT>&nbsp;</TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>9,969,705</FONT>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT size=1><FONT size=3>&nbsp;</FONT>369,763</FONT><FONT size=3>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=center width="4%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="99%" bgColor=#ffffff colSpan=8>&nbsp;</TD></TR>
<TR style="PADDING-LEFT: 5pt; TEXT-INDENT: -5pt" align=left>
<TD align=left width="99%" bgColor=#ffffff colSpan=8><FONT size=1>*Subsequent to the mailing of the proxy materials for the Annual Meeting, Jude T. Driscoll, a Director/Trustee and one of the nominees for election to the Board of each Fund, resigned from the Board of each Fund, effective August 1, 2006. As a result, Mr. Driscoll withdrew from the election. At a regularly scheduled Board meeting on <FONT face=serif>August 16, 2006, each Fund&#146;s Nominating Committee recommended to the applicable Fund&#146;s Board substituting Patrick P. Coyne for Mr. Driscoll as a nominee for election to the Board and each Board recommended naming Mr. Coyne as a substitute nominee for election to the Board.</FONT></FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=2>38</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=1>As disclosed in the Proxy Statement, in the case of the withdrawal of a nominee for election, the power given by shareholders in the Proxy Card may be used by the persons named as proxies to vote for a substitute nominee or nominees as recommended by the existing Board. Accordingly, the proxies exercised their discretion to vote for the Mr. Coyne, the substitute nominee for election to each Board, at the Annual Meeting.</FONT></P>

<P align=left><FONT face=serif size=1>As described in a press release dated August 17, 2006, Delaware Investments Arizona Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. announced that each Fund&#146;s Board of Directors/Trustees approved the following clarifications to the Funds&#146; non-fundamental investment policies at a meeting held on August 16-17, 2006. These clarifications became effective September 4, 2006.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Arizona and federal income tax, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Arizona municipal obligations. The Fund may invest without limit in the lowest tier of investment grade rated bonds (i.e., rated Baa by Moody&#146;s or BBB by S&amp;P).</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Colorado and federal income tax, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Colorado insured municipal obligations.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from federal income tax subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Florida insured municipal obligations.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund may invest in municipal obligations issued by or on behalf of territories of the United States &#150; such as Guam, the U.S. Virgin Islands or Puerto Rico &#150; that are exempt from Minnesota and federal income tax to the extent that not more than 5% of the Fund&#146;s exempt interest dividends are derived from such obligations, subject to the Fund&#146;s fundamental investment policy to invest 80% of its net assets in Minnesota municipal obligations. The Fund may invest without limit in the lowest tier of investment grade rated bonds (i.e., rated Baa by Moody&#146;s or BBB by S&amp;P).</FONT></P>

<P align=left><FONT face=serif size=1>As described in a press release dated February 20, 2007, Delaware Investments Arizona Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. announced that each Fund&#146;s Board of Directors approved the following changes to the Funds&#146; non-fundamental investment policies at a meeting held on February 14-15, 2007. These changes became effective April 23, 2007.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Arizona Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund will invest at least 80% of its net assets in investment grade quality Arizona municipal bonds. The Fund may invest up to 20% of its net assets in municipal bonds that are rated Ba1/BB+ or lower or that are unrated but judged to be of comparable quality by the Fund&#146;s investment adviser. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed.</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund will invest at least 80% of its net assets in investment grade quality Minnesota municipal bonds. The Fund may invest up to 20% of its net assets in municipal bonds that are rated Ba1/BB+ or lower or that are unrated but judged to be of comparable quality by the Fund&#146;s investment adviser. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed.</FONT></P>

<P align=left><FONT face=serif size=1>As described in a press release dated May 16, 2007, Delaware Investments Colorado Insured Municipal Income Fund, Inc. and Delaware Investments Florida Insured Municipal Income Fund announced that each Fund&#146;s Board of Directors/Trustees approved the following changes to the Funds&#146; fundamental investment policies be submitted to shareholders at each Fund&#146;s upcoming annual shareholder meeting to be held in August 2007. </FONT></P>

<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>39</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Other Fund information</FONT></FONT></P>

<P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware Investments Closed-End Municipal Bond Funds</FONT></FONT></B></P>

<P align=left>&nbsp;</P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Colorado Insured Municipal Income Fund, Inc.</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund will seek approval of the elimination of a fundamental policy requiring it to invest 80% of its net assets in Colorado municipal bonds insured by insurance companies with AAA-rated claims-paying ability. If approved, this fundamental investment policy would be replaced by non-fundamental investment policies permitting the Fund to invest without limitation in uninsured, Colorado municipal securities rated investment grade (including below AAA) as well as invest up to 20% of its net assets in non-investment grade Colorado municipal securities. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance, as
predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed. Coincident with the proposed changes, the Fund&#146;s name would be changed to &#147;Delaware Investments Colorado Municipal Income Fund, Inc.&#148;</FONT></P>

<P align=left><B><FONT face=serif size=1>Delaware Investments Florida Insured Municipal Income Fund</FONT></B></P>

<P align=left><FONT face=serif size=1>The Fund will seek approval of the elimination of a fundamental policy requiring it to invest 80% of its net assets in Florida municipal bonds insured by insurance companies with AAA-rated claims-paying ability. If approved, this fundamental investment policy would be replaced by non-fundamental investment policies permitting the Fund to invest without limitation in uninsured, municipal securities of any state that are rated investment grade (including below AAA) as well as invest up to 20% of its net assets in non-investment grade municipal securities. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as &#147;junk bonds.&#148; Such securities are regarded, on balance,
as predominantly speculative with respect to the issuer&#146;s ability to pay interest and repay principal owed. Coincident with the proposed changes, the Fund&#146;s name would be changed to &#147;Delaware Investments National Municipal Income Fund.&#148; If approved by shareholders, the Fund anticipates that for an undetermined period of time it would remain significantly invested in Florida municipal bonds, and would gradually transition to a more nationally diversified portfolio in an attempt to help minimize the tax impact of the transition on shareholders.</FONT></P>

<P align=left><FONT face=serif size=2>40</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=6>Board of directors/trustees<BR>and officers addendum</FONT></P>

<P align=left><FONT face=serif size=2><B>Delaware Investments<SUP>&#174;</SUP> Family of Funds</B></FONT></P>

<P align=left><FONT face=serif size=2>A mutual fund is governed by a Board of Directors/Trustees, which has oversight responsibility for the management of a fund&#146;s business affairs. Directors/Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund directors/trustees, in particular, are advocates for shareholder interests. Each director/trustee has served in that capacity since he or she was elected to or appointed to the Board of Directors, and will continue to serve until his or her retirement or the election of a new director/trustee in his or her place. The following is a list of the Directors and Officers with certain background and related information.</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="10%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Number of</FONT> </TD>
<TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Portfolios in Fund</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=2>Other</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=2>Name,</FONT> </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT size=2>Complex Overseen</FONT> </TD>
<TD noWrap align=center width="17%"><FONT size=2>Directorships</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=2>Address,</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Position(s)</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Length of</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Principal Occupation(s)</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>by&nbsp;Director</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=2>Held by</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=2>and Birth Date</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Held with Fund(s)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Time Served</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>During Past 5 Years</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>or Officer</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face=serif size=2>Director&nbsp;or Officer</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%">&nbsp;<B><FONT face=serif color=#404040 size=1>Interested Trustees</FONT></B>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Patrick P. Coyne<SUP>1</SUP></B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chairman,</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chairman and&nbsp;Director</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Patrick P. Coyne has served in</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>President,</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>since August 16, 2006</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>various executive capacities</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Executive</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>at different times at</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Officer, and</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>President and</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Delaware Investments.<SUP>2</SUP></FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Executive Officer</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>April 14, 1963</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=1>since August 1, 2006</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%">&nbsp;<B><FONT face=serif color=#404040 size=1>Independent Trustees</FONT></B>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Thomas L. Bennett</B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Private Investor &#151;</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>March 2005</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(March 2004&#150;Present)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Investment Manager &#151;</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Morgan Stanley &amp; Co.</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>October 4, 1947</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%"><FONT face=serif size=1>(January 1984&#150;March 2004)</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>John A. Fry</B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>President &#151;</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director &#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>January 2001</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Franklin &amp; Marshall College</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Community Health</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(June 2002&#150;Present)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Systems</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Executive Vice President &#151;</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director &#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>May 28, 1960</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>University of Pennsylvania</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Allied Barton</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="10%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%"><FONT face=serif size=1>(April 1995&#150;June 2002)</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%"><FONT face=serif size=1>Security Holdings</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Anthony D. Knerr</B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Founder and Managing Director &#151;</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>April 1990</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Anthony Knerr &amp; Associates</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Strategic Consulting)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(1990&#150;Present)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
<TD width="99%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>December 7, 1938</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Lucinda S. Landreth</B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Investment Officer &#151;</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>March 2005</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Assurant, Inc.</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Insurance)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(2002&#150;2004)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
<TD width="99%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>June 24, 1947</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Ann R. Leven</B></FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Consultant &#151;</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT> </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director and</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>September 1989</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>ARL Associates</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Audit Committee</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Financial Planning)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Chairperson &#151; Andy</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(1983&#150;Present)</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Warhol Foundation</FONT> </TD></TR>
<TR>
<TD width="99%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>November 1, 1940</FONT> </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director and Audit</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=left width="18%">&nbsp; </TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Committee Member &#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="10%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%"><FONT face=serif size=1>Systemax, Inc.</FONT> </TD></TR>
</TABLE>

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<P align=right><I><FONT face=serif color=#c0c0c0 size=2>(continues)</FONT></I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>41</FONT></P>

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<TR vAlign=bottom>
<TD noWrap align=center width="10%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Number of</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Portfolios in Fund</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=2>Other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=2>Name,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Complex Overseen</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=2>Directorships</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=2>Address,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Position(s)</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Length of</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>Principal Occupation(s)</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=2>by&nbsp;Director</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=2>Held by</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=2>and Birth Date</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Held with Fund(s)</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Time Served</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>During Past 5 Years</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>or Officer</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face=serif size=2>Director&nbsp;or Officer</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%" colSpan=2>&nbsp;<B><FONT face=serif color=#404040 size=1>Independent Trustees</FONT></B> <FONT face=serif color=#404040 size=1>(continued)</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Thomas F. Madison</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>President and Chief</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director &#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>May 1997</FONT> </TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Executive Officer &#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT size=1>Banner Health</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>MLM Partners, Inc.</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Small Business Investing</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT size=1>Director &#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and Consulting)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT size=1>CenterPoint Energy</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>February 25, 1936</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(January 1993&#150;Present)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"></TD></TR>
<TR>
<TD width="10%">&nbsp;</TD>
<TD width="18%">&nbsp;</TD>
<TD width="18%">&nbsp;</TD>
<TD width="18%">&nbsp;</TD>
<TD width="18%">&nbsp;</TD>
<TD align=center width="17%"><FONT size=1>Director and Audit</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="10%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=center width="17%"><FONT size=1>Committee&nbsp;Member &#151;</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="10%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=left width="18%"></TD>
<TD noWrap align=center width="17%"><FONT size=1>Digital River, Inc.</FONT>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="99%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director and Audit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT size=1>Committee Member &#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Rimage</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Corporation</FONT>&nbsp;</TD></TR>
<TR>
<TD width="99%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director &#151; Valmont</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="10%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%"><FONT face=serif size=1>Industries, Inc.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Janet L. Yeomans</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Vice President</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>April 1999</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(January 2003&#150;Present)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and Treasurer</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(January 2006&#150;Present)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>3M Corporation</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>July 31, 1948</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Ms. Yeomans has held</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>various management positions</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="10%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%"><FONT face=serif size=1>at 3M Corporation since 1983.</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>J. Richard Zecher</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Director<FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Founder &#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director and Audit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>March 2005</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Investor Analytics</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%">
<P align=center>&nbsp;</P>
</TD>
<TD noWrap align=center width="17%">
<P align=center><FONT face=serif size=1>Committee Member &#151;</FONT>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Risk Management)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Investor Analytics</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(May 1999&#150;Present)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Director and Audit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>July 3, 1940</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Founder &#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"></TD>
<TD noWrap align=center width="17%"><FONT size=1>Committee Member &#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Sutton Asset Management</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>Oxigene, Inc.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>(Hedge Fund)</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=1>(September 1998&#150;Present)</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%">&nbsp;<B><FONT face=serif color=#404040 size=1>Officers</FONT></B>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>David F. Connor</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Vice President,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Vice President since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>David F. Connor has served as</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None<SUP>3</SUP></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Deputy General</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>September 21, 2000</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Vice President and Deputy</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Counsel, and Secretary</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and Secretary</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>General Counsel of</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Delaware Investments</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>October 2005</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>since 2000.</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>December 2, 1963</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>David P. O&#146;Connor</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Senior Vice</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Senior Vice President,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>David P. O&#146;Connor has served in</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None<SUP>3</SUP></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>President,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>General Counsel, and</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>various executive and legal</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>General Counsel,</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Legal Officer</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>capacities at different times</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and Chief</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>at Delaware Investments.</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Legal Officer</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>October 2005</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>February 21, 1966</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>John J. O&#146;Connor</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Senior Vice President</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Treasurer</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>John J. O&#146;Connor has served in</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None<SUP>3</SUP>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and Treasurer</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>various executive capacities</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>February 2005</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>at different times at</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Delaware Investments.</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR>
<TD width="99%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>June 16, 1957</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1><B>Richard Salus</B></FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Senior</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Financial</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Richard Salus has served in</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>83</FONT>&nbsp;</TD>
<TD noWrap align=center width="17%"><FONT face=serif size=1>None<SUP>3</SUP>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>2005 Market Street</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Vice President</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Officer since</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>various executive capacities</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>Philadelphia, PA</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>and</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>November 1, 2006</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>at different times at</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=serif size=1>19103</FONT>&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Chief Financial</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Delaware Investments.</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp;</TD>
<TD noWrap align=center width="18%"><FONT face=serif size=1>Officer</FONT>&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="18%">&nbsp;</TD>
<TD noWrap align=left width="17%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>October 4, 1963</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="18%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="17%">&nbsp;</TD></TR>
<TR style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left>
<TD vAlign=top noWrap align=left width="99%" colSpan=6><FONT size=1><SUP>1</SUP><FONT size=3>&nbsp;</FONT>Patrick P. Coyne is considered to be an &#147;Interested Director&#148; because he is an executive officer of the Fund&#146;s investment advisor.</FONT></TD></TR>
<TR style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left>
<TD vAlign=top noWrap align=left width="99%" colSpan=6><FONT size=1><SUP>2</SUP><FONT size=3>&nbsp;</FONT>Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund&#146;s investment advisor and its administrator.</FONT></TD></TR>
<TR style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left>
<TD vAlign=top align=left width="99%" colSpan=6><FONT size=1><SUP>3</SUP><FONT size=3>&nbsp;</FONT>David F. Connor, David P. O&#146;Connor, John J. O&#146;Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor as the registrant. John J. O&#146;Connor also serves in a similar capacity for Lincoln Variable Insurance Products Trust, which has the same investment advisor as the registrant.</FONT></TD></TR>
</TABLE>

<BR>
<P align=left><FONT face=serif size=2>42</FONT></P>

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<P align=left><FONT face=serif size=6>About the organization</FONT></P>

<P align=left><FONT face=serif size=2>This annual report is for the information of Delaware Investments Closed-End Municipal Bond Funds shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Investments Closed-End Municipal Bond Funds and the Delaware Investments<SUP>&#174;</SUP> Performance Update for the most recently completed calendar quarter. The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the Fund. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the Fund will fluctuate so that shares, when sold, may be worth more or less than their original cost.</FONT></P>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top width="31%">
<P align=left><FONT color=#c0c0c0><B>Board of trustees</B></FONT></P>

<P align=left><FONT face=serif size=2><B>Patrick P. Coyne</B><BR></FONT><FONT face=serif size=2>Chairman, President, and<BR>Chief Executive Officer<BR></FONT><FONT face=serif size=2>Delaware Investments<SUP>&#174;</SUP> Family of Funds<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>Thomas L. Bennett</B><BR></FONT><FONT face=serif size=2>Private Investor<BR>Rosemont, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>John A. Fry</B><BR></FONT><FONT face=serif size=2>President<BR></FONT><FONT face=serif size=2>Franklin &amp; Marshall College<BR>Lancaster, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>Anthony D. Knerr</B><BR></FONT><FONT face=serif size=2>Founder and Managing Director<BR>Anthony Knerr &amp; Associates<BR>New York, NY</FONT></P>

<P align=left><FONT face=serif size=2><B>Lucinda S. Landreth</B><BR></FONT><FONT face=serif size=2>Former Chief Investment Officer<BR>Assurant, Inc.<BR></FONT><FONT face=serif size=2>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>Ann R. Leven</B><BR></FONT><FONT face=serif size=2>Consultant<BR>ARL Associates<BR>New York, NY</FONT></P>

<P align=left><FONT face=serif size=2><B>Thomas F. Madison</B><BR></FONT><FONT face=serif size=2>President and Chief Executive Officer<BR>MLM Partners, Inc.<BR></FONT><FONT face=serif size=2>Minneapolis, MN</FONT></P>

<P align=left><FONT face=serif size=2><B>Janet L. Yeomans</B><BR></FONT><FONT face=serif size=2>Vice President and Treasurer<BR>3M Corporation<BR>St. Paul, MN</FONT></P>

<P align=left><FONT face=serif size=2><B>J. Richard Zecher</B><BR></FONT><FONT face=serif size=2>Founder<BR></FONT><FONT face=serif size=2>Investor Analytics<BR>Scottsdale, AZ</FONT></P>
</TD>
<TD vAlign=top width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top width="32%"><B><FONT color=#c0c0c0><B>Affiliated officers</B></FONT></B>
<P align=left><FONT face=serif size=2><B>David F. Connor<BR></B></FONT><FONT face=serif size=2>Vice President, Deputy General Counsel,<BR>and Secretary<BR>Delaware Investments Family of Funds<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>David P. O&#146;Connor</B><BR></FONT><FONT face=serif size=2>Senior Vice President, General Counsel,<BR>and Chief Legal Officer<BR>Delaware Investments Family of Funds<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>John J. O&#146;Connor</B><BR></FONT><FONT face=serif size=2>Senior Vice President and Treasurer<BR>Delaware Investments Family of Funds<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>Richard Salus</B><BR></FONT><FONT face=serif size=2>Senior Vice President and<BR>Chief Financial Officer<BR></FONT><FONT face=serif size=2>Delaware Investments Family of Funds<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=1>Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Each Fund&#146;s Form N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 800 523-1918; (ii) on each Fund&#146;s Web site at http://www.delawareinvestments.com; and (iii) on the Commission&#146;s Web site at http://www.sec.gov. Each Fund&#146;s Form N-Q may be reviewed and copied at the Commission&#146;s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.</FONT></P>

<P align=left><FONT face=serif size=1>Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund&#146;s Web site at http://www.delawareinvestments.com; and (ii) on the Commission&#146;s Web site at http://www.sec.gov.</FONT></P>
</TD>
<TD vAlign=top width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top width="32%">
<P align=left><FONT color=#c0c0c0><B>Contact information</B></FONT></P>

<P align=left><FONT face=serif size=2><B>Investment Manager</B><BR></FONT><FONT face=serif size=2>Delaware Management Company<BR>a series of Delaware Management<BR>Business Trust<BR>Philadelphia, PA</FONT></P>

<P align=left><FONT face=serif size=2><B>Principal Office of the Funds</B><BR></FONT><FONT face=serif size=2>2005 Market Street<BR></FONT><FONT face=serif size=2>Philadelphia, PA 19103-7057</FONT></P>

<P align=left><FONT face=serif size=2><B>Independent Registered Public</B><BR><B>Accounting Firm</B><BR></FONT><FONT face=serif size=2>Ernst &amp; Young LLP<BR>2001 Market Street<BR>Philadelphia, PA 19103</FONT></P>

<P align=left><FONT face=serif size=2><B>Registrar and Stock Transfer<BR>Agent</B><BR></FONT><FONT face=serif size=2>Mellon Investor Services<BR>480 Washington Blvd.<BR>Jersey City, NJ 07310<BR>800 851-9677</FONT></P>

<P align=left><FONT face=serif size=2><B>For Securities Dealers<BR>and Financial Institutions<BR>Representatives</B><BR></FONT><FONT face=serif size=2>800 362-7500</FONT></P>

<P align=left><FONT face=serif size=2><B>Web Site</B><BR></FONT><FONT face=serif size=2>www.delawareinvestments.com<BR></FONT><I><FONT face=serif size=2><BR>Delaware Investments is the marketing<BR>name of Delaware Management Holdings,<BR>Inc. and its subsidiaries.</FONT></I></P>

<P align=left><FONT face=serif size=2><B>Number of Recordholders as of</B><BR></FONT><FONT face=serif size=2>March 31, 2007:</FONT></P>

<DIV style="FLOAT: left"><FONT face=serif size=2>Arizona Municipal Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>Colorado Insured Municipal<BR>Income Fund <BR>Florida Insured Municipal<BR>Income Fund <BR>Minnesota Municipal Income<BR>Fund II</FONT></DIV>
<DIV style="FLOAT: left"><FONT face=serif size=2>&nbsp;&nbsp;72<BR>&nbsp;<BR>158<BR>&nbsp;<BR>135<BR>&nbsp;<BR>701</FONT></DIV></TD></TR>
</TABLE>

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<P align=right><FONT face=serif size=2>43</FONT></P>

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<BR>
<DIV style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt; PADDING-BOTTOM: 15pt; PADDING-TOP: 15pt; BACKGROUND-COLOR: #c0c0c0"><FONT face=serif size=5><BR>Simplify your life.</FONT>
<P align=left><B><FONT face=serif size=2>Manage your investments online!</FONT></B></P>

<P align=left><FONT face=serif size=2>Get Account Access, the Delaware Investments<SUP>&#174;</SUP> secure Web site that allows you to conduct your business online. Gain 24-hour access to your account and one of the highest levels of Web security available. You also get:</FONT></P>

<UL style="MARGIN-LEFT: 12pt">
<LI><FONT face=serif size=2><B>Hassle-free investing</B></FONT> <FONT face=serif size=2>&#151; Make online purchases and redemptions at any time.<BR>&nbsp;</FONT>
<LI><FONT face=serif size=2><B>Simplified tax processing</B></FONT> <FONT face=serif size=2>&#151; Automatically retrieve your Delaware Investments</FONT> <FONT face=serif size=2>accounts&#146; 1099 information and import it directly into your 1040 tax return.</FONT> <FONT face=serif size=2>Available only with Turbo Tax<SUP>&#174;</SUP> Online<SUP>SM</SUP> and Desktop software &#151; www.turbotax.com.<BR>&nbsp;</FONT>
<LI><FONT face=serif size=2><B>Less mail clutter</B></FONT> <FONT face=serif size=2>&#151; Get instant access to your fund materials online with</FONT> <FONT face=serif size=2>Delaware eDelivery.</FONT></LI></UL>
<P align=left><FONT face=serif size=2>Register for Account Access today! Please visit us at www.delawareinvestments.com, select Individual Investors, and click Account Access.</FONT></P>

<P align=left><FONT face=serif size=2>Please call our Shareholder Service Center at</FONT> <FONT face=serif size=2><B>800 523-1918</B></FONT> <FONT face=serif size=2>Monday through Friday from 8:00 a.m. to 7:00 p.m., Eastern Time, for assistance with any questions.</FONT></P>
</DIV>
<P align=left><BR>&nbsp;<IMG src="giclosedend_ncsr4x12x1.jpg" border=0><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD align=left width="49%"><FONT face=serif size=1>(1805)</FONT>&nbsp;</TD>
<TD align=right width="50%"><FONT face=serif size=1>Printed in the USA</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="49%"><FONT face=serif size=1>AR-CEMUNI [3/07] CGI 5/07</FONT>&nbsp;</TD>
<TD align=right width="50%"><FONT face=serif size=1>MF-07-04-352&nbsp; PO11857</FONT>&nbsp;</TD></TR>
</TABLE>

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<P align=left><FONT face=serif size=2>Item 2. Code of Ethics</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The registrant has adopted a code of ethics that applies to the registrant&#146;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant&#146;s Code of Business Ethics has been posted on Delaware Investments&#146; internet website at www.delawareinvestments.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this website within five business days of such amendment or waiver and will remain on the website for at least 12 months.</FONT></P>

<P align=left><FONT face=serif size=2>Item 3. Audit Committee Financial Expert</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The registrant&#146;s Board of Trustees/Directors has determined that each member of the registrant&#146;s Audit Committee is an audit committee financial expert, as defined below. For purposes of this item, an &#147;audit committee financial expert&#148; is a person who has the following attributes:</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>a. An understanding of generally accepted accounting principles and financial statements;</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant&#146;s financial statements, or experience actively supervising one or more persons engaged in such activities;</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>d. An understanding of internal controls and procedures for financial reporting; and </FONT></P>

<P align=left><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>e. An understanding of audit committee functions.</FONT></P>

<P align=left><FONT face=serif size=2>An &#147;audit committee financial expert&#148; shall have acquired such attributes through:</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>d. Other relevant experience.</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s Board of Trustees/Directors has also determined that each member of the registrant&#146;s Audit Committee is independent. In order to be &#147;independent&#148; for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an &#147;interested person&#148; of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940. </FONT></P>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the audit committee financial experts on the registrant&#146;s Audit Committee are set forth below: </FONT></P>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas L. Bennett <SUP>1</SUP>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas F. Madison&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janet L. Yeomans <SUP>1</SUP><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Richard Zecher </FONT></P>

<P align=left><FONT face=serif size=2>Item 4. Principal Accountant Fees and Services</FONT></P>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </FONT><U><FONT face=serif size=2>Audit fees</FONT></U><FONT face=serif size=2>. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#146;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $10,100 for the fiscal year ended March 31, 2007.</FONT></P>

<P align=left><FONT face=serif size=2>_______________________ <BR></FONT><SUP><FONT face=serif size=2>1</FONT></SUP><FONT face=serif size=2> The instructions to Form N-CSR require disclosure on the relevant experience of persons who qualify as audit committee financial experts based on &#147;other relevant experience.&#148; The Board of Trustees/Directors has determined that Mr. Bennett qualifies as an audit committee financial expert by virtue of his education, Chartered Financial Analyst designation, and his experience as a credit analyst, portfolio manager and the manager of other credit analysts and portfolio managers. The Board of Trustees/Directors has determined that Ms. Yeomans qualifies as an audit committee financial expert by virtue of her education and experience as the Treasurer of a large global corporation. </FONT></P>

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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#146;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $10,000 for the fiscal year ended March 31, 2006.</FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b) </FONT><U><FONT face=serif size=2>Audit-related fees</FONT></U><FONT face=serif size=2>. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for services relating to the performance of the audit of the registrant&#146;s financial statements and not reported under paragraph (a) of this Item were $6,868 for the fiscal year ended March 31, 2007. The percentage of these fees relating to services approved by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: issuance of agreed upon procedures report with respect to the preferred stock rating agency report. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#146;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2007.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for services relating to the performance of the audit of the registrant&#146;s financial statements and not reported under paragraph (a) of this Item were $6,700 for the fiscal year ended March 31, 2006. The percentage of these fees relating to services approved by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: issuance of agreed upon procedures report with respect to the preferred stock rating agency report. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#146;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $15,000 for the registrant&#146;s fiscal year ended March 31, 2006. The percentage of these fees relating to services approved by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: issuance of agreed upon procedures report to the registrant&#146;s Board in connection with the pass-through of internal
legal cost relating to the operations of the registrant. </FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c) </FONT><U><FONT face=serif size=2>Tax fees</FONT></U><FONT face=serif size=2>. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for tax-related services provided to the registrant were $1,800 for the fiscal year ended March 31, 2007. The percentage of these fees relating to services approved by the registrant&#146;s Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax return and review of annual excise distribution calculation.</FONT></P>

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<PAGE>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for tax-related services provided to the registrant&#146;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2007.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for tax-related services provided to the registrant were $1,800 for the fiscal year ended March 31, 2006. The percentage of these fees relating to services approved by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax return and review of annual excise distribution calculation. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed by the registrant&#146;s independent auditors for tax-related services provided to the registrant&#146;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2006.</FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(d) </FONT><U><FONT face=serif size=2>All other fees</FONT></U><FONT face=serif size=2>. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2007.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#146;s independent auditors to the registrant&#146;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2007.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2006.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#146;s independent auditors to the registrant&#146;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2006.&nbsp;</FONT><FONT face=serif size=2>&nbsp;</FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>(e) The registrant&#146;s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the &#147;Pre-Approval Policy&#148;) with respect to services provided by the registrant&#146;s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below </FONT>with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Investments Family of Funds.</FONT></P>

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=1><B>Service</B></FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="30%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=1><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT><B>Range of
      Fees</B></FONT></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="69%">
      <P align=left><B><FONT face=serif size=2><FONT face=serif size=1>Audit
      Services</FONT></FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT face=serif size=1>Statutory
      audits or financial audits for new Fund</FONT><FONT face=serif size=1>s</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $25,000 per
      Fund</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT face=serif size=1>Services
      associated with SEC registration statements (e.g., Form N-1A, Form N-14,
      etc.), periodic reports and other documents filed with the SEC or other
      documents issued in connection with securities offerings (e.g., comfort
      letters for closed-end Fund offerings, consents), and assistance in
      responding to SEC comment letter</FONT><FONT face=serif size=1>s</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $10,000 per
      Fund</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT face=serif size=1>Consultations by Fund management as to the accounting or disclosure
      treatment of transactions or events and/or the actual or potential impact
      of final or proposed rules, standards or interpretations by the SEC, FASB,
      or other regulatory or standard-setting bodies (Note: Under SEC rules,
      some consultations may be considered &#147;audit-related services&#148; rather than
      &#147;audit services&#148;</FONT>)</FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $25,000 in the
      aggregate</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="69%">
      <P align=left><B><FONT face=serif size=2><FONT size=1>Audit-Related
      Services</FONT></FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT size=1>Consultations by Fund
      management as to the accounting or disclosure treatment of transactions or
      events and /or the actual or potential impact of final or proposed rules,
      standards or interpretations by the SEC, FASB, or other regulatory or
      standard-setting bodies (Note: Under SEC rules, some consultations may be
      considered &#147;audit services&#148; rather than &#147;audit-related
      services&#148;)</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $25,000 in the
      aggregate</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="69%">
      <P align=left><B><FONT face=serif size=2><FONT size=1>Tax
      Services</FONT></FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT size=1>U.S. federal, state and
      local and international tax planning and advice (e.g., consulting on
      statutory, regulatory or administrative developments, evaluation of Funds&#146;
      tax compliance function, etc.)</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $25,000 in the
      aggregate</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT size=1>U.S. federal, state and
      local tax compliance (e.g., excise distribution reviews,
      etc.)</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $5,000 per
      Fund</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%">
      <P align=left><FONT face=serif size=2><FONT size=1>Review of federal,
      state, local and international income, franchise and other tax
      returns</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%">
      <P align=left><FONT face=serif size=2><FONT size=1>up to $5,000 per
      Fund</FONT></FONT></P></TD></TR></TABLE>

<BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant&#146;s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the &#147;Control Affiliates&#148;) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.</FONT></P>

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%" bgColor=#c0c0c0><FONT size=1><B>Service</B></FONT>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="30%" bgColor=#c0c0c0><FONT size=1><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT><B>Range of
      Fees</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="69%">
      <P align=left><FONT size=1><B>Non-Audit Services</B></FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%">
      <P align=left><FONT size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="69%"><FONT size=1><FONT face=serif size=2><FONT face=serif size=1>Services associated with periodic reports
      and other documents filed with the SEC and assistance in responding to SEC
      comment letters</FONT></FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="30%"><FONT size=1><FONT face=serif size=2><FONT face=serif size=1>up to $10,000 in the
      aggregate</FONT></FONT></FONT></TD></TR></TABLE>


<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Pre-Approval Policy requires the registrant&#146;s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.</FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(f) Not applicable.</FONT></P>

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<PAGE>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(g) The aggregate non-audit fees billed by the registrant&#146;s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $248,076 and $199,060 for the registrant&#146;s fiscal years ended March 31, 2007 and March 31, 2006, respectively.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(h) In connection with its selection of the independent auditors, the registrant&#146;s Audit Committee has considered the independent auditors&#146; provision of non-audit services to the registrant&#146;s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors&#146; provision of these services is compatible with maintaining the auditors&#146; independence. </FONT></P>

<P align=left><FONT face=serif size=2>Item 5. Audit Committee of Listed Registrants </FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the registrant&#146;s Audit Committee are Thomas L. Bennett, Thomas F. Madison, Janet L. Yeomans and J. Richard Zecher. </FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2>Item 6. Schedule of Investments </FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Included as part of report to shareholders filed under Item 1 of this Form N-CSR. </FONT></P>

<P align=left><FONT face=serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The registrant has formally delegated to its investment adviser (the &#147;Adviser&#148;) the ability to make all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the &#147;Procedures&#148;). The Adviser has established a Proxy Voting Committee (the &#147;Committee&#148;) which is responsible for overseeing the Adviser&#146;s proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Adviser to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In order to facilitate the actual process of voting proxies, the Adviser has contracted with Institutional Shareholder Services (&#147;ISS&#148;) to analyze proxy statements on behalf of the registrant and other Adviser clients and vote proxies generally in accordance with the Procedures. The Committee is responsible for overseeing ISS&#146;s proxy voting activities. If a proxy has been voted for the registrant, ISS will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the registrant&#146;s website at http://www.delawareinvestments.com; and (ii) on the Commission&#146;s website at http://www.sec.gov. </FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Procedures contain a general guideline that recommendations of company management on an issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. However, the Adviser will normally vote against management&#146;s position when it runs counter to its specific Proxy Voting Guidelines (the &#147;Guidelines&#148;), and the Adviser will also vote against management&#146;s recommendation when it believes that such position is not in the best interests of the registrant.</FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote against proposals to require a supermajority shareholder vote; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value; (iv) generally vote against proposals to create a new class of common stock with superior voting rights; (v) generally vote re-incorporation proposals on a case-by-case basis; (vi) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; and (vii) generally vote for proposals requesting reports on the level of greenhouse gas emissions from a company&#146;s operations and products. </FONT></P>

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<PAGE>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Because the registrant has delegated proxy voting to the Adviser, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, the Adviser does have a section in its Procedures that addresses the possibility of conflicts of interest. Most proxies which the Adviser receives on behalf of the registrant are voted by ISS in accordance with the Procedures. Because almost all registrant proxies are voted by ISS pursuant to the pre-determined Procedures, it normally will not be necessary for the Adviser to make an actual determination of how to vote a particular proxy, thereby largely eliminating conflicts of interest for the Adviser during the proxy voting process. In the very limited instances where the Adviser is considering voting a proxy contrary to ISS&#146;s recommendation, the Committee will first assess the issue to see if
there is any possible conflict of interest involving the Adviser or affiliated persons of the Adviser. If a member of the Committee has actual knowledge of a conflict of interest, the Committee will normally use another independent third party to do additional research on the particular proxy issue in order to make a recommendation to the Committee on how to vote the proxy in the best interests of the registrant. The Committee will then review the proxy voting materials and recommendation provided by ISS and the independent third party to determine how to vote the issue in a manner which the Committee believes is consistent with the Procedures and in the best interests of the registrant.</FONT></P>

<P align=left><FONT face=serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></P>

<P align=left><FONT face=serif size=2></FONT><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Other Accounts Managed</B></FONT></P>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of December 31, 2006. Any accounts managed in a personal capacity appear under &#147;Other Accounts&#148; along with other accounts managed on a professional basis. The personal account information is current as of the most recent calendar quarter end for which account statements are available.</FONT></P>

<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%" bgColor=#000000>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>No.
    of</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Total
      Assets</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>No. of
      Accounts</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT>Total Assets in<FONT size=3>&nbsp;</FONT></B></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%" bgColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Accounts</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Managed</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>with</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT>Accounts with<FONT size=3>&nbsp;</FONT></B></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%" bgColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%" bgColor=#000000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Performance-</FONT></B>&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT>Performance-<FONT size=3>&nbsp;</FONT></B></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%" bgColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%" bgColor=#000000><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Based
      Fees</FONT>&nbsp;</B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#000000><FONT color=#ffffff><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT>Based Fees<FONT size=3>&nbsp;</FONT></B></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%" bgColor=#c0c0c0><B><FONT face=serif size=2>Joseph
      R. Baxter</FONT></B>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Registered Investment</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Companies</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>20</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$3.5 billion</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other Pooled</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Investment
    Vehicles</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other
    Accounts</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>29</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$1.8 million</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%" bgColor=#c0c0c0><B><FONT face=serif size=2>Robert
      F. Collins</FONT></B>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Registered Investment</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Companies</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>20</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$3.5 billion</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other Pooled</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Investment
    Vehicles</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other
    Accounts</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>40</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$1.8 billion</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --</FONT><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%" bgColor=#c0c0c0><B><FONT face=serif size=2>Denise
      A. Franchetti</FONT></B>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Registered Investment</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%"><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%"><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%"><STRONG>&nbsp;</STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%"><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Companies</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><STRONG>&nbsp;</STRONG><FONT size=2>6</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><STRONG>&nbsp;</STRONG><FONT size=2>$388.5
      million</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><STRONG>&nbsp;</STRONG><FONT size=2>--</FONT><B>&nbsp;</B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other Pooled</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="10%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="20%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Investment
      Vehicles</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --<B><FONT size=3>&nbsp;</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="29%"><FONT face=serif size=2>Other Accounts</FONT>&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>--<B><FONT size=3>&nbsp;</FONT></B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="20%"><FONT face=serif size=2><B><FONT size=3>&nbsp;</FONT></B>$ --<B><FONT size=3>&nbsp;</FONT></B></FONT></TD></TR></TABLE>

<BR>
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<PAGE>

<P align=left><B><FONT face=serif size=2>DESCRIPTION OF MATERIAL CONFLICTS OF INTEREST </FONT></B></P>

<P align=left><FONT face=serif size=2>Individual portfolio managers may perform investment management services for other accounts similar to those provided to the Funds and the investment action for each account and Fund may differ. For example, one account or Fund may be selling a security, while another account or Fund may be purchasing or holding the same security. As a result, transactions executed for one account and Fund may adversely affect the value of securities held by another account.
Additionally, the management of multiple accounts and Funds may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple accounts and Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or Fund. The investment opportunity may be limited, however, so that all accounts and Funds for which the investment would be suitable may not be able to participate. Delaware has adopted procedures designed to allocate investments fairly across multiple accounts. </FONT></P>

<P align=left><B><FONT face=serif size=2>COMPENSATION STRUCTURE </FONT></B></P>

<P align=left><FONT face=serif size=2>Each portfolio&#146;s manager&#146;s compensation consists of the following</FONT><B><FONT face=serif size=2>: </FONT></B></P>

<P align=left><FONT face=serif size=2>BASE SALARY &#150; Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms. </FONT></P>

<P align=left><FONT face=serif size=2>BONUS --</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The amount of the pool for bonus payments is first determined by mathematical equation based on all assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. Generally, 50%-70% of the bonus is quantitatively determined. For more senior portfolio managers, a higher percentage of the bonus is quantitatively determined. For investment companies, each manager is compensated according the Fund&#146;s Lipper peer group percentile ranking on a one-year and three-year basis, equally weighted. For
managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the Frank Russell and Callan Associates databases on a one-year and three-year basis, with three-year performance more heavily weighted. There is no objective award for a fund that falls below the 50<SUP>th</SUP> percentile over the three-year period. There is a sliding scale for investment companies that are ranked above the 50<SUP>th</SUP> percentile. The remaining 30%-50% portion of the bonus is discretionary as determined by Delaware Investments and takes into account subjective factors. </FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2>DEFERRED COMPENSATION &#150; Each named portfolio manager is eligible to participate in the Lincoln National Corporation Executive Deferred Compensation Plan, which is available to all employees whose income exceeds a designated threshold. The Plan is a non-qualified unfunded deferred compensation plan that permits participating employees to defer the receipt of a portion of their cash compensation. </FONT></P>

<P align=left><FONT face=serif size=2>STOCK OPTION INCENTIVE PLAN/EQUITY COMPENSATION PLAN - Portfolio managers may be awarded options to purchase common shares of Delaware Investments U.S., Inc. pursuant to the terms the Delaware Investments U.S., Inc. Stock Option Plan (non-statutory or &#147;non-qualified&#148; stock options). In addition, certain managers may be awarded restricted stock units, or &#147;performance shares&#148;, in Lincoln National Corporation. Delaware Investments U.S., Inc., is an indirect subsidiary of Delaware Management Holdings, Inc. Delaware Management Holdings, Inc., is in turn a indirect, wholly-owned subsidiary of Lincoln National Corporation.</FONT></P>

<P align=left><FONT face=serif size=2>The Delaware Investments U.S., Inc. Stock Option Plan was established in 2001 in order to provide certain Delaware investment personnel with a more direct means of participating in the growth of the investment manager. Under the terms of the plan, stock options typically vest in 25% increments on a four-year schedule and expire ten years after issuance. Options are awarded from time to time by the investment manager in its full discretion. Option awards may be based in part on seniority. The fair market value of the shares is normally determined as of each June 30 and December 31. Shares issued upon the exercise of such options must be held for six months and one day, after which time the shareholder may put them back to the issuer or the shares may be called back from the shareholder. </FONT></P>

<P align=left><FONT face=serif size=2>Portfolio managers who do not participate in the Delaware Investments U.S., Inc. Stock Option Plan are eligible to participate in Lincoln&#146;s Long-Term Incentive Plan, which is designed to provide a long-term incentive to officers of Lincoln. Under the plan, a specified number of performance shares are allocated to each unit and are awarded to participants in the discretion of their managers in accordance with recommended targets related to the number of employees in a unit that may receive an award and the number of shares to be awarded. The performance shares have a three year vesting schedule and, at the end of the three years, the actual number of shares distributed to those who received awards may be equal to, greater than or less than the amount of the award based on Lincoln&#146;s achievement of certain performance goals relative to a pre-determined peer group. </FONT></P>

<P align=left><FONT face=serif size=2>OTHER COMPENSATION - Portfolio managers may also participate in benefit plans and programs available generally to all employees.</FONT></P>

<P align=left><U><FONT face=serif size=2>OWNERSHIP OF SECURITIES</FONT></U><FONT face=serif size=2> </FONT></P>

<P align=left><FONT face=serif size=2>As of March 31, 2007, the portfolio managers of the Funds did not own any Fund shares. </FONT></P>

<P align=left><FONT face=serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers </FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not applicable. </FONT></P>

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<PAGE>

<P align=left><FONT face=serif size=2>Item 10. Submission of Matters to a Vote of Security Holders </FONT></P>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P align=left><FONT face=serif size=2>Item 11. Controls and Procedures </FONT></P>

<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant&#146;s fourth fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=left><FONT face=serif size=2>Item 12. Exhibits</FONT></P>

<P align=left><FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>(1) Code of Ethics</FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not applicable.</FONT></P>

<P style="PADDING-LEFT: 15pt" align=left><FONT face=serif size=2>(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT. </FONT></P>

<P style="PADDING-LEFT: 15pt" align=left><FONT face=serif size=2>(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.</FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not applicable.</FONT></P>

<P style="PADDING-LEFT: 17pt; TEXT-INDENT: -17pt" align=left><FONT face=serif size=2>(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<P align=center><B><FONT face=serif size=2>SIGNATURES</FONT></B></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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>Name of Registrant</FONT></B><FONT face=serif size=2>: Delaware Investments Florida Insured Municipal Income Fund&nbsp;</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE </FONT>&nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp; &nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Chief Executive
      Officer<FONT size=3> </FONT></FONT></TD>
    <TD align=left width="92%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>June 7,
      2007</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>&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="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE</FONT> &nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Chief Executive
      Officer<FONT size=3> </FONT></FONT></TD>
    <TD align=left width="92%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>June 7,
      2007</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>RICHARD SALUS</FONT> &nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Chief
      Financial Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>June 7,
      2007</FONT>&nbsp; </TD></TR></TABLE>

<BR>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY bgColor=#ffffff><P align=center><B><FONT face=serif size=2>EXHIBIT 99.CERT </FONT></B></P>

<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=left><FONT face=serif size=2>I, Patrick P. Coyne, certify that: </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this report on Form N-CSR of Delaware Investments Florida Insured Municipal Income Fund;</FONT></TD></TR>
<TR>
<TD 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 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 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 width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR>
<TR>
<TD 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 width="100%" colSpan=3><FONT face=serif size=2>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:</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD 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 width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD 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 width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%"><FONT face=serif size=2>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</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD></TR>
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<TR>
<TD vAlign=top noWrap><FONT size=2>5.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%" colSpan=3><FONT size=2>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):</FONT></TD></TR>
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<TD noWrap></TD>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
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<TD noWrap></TD>
<TD vAlign=top noWrap><FONT size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD width="100%"><FONT 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's ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
<TR>
<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%">&nbsp;</TD></TR>
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<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%"><FONT size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD></TR>
</TABLE>

<P align=left><FONT face=serif size=2><BR><BR><FONT size=2>Date: June 7, 2007 </FONT></FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE </FONT>&nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp; &nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Chief Executive
      Officer<FONT size=3> </FONT></FONT></TD>
    <TD align=left width="92%">&nbsp;</TD></TR></TABLE><BR>

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<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=left><FONT face=serif size=2>I, Richard Salus, certify that: </FONT></P>

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<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this report on Form N-CSR of Delaware Investments Florida Insured Municipal Income Fund;</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD 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 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 width="100%" colSpan=3><FONT face=serif size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR>
<TR>
<TD 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 width="100%" colSpan=3><FONT face=serif size=2>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:</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD 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 width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD 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 width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%"><FONT face=serif size=2>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</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD noWrap>&nbsp;</TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD></TR>
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<TR>
<TD vAlign=top noWrap><FONT size=2>5.</FONT></TD>
<TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%" colSpan=3><FONT size=2>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):</FONT></TD></TR>
<TR>
<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT size=2>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD width="100%"><FONT 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's ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
<TR>
<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%">&nbsp;</TD></TR>
<TR>
<TD noWrap></TD>
<TD noWrap></TD>
<TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD width="100%"><FONT size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=2><BR><BR><FONT size=2>Date: June 7, 2007 </FONT></FONT></P>

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  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>RICHARD SALUS&nbsp;</FONT>&nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp; &nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Chief&nbsp;Financial Officer<FONT size=3> </FONT></FONT></TD>
    <TD align=left width="92%" >&nbsp;</TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>exhibit99_906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
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<P align=center><B><FONT face=serif size=2>EXHIBIT 99.906CERT</FONT></B></P>

<P align=left><B><FONT face=serif size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P align=left><FONT face=serif size=2>In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the &#147;Report&#148;), each of the undersigned officers of the registrant does hereby certify, to the best of such officer&#146;s knowledge, that:</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
<TD noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=2><FONT face=serif>The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and</FONT></FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
<TD noWrap><FONT size=2></FONT></TD>
<TD width="100%"><FONT size=2><FONT face=serif>The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></FONT></TD></TR>
</TABLE>


<P align=left><FONT face=serif size=2>Date: June 7, 2007</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE</FONT> &nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Chief Executive
      Officer<FONT size=3> </FONT></FONT></TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="7%" colSpan=2><FONT face=serif size=2>RICHARD SALUS</FONT> &nbsp;</TD>
    <TD align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="6%"><FONT face=serif size=2>Title:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="93%" colSpan=2><FONT face=serif size=2>Chief
      Financial Officer</FONT>&nbsp; </TD></TR></TABLE>

<P align=left><FONT face=serif><FONT size=2>A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.</FONT></FONT></P>

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