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<SEC-DOCUMENT>0001206774-07-002839.txt : 20071210
<SEC-HEADER>0001206774-07-002839.hdr.sgml : 20071210
<ACCEPTANCE-DATETIME>20071210141442
ACCESSION NUMBER:		0001206774-07-002839
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071210
DATE AS OF CHANGE:		20071210
EFFECTIVENESS DATE:		20071210

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:		071295241

	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>delnationalmunicincfund_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<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<BR>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>Delaware Investments National Municipal Income Fund <BR>(formerly
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: September 30,
2007 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>Item 1. Reports to Stockholders </FONT></P>

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

  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp;&nbsp;<BR>&nbsp;
      <BR>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff><FONT face=serif size=6>Semiannual Report</FONT></FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT face=serif size=5>Delaware</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT face=serif size=5>Investments</FONT>&nbsp;
  </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT size=5>Closed-End</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT size=5>Municipal Bond</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT size=5>Funds</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;&nbsp; </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT size=2>September 30,
  2007</FONT>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="51%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="51%"><FONT size=5>Closed-end
  funds</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"><IMG src="gelmunicipalbond_ncsr1x3x1.jpg" border=0></TD>
    <TD width="50%"><IMG src="gelmunicipalbond_ncsr1x3x2.jpg" border=0></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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 align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>&gt;
      Sector allocations and credit quality breakdowns</FONT>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>1</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="93%"><FONT face=serif size=2>&gt; Statements of net
      assets</FONT>&nbsp; </TD>
    <TD align=right width="5%"><B><FONT face=serif size=2>3</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>&gt;
      Statements of operations</FONT>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>14</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="93%"><FONT face=serif size=2>&gt; Statements of
      changes in net assets</FONT>&nbsp; </TD>
    <TD align=right width="5%"><B><FONT face=serif size=2>15</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>&gt;
      Financial highlights</FONT>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>16</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="93%"><FONT face=serif size=2>&gt; Notes to financial
      statements</FONT>&nbsp; </TD>
    <TD align=right width="5%"><B><FONT face=serif size=2>20</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>&gt;
      Other Fund information</FONT>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>26</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="93%"><FONT face=serif size=2>&gt; About the
      organization</FONT>&nbsp; </TD>
    <TD align=right width="5%"><B><FONT face=serif size=2>32</FONT></B>
  </TD></TR></TABLE><BR>
<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 Delaware
Investments Arizona Municipal Income Fund, Delaware Investments Florida Insured
Municipal Income Fund (renamed Delaware Investments National Municipal Income
Fund, effective Oct. 15, 2007), and Delaware Investments 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 Delaware Investments 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></P>
<P align=left><FONT face=serif size=1>Funds are not FDIC insured and are not
guaranteed. It is possible to lose the principal amount invested.</FONT></P>
<P align=left><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>
<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 September 30, 2007</FONT></P>
<P align=left><FONT size=2></FONT>&nbsp;</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><STRONG><FONT size=1><FONT size=2><STRONG>Delaware
Investments<BR>Arizona Municipal Income Fund,
Inc.</STRONG></FONT></FONT></STRONG></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Percentage<FONT size=3></FONT></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=2><FONT size=1>Sector</FONT></FONT>&nbsp;</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>of Net
      Assets<FONT size=3></FONT></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>154.59%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Education
      Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>15.33%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>13.35%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Escrowed to
      Maturity Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6.18%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>19.89%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Housing Revenue
      Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2.10%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6.45%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Local General
      Obligation Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>16.86%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>41.03%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Special Tax
      Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>10.81%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>16.91%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Water &amp; Sewer Revenue
    Bonds</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>5.68%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>154.59%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Receivables and Other Assets Net of
      Liabilities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>4.03%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>(58.62%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total Net
Assets</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2><FONT size=1>Credit Quality Breakdown</FONT></FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>67.95%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>AA</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>12.68%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>10.02%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>BBB</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>9.35%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=1><FONT size=2>Delaware
Investments<BR>Colorado Insured Municipal Income Fund,
Inc.</FONT></FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Percentage</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=2><FONT size=1>Sector</FONT></FONT>&nbsp;</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>of Net
      Assets</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>151.27%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Education
      Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>27.28%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.48%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Health Care
      Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5.16%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>13.12%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Local General
      Obligation Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>14.65%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>53.11%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Special Tax
      Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9.64%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>14.65%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Water &amp; Sewer Revenue
    Bonds</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>12.18%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term
      Investment</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>0.28%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>151.55%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets
      Net of Liabilities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>4.53%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>(56.08%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net
    Assets</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Credit Quality
      Breakdown</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100.00%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<P align=right><FONT face=serif color=#808080 size=2><EM>(continues)</EM><FONT color=#000000 size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=serif size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Sector allocations and
credit quality breakdowns</FONT></P>
<P align=left><FONT face=serif size=2>As of September 30, 2007</FONT></P>
<P align=left><FONT size=2></FONT>&nbsp;</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>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="99%" colSpan=3><B><FONT face=serif size=2>Delaware Investments<BR>Florida Insured Municipal Income
      Fund</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Percentage</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Sector</FONT>&nbsp; </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>of Net
      Assets</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>155.79%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Education
      Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3.68%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.99%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Health Care
      Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>18.47%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>23.48%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Lease Revenue
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>20.33%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3.02%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Pre-Refunded
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9.41%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>29.79%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>State General
      Obligation Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6.03%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>15.71%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Water &amp; Sewer Revenue
      Bonds</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>19.88%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term
      Investment</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>0.59%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>156.38%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets
      Net of Liabilities</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>2.37%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>(58.75%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net
      Assets</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Credit Quality
      Breakdown</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100.00%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="99%" colSpan=3><B><FONT face=serif size=2>Delaware Investments<BR>Minnesota Municipal Income Fund II,
      Inc.</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Percentage</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Sector</FONT>&nbsp; </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>of Net
      Assets</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>158.79%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Corporate-Backed
      Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6.62%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.10%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Electric Revenue
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>21.30%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>17.26%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Health Care
      Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>23.22%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>9.09%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Lease Revenue
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9.52%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>19.91%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Pre-Refunded
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>30.37%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.25%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>State General
      Obligation Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>4.44%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue
      Bonds</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7.71%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Short-Term
      Investments</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>1.46%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>160.25%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Liabilities Net of Receivables and
      Other Assets</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>(3.55%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>(56.70%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total Net Assets</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Credit Quality
      Breakdown</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>55.35%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>14.95%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>16.50%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9.17%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>BB</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2.16%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>B</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>0.37%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Not Rated</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1.50%</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><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>September 30, 2007 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=center width="5%">&nbsp;<FONT face=serif size=1>Principal</FONT>&nbsp;</TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="87%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="5%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Amount</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="5%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds &#150;
      154.59%</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT face=serif size=1>Education Revenue Bonds
      &#150; 15.33%</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Arizona State University Certificates</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>of Participation (Research</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Infrastructure Project)</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 9/1/30 (AMBAC)</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$1,000,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$1,028,530</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Student Loan Acquisition</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue Refunding</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&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 align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,573,290</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Glendale Industrial Development</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue Refunding</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Midwestern University)</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" 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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>350,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>352,149</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Northern Arizona University</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Certificates of Participation</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Northern Arizona University</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Research Project)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 9/1/30 (AMBAC)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,031,980</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pima
      County Industrial Development</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Authority (Tucson Country Day</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>School Project) 5.00% 6/1/37</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>462,560</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>South Campus Group Student</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Housing Revenue (Arizona State</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University South Campus Project)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.625% 9/1/35 (MBIA)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,079,460</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Puerto Rico Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,007,280</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>6,535,249</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds &#150; 13.35%</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Salt River Project Agricultural</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement &amp; Power District</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Electric System Revenue</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Salt River Project)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 1/1/31</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,765,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,810,696</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 1/1/37</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>2,586,124</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B 5.00% 1/1/25</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>1,295,113</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>5,691,933</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT face=serif size=1>Escrowed to Maturity
      Bonds &#150; 6.18%</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Infrastructure Financing Authority</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Series A 5.50% 10/1/40</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,637,300</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>2,637,300</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Health
      Care Revenue Bonds &#150; 19.89%</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Glendale Industrial Development</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Hospital Refunding</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (John C Lincoln Health)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 12/1/42</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,396,710</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Maricopa County Industrial</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Catholic Healthcare West) Series A</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 7/1/32</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>766,605</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.50% 7/1/26</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>430,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>447,669</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" 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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>761,250</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Show Low Industrial Development</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Hospital Revenue</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Navapache Regional Medical Center)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&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 align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,600,000</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,627,216</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University Medical Center Hospital</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/33</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>961,420</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 7/1/35</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>478,635</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Yavapai County Industrial</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority Revenue</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Yavapai Regional Medical Center)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.25% 8/1/21 (RADIAN)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>2,044,220</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>8,483,725</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT face=serif size=1>Housing Revenue Bonds &#150;
      2.10%</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Industrial Development</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Single Family</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Statewide Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(FNMA) (FHLMC) (AMT)</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>465,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>468,655</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(FNMA) (FHLMC) (AMT)</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>370,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>373,093</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pima County Industrial Development</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Single Family</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Mortgage Revenue Series A-1</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.125% 11/1/33 (GNMA) (FNMA)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(FHLMC) (AMT)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>55,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>55,565</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>897,313</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT face=serif size=1>Lease Revenue Bonds &#150;
      6.45%</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Game &amp; Fishing Department</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>&amp; Commission Beneficial Interest</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Certificates (AGF Administration</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Building Project) 5.00% 7/1/26</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>640,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>652,915</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Coconino County Unified School</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>District #8 (Page Impact Aid</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue Project of 2004) Series A</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 7/1/15 (MBIA)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,074,890</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Nogales Development Authority</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Municipal Facilities Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 6/1/30 (AMBAC)</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>511,315</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Prescott Valley Municipal Property</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 1/1/27 (FGIC)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%"><FONT face=serif color=#231f20 size=1>512,380</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,751,500</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT face=serif size=1>Local General
      Obligation Bonds &#150; 16.86%</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Flagstaff Aspen Place Sawmill</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement District 5.00% 1/1/32</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>385,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>382,829</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%"><FONT size=3>&nbsp;&nbsp;</FONT><FONT face=wingdings size=2>&#171;</FONT><FONT face=serif size=1>Gila County Unified
      School District #10</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement (Payson Step Coupon</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Project of 2006) Series A</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>1.00% 7/1/27 (AMBAC)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=right width="5%"><FONT face=serif size=1>497,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Marana Tangerine Farms Road</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement District Revenue</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>4.60% 1/1/26</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>952,630</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Maricopa County School District #6</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Washington Elementary) Refunding</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.375% 7/1/13 (FSA)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>3,000,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=right width="5%"><FONT face=serif size=1>3,278,610</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(School Improvement Project of</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>2001) Series B 5.00% 7/1/17 (FSA)</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=right width="5%"><FONT face=serif size=1>1,087,660</FONT>
  </TD></TR></TABLE><BR>
<P align=right><FONT face=serif color=#808080 size=2><EM>(continues)</EM><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=serif size=2>3</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
Arizona Municipal Income Fund, Inc.</FONT></B></P>
<P align=left><STRONG><FONT face=Arial size=2></FONT></STRONG>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;<FONT face=serif size=1>Principal</FONT>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Amount<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2>&nbsp;<FONT face=serif size=1>Value</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds
      </FONT></B><FONT face=serif size=1>(continued)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Local General
      Obligation Bonds </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Queen Creek Improvement District #1</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 1/1/32</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1><FONT color=#000000>$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </FONT>988,840</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&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>7,188,269</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 41.03%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona School Facilities Board</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&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="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Certificates of Participation Series B</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&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="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 9/1/19-14 (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><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>1,097,420</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona School Facilities Board</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (State School</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Improvement) Series 2001</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" 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>2,105,040</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Transportation Board Highway</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&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="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue 5.75% 7/1/18-09</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>2,350,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,440,686</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Water Infrastructure Finance</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue (Water Quality)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.05% 10/1/20-11</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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>1,585,380</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Oro
      Valley Municipal Property Excise</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tax 5.00% 7/1/20-11 (FGIC)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>1,061,300</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Civic Improvement Excise Tax</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Senior Lien Municipal Courthouse</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Project) Series A 5.25% 7/1/24-9</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" 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>1,039,550</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.125% 7/1/31-11</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>264,583</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Highway &amp; Transportation</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Transportation Refunding</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>3,700,700</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Scottsdale Industrial Development</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Hospital Revenue</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp;
&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Scottsdale Healthcare)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&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=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>1,093,620</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Southern Arizona Capital Facilities</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Finance Corporation (University of</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Project) 5.00% 9/1/23-12</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,150,000</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>1,223,911</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Arizona Certificates of</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Participation (University of Arizona</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Project) Series B 5.125% 6/1/22-12</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(AMBAC)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>532,625</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Virgin Islands Public Finance Authority</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Gross Receipts Tax Loan</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Note) Series A 6.125% 10/1/29-10</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(ACA)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" 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>1,354,363</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </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 colSpan=2><FONT face=serif color=#231f20 size=1>17,499,178</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 10.81%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arizona Tourism &amp; Sports Authority</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Multipurpose Stadium Facilities)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.00% 7/1/31 (MBIA)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>1,025,300</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Glendale Municipal Property Series A</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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="87%" bgColor=#c0c0c0>&nbsp;&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" 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 colSpan=2><FONT face=serif size=1>3,072,990</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>San
      Luis Civic Improvement Municipal</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&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="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&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=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>500,000</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 colSpan=2><FONT face=serif color=#231f20 size=1>513,385</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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>4,611,675</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Transportation Revenue Bonds &#150; 16.91%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Civic Improvement Airport Revenue</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B 5.25% 7/1/27 (FGIC) (AMT)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,051,840</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth Highway &amp;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Transportation Authority Transportation</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Refunding Series D 5.00% 7/1/32 (FSA)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face=serif size=1>5,025,000</FONT> </TD>
    <TD noWrap align=left 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>5,160,424</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>7,212,264</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 5.68%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Phoenix Civic Improvement Wastewater</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1,590,000</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>1,643,758</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</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 colSpan=2><FONT face=serif color=#231f20 size=1>777,225</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left 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>2,420,983</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $64,126,987)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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 colSpan=2><B><FONT face=serif color=#231f20 size=1>65,929,389</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 154.59%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $64,126,987)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>65,929,389</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Receivables
      and Other Assets</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=1>Net of Liabilities &#150; 4.03%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>1,717,558</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (58.62%)</FONT></B>&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 colSpan=2><B><FONT face=serif color=#231f20 size=1>(25,000,000</FONT></B> </TD>
    <TD style="padding-bottom: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Net Assets
      Applicable to 2,982,200</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=1>Shares Outstanding &#150; 100.00%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif color=#231f20 size=1>$&nbsp;
      42,646,947</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>($42,646,947 / 2,982,200 Shares)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$14.30</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>Components of Net Assets at September 30,
      2007:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" colSpan=3><FONT face=serif size=1>Common
      stock, $0.01 par value, 200 million shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>authorized to the Fund</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>$&nbsp; 40,838,893</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1>Distributions in excess of net investment income</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>(28,267</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="93%" colSpan=3><FONT face=serif size=1>Accumulated net realized gain on investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>33,919</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>1,802,402</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Total net
      assets</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=right 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><FONT color=#000000>$&nbsp; </FONT>42,646,947</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </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=2>&#171;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face=serif size=1>Step coupon bond.
      Coupon increases periodically based on a predetermined schedule. Stated
      rate in effect at September 30, 2007.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top width="99%"><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 8 in &#147;Notes to financial
      statements.&#148;</FONT></TD></TR></TABLE>
<P align=left><B><FONT face=serif size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face=serif size=1>ACA &#151; Insured by American
Capital Access<BR></FONT><FONT face=serif size=1>AMBAC &#151; Insured by the AMBAC
Assurance Corporation<BR></FONT><FONT face=serif size=1>AMT &#151; Subject to
Alternative Minimum Tax<BR></FONT><FONT face=serif size=1>FGIC &#151; Insured by the
Financial Guaranty Insurance Company<BR></FONT><FONT face=serif size=1>FHLMC &#151;
Insured by the Federal Home Loan Mortgage Corporation<BR></FONT><FONT face=serif size=1>FNMA &#151; Insured by Federal National Mortgage Association<BR></FONT><FONT face=serif size=1>FSA &#151; Insured by Financial Security Assurance<BR></FONT><FONT face=serif size=1>GNMA &#151; Insured by Government National Mortgage
Association<BR></FONT><FONT face=serif size=1>MBIA &#151; Insured by the Municipal
Bond Insurance Association<BR></FONT><FONT face=serif size=1>RADIAN &#151; Insured by
Radian Asset Assurance<BR></FONT><FONT face=serif size=1>XLCA &#151; Insured by XL
Capital Assurance</FONT></P>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>4</FONT></P>
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<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>September 30, 2007 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></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;&nbsp;</TD>
    <TD noWrap align=center width="4%"></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%"><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 size=1>Municipal Bonds &#150; 151.27%</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>Education Revenue Bonds &#150; 27.28%</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="4%" bgColor=#ffffff></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Boulder County Development</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="4%" bgColor=#c0c0c0></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue Refunding (University</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="4%" bgColor=#c0c0c0></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Corporation for Atmospheric</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="4%" bgColor=#c0c0c0></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Research) 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>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ 4,646,970</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Educational &amp; Cultural</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="4%" bgColor=#ffffff></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Facilities Authority</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="4%" bgColor=#ffffff></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(Johnson &amp; Wales University Project)</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="4%" bgColor=#ffffff></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>Series A 5.00% 4/1/28 (XLCA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,073,200</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>(Littleton School Project)</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="4%" bgColor=#ffffff></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>4.375% 1/15/36 (CIFG)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,200,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,128,156</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>(University of Northern Colorado)</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="4%" bgColor=#ffffff></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>Series A 5.00% 7/1/31 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,557,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado State Board of Governors</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="4%" bgColor=#c0c0c0></TD></TR>
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    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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% 3/1/35 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,800,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,839,618</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Colorado Enterprise</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="4%" bgColor=#ffffff></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>System Revenue Series A</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="4%" bgColor=#ffffff></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>5.00% 6/1/30 (AMBAC)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,081,980</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 Northern Colorado</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="4%" bgColor=#c0c0c0></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>Revenue Refunding</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="4%" bgColor=#c0c0c0></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% 6/1/35 (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,000,000</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 face=serif color=#231f20 size=1>4,129,640</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>19,457,264</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds &#150; 1.48%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arkansas River Power Authority</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="4%" bgColor=#ffffff></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>Revenue Improvement</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="4%" bgColor=#ffffff></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>5.25% 10/1/32 (XLCA)</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,052,390</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>1,052,390</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>Health Care Revenue Bonds &#150; 5.16%</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="4%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Health Facilities</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="4%" bgColor=#c0c0c0></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</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="4%" bgColor=#c0c0c0></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>(North Colorado Medical Center)</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="4%" bgColor=#c0c0c0></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>5.95% 5/15/12 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,070,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,073,499</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>(Porter Place) Series A</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="4%" bgColor=#c0c0c0></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>6.00% 1/20/36 (GNMA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,515,000</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>2,608,759</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>3,682,258</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds &#150; 13.12%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Educational &amp; Cultural</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="4%" bgColor=#ffffff></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>Facilities Authority Revenue</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="4%" bgColor=#ffffff></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>Refunding (Bromley School</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="4%" bgColor=#ffffff></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>Project) 5.25% 9/15/32 (XLCA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,048,690</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver Convention Center Hotel</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="4%" bgColor=#c0c0c0></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 Refunding</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="4%" bgColor=#c0c0c0></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% 12/1/35 (XLCA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,111,600</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Glendale Certificates of Participation</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="4%" bgColor=#ffffff></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>5.00% 12/1/25 (XLCA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,565,520</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Westminster Building Authority</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="4%" bgColor=#c0c0c0></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>Certificates of Participation</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="4%" 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% 12/1/22 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,555,000</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>1,630,791</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>9,356,601</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds &#150; 14.65%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Adams &amp; Arapahoe Counties Joint</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="4%" bgColor=#ffffff></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>School District #28J (Aurora)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>5.25% 12/1/25 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;2,141,880</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Adams County School District #14</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="4%" bgColor=#c0c0c0></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>5.125% 12/1/31 (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>525,050</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arapahoe County Water &amp;</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="4%" bgColor=#ffffff></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>Wastewater Public Improvement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>District Refunding Project Series A</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="4%" bgColor=#ffffff></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>5.125% 12/1/32 (MBIA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,040,580</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Bowles Metropolitan District</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="4%" bgColor=#c0c0c0></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 5.00% 12/1/33 (FSA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,051,100</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Centennial Downs Metropolitan</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="4%" bgColor=#ffffff></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>District Refunding</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="4%" bgColor=#ffffff></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>5.00% 12/1/28 (AMBAC)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,036,830</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Douglas County School District #Re-1</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="4%" bgColor=#c0c0c0></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>(Douglas &amp; Elbert Counties)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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% 12/15/21 (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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,044,480</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Garfield County School District #Re-2</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="4%" bgColor=#ffffff></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>5.00% 12/1/25 (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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,052,160</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Green Valley Ranch Metropolitan</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="4%" bgColor=#c0c0c0></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>District Refunding</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="4%" bgColor=#c0c0c0></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% 12/1/19 (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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,043,580</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Sand
      Creek Metropolitan District</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="4%" bgColor=#ffffff></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>Refunding &amp; Improvement</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="4%" bgColor=#ffffff></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>5.00% 12/1/31 (XLCA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left 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>512,640</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>10,448,300</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 53.11%</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="4%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Auraria Higher Education Center</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="4%" bgColor=#c0c0c0></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>Parking Facilities System</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="4%" bgColor=#c0c0c0></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>5.50% 4/1/26-10 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,485,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,602,441</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Aurora Certificates of Participation</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="4%" bgColor=#ffffff></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>5.50% 12/1/30-10 (AMBAC)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,116,940</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Burlingame Multifamily Housing</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="4%" bgColor=#c0c0c0></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>Revenue Series A</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="4%" bgColor=#c0c0c0></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>6.00% 11/1/29-09 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,290,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,425,476</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Educational &amp; Cultural</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="4%" bgColor=#ffffff></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>Facilities Authority</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="4%" bgColor=#ffffff></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>(University of Colorado</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="4%" bgColor=#ffffff></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>Foundation Project)</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="4%" bgColor=#ffffff></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>5.00% 7/1/27-12 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>4,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>4,239,960</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>(University of Denver Project)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>Refunding &amp; Improvement</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="4%" bgColor=#ffffff></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>5.50% 3/1/21-11 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,200,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,401,056</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>Series B 5.25% 3/1/35-16 (FGIC)</FONT>&nbsp; </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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,656,075</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Water Resources &amp; Power</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="4%" bgColor=#c0c0c0></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 Authority Revenue</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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;&nbsp;<FONT face=serif size=1>Series A 5.80% 11/1/20-10 (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,220,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,300,947</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver City &amp; County Excise Tax</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="4%" bgColor=#ffffff></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>Revenue (Colorado Convention</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>Center Project)</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="4%" bgColor=#ffffff></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>Series A 5.00% 9/1/20-11 (FSA)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6,500,000</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>6,804,459</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver Convention Center</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="4%" bgColor=#c0c0c0></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>Hotel Authority Series A</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="4%" bgColor=#c0c0c0></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% 12/1/33-13 (XLCA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,224,520</FONT> </TD></TR></TABLE>
<BR>
<P align=right><FONT face=serif size=2><STRONG><FONT color=#ff0000>&nbsp;</FONT></STRONG><I><FONT color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face=serif size=2>5<B><FONT color=#ff0000> </FONT></B></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6 color=#b2b2b2>Statements of net assets</FONT></P>
<P align=left><B><FONT face=serif size=2 color=#b2b2b2>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="87%"></TD>
    <TD noWrap align=center width="4%"><FONT size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=center width="4%"><FONT size=1>Amount</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1>Value</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT size=1>Municipal
      Bonds </FONT></B><FONT 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 style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&#167;Pre-Refunded Bonds
      </FONT><FONT size=1>(continued)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>E-470 Public
      Highway Authority</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series A</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.75% 9/1/29-10 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>$
      3,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>$&nbsp;&nbsp; 3,234,570</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.75% 9/1/35-10 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,700,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,832,923</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Eagle County Certificates of Participation</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.40% 12/1/18-09 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>1,049,430</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Garfield Pitkin
      &amp; Eagle County School</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>District #Re-1 (Roaring Fork</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>County) Series A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 12/15/27-14 (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,627,830</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Pueblo County (Library District Project)</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.80% 11/1/19-09 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,395,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>1,460,133</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Weld &amp;
      Adams Counties School District</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>#Re-3J 5.00% 12/15/24-14 (FSA)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>830,000</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 colSpan=2><FONT color=#231f20 size=1>900,733</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT color=#231f20 size=1>37,877,493</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>Special Tax
      Revenue Bonds &#150; 9.64%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Broomfield Sales &amp; Use Tax Revenue</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Refunding &amp; Improvement Series A</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 12/1/31 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>650,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>667,167</FONT>
</TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Golden Sales
      &amp; Use Tax Revenue</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Improvement Series B</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.10% 12/1/20 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,048,560</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Gypsum Sales Tax &amp; General Funding</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue 5.25% 6/1/30 (Assured Gty)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>1,073,990</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Regional
      Transportation District Sales Tax</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue (Fastracks Project) Series A</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>4.375% 11/1/31 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,250,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,196,087</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>4.50% 11/1/36 (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>3,000,000</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 colSpan=2><FONT color=#231f20 size=1>2,889,150</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT color=#231f20 size=1>6,874,954</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>Transportation Revenue Bonds &#150; 14.65%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Denver City &amp; County Airport Revenue</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series A 5.00% 11/15/25 (FGIC)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>1,043,520</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series E 5.25% 11/15/23 (MBIA)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT size=1>4,500,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>4,553,145</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Northwest
      Parkway Public Highway</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Authority Series A</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.25% 6/15/41 (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,150,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>4,297,159</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Puerto Rico Commonwealth Highway</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>&amp; Transportation Authority</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue Refunding Series N</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.25% 7/1/39 (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT 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%" colSpan=2><FONT color=#231f20 size=1>556,195</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT color=#231f20 size=1>10,450,019</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>Water &amp; Sewer Revenue
      Bonds &#150; 12.18%</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Aurora Water
      Improvement Revenue</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>First Lien Series A</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 8/1/32 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>750,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>781,028</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Colorado Water Resources &amp; Power</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Development Authority Small</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Water Revenue Series A</FONT> </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.80% 11/1/20 (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>780,000</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>828,227</FONT>
</TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Colorado Water
      Resources &amp; Power</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Development Authority Water</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Resources Revenue (Parker Water</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>&amp; Sanitation District) Series D</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.125% 9/1/34 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,557,735</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.25% 9/1/43 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>2,092,560</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Lafayette Water
      Revenue</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 12/1/27 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT size=1>&nbsp;1,100,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT size=1>&nbsp;&nbsp;&nbsp;1,139,490</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Ute Water
      Conservancy District</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue 5.75% 6/15/20 (MBIA)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,155,000</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 colSpan=2><FONT color=#231f20 size=1>2,289,472</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT color=#231f20 size=1>8,688,512</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT size=1>Total
      Municipal Bonds</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(cost
      $104,301,056)</FONT> </TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><B><FONT color=#231f20 size=1>107,887,791</FONT></B> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1><FONT size=2>&#149;</FONT><STRONG>Short-Term Investment &#150; 0.28%</STRONG></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 style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>Variable
      Rate Demand Note &#150; 0.28%</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Colorado
      Housing &amp; Finance</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Authority Single Family Mortgage</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Class 1-B-2 3.85% 5/1/34</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>200,000</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 colSpan=2><FONT color=#231f20 size=1>200,000</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT size=1>Total
      Short-Term Investment</FONT></B> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=1>(cost $200,000)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT color=#231f20 size=1>200,000</FONT></B>
    </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT size=1>Total
      Value of Securities &#150; 151.55%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(cost
      $104,501,056)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT size=1>108,087,791</FONT></B> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT size=1>Receivables and Other Assets</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1>Net of
      Liabilities &#150; 4.53%</FONT></B> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT size=1>3,234,675</FONT></B> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT size=1>Liquidation Value of Preferred Stock &#150; (56.08%)</FONT></B> </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 colSpan=2><B><FONT color=#231f20 size=1>(40,000,000</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0><B><FONT size=1>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT size=1>Net
      Assets Applicable to 4,837,100</FONT></B> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1>Shares
      Outstanding &#150; 100.00%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT color=#231f20 size=1><FONT color=#000000><STRONG><FONT color=#231f20>$&nbsp;
      </FONT></STRONG></FONT><STRONG>71,322,466</STRONG></FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>Net Asset
      Value Per Common Share</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>($71,322,466 /
      4,837,100 Shares)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>$ <FONT color=#231f20>14.74</FONT></FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT size=1>Components of Net Assets at September 30, 2007</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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>Common
      stock, $0.01 par value, 200 million shares</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>authorized to
      the Fund</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT size=1>$&nbsp; 67,238,110</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>Undistributed net investment income</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>178,363</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>Accumulated
      net realized gain on investments</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT size=1>319,258</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>Net
      unrealized appreciation of investments</FONT> </TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT color=#231f20 size=1>3,586,735</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>Total net
      assets</FONT> </TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT color=#231f20 size=1>$&nbsp;
      71,322,466</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp;
</TD></TR></TABLE><BR>

<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top 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 8 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 width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=2>&#149;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=1>Variable rate security. The rate
      shown is the rate as of September 30,
2007.</FONT></TD></TR></TABLE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD width="100%"><STRONG><FONT size=1>Summary of
      Abbreviations:</FONT></STRONG></TD></TR>
  <TR>
    <TD width="100%"><FONT size=1>AMBAC &#151; Insured by the AMBAC Assurance
      Corporation<BR>Assured Gty &#151; Insured by the Assured Guaranty
      Corporation<BR>CIFG &#151; CDC IXIS Financial Guaranty<BR>FGIC &#151; Insured by the
      Financial Guaranty Insurance Company<BR>FSA &#151; Insured by Financial
      Security Assurance<BR>GNMA &#151; Insured by Government National Mortgage
      Association<BR>MBIA &#151; Insured by the Municipal Bond Insurance
      Association<BR>XLCA &#151; Insured by XL Capital
Assurance</FONT></TD></TR></TABLE>
<P align=left><FONT size=1>See accompanying notes</FONT></P>
<P align=left><FONT size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT size=2>Delaware Investments Florida Insured Municipal
Income Fund</FONT></B></P>
<P align=left><FONT size=2>September 30, 2007 (Unaudited)</FONT></P>
<TABLE style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%"><FONT size=1>Principal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%"><FONT size=1>Amount</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT 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 size=1>Municipal
      Bonds &#150; 155.79%</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>Education Revenue Bonds &#150;
      3.68%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT size=1>Florida Agriculture &amp; Mechanical</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>University Revenue</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(Student Apartment Facility)</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.625% 7/1/21 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>$1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT color=#231f20 size=1><FONT color=#000000>$</FONT>1,252,063</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>1,252,063</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>Electric
      Revenue Bonds &#150; 5.99%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>JEA Electric Systems Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series 3-A 5.00% 10/1/34 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>2,040,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 color=#231f20 size=1>2,040,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>Health Care Revenue Bonds &#150;
      18.47%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Escambia County
      Health Facilities</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Authority (Florida Health Care</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Facilities - VHA Program)</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.95% 7/1/20 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>355,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>368,944</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Lee Memorial Health System Board</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>of Directors Refunding Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 4/1/20 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,026,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Miami-Dade
      County Public Facilities</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue (Jackson Health Systems)</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series A 5.00% 6/1/35 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,524,270</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Orange County Health Facilities</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Authority Revenue (Orlando</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Regional Healthcare) Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>6.25% 10/1/18 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,349,740</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>South Broward
      Hospital Refunding</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 5/1/35 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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 color=#231f20 size=1>1,017,780</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>6,287,284</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>Housing
      Revenue Bonds &#150; 23.48%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Broward County Housing Finance</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Authority (St. Croix Apartments</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Project) Series A 5.45% 11/1/36</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(FSA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>930,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>942,099</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Florida Housing
      Finance Agency</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(Homeowner Mortgage) Series 2</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.90% 7/1/29 (MBIA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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=1>381,326</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>(Leigh Meadows Apartments</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="4%" 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 size=1>Section 8 HUD) Series N</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="4%" 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 size=1>6.30% 9/1/36 (AMBAC) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,510,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,532,792</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>(Woodbridge Apartments Project)</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="4%" 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 size=1>Series L</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="4%" 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 size=1>6.05% 12/1/16 (AMBAC) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,080,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,094,602</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>6.25% 6/1/36 (AMBAC) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,516,485</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Volusia County Multifamily</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Housing Finance Authority (San</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Marco Apartments) Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.60% 1/1/44 (FSA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>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 color=#231f20 size=1>1,525,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 color=#231f20 size=1>7,992,624</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>Lease Revenue Bonds &#150;
      20.33%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Broward County
      School Board</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Certificates of Participation</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series A 5.25% 7/1/24 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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=1>1,052,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Florida Municipal Loan Council</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue Series A 5.00% 2/1/35</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(MBIA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,043,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Orange County
      School Board</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Certificates of Participation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series A 5.00% 8/1/27 (MBIA)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,274,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Palm Beach County School Board</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Certificates of Participation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series D 5.00% 8/1/28 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,527,975</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>South Florida
      Water Management</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>District Certificate of Participation</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 10/1/36 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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 color=#231f20 size=1>1,020,720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>6,919,445</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>Local
      General Obligation Bonds &#150; 3.02%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Port St. Lucie
      5.00% 7/1/35 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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 color=#231f20 size=1>1,028,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>1,028,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&#167;Pre-Refunded Bonds &#150; 9.41%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Florida State Board of Education</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(Capital Outlay Public Education)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Series C 6.00% 6/1/21-10 (FGIC)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,143,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Tampa Utility
      Tax Improvement Series A</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>6.125% 10/1/19-09 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT 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 color=#231f20 size=1>1,060,510</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT color=#231f20 size=1>3,203,910</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>Special Tax
      Revenue Bonds &#150; 29.79%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Flagler County Capital Improvement</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Revenue 5.00% 10/1/35 (MBIA)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,024,990</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Florida State
      Department of</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Transportation (Right of Way)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 7/1/31 (FGIC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,525,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,565,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Jacksonville Sales Tax Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>(Better Jacksonville)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.00% 10/1/30 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,539,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Jacksonville
      Transportation Revenue</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>5.25% 10/1/29 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,087,219</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=Wingdings size=2>&#182;</FONT><FONT face=serif size=1>Miami-Dade County Special</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="4%" bgColor=#ffffff></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>Obligation (Capital Appreciation &amp;</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="4%" bgColor=#ffffff></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>Income) Series B 5.00% 10/1/35</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>(MBIA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,872,720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Seminole County Sales Tax Revenue</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="4%" bgColor=#c0c0c0></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% 10/1/31 (MBIA)</FONT>&nbsp;</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 face=serif size=1>1,022,170</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>St.
      Johns County Sales Tax Revenue</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="4%" bgColor=#ffffff></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>5.00% 10/1/36 (MBIA)</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif color=#231f20 size=1>1,028,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>10,139,361</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>State General Obligation Bonds &#150; 6.03%</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="4%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Florida State Board of Education</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="4%" bgColor=#c0c0c0></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>Public Education (Capital Outlay)</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="4%" bgColor=#c0c0c0></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 5.00% 6/1/34 (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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>2,052,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>2,052,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 15.71%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Florida Ports Financing Commission</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="4%" bgColor=#ffffff></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>Revenue (State Transportation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>Trust Fund) 5.375% 6/1/27</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="4%" bgColor=#ffffff></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>(MBIA) (AMT)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,010,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Miami-Dade County Aviation</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="4%" bgColor=#c0c0c0></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>Revenue (Miami International</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>Airport) Series B 5.00% 10/1/37</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>2,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,287,890</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2><EM><FONT color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM> 7</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
Florida Insured Municipal Income Fund</FONT></B></P>
<TABLE style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></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;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></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=left 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 size=1>Municipal 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 style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Transportation
      Revenue Bonds</FONT> <FONT face=serif size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Miami-Dade County Expressway</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="4%" 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;&nbsp;<FONT face=serif size=1>Authority Toll Systems Revenue</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></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="89%" bgColor=#c0c0c0>&nbsp;&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%" bgColor=#c0c0c0><FONT face=serif size=1><FONT color=#231f20>$</FONT>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT color=#231f20>$</FONT>1,027,410</FONT></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;&nbsp;<FONT face=serif size=1>Series B 5.00% 7/1/33 (FGIC)</FONT>&nbsp;</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 colSpan=2><FONT face=serif color=#231f20 size=1>1,022,650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>5,348,850</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 19.88%</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Cape Coral Water &amp; Sewer Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>4.75% 10/1/31 (AMBAC)</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%" colSpan=2><FONT face=serif size=1>1,003,270</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>JEA
      Florida Water &amp; Sewer Systems</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="4%" 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;&nbsp;<FONT face=serif size=1>Revenue Sub-Second Crossover</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></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="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series B 5.00% 10/1/25 (MBIA)</FONT>&nbsp;</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 colSpan=2><FONT face=serif size=1>1,036,150</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Riviera Beach Utilities Special</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>District Water &amp; Sewer Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&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%"><FONT face=serif size=1>1,200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,228,980</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Village Center Community</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="4%" 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;&nbsp;<FONT face=serif size=1>Development District Utility</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></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="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue 5.00% 10/1/36 (MBIA)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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>1,527,045</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Winter Haven Utilities Systems</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue 5.00% 10/1/30 (MBIA)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,915,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>1,972,929</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>6,768,374</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face=serif size=1>Total
      Municipal Bonds</FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $52,321,743)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left 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>53,033,111</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp;</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 face=serif size=2>&#149;</FONT><B><FONT face=serif size=1>Short-Term Investment &#150;
      0.59%</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 style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Variable Rate
      Demand Note &#150; 0.59%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Orange County Health Facilities</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="4%" 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;&nbsp;<FONT face=serif size=1>Authority Revenue Series B</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="4%" 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;&nbsp;<FONT face=serif size=1>4.02% 10/1/41 (FGIC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>200,000</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 colSpan=2><FONT face=serif color=#231f20 size=1>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face=serif size=1>Total
      Short-Term Investment</FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $200,000)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left 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>200,000</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 156.38%</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="4%" 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;<FONT face=serif size=1>(cost $52,521,743)</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>53,233,111</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face=serif size=1>Receivables
      and Other Asset</FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=1>Net of Liabilities &#150; 2.37%</FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>807,028</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (58.75%)</FONT></B></TD>
    <TD noWrap align=left 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>(20,000,000</FONT></B></TD>
    <TD 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></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></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="89%">&nbsp;&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%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif color=#231f20 size=1>$34,040,139</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp;</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="1%" bgColor=#c0c0c0></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="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>($34,040,139 / 2,422,200 Shares)</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</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>$14.05</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at September 30, 2007:</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></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,
      $0.01 par value, unlimited shares</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>authorized to the
    Fund</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1><FONT color=#231f20>$</FONT>33,361,389</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Distributions in excess of net investment income</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=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>(36,224</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="89%"><FONT face=serif size=1>Accumulated net
      realized gain on investments</FONT></TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>3,606</FONT></TD>
    <TD noWrap align=left 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=left width="4%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>711,368</FONT></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>Total net
      assets</FONT></TD>
    <TD noWrap align=left width="4%"></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>$34,040,139</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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=2>&#182;</FONT></TD>
    <TD vAlign=top 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%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top 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 8 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 width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=2>&#149;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face=serif size=1>Variable rate security.
      The rate shown is the rate as of September 30,
2007.</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD width="100%"><STRONG><FONT size=1>Summary of
      Abbreviations:</FONT></STRONG></TD></TR>
  <TR>
    <TD width="100%"><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>FSA &#151; Insured by
      Financial Security Assurance<BR>HUD &#151; Housing and Urban
      Development<BR>MBIA &#151; Insured by the Municipal Bond Insurance
      Association<BR>VHA &#151; Veterans Health
Administration</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>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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>September 30, 2007 (Unaudited)</FONT></P>
<TABLE style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds &#150;
      158.79%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="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>Corporate-Backed
      Revenue Bonds &#150; 6.62%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Anoka County Solid Waste Disposal</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="4%" bgColor=#c0c0c0></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>(National Rural Utility Series A</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="4%" bgColor=#c0c0c0></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>6.95% 12/1/08 (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; 300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; 301,584</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Cloquet Pollution Control Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Refunding (Potlatch Project)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.90% 10/1/26</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,531,460</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Laurentian Energy Authority I</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="4%" 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>Cogeneration Revenue Series A</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="4%" 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% 12/1/21</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,325,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,361,675</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minneapolis Community</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 Agency Supported</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>(Limited Tax Common Bond Fund)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>6.75% 12/1/25 (AMT)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>865,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>910,231</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Sartell Environmental Improvement</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="4%" 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 Refunding (International</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="4%" 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>Paper) 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=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>982,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>11,087,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds &#150; 5.10%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minnesota State Higher Education</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Facilities Authority Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>(Augsburg College) Series 6-J1</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 5/1/28</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>738,780</FONT></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>(College of St. Benedict)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 5-W</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 3/1/20</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 face=serif size=1>2,023,120</FONT></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% 3/1/24</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>304,152</FONT></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>(St. Catherine College)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 5-N1 5.375% 10/1/32</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,523,310</FONT></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>(St. Mary&#146;s University)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 5-U 4.80% 10/1/23</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,400,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,395,352</FONT></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>(St. Thomas University)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 5-Y 5.00% 10/1/24</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 face=serif size=1>1,020,730</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>St. Cloud Housing &amp;
    Redevelopment</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="4%" 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 Revenue (State</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="4%" 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>University Foundation Project)</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="4%" 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% 5/1/23</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 face=serif size=1>1,029,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>University of the Virgin Islands</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.375% 6/1/34</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 face=serif color=#231f20 size=1>502,915</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>8,538,259</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Electric Revenue
      Bonds &#150; 21.30%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Chaska Electric Revenue Refunding</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="4%" bgColor=#c0c0c0></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>(Generating Facilities) Series A</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="4%" 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% 10/1/25</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>260,698</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minnesota State Municipal Power</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Agency Electric Revenue Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 10/1/34</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6,582,355</FONT></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% 10/1/19</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,610,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,700,208</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Southern Minnesota Municipal Power</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="4%" 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>Agency Supply System Revenue</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&amp;</FONT><FONT face=serif size=1><SUP>1</SUP></FONT><FONT face=serif size=1>5.25% 1/1/14
      (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>14,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>15,230,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&amp;</FONT><FONT face=serif size=1><SUP>2</SUP></FONT><FONT face=serif size=1>5.25% 1/1/15
      (AMBAC)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,284,460</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 5.25% 1/1/16 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,650,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Western Minnesota Municipal Power</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Agency Supply Revenue Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 1/1/30 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6,790,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>6,980,527</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>35,688,403</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Escrowed to
      Maturity Bonds &#150; 17.26%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Dakota/Washington Counties</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="4%" bgColor=#c0c0c0></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>Housing &amp; Redevelopment</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="4%" bgColor=#c0c0c0></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 Bloomington Single</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="4%" 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>Family Residential Mortgage</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="4%" 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 8.375% 9/1/21 (GNMA)</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="4%" 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>(FHA) (VA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>8,055,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,407,973</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Southern Minnesota Municipal Power</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Agency Supply System Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 B</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 1/1/11 (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%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,034,930</FONT></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 5.50% 1/1/15</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>390,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>415,097</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>St. Paul Housing &amp;
    Redevelopment</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" 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 Sales Tax</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="4%" 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>(Civic Center Project)</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="4%" 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>5.55% 11/1/23</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,380,293</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>5.55% 11/1/23 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,346,622</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>University of Minnesota Hospital</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>&amp; Clinics 6.75% 12/1/16</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,580,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,060,035</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>University of Minnesota Series A</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="4%" 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>5.50% 7/1/21</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,505,880</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Western Minnesota Municipal Power</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Agency Supply Revenue Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>6.625% 1/1/16</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,535,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>1,764,176</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>28,915,006</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Health Care
      Revenue Bonds &#150; 23.22%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Bemidji Health Care Facilities
    First</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="4%" bgColor=#c0c0c0></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>Mortgage Revenue (North</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="4%" 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>Country Health Services)</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="4%" 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% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,503,840</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Duluth Economic Development</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Benedictine Health</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>System-St. Mary&#146;s Hospital)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 2/15/33</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,064,549</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Glencoe Health Care Facilities</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="4%" 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 (Glencoe Regional Health</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="4%" 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>Services Project) 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,973,600</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2><STRONG><FONT color=#ff0000>&nbsp;</FONT></STRONG><FONT color=#808080><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM></FONT>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_6></A>
<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 style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Principal</FONT>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Amount</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>
      <FONT face=serif size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="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>Health Care
      Revenue Bonds</FONT> <FONT face=serif size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Maple Grove Health Care</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="4%" bgColor=#c0c0c0></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>Facilities Revenue</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="4%" bgColor=#c0c0c0></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>(North Memorial Health Care)</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="4%" bgColor=#c0c0c0></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% 9/1/29</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,515,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp; 1,511,940</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>(Maple Grove Hospital)</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="4%" bgColor=#c0c0c0></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% 5/1/37</FONT></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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,026,980</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</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>System Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>(Allina Health Systems) Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.75% 11/15/32</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,325,536</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>(Fairview Health Services) Series D</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 11/15/30 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,542,795</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% 11/15/34 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,320,590</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Minnesota Agricultural &amp;
    Economic</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="4%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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 (Fairview Health Care</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="4%" bgColor=#c0c0c0></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>System) Series A</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="4%" bgColor=#c0c0c0></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 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>102,218</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</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>195,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>205,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>North Oaks Senior Housing</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Presbyterian Homes)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>6.25% 10/1/47</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,512,195</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Northfield Hospital Revenue</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="4%" bgColor=#c0c0c0></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>5.375% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>742,463</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Rochester Health Care</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>(Mayo Clinic) 5.00% 11/15/36</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 face=serif size=1>2,034,240</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>(Mayo Foundation) Series B</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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% 11/15/27</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>4,365,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>4,450,729</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Shakopee Health Care Facilities</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="4%" bgColor=#c0c0c0></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>Revenue (St. Francis Regional</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="4%" bgColor=#c0c0c0></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>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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,549,922</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>St. Louis Park Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Park Nicollet Health</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Services) Series B 5.25% 7/1/30</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 face=serif size=1>1,275,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>St. Paul Housing &amp;
    Redevelopment</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="4%" bgColor=#c0c0c0></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 Health Care</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="4%" bgColor=#c0c0c0></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>Facilities Revenue</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="4%" bgColor=#c0c0c0></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>(Healthpartners Obligation Group</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="4%" bgColor=#c0c0c0></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>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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,980,860</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>(Regions Hospital Project)</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="4%" bgColor=#c0c0c0></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>5.30% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,001,280</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Franciscan</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Health Project-Elderly)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.40% 11/20/42 (GNMA) (FHA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,700,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,781,216</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Winona Health Care Facilities</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="4%" bgColor=#c0c0c0></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>Revenue Refunding (Winona</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="4%" bgColor=#c0c0c0></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>Health Obligation Group)</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="4%" bgColor=#c0c0c0></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% 7/1/23</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,010,000</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>1,003,940</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>38,910,668</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 9.09%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Chanhassen Multifamily Housing</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 Refunding (Heritage Park</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Apartments Project HUD Section 8)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>6.20% 7/1/30 (FHA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,105,000</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,120,404</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Dakota County Housing &amp;</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="4%" bgColor=#c0c0c0></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>Redevelopment Authority Single</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="4%" bgColor=#c0c0c0></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>Family Mortgage Revenue</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="4%" bgColor=#c0c0c0></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>5.85% 10/1/30 (GNMA)</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="4%" bgColor=#c0c0c0></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>(FNMA) (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>13,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>13,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Harmony Multifamily Housing</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Zedakah Foundation</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Project HUD Section 8) Series A</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.95% 9/1/20</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 face=serif size=1>968,020</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Minneapolis Multifamily</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="4%" bgColor=#c0c0c0></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>Housing Revenue</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="4%" 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><FONT size=2>&#149;</FONT>(Gaar Scott Loft Project)</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="4%" bgColor=#c0c0c0></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>5.95% 5/1/30 (AMT)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>945,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>971,734</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>(Olson Townhomes Project)</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="4%" bgColor=#c0c0c0></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>6.00% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>890,730</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>(Seward Towers Project)</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="4%" bgColor=#c0c0c0></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% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,027,139</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>(Sumner Housing Project) Series A</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="4%" bgColor=#c0c0c0></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>5.15% 2/20/45 (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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,551,297</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minnesota State Housing Finance</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Agency Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>(Rental Housing)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 5.00% 2/1/35 (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 face=serif size=1>988,910</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 D 5.95% 2/1/18 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>130,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>130,250</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>(Residential Housing)</FONT></TD>
    <TD noWrap align=left width="4%"></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="90%">&nbsp;&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%"><FONT face=serif size=1>1,770,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,785,718</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 I 5.15% 7/1/38 (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 face=serif size=1>1,001,580</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>(Single Family Mortgage) Series J</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>5.90% 7/1/28 (AMT)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,020,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,036,565</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Washington County Housing &amp;</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="4%" bgColor=#c0c0c0></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>Redevelopment Authority</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="4%" bgColor=#c0c0c0></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>Revenue Refunding</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="4%" bgColor=#c0c0c0></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>(Woodland Park Apartments Project)</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="4%" bgColor=#c0c0c0></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>4.70% 10/1/32</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</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>743,783</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif color=#231f20 size=1>15,229,290</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds &#150; 9.52%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Public Buildings</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 (Guaranteed</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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>Government Facilities Bonds)</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></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 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=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>544,193</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>St. Paul Port Authority Lease
    Revenue</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="4%" bgColor=#c0c0c0></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>(Cedar Street Office Building Project)</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="4%" bgColor=#c0c0c0></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% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,490,822</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% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,992,336</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 3-12 5.125% 12/1/27</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,036,470</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>(Robert Street Office Building Project)</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="4%" bgColor=#c0c0c0></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 3-11 5.00% 12/1/27</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,045,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,148,500</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 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,084,840</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><A name=page_7></A>
<TABLE style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Principal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>
      <FONT face=serif size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Virginia Housing &amp;
    Redevelopment</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="4%" bgColor=#c0c0c0></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 Health Care Facility</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="4%" bgColor=#c0c0c0></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>Lease Revenue</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="4%" bgColor=#c0c0c0></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% 10/1/25</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; 680,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; 686,854</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>5.375% 10/1/30</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>965,000</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>973,424</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>15,957,439</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds &#150; 19.91%</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="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dakota County Community</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="4%" bgColor=#ffffff></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>Development Agency</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="4%" bgColor=#ffffff></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>Governmental Housing Refunding</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="4%" bgColor=#ffffff></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>(Senior Housing Facilities)</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="4%" bgColor=#ffffff></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>Series A 5.00% 1/1/23</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,147,157</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Farmington Independent School</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="4%" bgColor=#c0c0c0></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>District #192</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="4%" bgColor=#c0c0c0></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% 2/1/23 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,280,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,369,923</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% 2/1/27 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,559,190</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Hennepin County Regional Railroad</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="4%" bgColor=#ffffff></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>Authority 5.00% 12/1/26</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,602,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Hennepin County Series B</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="4%" bgColor=#c0c0c0></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% 12/1/18</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,386,227</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Lakeville Independent School
    District</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="4%" bgColor=#ffffff></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>#194 Series A 4.75% 2/1/22 (FSA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,052,520</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Metropolitan Council Minneapolis/</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="4%" bgColor=#c0c0c0></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>St. Paul Metropolitan Area Waste</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="4%" bgColor=#c0c0c0></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>Water Treatment Series B</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>4.375% 12/1/27</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,458,735</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% 12/1/21</FONT></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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,121,520</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Minneapolis Refunding (Sports
Arena</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="4%" bgColor=#ffffff></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>Project) 5.125% 10/1/20</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>754,965</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Minneapolis Special School
District</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="4%" bgColor=#c0c0c0></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>#001 5.00% 2/1/19 (FSA)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,175,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,235,278</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Moorhead Economic Development</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="4%" bgColor=#ffffff></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>Authority Tax Increment Series A</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="4%" bgColor=#ffffff></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>5.25% 2/1/25 (MBIA)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,044,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Moorhead Improvement Series B</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="4%" bgColor=#c0c0c0></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% 2/1/33 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,357,608</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Mounds View Independent</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="4%" bgColor=#ffffff></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>School District #621 Series A</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="4%" bgColor=#ffffff></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>5.00% 2/1/23 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,020,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,103,264</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Princeton Independent School</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="4%" bgColor=#c0c0c0></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>District Refunding #477 Series A</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="4%" bgColor=#c0c0c0></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% 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,044,580</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Robbinsdale Independent School</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="4%" bgColor=#ffffff></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>District #281 5.00% 2/1/21 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>522,255</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Washington County Housing &amp;</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="4%" bgColor=#c0c0c0></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>Redevelopment Authority</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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 B</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="4%" bgColor=#c0c0c0></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>5.50% 2/1/22 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,705,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,791,000</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>5.50% 2/1/32 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,140,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,228,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Willmar (Rice Memorial Hospital</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="4%" bgColor=#ffffff></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>Project) 5.00% 2/1/32 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,500,000</FONT></TD>
    <TD noWrap align=right 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>&nbsp;&nbsp;
      2,571,175</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 face=serif color=#231f20 size=1>33,349,742</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 30.37%</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="4%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Andover Economic Development</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="4%" bgColor=#c0c0c0></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 Public Facilities</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="4%" bgColor=#c0c0c0></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>Lease Revenue (Andover</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="4%" bgColor=#c0c0c0></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>Community Center)</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="4%" bgColor=#c0c0c0></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>5.125% 2/1/24-14</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>205,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>218,444</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>5.125% 2/1/24-14</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>295,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>314,346</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>5.20% 2/1/29-14</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>410,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>438,598</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>5.20% 2/1/29-14</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>590,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>631,153</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Centennial Independent School</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="4%" bgColor=#ffffff></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>District #012 Series A</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="4%" bgColor=#ffffff></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>5.00% 2/1/20-12 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>843,128</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Chaska Electric Revenue Series A</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="4%" bgColor=#c0c0c0></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>6.00% 10/1/25-10</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 face=serif size=1>1,070,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Elk
      River Independent School District</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="4%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>#728
      Series A 5.00% 2/1/16-14</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="4%" bgColor=#ffffff></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>(FGIC)</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,607,760</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Metropolitan Council Minneapolis/</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="4%" bgColor=#c0c0c0></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>St. Paul Metropolitan Area Series C</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="4%" bgColor=#c0c0c0></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% 2/1/22-11</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 face=serif size=1>1,042,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Community</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="4%" bgColor=#ffffff></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>Development Agency</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="4%" bgColor=#ffffff></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>(Limited Tax Common Bond Fund)</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="4%" bgColor=#ffffff></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>Series G-1 5.70% 12/1/19-11</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,180,157</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>Series G-3 5.45% 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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,072,470</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 Health Care System</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="4%" bgColor=#c0c0c0></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>Revenue (Fairview Health Services)</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="4%" bgColor=#c0c0c0></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 5.625% 5/15/32-12</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,009,380</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis/St. Paul Metropolitan</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="4%" bgColor=#ffffff></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></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></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>Series A</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="4%" bgColor=#ffffff></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>5.00% 1/1/30-08 (AMBAC)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>2,483,639</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>5.125% 1/1/25-09 (FGIC)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>900,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>926,928</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>Series C 5.25% 1/1/32-11 (FGIC)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>6,311,819</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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>&nbsp;</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 face=serif size=1>5,572,952</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 face=serif size=1>6,667,025</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Morris Independent School District #769</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="4%" bgColor=#ffffff></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>5.00% 2/1/28-13 (MBIA)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,985,088</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 Highway</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="4%" bgColor=#c0c0c0></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>&amp; Transportation Authority</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="4%" bgColor=#c0c0c0></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>Revenue Series D</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="4%" bgColor=#c0c0c0></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 face=serif size=1>1,073,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth Public</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="4%" bgColor=#ffffff></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>Improvement Revenue Series A</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="4%" bgColor=#ffffff></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>5.00% 7/1/27-12</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></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>1,331,188</FONT></TD></TR></TABLE>
<BR>
<P align=right><FONT face=serif color=#808080 size=2><I>(continues)&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT> <FONT face=serif size=2>11</FONT>
<P></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Statements of net
assets</FONT></FONT></P>
<P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware
Investments Minnesota Municipal Income Fund II, Inc.</FONT></FONT></B></P>
<TABLE style="font-size: 12pt; line-height: 14pt" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Principal</FONT>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="7%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Amount</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B>
      <FONT face=serif size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>&#167;Pre-Refunded
      Bonds</FONT> <FONT face=serif size=1>(continued)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue (Guaranteed</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Government Facilities) Series D</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>$ 1,572,136</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Rochester Electric Utility Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&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%" colSpan=2><FONT face=serif size=1>630,804</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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 noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>4,130,709</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>St. Michael Independent School</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>District #885</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 2/1/22-12 (FSA)</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%" colSpan=2><FONT face=serif size=1>2,107,820</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 2/1/24-12 (FSA)</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,125,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,185,649</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Waconia Health Care Facilities</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Ridgeview Medical</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Center Project) Series A</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>6.10% 1/1/19-10 (RADIAN)</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,405,000</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 colSpan=2><FONT face=serif color=#231f20 size=1>1,482,163</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif color=#231f20 size=1>50,889,496</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 4.25%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Art Center Facilities</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Walker Art Center</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&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=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>4,384,640</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Community</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Agency Supported</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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 colSpan=2><FONT face=serif size=1>375,671</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis Development Revenue</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Common Bond Fund) Series 1</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&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%" colSpan=2><FONT face=serif size=1>1,036,470</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Special Tax Revenue Series B</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>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 colSpan=2><FONT face=serif size=1>803,600</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Virgin Islands Public Finance</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Revenue (Senior Lien</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&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%" colSpan=2><FONT face=serif color=#231f20 size=1>514,155</FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>7,114,536</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>State General
      Obligation Bonds &#150; 4.44%</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minnesota State 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 colSpan=2><FONT face=serif size=1>5,248,412</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Public Improvement Series A</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>1,135,520</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Bank Senior Notes</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>1,062,230</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>7,446,162</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 7.71%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Minneapolis/St. Paul Metropolitan</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>3,095,550</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>2,120,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>2,171,495</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>1,062,830</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>2,049,380</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&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%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>1,017,570</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 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 colSpan=2><FONT face=serif color=#231f20 size=1>3,513,647</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left 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>12,910,472</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Municipal Bonds</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $257,257,332)</FONT></TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><B><FONT face=serif color=#231f20 size=1>266,036,583</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>&#149;</FONT><STRONG>Short-Term Investments &#150; 1.46%</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Variable Rate Demand Notes &#150; 1.46%</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="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>University of Minnesota</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 3.85% 1/1/34</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</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>300,000</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series C 3.85% 12/1/36</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,145,000</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 colSpan=2><FONT face=serif color=#231f20 size=1>2,145,000</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $2,445,000)</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT face=serif color=#231f20 size=1>2,445,000</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 160.25%</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="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $259,702,332)</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>268,481,583</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT face=serif size=1>Liabilities Net Receivables</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=1>and Other Assets &#150; (3.55%)*</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>(5,941,874</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (56.70%)</FONT></B></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 colSpan=2><B><FONT face=serif color=#231f20 size=1>(95,000,000</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT face=serif size=1>Net Assets Applicable to 11,504,975</FONT></B></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&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=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT face=serif color=#231f20 size=1>$167,539,709</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>($167,539,709 / 11,504,975 Shares)</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$14.56</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at September 30, 2007:</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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Common stock,
      $0.01 par value, 200 million shares</FONT></TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>authorized to the Fund</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1><FONT color=#231f20>$</FONT>158,785,529</FONT></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed net investment income</FONT></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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>3,823</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Accumulated net
      realized loss on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>(28,894</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%" 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 colSpan=2><FONT face=serif color=#231f20 size=1>8,779,251</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Total net
      assets</FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=right 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>$167,539,709</FONT></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>12</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" align=right width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=serif size=1>&amp;<SUP>1</SUP></FONT></TD>
    <TD vAlign=top align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="97%"><FONT face=serif size=1>Security
      held in a trust in connection with the Inverse Floater security
      $7,000,000, 6.496%, 1/1/14.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="97%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=serif size=1>&amp;<SUP>2</SUP></FONT></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=bottom align=left width="97%"><FONT face=serif size=1>Security
      held in a trust in connection with the Inverse Floater security
      $1,500,000, 6.496%, 1/1/15.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=MIDDLE align=left width="97%"><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 8 in
      &#147;Notes to financial statements.&#148;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=MIDDLE align=left width="97%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=serif size=2>&#149;</FONT></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=MIDDLE align=left width="97%"><FONT face=serif size=1>Variable
      rate security. The rate shown is the rate as of September 30,
    2007.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=MIDDLE noWrap align=left width="97%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>*</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=MIDDLE noWrap align=left width="97%"><FONT face=serif size=1>Includes $8,500,000 in liability for Inverse Floater programs. See
      Note 7 in &#147;Notes to financial statements.&#148;</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1></FONT><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></FONT><FONT face=serif size=1>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>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><BR>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>13</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</FONT></B></P>
<P align=left><FONT face=serif size=2>Six months ended September 30, 2007
(Unaudited)</FONT></P>
<P align=left><FONT size=2></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Delaware</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Delaware</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Investments</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Delaware</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Delaware</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Investments</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Investments</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Investments</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Insured</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Florida Insured</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Income</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Income</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Income</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Income</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Fund,
      Inc.</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Fund,
      Inc.</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp; &nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Fund II,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face=serif size=1>Investment Income:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Interest</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>$1,602,804</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>$ 2,671,637</FONT></TD>
    <TD noWrap align=right width="1%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>$1,331,321</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>$&nbsp;
    6,550,291</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face=serif size=1>Expenses:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Management fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>135,795</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>223,177</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>108,805</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>525,027</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Interest and related expenses</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>170,325</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Remarketing agent fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>31,771</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>50,000</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>25,417</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>120,729</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Accounting and administration expenses</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13,616</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>22,379</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>10,910</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>52,645</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Dividend disbursing and transfer agent fees and
    expenses</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>12,289</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>17,158</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>18,682</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>48,514</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Audit and tax</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,197</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,795</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,020</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,660</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Reports and statements to shareholders</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6,801</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>11,290</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>8,061</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>21,398</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Rating agency fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,713</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5,168</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,715</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>16,312</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Taxes (other than taxes on income)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,000</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,460</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9,170</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Legal fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,444</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,093</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,636</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,431</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Stock exchange fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,354</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,208</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,067</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,371</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Pricing fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,084</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,252</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>825</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,909</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Directors&#146;/Trustees&#146; fees and benefits</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>988</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,646</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>793</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,851</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Custodian fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>832</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,152</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>866</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,995</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Consulting fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>728</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>832</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>316</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,542</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Insurance fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>431</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>910</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>421</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,279</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Registration fees</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>261</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>144</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>261</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>294</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Dues and services</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>168</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>486</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>354</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>252</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Trustees&#146; expenses</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>101</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>64</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>312</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>225,573</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>353,150</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>194,213</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,003,016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Less expense paid indirectly</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(805</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(1,132</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(712</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(2,251</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Total operating expenses</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>224,768</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>352,018</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>193,501</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>1,000,765</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif size=1>Net
      Investment Income</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>1,378,036</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>2,319,619</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>1,137,820</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>5,549,526</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Realized and Unrealized Gain (Loss) on
    Investments:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp;<FONT face=serif size=1>Net
      realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>14,591</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>324,419</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,967</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>8,311</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of
      investments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(1,037,399</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(1,558,102</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(969,296</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(3,528,398</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif size=1>Net Realized
      and Unrealized Loss on Investments</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>(1,022,808</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>(1,233,683</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT><FONT size=3></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(965,329</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>(3,520,087</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends on Preferred Stock</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(538,893</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(763,440</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(428,274</FONT></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(1,836,406</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif size=1>Net Increase
      (Decrease) in Net Assets Resulting from Operations</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp;</FONT>
      (183,665</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp;&nbsp;&nbsp;</FONT> 322,496</FONT></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp;</FONT>
      (255,783</FONT></TD>
    <TD noWrap align=left width="1%"  ><FONT size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp;&nbsp;&nbsp;&nbsp;</FONT> 193,033</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1><BR>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>14</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>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Arizona Municipal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Colorado Insured Municipal</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Income Fund, Inc.</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Six
      Months</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Six
      Months</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Year
      Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Year
      Ended</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>9/30/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>3/31/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>9/30/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>3/31/07</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>(Unaudited)</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>(Unaudited)</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Increase (Decrease) in Net Assets from
    Operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,378,036</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,779,422</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,319,619</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,763,204</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>14,591</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>387,724</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>324,419</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>607,660</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net change in unrealized appreciation/depreciation of
      investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,037,399</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>82,776</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,558,102</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(275,520</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Dividends on preferred stock</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(538,893</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(925,058</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(763,440</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,417,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net increase (decrease) in net assets resulting from
      operations</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(183,665</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>2,324,864</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif size=1>322,496</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif size=1>3,677,844</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends and Distributions to Common Shareholders
    from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(924,482</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(2,236,650</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,741,356</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(4,111,535</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(161,039</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(95,430</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(314,411</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(343,434</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>(1,085,521</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>(2,332,080</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(2,055,767</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(4,454,969</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Decrease in Net Assets</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,269,186</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(7,216</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,733,271</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(777,125</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Beginning of period</FONT>&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>43,916,133</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>43,923,349</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>73,055,737</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>73,832,862</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>End of period</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>42,646,947</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>43,916,133</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>71,322,466</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>73,055,737</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Undistributed (Distributions in excess of) net
      investment income</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(28,267</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>178,363</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>264,788</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Florida Insured Municipal</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Minnesota Municipal Income</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Income Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Fund
      II, Inc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Six
      Months</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Six
      Months</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Year
      Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Ended</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Year
      Ended</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>9/30/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>3/31/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>9/30/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>3/31/07</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>(Unaudited)</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>(Unaudited)</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Increase (Decrease) in Net Assets from
    Operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,137,820</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,325,692</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,549,526</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>11,084,468</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,967</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>243,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>8,311</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>159,043</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net change in unrealized appreciation/depreciation of
      investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(969,296</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>79,273</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(3,528,398</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,367,602</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Dividends on preferred stock</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(428,274</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(733,838</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,836,406</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,434,732</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net increase (decrease) in net assets resulting from
      operations</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(255,783</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>1,915,031</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif size=1>193,033</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>10,176,381</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends and Distributions to Common Shareholders
    from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(853,826</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,986,204</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(3,796,642</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(8,513,682</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(106,577</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(164,710</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</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="3%"><FONT face=serif size=1>(960,403</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>(2,150,914</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(3,796,642</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;</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="3%"><FONT face=serif size=1>(8,513,682</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,216,186</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(235,883</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,603,609</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,662,699</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Assets:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Beginning of period</FONT>&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>35,256,325</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>35,492,208</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>171,143,318</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="3%"><FONT face=serif color=#231f20 size=1>169,480,619</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>End of period</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>34,040,139</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>35,256,325</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>167,539,709</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>171,143,318</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Undistributed (Distributions in excess of) net
      investment income</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(36,224</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>71,820</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,823</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>93,893</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1><BR>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>15</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><FONT face=serif size=1></FONT>&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="69%">&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT size=1><FONT face=serif size=1>Six Months</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT size=1><FONT face=serif size=1>Ended</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1><FONT face=serif size=1>Y</FONT><FONT face=serif size=1>ear Ende</FONT><FONT face=serif size=1>d</FONT></FONT><FONT size=3></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT size=1><FONT face=serif size=1>9/30/07</FONT><SUP><FONT face=serif size=1>1</FONT></SUP></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/04</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/03</FONT></FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT size=1><FONT face=serif size=1>(Unaudite</FONT><FONT face=serif size=1>d)</FONT></FONT><FONT size=3></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" colSpan=15><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.070</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.570</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>0.462</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.932</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.951</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.956</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.020</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.067</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.347</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.160</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.177</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.332</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.276</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.988</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Dividends on preferred stock from:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;
      <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.160</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.297</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.232</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.118</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.075</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.103</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="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>(0.021</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.013</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.002</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.003</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.016</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.018</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT>&nbsp;</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 face=serif size=1>(0.181</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.310</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.234</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.121</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.091</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.121</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total from investment operations</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>(0.066</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.782</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.540</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.503</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.205</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.934</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>common shareholders from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>(0.310</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.750</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.860</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.940</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</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 face=serif size=1>(0.054</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.032</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.020</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.043</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.155</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.164</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total dividends and distributions</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>(0.364</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.782</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.880</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.003</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.115</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.104</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp;</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 face=serif size=1>$14.300</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.070</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.570</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp;</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 face=serif size=1>$13.000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.790</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.980</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.390</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.560</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.490</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>2</FONT></SUP></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Market value</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>(9.72%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(2.58%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>9.74%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.78%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>14.64%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>12.74%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.29%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.26%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.31%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.34%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7.86%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13.44%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net assets applicable to common shares,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$42,647</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$43,916</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$43,923</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$44,936</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$46,429</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$46,167</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.16%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>6.41%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.34%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.28%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.34%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.63%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.96%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of
      dividends</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>to preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.90%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.23%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.72%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.54%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.04%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.18%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Portfolio turnover</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>13%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>17%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>8%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>30%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>24%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$135,294</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$137,832</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$137,847</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$139,872</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,858</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,334</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>5</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=19>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>1</SUP>
      Ratios and portfolio turnover have been annualized and total return has
      not been annualized.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP></FONT> <FONT face=serif size=1>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 size=1><SUP>3</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 size=1><SUP>4</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 size=1><SUP>5</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=left><FONT face=serif size=2>16</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=1></FONT>&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="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>Six Months</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>Ended</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1><FONT face=serif size=1>Y</FONT><FONT face=serif size=1>ear Ende</FONT><FONT face=serif size=1>d</FONT></FONT><FONT size=3></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>9/30/07</FONT><SUP><FONT face=serif size=1>1</FONT></SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/04</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/03</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>(Unaudite</FONT><FONT face=serif size=1>d)</FONT></FONT><FONT size=3></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$15.100</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.260</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.580</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.110</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.920</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.780</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>0.480</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.985</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.018</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.019</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.043</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.068</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.257</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.069</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.129</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.432</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.324</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.324</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Dividends on preferred stock from:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;
      <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.138</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.274</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.213</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>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.124</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.077</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>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.098</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="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>(0.020</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.019</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.006</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.003</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.013</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.023</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.158</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.293</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.219</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.090</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.121</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total from investment operations</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>0.065</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.761</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.670</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.460</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.277</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2.271</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>common shareholders from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>(0.360</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.850</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.940</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.065</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.071</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.191</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total dividends and distributions</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>(0.425</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.921</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.990</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.990</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.087</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.131</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$14.740</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.260</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.580</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.110</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.920</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$15.550</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.940</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$18.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$17.180</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>2</FONT></SUP></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Market value</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>0.26%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(9.86%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>14.64%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>7.42%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>8.76%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>21.31%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>0.32%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.35%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.44%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>8.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>15.37%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net assets applicable to common shares,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$71,322</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$73,056</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$73,833</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$75,364</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$77,903</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$76,988</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>0.98%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.95%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" 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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>6.47%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.49%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.51%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.51%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.54%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.83%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of
      dividends</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>to preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.34%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.11%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.69%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.98%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.08%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Portfolio turnover</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>10%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>11%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>12%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>5%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>13%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>14%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%"   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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period</FONT>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$139,153</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$141,320</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,291</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$144,205</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$147,379</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$146,235</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>5</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#ffffff colSpan=19>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>1</SUP>
      Ratios and portfolio turnover have been annualized and total return has
      not been annualized.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP></FONT> <FONT face=serif size=1>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 size=1><SUP>3</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 size=1><SUP>4</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 size=1><SUP>5</SUP> Excluding
      any accumulated but unpaid dividends.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1><BR>See accompanying notes</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>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Financial
highlights</FONT></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=1></FONT>&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="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>Six Months</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>Ended</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1><FONT face=serif size=1>Y</FONT><FONT face=serif size=1>ear Ende</FONT><FONT face=serif size=1>d</FONT></FONT><FONT size=3></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>9/30/07</FONT><SUP><FONT face=serif size=1>1</FONT></SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/04</FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT size=1><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>3/31/03</FONT></FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=1><FONT face=serif size=1>(</FONT><FONT face=serif size=1>Unaudited</FONT><FONT face=serif size=1>)</FONT></FONT><FONT size=3></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.560</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.340</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.370</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.150</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.470</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.088</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.406</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.141</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" 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>&nbsp;</TD>
    <TD noWrap align=left 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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" 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>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Dividends on preferred stock from:</FONT>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.162</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" 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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" 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>&nbsp;</TD>
    <TD noWrap align=left 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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" 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>&nbsp;</TD>
    <TD noWrap align=left 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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.015</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.018</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.055</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.009</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.005</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.177</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.303</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.257</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.123</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.087</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.109</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total from investment operations</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.113</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.798</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.524</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.259</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.871</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2.161</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends and distributions to</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>common shareholders from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.353</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.820</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.970</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.020</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.995</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.941</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.044</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.068</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.244</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.099</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.046</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total dividends and distributions</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.397</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.888</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.214</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.119</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.041</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.941</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp;</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 face=serif size=1>$14.050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$14.560</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$14.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.340</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.370</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp;</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 face=serif size=1>$12.680</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$14.530</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$16.650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 face=serif size=1>$15.050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>2</FONT></SUP></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Market value</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(10.12%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(4.12%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>14.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(3.02%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>18.04%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>14.17%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.62%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.27%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2.76%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.59%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>14.92%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net assets applicable to common shares,</FONT>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$34,040</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$35,256</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$35,492</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$37,166</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$39,244%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$39,651</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.12%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.10%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.11%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.60%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.58%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.70%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.70%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.81%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net
assets</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of
      dividends</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;
      <FONT face=serif size=1>to preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.11%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.51%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.01%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.16%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Portfolio turnover</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>9%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>28%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>11%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>13%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%"   bgColor=#ffffff>&nbsp;</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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <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="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"   bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"   bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$135,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$138,141</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$138,731</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$148,110</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>5</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=19>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>1</SUP>
      Ratios and portfolio turnover have been annualized and total return has
      not been annualized.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP></FONT> <FONT face=serif size=1>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 size=1><SUP>3</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 size=1><SUP>4</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 size=1><SUP>5</SUP> Excluding
      any accumulated but unpaid dividends.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1><BR>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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=1></FONT>&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 style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>Six Months</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>Ended<FONT size=3></FONT></FONT></FONT></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=1><FONT face=serif size=1>Y</FONT><FONT face=serif size=1>ear Ende</FONT><FONT face=serif size=1>d</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>9/30/07</FONT><SUP><FONT face=serif size=1>1</FONT></SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif size=1>3/31/07</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif size=1>3/31/06</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif size=1>3/31/05</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif size=1>3/31/04</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif size=1>3/31/03</FONT></FONT><FONT size=3></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>(Unaudite</FONT><FONT face=serif size=1>d)</FONT></FONT><FONT size=3></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.880</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.890</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.280</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.280</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.483</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.963</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>0.971</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.025</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.093</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1.143</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.313</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.225</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.207</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.689</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Dividends on preferred stock from:</FONT></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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.160</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.298</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.243</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.128</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.082</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.112</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Total dividends on preferred stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.160</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.298</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.243</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.128</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.082</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.112</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total from investment operations</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.890</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.740</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.660</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.218</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends to common shareholders from:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.330</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.740</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.900</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1.050</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.998</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(0.940</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.330</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.740</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.900</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1.050</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.998</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.940</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.560</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.880</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.890</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.280</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$13.550</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.640</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.370</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.300</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><SUP><FONT face=serif size=1>2</FONT></SUP></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Market value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(5.22%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(5.13%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4.73%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4.02%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>16.87%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>15.84%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.20%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.69%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.03%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7.99%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>12.19%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Net assets applicable to common shares,</FONT></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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period (000 omitted)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$167,540</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$171,143</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$169,481</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$107,958</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$110,828</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$109,212</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3,6</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.19%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.20%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.00%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.93%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT></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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares</FONT><SUP><FONT face=serif size=1>3,6</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.61%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.52%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.45%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6.85%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>7.23%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>7.74%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of net investment income to average net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of
    dividends</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>to preferred shares</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.42%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.50%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.86%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.00%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.69%</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 noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.99%</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="69%" bgColor=#ffffff><FONT face=serif size=1>Portfolio turnover</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>8%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>15%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>34%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>22%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%" bgColor=#ffffff>&nbsp;</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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <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="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$95,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$95,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$95,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$60,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$60,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$60,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>end of period</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$138,179</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$140,075</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$139,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$139,965</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,357</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$141,010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face=serif size=1>Liquidation value per share of preferred shares</FONT><SUP><FONT face=serif size=1>5</FONT></SUP>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>$50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=19>&nbsp;</TD></TR></TABLE>
<BR>
<TABLE style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>1</SUP>
      Ratios and portfolio turnover have been annualized and total return has
      not been annualized.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</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 size=1><SUP>3</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 size=1><SUP>4</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 size=1><SUP>5</SUP> Excluding
      any accumulated but unpaid dividends.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2><FONT size=1><SUP>6</SUP> The ratio
      of expenses to average net assets applicable to common shares for the six
      month period ended September 30, 2007 and year ended 2007 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><BR>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>19</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>September 30, 2007 (Unaudited)</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. (Arizona Municipal Fund); Delaware Investments Colorado
Insured Municipal Income Fund, Inc. (Colorado Insured Municipal Fund) and
Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota
Municipal Fund II) are organized as Minnesota corporations and Delaware
Investments Florida Insured Municipal Income Fund (to be renamed Delaware
Investments National Municipal Income Fund) (National Municipal Fund) is
organized as a Massachusetts Business Trust (each referred to as a Fund and
collectively as the Funds). Arizona Municipal Fund, National 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 a
material 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 under Subchapter M of the
Internal Revenue Code of 1986, as amended, 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>Effective September 30, 2007, the Funds
adopted 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 the more-likely-than-not threshold
would be recorded as a tax benefit or expense in the current year. The adoption
of FIN 48 did not result in the recording of any tax benefit or expense in the
current period.</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 a Fund&#146;s participation in inverse floater programs where the
Fund have 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 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 six months ended September 30,
2007, the Minnesota Municipal Fund II had an average daily liability from the
participation in inverse floater programs of $8,500,000 and recorded interest
expense at an average rate of 4.00%.</FONT></P>
<P align=left><FONT face=serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

<P align=left><B><FONT face=serif size=2>1. Significant Accounting Policies
(continued)</FONT></B></P>
<P align=left><B><FONT face=serif size=1>Other &#151;</FONT></B><FONT face=serif size=1> Expenses directly attributable to a Fund are charged directly to that
Fund. Other expenses common to various funds within the Delaware
Investments</FONT><SUP><FONT face=serif size=1>&#174;</FONT></SUP><FONT face=serif size=1> 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 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 Fund&#146;s
average daily net assets excluding the liquidation value of preferred stock.
</FONT></P>
<P align=left><FONT face=serif size=1>At September 30, 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="77%">&nbsp; </TD>
    <TD noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="3%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Colorado Insured</FONT> </TD>
    <TD noWrap align=center width="3%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Florida Insured</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="3%" >&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"  colSpan=3><FONT face=serif size=1>Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"  colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Investment management fee payable to DMC</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>22,550</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>37,122</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>18,038</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>87,469</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=1>Accounting
      administration and other expenses</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>14,436</FONT>
</TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>35,595</FONT>
</TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>15,387</FONT>
</TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>37,681</FONT>
</TD>
    <TD noWrap align=center width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>payable to DSC</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%" ></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=center width="1%" ></TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Other expenses payable to DMC and affiliates*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,841</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>7,864</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>2,816</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>16,013</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P style="PADDING-LEFT: 4pt; TEXT-INDENT: -4pt"><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 six months ended September 30, 2007, each Fund
was charged for internal legal and tax services provided by DMC and/or its
affiliates&#146; employees as follows:</FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="55%">&nbsp; </TD>
    <TD noWrap align=center width="10%"><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;</TD>
    <TD noWrap align=center width="11%"><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;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="10%"><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;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Minnesota</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%">&nbsp; </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%"><FONT face=serif size=1>Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Municipal</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><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="11%"><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="10%"><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="10%"><FONT face=serif size=1>Fund II</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>$993<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0><FONT face=serif size=1>$1,657<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3><FONT size=1>$798</FONT><FONT size=3>&nbsp;
      </FONT></FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>$3,892<FONT size=3>&nbsp; </FONT></FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif size=2><FONT color=#808080>(continues)</FONT>&nbsp;&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 color=#b2b2b2 size=6>Notes to financial
statements</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><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>3. Investments</FONT></B></P>
<P align=left><FONT face=serif size=1>For the six months ended September 30,
2007, the Funds made purchases and sales of investment securities other than
short-term investments as follows:</FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Arizona<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Colorado Insured<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Florida Insured<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Minnesota<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=serif size=1>&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal<FONT size=3> </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund<FONT size=3>
      </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund<FONT size=3>
      </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund<FONT size=3>
      </FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund II<FONT size=3>
      </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Purchases </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>4,463,229</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>5,851,010</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,059,760</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1>4,570,950</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Sales </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>4,421,158</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>5,327,460</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>372,858</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>5,888,008</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>At September 30, 2007, the cost of
investments and unrealized appreciation (depreciation) for federal income tax
purposes has been estimated since the final tax characteristics cannot be
determined until fiscal year end. At September 30, 2007 the cost of investments
and unrealized appreciation (depreciation) for each Fund were as
follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=4>&nbsp; <FONT face=serif size=1>Arizona</FONT> &nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Colorado Insured</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Florida Insured</FONT> &nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=4>&nbsp; <FONT face=serif size=1>Minnesota</FONT> &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=4>&nbsp; <FONT face=serif size=1>Municipal</FONT> &nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" 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>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=4>&nbsp; <FONT face=serif size=1>Municipal</FONT> &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4>&nbsp; <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="5%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&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 face=serif size=1>Fund</FONT> &nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4>&nbsp; <FONT face=serif size=1>Fund II</FONT> &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Cost of investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"  bgColor=#c0c0c0><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>64,101,387</FONT>
</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$104,502,151</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$52,521,743</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"  bgColor=#c0c0c0><FONT color=#231f20 size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>250,874,593</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=1>Aggregate
      unrealized appreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT color=#231f20 size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>2,287,914</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp; &nbsp; </FONT>3,983,121</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1><FONT color=#231f20>$&nbsp;&nbsp;</FONT>1,112,781</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" ><FONT color=#231f20 size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>9,706,180</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left 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>(459,912</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>(397,481</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=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>&nbsp;&nbsp;&nbsp;
      (401,413</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </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>(599,190</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=1>Net unrealized
      appreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" ><FONT color=#231f20 size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>1,828,002</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>$&nbsp;&nbsp;
      &nbsp;3,585,640</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>$&nbsp;&nbsp;&nbsp;&nbsp;
      711,368</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" ><FONT color=#231f20 size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif color=#231f20 size=1>9,106,990</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>4. Dividend and Distribution
Information</FONT></B></P>
<P align=left><FONT face=serif 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 six months ended September 30, 2007
and year ended March 31, 2007 was as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp; </TD>
    <TD noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Colorado Insured</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Florida Insured</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"  colSpan=4><FONT face=serif size=1>Minnesota</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp; </TD>
    <TD noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"  colSpan=4><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"  colSpan=4><FONT face=serif size=1>Fund II</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Six Months Ended 9/30/07*</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </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="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2>&nbsp; </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="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Tax-exempt
      income</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1><FONT color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,400,415</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1><FONT color=#231f20>$</FONT>2,406,044</FONT> </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="3%" colSpan=2><FONT face=serif size=1><FONT color=#231f20>$</FONT>1,245,864<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1><FONT size=3></FONT><FONT color=#231f20 size=1>$<FONT color=#000000 size=3>
      </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,633,048<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Long-term capital gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>223,999</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="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>413,163</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="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>142,813<FONT style="BACKGROUND-COLOR: #c0c0c0" color=#000000 size=3> </FONT></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="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="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>&#151;<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>1,624,414</FONT> </TD>
    <TD noWrap align=left width="1%"></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="3%" colSpan=2><FONT face=serif color=#231f20 size=1>$2,819,207</FONT> </TD>
    <TD noWrap align=left width="1%"></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="3%" colSpan=2><FONT face=serif color=#231f20 size=1>$1,388,677<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>5,633,048<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR>
    <TD noWrap align=left width="73%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></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="3%"  colSpan=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="3%"  colSpan=2></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Year Ended 3/31/07</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Ordinary
      income</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1><FONT color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>15,433</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="2%"><FONT color=#231f20 size=1>$</FONT><FONT color=#000000 size=3> </FONT></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="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="2%"><FONT face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%" ><FONT size=1>&#151;</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&#151;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Tax-exempt income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif 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="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>5,436,875</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="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,676,030<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>
      </FONT></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="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>11,948,414<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Long-term
      capital gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" ></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="3%"><FONT face=serif color=#231f20 size=1>134,934</FONT> </TD>
    <TD noWrap align=left width="1%"></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="3%" colSpan=2><FONT face=serif color=#231f20 size=1>435,594</FONT> </TD>
    <TD noWrap align=left width="1%"></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="3%" colSpan=2><FONT face=serif color=#231f20 size=1>208,722<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>&#151;<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=right 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></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif 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 noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>$5,872,469</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="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face=serif color=#231f20 size=1>$2,884,752<FONT style="BACKGROUND-COLOR: #c0c0c0" color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>11,948,414<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>*Tax information for the period ended
September 30, 2007 is an estimate and the tax character of dividends and
distributions may be redesignated at fiscal year end.</FONT></P>
<P align=left><B><FONT face=serif size=2>5. Components of Net Assets on a Tax
Basis</FONT></B></P>
<P align=left><FONT face=serif size=1>The components of net assets are estimated
since final tax characteristics cannot be determined until fiscal year end. As
of September 30, 2007, the estimated components of net assets on a tax basis
were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD noWrap align=center width="8%"  colSpan=4><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Colorado Insured</FONT> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Florida Insured</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Minnesota</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD noWrap align=center width="8%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"  colSpan=4><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"  colSpan=4><FONT face=serif size=1>Fund II</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Shares of beneficial interest</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1><FONT color=#231f20 size=1>$<FONT color=#000000 size=3>
      </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>40,838,893</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3><FONT color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT color=#231f20>$</FONT>67,238,110</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3><FONT color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT color=#231f20>$</FONT>33,361,389</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><FONT color=#231f20 size=1>$<FONT color=#000000 size=3>
      </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>158,785,529</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Realized gains
      4/1/07-9/30/07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>8,319</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>320,353</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,606</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>12,807</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Dividends payable</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(100,205</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(131,792</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(76,712</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(304,164</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Undistributed
      tax-exempt Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>71,938</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>310,155</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>40,488</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>307,987</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Capital loss carryforwards</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </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="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(369,440</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Unrealized
      appreciation of investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>1,828,002</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>3,585,640</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif color=#231f20 size=1>711,368</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></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="3%"><FONT face=serif color=#231f20 size=1>9,106,990</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Net assets</FONT>&nbsp; </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 face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>42,646,947</FONT>
</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$71,322,466</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$34,040,139</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>$<FONT color=#000000 size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif color=#231f20 size=1>167,539,709</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>The difference 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.</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><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>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.
Results of operations and net assets were not affected by these
reclassifications. For the six months ended September 30, 2007, the Funds
recorded an estimate of these differences since the final tax characteristics
cannot be determined until fiscal year end.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Accumulated net investment loss</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(5,888</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(6,548</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Accumulated net
      realized gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,888</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6,548</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;</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="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Minnesota<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund II<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD noWrap align=center width="5%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>2008<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD vAlign=middle noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD vAlign=middle noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$175,394</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp; </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="88%"><FONT face=serif size=1>2009<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD vAlign=middle noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="3%"><FONT face=serif size=1>175,804</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>2010</FONT>&nbsp; </TD>
    <TD vAlign=middle noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=middle noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1>8,416</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD vAlign=middle noWrap align=left width="88%"><FONT size=1>2013</FONT>&nbsp; </TD>
    <TD vAlign=middle noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="3%"><FONT color=#231f20 size=1>9,826</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD vAlign=middle noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>Total</FONT>&nbsp; </TD>
    <TD vAlign=middle noWrap align=left width="1%" bgColor=#c0c0c0>
      <P align=right><FONT size=1></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="3%" bgColor=#c0c0c0><FONT color=#231f20 size=1><FONT color=#000000>$</FONT>369,440</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P><FONT face=serif size=1>For the six months ended September 30, 2007, the
Minnesota Municipal Fund II had capital gains of $12,807, which may reduce the
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 six months
ended September 30, 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 six months ended September 30,
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
shared authorized. The Arizona Municipal Fund and Florida Insured Municipal Fund
(to be renamed National Municipal Income Fund) each currently have 250 Series A
and 250 Series B preferred shares issued. Colorado Insured Municipal Fund has
800 Series A and B preferred shares issued, and Minnesota Municipal Income Fund
II has 600 Series A, 600 Series B, 400 Series C and 300 Series D preferred
shares issued.</FONT></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 six months ended September 30, 2007 as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=left width="60%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>Low</FONT></TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>High</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Arizona Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%" bgColor=#c0c0c0><FONT face=serif size=1>3.65%</FONT> </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>to</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%" bgColor=#c0c0c0><FONT face=serif size=1>5.25%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><FONT face=serif size=1>Colorado Insured Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>3.45%</FONT>
    </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>to</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>4.70%</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Florida Insured Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%" bgColor=#c0c0c0><FONT face=serif size=1>3.60%</FONT> </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>to</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%" bgColor=#c0c0c0><FONT face=serif size=1>5.15%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><FONT face=serif size=1>Minnesota Municipal Fund II</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>3.60%</FONT>
    </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>to</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>4.30%</FONT>
    </TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2><FONT color=#808080><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif size=2>23<B><FONT color=#ff0000> </FONT></B></FONT></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 size=2><FONT color=#b2b2b2>Delaware
Investments Closed-End Municipal Bond Funds</FONT></FONT></B></P>
<P align=left><STRONG><FONT color=#b2b2b2 size=2></FONT></STRONG>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>6. Capital Stock
(continued)</FONT></B></P>
<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
subclassificiation as a closed-end investment company or (c) changes in their
fundamental investment restrictions.</FONT></P>
<P align=left><FONT face=serif size=2><B>7. Inverse Floaters</B></FONT></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 (inverse floaters)
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 its portfolio. 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
Fund&nbsp;transferred to the trust, the Fund seeks 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><B><FONT face=serif size=2>8. 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. As of September 30, 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><FONT face=serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>9. 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=right><FONT face=serif size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Other Fund information
(unaudited)</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>Change in the Funds&#146; Service
Providers</FONT></B></P>
<P align=left><FONT face=serif size=1>Effective October 1, 2007, Mellon Bank,
N.A. provides fund accounting and financial administration services to each
Fund. Those services include performing functions related to calculating each
Fund&#146;s NAV and providing financial reporting information, regulatory compliance
testing and other related accounting services. For these services, each Fund
pays Mellon Bank, N.A. an asset-based fee, subject to certain fee minimums, plus
certain out-of-pocket expenses and transactional charges. Effective October 1,
2007, Delaware Service Company, Inc. (&#147;DSC&#148;) provides fund accounting and
financial administration oversight services to the Funds. Those services include
overseeing the Funds&#146; pricing process, the calculation and payment of fund
expenses, and financial reporting in shareholder reports, registration
statements and other regulatory filings. DSC also manages the process for the
payment of dividends and distributions and the dissemination of Fund NAVs and
performance data. For these services, each Fund pays DSC an asset-based fee,
plus certain out-of-pocket expenses and transactional charges. The fees payable
to Mellon Bank, N.A. and DSC under the service agreements described above will
be allocated among all Funds in the Delaware Investments Family of Funds on a
relative net asset value basis. Prior to October 1, 2007, DSC provided fund
accounting and financial administration services to the Funds at an annual rate
of 0.04% of each Fund&#146;s average daily net assets.</FONT></P>
<P align=left><B><FONT face=serif size=2>Change to the Funds&#146; Investment
Policies</FONT></B></P>
<P align=left><FONT face=serif size=1>At a meeting of the Funds&#146; Board of
Directors/Trustees on August 16, 2007, the Board approved the Funds&#146; ability to
invest up to 15% of total net assets in credit default swaps. The Funds began
investing in credit default swaps on October 23, 2007.</FONT></P>
<P align=left><B><FONT face=serif size=2>Credit Default Swaps</FONT></B></P>
<P align=left><FONT face=serif size=1>A Fund may enter into credit default swap
(&#147;CDS&#148;) contracts to the extent consistent with its investment objectives and
strategies. A CDS contract is a risk-transfer instrument (in the form of a
derivative security) through which one party (the &#147;purchaser of protection&#148;)
transfers to another party (the &#147;seller of protection&#148;) the financial risk of a
Credit Event (as defined below), as it relates to a particular reference
security or basket of securities (such as an index). In exchange for the
protection offered by the seller of protection, the purchaser of protection
agrees to pay the seller of protection a periodic premium. In the most general
sense, the benefit for the purchaser of protection is that, if a Credit Event
should occur, it has an agreement that the seller of protection will make it
whole in return for the transfer to the seller of protection of the reference
security or securities. The benefit for the seller of protection is the premium
income it receives. A Fund might use CDS contracts to limit or to reduce the
risk exposure of the Fund to defaults of the issuer or issuers of its holdings
(i.e., to reduce risk when the Fund owns or has exposure to such securities). A
Fund also might use CDS contracts to create or vary exposure to securities or
markets or as a tax management tool.</FONT></P>
<P align=left><FONT face=serif size=1>CDS transactions may involve general
market, illiquidity, counterparty, and credit risks. CDS prices may also be
subject to rapid movements in response to news and events affecting the
underlying securities. In addition, the CDS market for municipal securities is
less mature than the CDS market for taxable fixed income securities. The
aggregate notional amount (typically, the principal amount of the reference
security or securities) of a Fund&#146;s investments in the CDS contracts will be
limited to 15% of its total net assets. As the purchaser or seller of
protection, a Fund may be required to segregate cash or other liquid assets to
cover its obligations under certain CDS contracts.</FONT></P>
<P align=left><FONT face=serif size=1>Where a Fund is a purchaser of protection,
it will designate on its books and records cash or liquid securities sufficient
to cover its premium payments under the CDS. To the extent that a Fund, as a
purchaser of protection, may be required in the event of a credit default to
deliver to the counterparty (1) the reference security (or basket of
securities), (2) a security (or basket of securities) deemed to be the
equivalent of the reference security (or basket of securities), or (3) the
negotiated monetary value of the obligation, the Fund will designate the
reference security (or basket of securities) on its books and records as being
held to satisfy its obligation under the CDS or, where the Fund does not own the
reference security (or basket of securities), the Fund will designate on its
books and records cash or liquid securities sufficient to satisfy the potential
obligation. To the extent that the Fund, as a seller of protection, may be
required in the event of a credit default to deliver to the counterparty some or
all of the notional amount of the CDS, it will designate on its books and
records cash or liquid securities sufficient to cover the obligation. If the CDS
permits a Fund to offset its obligations against the obligations of the
counterparty under the CDS, then the Fund will only designate on its books and
records cash or liquid securities sufficient to cover the Fund&#146;s net obligation
to the counterparty, if any. All cash and liquid securities designated by a Fund
to cover its obligations under CDS will be marked to market daily to cover these
obligations.</FONT></P>
<P align=left><FONT face=serif size=1>As the seller of protection in a CDS
contract, a Fund would be required to pay the par (or other agreed-upon) value
of a reference security (or basket of securities) to the counterparty in the
event of a default, bankruptcy, failure to pay, obligation acceleration,
modified restructuring or agreed upon event (each of these events is a &#147;Credit
Event&#148;). If a Credit Event occurs, a Fund generally would receive the security
or securities to which the Credit Event relates in return for the payment to the
purchaser of the par value. Provided that no Credit Event occurs, a Fund would
receive from the counterparty a periodic stream of payments over the term of the
contract in return for this credit protection. In addition, if no Credit Event
occurs during the term of the CDS contract, a Fund would have no delivery
requirement or payment obligation to the purchaser of protection. As the seller
of protection, a Fund would have credit exposure to the reference security (or
basket of securities). A Fund will not sell protection in a CDS contract if it
cannot otherwise hold the security (or basket of securities). </FONT></P>
<P align=left><FONT face=serif size=1>As the purchaser of protection in a CDS
contract, a Fund would pay a premium to the seller of protection. In return, the
Fund would be protected by the seller of protection from a Credit Event on the
reference security (or basket of securities). A risk in this type of transaction
is that the seller of protection may fail to satisfy its payment obligations to
the Fund if a Credit Event should occur. This risk is known as counterparty risk
and is described in further detail below.</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><FONT face=serif size=1>If the purchaser of protection does not
own the reference security (or basket of securities), the purchaser of
protection may be required to purchase the reference security (or basket of
securities) in the case of a Credit Event on the reference security (or basket
of securities). If the purchaser of protection cannot obtain the security (or
basket of securities), it may be obligated to deliver a security (or basket of
securities) that is deemed to be equivalent to the reference security (or basket
of securities) or the negotiated monetary value of the obligation.</FONT></P>
<P align=left><FONT face=serif size=1>Each CDS contract is individually
negotiated. The term of a CDS contract, assuming no Credit Event occurs, is
typically between two and five years, but there is no restriction on the term of
the CDS contracts in which a Fund may invest. CDS contracts may be unwound
through negotiation with the counterparty. Additionally, a CDS contract may be
assigned to a third party. In either case, the unwinding or assignment involves
the payment or receipt of a separate payment by a Fund to terminate the CDS
contract.</FONT></P>
<P align=left><FONT face=serif size=1>A significant risk in CDS transactions is
the creditworthiness of the counterparty because the integrity of the
transaction depends on the willingness and ability of the counterparty to meet
its contractual obligations. If there is a default by a counterparty who is a
purchaser of protection, a Fund&#146;s potential loss is the agreed upon periodic
stream of payments from the purchaser of protection. If there is a default by a
counterparty that is a seller of protection, the Fund&#146;s potential loss is the
failure to receive the par value or other agreed upon value from the seller of
protection if a Credit Event should occur. CDS contracts do not involve the
delivery of collateral to support each party&#146;s obligations; therefore, a Fund
will only have contractual remedies against the counterparty pursuant to the CDS
agreement. As with any contractual remedy, there is no guarantee that a Fund
would be successful in pursuing such remedies. For example, the counterparty may
be judgment proof due to insolvency. A Fund thus assumes the risk that it will
be delayed or prevented from obtaining payments owed to it.</FONT></P>
<P align=left><B><FONT face=serif size=2>Changes in the Delaware Investments
Florida Insured Municipal Income Fund (renamed Delaware National Municipal
Income Fund)</FONT></B></P>
<P align=left><FONT face=serif size=1>On September 13, 2007, shareholders of
Delaware Investments Florida Insured Municipal Income Fund, renamed Delaware
Investments National Municipal Income Fund (ASE: VFL) (the &#147;Fund&#148;), approved a
proposal to change certain of the Fund&#146;s fundamental investment policies at the
Fund&#146;s reconvened annual shareholders meeting. These changes were effective on
Tuesday, October 16, 2007. </FONT></P>
<P align=left><FONT face=serif size=1>Shareholders of the Fund approved a
proposal to eliminate a fundamental investment policy requiring the Fund to
invest 80% of its net assets in insured, AAA-rated municipal bonds issued by the
State of Florida. This change permits the Fund to, as a non-fundamental policy,
(1) invest without limitation in un-insured, investment grade municipal
securities (including those rated below AAA) of states other than Florida and to
(2) invest up to 20% of its net assets in non-investment grade municipal
securities. Consistent with its new, national investment strategy, the Fund has
changed its name to Delaware Investments National Municipal Income
Fund.</FONT></P>
<P align=left><FONT face=serif size=1>In addition, the Fund&#146;s non-fundamental
investment objective was changed to provide current income exempt from regular
federal income tax, consistent with the preservation of capital. As a
fundamental policy, under normal circumstances the Fund will invest at least 80%
of its net assets in securities the income from which is exempt from federal
income taxes. The Fund will be able to invest up to 20% of its net assets in
municipal bonds with an investment rating of Ba/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
include greater sensitivity to general economic downturns. Securities rated
below investment grade are commonly known as &#147;junk bonds.&#148; These securities are
regarded 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>The changes described above cause the Fund
to be subject to the following additional risks, most notably increased industry
and security risk, credit risk and high-yield bond risk. </FONT></P>
<P align=left><B><FONT face=serif size=1>Industry and Security
Risk.</FONT></B><FONT face=serif size=1> Industry risk is the risk that the
value of securities in a particular industry will decline because of changing
expectations for the performance of that industry. Securities risk is the risk
that the value of an individual security will decline because of changing
expectations for the performance of the individual issuer of the security. To
mitigate this risk, DMC spreads the Fund&#146;s assets across different types of
municipal bonds and among bonds representing different industries and regions
within Colorado. DMC will generally concentrate investments in a particular
sector when the supply of bonds in other sectors does not suit the Fund&#146;s
investment needs. This will expose the Fund to greater industry and security
risk. However, if the Fund&#146;s fundamental policy requiring it to invest primarily
in insured securities is eliminated, it may be more subject to industry and
security risk than it was previously because payment of interest and principal
on a substantial portion of the bonds in its portfolio is no longer
insured.</FONT></P>
<P align=left><B><FONT face=serif size=1>Geographical
Diversification.</FONT></B><FONT face=serif size=1> It is anticipated that the
Fund will transition its portfolio over time to include municipal bonds from
other states and territories. During that transition period, the Fund may have
significant investments in Florida municipal bonds. This could make the Fund
more sensitive to economic conditions in Florida than other more geographically
diversified national municipal income funds.</FONT></P>
<P align=left><B><FONT face=serif size=1>Credit Risk.</FONT></B><FONT face=serif size=1> Credit risk is the possibility that an issuer of a debt security - or an
entity that insures the debt security - will be unable to make interest payments
on, and to pay the principal of, a security when due. A change in the credit
risk associated with a particular debt security may cause a corresponding change
in that security&#146;s price and, therefore, impact the Fund&#146;s net asset value. The
purpose of insurance is to protect against credit risk. In the event of a
default of an insured municipal security, the insurer is contractually required
to make payments of interest and principal under the terms of the municipal
security. To the extent that the Fund invests more of its assets in insured
municipal securities or in securities that are more highly rated, the Fund may
be subject to less credit risk. There is no assurance, however, that an
insurance company will meet its obligations with respect </FONT></P>
<P align=right><FONT face=serif size=2><STRONG><FONT color=#ff0000>&nbsp;</FONT></STRONG><FONT color=#808080><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif size=2>27<B><FONT color=#ff0000> </FONT></B></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Other Fund information
(unaudited)</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><FONT face=serif size=1>to the insured securities. DMC recognizes
that both eliminating the Fund&#146;s mandated investment policy concerning insured
securities and increasing the Fund&#146;s ability to invest in non-investment grade
securities may entail an increase in credit risk. It is the portfolio manager&#146;s
and credit analyst&#146;s responsibility to perform due diligence around security
selection with respect to credit risk to ensure that securities within the Fund
are adding value to the portfolio. The team responsible for managing the Fund
meets on a weekly basis to discuss and address such risks.</FONT></P>
<P align=left><B><FONT face=serif size=1>High Yield (&#147;Junk&#148;) Bonds.</FONT></B>
<FONT face=serif size=1>Credit risk is even greater for non-investment grade,
high-yield municipal bonds. Investing in so-called &#147;junk&#148; bonds entails the risk
of principal loss, which is typically greater than the risk involved in
investment grade bonds. Issuers of these bonds are generally considered to be in
a less secure financial situation and may be affected more by adverse economic
conditions, and therefore high-yield bonds tend to exhibit more price
volatility. High-yield bonds are sometimes issued by municipalities with lesser
financial strength and therefore less ability to make projected debt payments on
the bonds. A protracted economic downturn could adversely affect the value of
outstanding bonds and the ability of high-yield issuers to repay principal and
interest. In particular, for a high-yield revenue bond, adverse economic
conditions to the particular project or industry that backs the bond would pose
a significant risk. In striving to manage these risks, DMC will limit the amount
that the Fund may invest in lower quality, higher yielding bonds.</FONT></P>
<P align=left><B><FONT face=serif size=1>Interest Rates.</FONT></B> <FONT face=serif size=1>The Fund is affected by changes in interest rates. When
interest rates rise, the value of bonds in the Fund&#146;s portfolio will likely
decline. This generally affects securities with longer maturities more than
those with shorter maturities. Because interest rate movements can be
unpredictable, DMC does not try to increase return by aggressively capitalizing
on interest rate moves. DMC does attempt to manage the duration of a Fund in
order to take advantage of DMC&#146;s market outlook, especially on a longer-term
basis.</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 15, 2007 (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/Trustees
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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=3><FONT face=serif size=1>Commo</FONT><FONT face=serif color=#231f20 size=1>n Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=3><FONT face=serif size=1>Preferre</FONT><FONT face=serif color=#231f20 size=1>d Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Shares
      Voted</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%">&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Shares
      Voted</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif color=#231f20 size=1>Shares Voted
    For</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>Withheld Authority</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif color=#231f20 size=1>Shares Voted
    For</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>Withheld Authority</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Patrick P. Coyne</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>2,714,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>97,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Thomas L.
      Bennett</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>2,714,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>97,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>John A. Fry</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>2,714,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>97,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Anthony D.
      Knerr</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>2,712,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>99,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Lucinda S. Landreth</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>2,714,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>97,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Ann R.
      Leven</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>2,712,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>99,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Thomas F. Madison</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>497</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Janet L.
      Yeomans</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>497</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>J. Richard Zecher</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>2,712,694</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>99,526</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Insured
Municipal Fund, Inc.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=3><FONT size=+0><FONT face=serif color=#231f20 size=1><FONT color=#000000>Commo</FONT><FONT face=serif color=#231f20 size=1>n
      Sh</FONT><FONT color=#000000><FONT face=serif size=1>areholders</FONT><FONT size=3> </FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=3><FONT size=+0><FONT face=serif size=1>Preferre</FONT><FONT face=serif color=#231f20 size=1>d Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT size=+0><FONT face=serif size=1>Shares Voted</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT size=+0><FONT face=serif size=1>Shares Voted</FONT>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT size=+0><FONT face=serif color=#231f20 size=1>Shares
      Voted For</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT size=+0><FONT face=serif size=1>Withheld
      Authority</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT size=+0><FONT face=serif color=#231f20 size=1>Shares
      Voted For</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT size=+0><FONT face=serif size=1>Withheld
      Authority</FONT>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Patrick P. Coyne</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>3,996,995</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>176,888</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Thomas L.
      Bennett</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>3,960,961</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>212,922</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>John A. Fry</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>3,991,049</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>182,834</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Anthony D.
      Knerr</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>3,965,803</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>208,080</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Lucinda S. Landreth</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>3,995,445</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>178,438</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Ann R.
      Leven</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>3,996,520</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>177,363</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>Thomas F. Madison</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>648</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=1>Janet L.
      Yeomans</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>648</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=1>J. Richard Zecher</FONT>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>3,991,607</FONT>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>182,883</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<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=1>Delaware Investments Florida Insured
Municipal Income Fund</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=3>&nbsp;<FONT face=serif size=1>Commo</FONT><FONT face=serif color=#231f20 size=1>n Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=3><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Preferre</FONT><FONT face=serif color=#231f20 size=1>d Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Shares
      Voted</FONT>&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Shares
      Voted</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld
    Authority</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld
    Authority</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Patrick P. Coyne</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,904,682</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>46,806</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Thomas L. Bennett</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,905,607</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>45,881</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>John
      A. Fry</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,901,607</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>49,881</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Anthony D. Knerr</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,905,607</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>45,881</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Lucinda S. Landreth</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,905,607</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>45,881</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Ann R. Leven</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,903,385</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>48,103</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Thomas F. Madison</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>298</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>5</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Janet L. Yeomans</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>298</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>5</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>J.
      Richard Zecher</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,902,460</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>49,028</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal
Income Fund II, Inc.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=3>&nbsp;<FONT face=serif size=1>Commo</FONT><FONT face=serif color=#231f20 size=1>n Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=3><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Preferre</FONT><FONT face=serif color=#231f20 size=1>d Sh</FONT><FONT face=serif size=1>areholders</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Shares
      Voted</FONT>&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Shares
      Voted</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld
    Authority</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Shares Voted For</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Withheld
    Authority</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Patrick P. Coyne</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,963,948</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>337,750</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Thomas L. Bennett</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,960,404</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>341,294</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>John
      A. Fry</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,957,373</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>344,325</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Anthony D. Knerr</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,947,477</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>354,221</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Lucinda S. Landreth</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,962,248</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>339,450</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Ann R. Leven</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,950,634</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>351,064</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Thomas F. Madison</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,351</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>18</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"><FONT face=serif size=1>Janet L. Yeomans</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,351</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>18</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>J.
      Richard Zecher</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>9,949,969</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>351,729</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>The shareholders of Delaware Investments
Florida Insured Municipal Income Fund (the &#147;Fund&#148;), voted on the following
proposal at the Fund&#146;s reconvened annual shareholders meeting on September 13,
2007. The description of the proposal and the number of shares voted are as
follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=1>2.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=1>To eliminate a fundamental investment policy requiring
      Delaware Investments Florida Insured Municipal Income Fund to invest 80%
      of its net assets in insured, AAA-rated municipal bonds issued by the
      State of Florida.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>Delaware Investments Florida Insured
Municipal Income Fund only</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="53%" colSpan=7>&nbsp;<FONT face=serif size=1>Com</FONT><FONT face=serif size=1>mon
      Sharehold</FONT><FONT face=serif size=1>ers</FONT> </TD>
    <TD noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%" colSpan=5><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Pref</FONT><FONT face=serif color=#231f20 size=1>erred Sharehold</FONT><FONT face=serif size=1>ers<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Affirmative</FONT>&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Against</FONT>&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Abstained</FONT>&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Broker Non-votes</FONT>&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Affirmative</FONT>&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Against</FONT>&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif color=#231f20 size=1><FONT color=#000000 size=3>&nbsp;</FONT>Abstained</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>1,325,276</FONT> </TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>193,989</FONT> </TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>33,988</FONT> </TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="9%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>414,068</FONT> </TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>296</FONT> </TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>103</FONT> </TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>0</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>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT color=#B2B2B2 face=serif size=6>Other Fund information
(unaudited)</FONT></P>
<P align=left><B><FONT color=#B2B2B2 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>Board Consideration of Delaware
Investments Closed-End Municipal Bond Funds Investment Advisory
Agreement</FONT></B></P>
<P align=left><FONT face=serif size=1>At a meeting held on May 16-17, 2007
(Annual Meeting), the Board of Trustees/Directors (Trustees), including a
majority of disinterested or independent Trustees, approved the renewal of the
Investment Advisory Agreements for Delaware Investments Arizona Municipal Income
Fund, Inc.; Delaware Investments Colorado 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; and collectively the
&#147;Funds&#148;). In making its decision, the Board considered information furnished
throughout the year at regular Board meetings, including reports detailing Fund
performance, investment strategies and expenses, as well as information prepared
specifically in connection with the renewal of the investment advisory
contracts. Information furnished specifically in connection with the renewal of
the Investment Advisory Agreements with Delaware Management Company (DMC)
included materials provided by DMC and its affiliates (Delaware Investments)
concerning, among other things, the level of services provided to the Funds, the
costs of such services to the Funds, economies of scale and the financial
condition and profitability of Delaware Investments. In addition, in connection
with the Meeting, the Board separately received and reviewed in mid-January 2007
independent historical and comparative reports prepared by Lipper Inc. (Lipper),
an independent statistical compilation organization. The Lipper reports compared
each Fund&#146;s investment performance and expenses with those of other comparable
mutual funds. The Board requested and received certain information regarding
management&#146;s policy with respect to advisory fee levels and its philosophy with
respect to breakpoints; the structure of portfolio manager compensation; the
investment manager&#146;s profitability; and any constraints or limitations on the
availability of securities in certain investment styles which might inhibit
DMC&#146;s ability to fully invest in accordance with Fund policies.</FONT></P>
<P align=left><FONT face=serif size=1>In considering information relating to the approval of each Fund&#146;s advisory agreement, the
independent Trustees received assistance and advice from and met separately with
independent counsel. While attention was given to all information furnished, the
following discusses under separate headings the primary factors taken into
account by the Board in its contract renewal considerations.</FONT></P>
<P align=left><FONT face=serif size=1><B>Nature, Extent And Quality of
Service.</B> Consideration was given to the
services provided by Delaware Investments to the Funds and their shareholders.
In reviewing the nature, extent and quality of services, the Board emphasized
reports furnished to it throughout the year at regular Board meetings covering
matters such as the compliance of portfolio managers with the investment
policies, strategies and restrictions for the Funds, the compliance of
management personnel with the Code of Ethics adopted throughout the Delaware
Investments<SUP>&#174;</SUP> Family of Funds complex and the adherence to fair value pricing
procedures as established by the Board. The Board noted that it was pleased with
the current staffing of the Funds&#146; investment advisor and the emphasis placed on
research in the investment process. Favorable consideration was given to DMC&#146;s
efforts to maintain, and in some instances increase, financial and human
resources committed to fund matters. The Board was satisfied with the nature,
extent and quality of the overall services provided by Delaware
Investments.</FONT></P>
<P align=left><B><FONT face=serif size=1>Investment Performance.</FONT></B><FONT face=serif size=1> The Board considered the investment performance of DMC and
the Funds. The Board placed significant emphasis on the investment performance
of the Funds in view of its importance to shareholders. While consideration was
given to performance reports and discussions with portfolio managers at Board
meetings throughout the year, particular weight was given to the Lipper reports
furnished for the Annual Meeting. The Lipper reports prepared for each Fund
showed the investment performance of its shares in comparison to a group of
similar funds as selected by Lipper (Performance Universe). A fund with the
highest performance ranked first, and a fund with the lowest ranked last. The
highest/best performing 25% of funds in the Performance Universe make up the
first quartile; the next 25% - the second quartile; the next 25% - the third
quartile; and the lowest/worst performing 25% of funds in the Performance
Universe make up the fourth quartile. Comparative annualized performance for
each Fund was shown for the past one, three, five and 10 year periods ended
December 31, 2006. The Board also considered comparative annualized performance
for each Fund for the same periods ended October 31, 2006. The performance
comparison presented below is based upon the December 31, 2006 information. The
Board noted its objective that each Fund&#146;s performance for the periods
considered be at or above the median of its Performance Universe. The following
paragraphs summarize the performance results for the Funds and the Board&#146;s view
of such performance.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. &#150; The Performance Universe for the Fund consisted of the Fund
and all leveraged closed&#150;end other state municipal debt funds as selected by
Lipper. The Lipper report comparison showed that the Fund&#146;s total return for the
one, three and five year periods was in the fourth quartile of its Performance
Universe. The report further showed that the Fund&#146;s total return for the 10 year
period was in the third quartile. The Board noted that the Fund&#146;s performance
results were not in line with the Board&#146;s objective. In evaluating the Fund&#146;s
performance, the Board considered investment strategy changes implemented in
late 2006. The Board was satisfied that management was taking effective action
to enhance Fun performance and meet the Board&#146;s performance
objective.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. &#150; The Performance Universe for the Fund consisted of the Fund
and all leveraged closed&#150;end other state municipal debt funds as selected by
Lipper. The Lipper report comparison showed that the Fund&#146;s total return for the
one and three year periods was in the fourth quartile of its Performance
Universe. The report further showed that the Fund&#146;s total return for the five
and 10 year periods was in the third quartile and first quartile, respectively.
The Board noted that the Fund&#146;s performance results were not in line with the
Board&#146;s objective. In evaluating the Fund&#146;s performance, the Board considered
investment strategy changes implemented in late 2006. The Board was satisfied
that management was taking effective action to enhance Fund performance and meet
the Board&#146;s performance objective.</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>Board Consideration of Delaware
Investments Closed-End Municipal Bond Funds <BR>Investment Advisory Agreement
(continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>Delaware Investments Florida Insured
Municipal Income Fund &#150; The Performance Universe for the Fund consisted of the
Fund and all leveraged closed&#150;end Florida municipal debt funds as selected by
Lipper. The Lipper report comparison showed that the Fund&#146;s total return for the
one year period was in the third quartile of its Performance Universe. The
report further showed that the Fund&#146;s total return for the three and five year
periods was in the fourth quartile and the Fund&#146;s total return for the 10 year
period was in the first quartile. The Board noted that the Fund&#146;s performance
results were not in line with the Board&#146;s objective. The Board also noted that
the Performance Universe is not comprised solely of insured funds. Many of the
funds (even certain of the insured funds) in the Performance Universe can
maintain exposure to BBB rated bonds, which have significantly outperformed the
AAA rated bonds that the Fund invests in. Based upon the Fund&#146;s investment
restrictions and the composition of the Performance Universes, the Board was
satisfied with the Fund&#146;s performance results.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal
Income Fund II, Inc. &#150; The Performance Universe for the Fund consisted of the
Fund and all leveraged closed&#150;end other state municipal debt funds as selected
by Lipper. The Lipper report comparison showed that the Fund&#146;s total return for
the one and five year periods was in the third quartile of its Performance
Universe. The report further showed that the Fund&#146;s total return for the three
and 10 year periods was in the second quartile and first quartile, respectively.
The Board noted that the Fund&#146;s performance results were mixed, but on an
overall basis, tended toward median, which was acceptable.</FONT></P>
<P align=left><B><FONT face=serif size=1>Comparative Expenses.</FONT></B><FONT face=serif size=1> The Board considered expense comparison data for the Delaware
Investments<SUP>&#174;</SUP> Family of Funds as of October 31, 2006. Management
provided the Board with information on pricing levels and fee structures for the
Funds. The Board focused particularly on the comparative analysis of the
management fees and total expense ratios of each Fund and the effective
management fees and expense ratios of a group of similar leveraged closed-end
funds as selected by Lipper (Expense Group). In reviewing comparative costs,
each Fund&#146;s contractual management fee and the actual management fee incurred by
the Fund were compared with the contractual management fees (assuming all funds
in the Expense Group were similar in size to the Fund) and actual management
fees (as reported by each fund) of other funds within the Expense Group, taking
into account any applicable breakpoints and fee waivers. Each Fund&#146;s total
expenses were also compared with those of its Expense Group. The Board also
considered fees paid to Delaware Investments for non-management services. The
Board noted its objective to limit each Fund&#146;s total expense ratio to an
acceptable range as compared to the median of the Expense Group. The following
paragraphs summarize the expense results for the Funds and the Board&#146;s view of
such expenses.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. &#150; The expense comparisons for the Fund showed that its actual
management fee and total expenses were in the quartile with the lowest expenses
of its Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group as shown in the Lipper
report.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. &#150; The expense comparisons for the Fund showed that its
management fee was in the quartile with the lowest expenses of its Expense Group
and its total expenses were in the quartile with the lowest expenses of its
Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group as shown in the Lipper
report. </FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Florida Insured
Municipal Income Fund &#150; The expense comparisons for the Fund showed that its
management fee and total expenses were in the quartile with the lowest expenses
of its Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group as shown in the Lipper
report.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal
Income Fund II, Inc. &#150; The expense comparisons for the Fund showed that its
management fee and total expenses were in the quartile with the lowest expenses
of its Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group as shown in the Lipper
report.</FONT></P>
<P align=left><B><FONT face=serif size=1>Management
Profitability.</FONT></B><FONT face=serif size=1> The Board considered the level
of profits, if any, realized by Delaware Investments in connection with the
operation of the Funds. In this respect, the Board reviewed the Investment
Management Profitability Analysis that addressed the overall profitability of
Delaware Investments&#146; business in providing management and other services to
each of the individual funds and the Delaware Investments Family of Funds as a
whole. Specific attention was given to the methodology followed in allocating
costs for the purpose of determining profitability. Management stated that the
level of profits of Delaware Investments, to a certain extent, reflected
operational cost savings and efficiencies initiated by Delaware Investments. The
Board considered Delaware Investments&#146; efforts to improve services provided to
fund shareholders and to meet additional regulatory and compliance requirements
resulting from recent Securities and Exchange Commission initiatives. The Board
also considered the extent to which Delaware Investments might derive ancillary
benefits from fund operations, including the potential for procuring additional
business as a result of the prestige and visibility associated with its role as
service provider to the Delaware Investments Family of Funds and the benefits
from allocation of fund brokerage to improve trading efficiencies. The Board
found that the level of management fees was reasonable in light of the services
rendered and the profitability of Delaware Investments.</FONT></P>
<P align=left><B><FONT face=serif size=1>Economies of Scale. </FONT></B><FONT face=serif size=1>As closed-end funds, the Funds do not issue shares on a
continuous basis. Fund assets increase only to the extent that the value of the
underlying securities in each Fund increase. Accordingly, the Board determined
that the Funds were not likely to experience significant economies of scale due
to asset growth and, therefore, a fee schedule with breakpoints to pass the
benefit of such economies of scale on to shareholders was not likely to provide
the intended effect.</FONT></P>
<P align=right><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>About the organization</FONT></P>
<P align=left><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=serif size=2>This semiannual report is for the
information of Delaware Investments Closed-End Municipal Bond Funds
shareholders. The return and principal value of an investment in each Fund will
fluctuate so that shares, when resold, may be worth more or less than their
original cost. Notice is hereby given in accordance with Section 23(c) of the
Investment Company Act of 1940 that the Funds may, from time-to-time, purchase
shares of their common stock on the open market at market prices.</FONT></P>
<P></P>
<P align=left>
<P align=left><FONT face=serif size=2></FONT></P>
<P></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="32%" rowSpan=9>
      <P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Board of
      trustees</FONT></FONT></B></P>
      <P align=left><FONT face=serif size=2><B>Patrick P. Coyne<BR></B>Chairman,
      President, <BR>and Chief Executive Officer<BR>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<BR></B>Private
      Investor <BR>Rosemont, PA</FONT></P>
      <P align=left><FONT face=serif size=2><B>John A.
      Fry<BR></B>President<BR>Franklin &amp; Marshall College <BR>Lancaster,
      PA</FONT></P>
      <P align=left><FONT face=serif size=2><B>Anthony D. Knerr <BR></B>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<BR></B>Former
      Chief Investment Officer <BR>Assurant, Inc.<BR>Philadelphia, PA</FONT></P>
      <P align=left><FONT face=serif size=2><B>Ann R. Leven <BR></B>Consultant
      <BR>ARL Associates <BR>New York, NY</FONT></P>
      <P align=left><FONT face=serif size=2><B>Thomas F.
      Madison<BR></B>President and Chief Executive Officer <BR>MLM Partners,
      Inc.<BR>Minneapolis, MN</FONT></P>
      <P align=left><FONT face=serif size=2><B>Janet L. Yeomans<BR></B>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<BR></B>Founder<BR>Investor Analytics <BR>Scottsdale,
    AZ</FONT></P></TD>
    <TD vAlign=top align=left width="2%" rowSpan=9>&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="32%" rowSpan=9>
      <P align=left><B><FONT face=serif color=#b2b2b2>Affiliated
      officers</FONT></B></P>
      <P align=left><FONT face=serif size=2><B>David F. Connor<BR></B>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>Daniel V. Geatens<BR></B>Vice
      President and Treasurer<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<BR></B>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>Richard Salus<BR></B>Senior Vice
      President and <BR>Chief Financial Officer<BR>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 Forms 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 are available without charge (i) upon request, by
      calling 800 523-1918; and (ii) on the Commission&#146;s Web site at
      http://www.sec.gov. In addition, a description of the policies and
      procedures that the Fund uses to determine how to vote proxies (if any)
      relating to portfolio securities and each Fund&#146;s Schedule of Investments
      are available without charge on the Fund&#146;s Web site at
      http://www.delawareinvestments.com. Each Fund&#146;s Forms N-Q may be reviewed
      and copied at the Commission&#146;s Public Reference Room in Washington, D.C.;
      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 align=left width="2%" rowSpan=8>&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="31%" colSpan=2>
      <P align=left><FONT face=serif size=2><B><FONT face=serif color=#b2b2b2>Contact information</FONT></B></FONT></P>
      <P align=left><FONT face=serif size=2><B>Investment
      manager<BR></B>Delaware Management Company <BR>Philadelphia, PA</FONT></P>
      <P align=left><FONT face=serif size=2><B>Principal office of the
      Funds<BR></B>2005 Market Street<BR>Philadelphia, PA 19103-7057</FONT></P>
      <P align=left><FONT face=serif size=2><B>Independent registered public
      <BR>accounting firm<BR></B>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<BR></B>Mellon Investor Services, LLC <BR>Overpeck Centre
      <BR>85 Challenger Road <BR>Ridgefield Park, NJ 07660 <BR>800
      851-9677</FONT></P>
      <P align=left><FONT face=serif size=2><B>For securities dealers <BR>and
      financial institutions <BR>representatives<BR></B>800 362-7500</FONT></P>
      <P align=left><FONT face=serif size=2><B>Web site
      <BR></B>www.delawareinvestments.com</FONT></P>
      <P align=left><FONT face=serif size=2><I>Delaware Investments is the
      marketing <BR>name of Delaware Management Holdings, <BR>Inc. and its
      subsidiaries.</I></FONT></P>
      <P align=left><FONT face=serif size=2><B>Number of recordholders as
      of<BR></B>Sept. 30, 2007:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2><FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2><FONT size=3>&nbsp;</FONT> </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Arizona Municipal Income Fund<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2><FONT size=3>&nbsp;</FONT>67</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Colorado Insured
    Municipal</FONT>&nbsp;</TD>
    <TD vAlign=top align=right width="1%"><FONT size=2></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Income Fund</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%">&nbsp;<FONT size=2>150</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Florida Insured
      Municipal</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Income Fund</FONT>&nbsp;</TD>
    <TD vAlign=top align=right width="1%"><FONT size=2><FONT size=3>&nbsp;</FONT>126</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="30%"><FONT size=2>Minnesota Municipal
      Income</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top width="30%"><FONT size=2>Fund II</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%">&nbsp;<FONT size=2>668</FONT></TD></TR></TABLE>

<P align=left><FONT face=serif size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt; PADDING-BOTTOM: 15pt; PADDING-TOP: 15pt; BACKGROUND-COLOR: #dae9f4"><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 accounts&#146;
  1099 information and import it directly into your 1040 tax return. 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 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></FONT></P></DIV>
<P><BR><IMG src="gelmunicipalbond_ncsr5x8x1.jpg" border=0> </P>
<P align=left>&nbsp;</P>
<P align=left>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=1>(2429)</FONT> </TD>
    <TD noWrap align=right width="50%"><FONT face=serif size=1>Printed in the USA</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=1>SA-CEMUNI [9/07] CGI 11/07</FONT> </TD>
    <TD noWrap align=right width="50%"><FONT face=serif size=1>MF-07-10-347 PO12384</FONT>
  </TD></TR></TABLE><BR>

<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>Item 2. Code of Ethics </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Not applicable.
</FONT></P>
<P align=left><FONT face=serif size=2>Item 3. Audit Committee Financial Expert
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </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><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </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;
</FONT>Not applicable. </FONT></P>
<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;
</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><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </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 size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Applicable to Form N-CSRs filed after fiscal years ending on or after
December 31, 2005. </FONT></P>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </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;
</FONT>Not applicable. </FONT></P>
<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><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>Item 11. Controls and Procedures
</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The registrant&#146;s
principal executive officer and principal financial officer have evaluated the
registrant&#146;s disclosure controls and procedures within 90 days of the filing of
this report and have concluded that they are effective in providing reasonable
assurance that the information required to be disclosed by the registrant in its
reports or statements filed under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods specified
in the rules and forms of the Securities and Exchange Commission.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There were no significant changes in
the registrant&#146;s internal control over financial reporting that occurred during
the second fiscal quarter of the period covered by the report to stockholders
included herein (i.e., the registrant&#146;s second fiscal quarter) that have
materially affected, or are reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting. </FONT></P>
<P align=left><FONT face=serif size=2>Item 12. Exhibits </FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"><FONT size=2>(a)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">
      <P align=left><FONT face=serif><FONT face=serif size=2>(1) Code of
      Ethics</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Not
      applicable.</FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=left><FONT face=serif><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></FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=left><FONT face=serif><FONT face=serif size=2>(3) Written
      solicitations to purchase securities pursuant to Rule 23c-1 under the
      Securities Exchange Act of 1934.</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=left><FONT face=serif><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not
      applicable.</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="97%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"><FONT size=2>(b)</FONT></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=left><FONT face=serif><FONT face=serif size=2>Certifications
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished
      herewith as Exhibit 99.906CERT.</FONT></FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT face=serif size=2><B>SIGNATURES</B></FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2><FONT face=serif>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></FONT></P>
<P align=left><FONT face=serif size=2><FONT face=serif size=2><STRONG>Name of
Registrant</STRONG><FONT face=serif>: <BR></FONT><FONT face=serif size=2>Delaware Investments National Municipal Income
Fund</FONT></FONT></FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 border=0>

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

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

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 7, 2007</FONT>&nbsp;
  </TD></TR></TABLE><BR>
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end
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>5
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



<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> </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.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this report on Form
      N-CSR of Delaware Investments National 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>
  <TR>
    <TD width="100%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>5.</FONT></TD>
    <TD noWrap></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 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>(a)</FONT></TD>
    <TD vAlign=top noWrap></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><BR>

<P align=left><FONT face=serif size=2>Date: December
7, 2007</FONT><BR></p>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>PATRICK P. COYNE</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive
      Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>CERTIFICATION</FONT></U></B><B><FONT face=serif> </FONT></B></P>
<P align=left><FONT face=serif size=2>I, Richard Salus, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" colSpan=3><FONT face=serif size=2>I have reviewed this
      report on Form N-CSR of Delaware Investments National 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>
  <TR>
    <TD noWrap></TD>
    <TD noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>5.</FONT></TD>
    <TD noWrap></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 noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></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>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></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><BR>
<P align=left><FONT face=serif size=2>Date: December 7, 2007 <BR></FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief&nbsp;Financial
      Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>6
<FILENAME>exhibit99_906-cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<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>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif><FONT face=serif size=2>1.</FONT></FONT></TD>
    <TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT face=serif><FONT face=serif size=2>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 face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif><FONT face=serif size=2>2.</FONT></FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face=serif><FONT face=serif size=2>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><BR>
<P align=left><FONT face=serif size=2>Date: December 7, 2007
</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 border=0>

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

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face=serif size=2>RICHARD SALUS</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief&nbsp;Financial
      Officer</FONT>&nbsp; </TD></TR></TABLE>

<P align=left><FONT face=serif 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></P>
<HR align=center width="100%" noShade SIZE=2>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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