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<SEC-DOCUMENT>0001206774-08-001411.txt : 20080808
<SEC-HEADER>0001206774-08-001411.hdr.sgml : 20080808
<ACCEPTANCE-DATETIME>20080808162921
ACCESSION NUMBER:		0001206774-08-001411
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080808
DATE AS OF CHANGE:		20080808
EFFECTIVENESS DATE:		20080808

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:			0331

	FILING VALUES:
		FORM TYPE:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		081002894

	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/A
<SEQUENCE>1
<FILENAME>delaclose_ncsr-a.htm
<DESCRIPTION>AMENDMENTS TO CERTIFIED SHAREHOLDER REPORT
<TEXT>

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<P align=center><FONT face=serif><FONT face=serif size=2>UNITED STATES
SECURITIES AND EXCHANGE COMMISSION</FONT></FONT></P>
<P align=center><FONT face=serif><FONT face=serif size=2>Washington, D.C.
20549</FONT></FONT></P>
<P align=center><FONT face=serif><FONT face=serif size=2>FORM
N-CSR/A</FONT></FONT></P>
<P align=center><FONT face=serif><FONT face=serif size=2>CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT <BR>INVESTMENT COMPANIES</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Investment Company Act
file number: 811-7410</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Exact name of registrant
as specified in charter:<BR></FONT></FONT><FONT face=serif><FONT face=serif size=2>Delaware Investments National Municipal Income Fund</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Address of principal
executive offices: <BR>2005 Market Street <BR>Philadelphia, PA
19103</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Name and address of agent
for service: <BR>David F. Connor, Esq.<BR></FONT></FONT><FONT face=serif><FONT face=serif size=2>2005 Market Street <BR>Philadelphia, PA
19103</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Registrant&#146;s telephone
number, including area code: (800) 523-1918 </FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Date of fiscal year end:
March 31 </FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2>Date of reporting
period: March 31, 2008</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif><FONT face=serif size=2>Item 1. Reports to
Stockholders</FONT></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>Annual<FONT size=3>
      </FONT>Report</FONT>&nbsp; </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>
      <P><FONT color=#ffffff><FONT face=serif size=5>Investments</FONT></FONT></P></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 size=5>Closed-End</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>Municipal Bond</FONT></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>Funds</FONT></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><FONT size=2>March&nbsp;31,
      2008</FONT>&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT color=#ffffff></FONT></TD>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT color=#ffffff><FONT face=serif>&nbsp;</FONT></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>&nbsp;</FONT></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>&nbsp;</FONT></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%" 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%">
      <P align=left><FONT face=serif size=5>Closed-end
  funds</FONT></P></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"><IMG src="delcloseendcover1.jpg" border=0></TD>
    <TD width="50%"><IMG src="delcloseendcover2.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<BR>&nbsp;</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>&gt; Porfolio management review</FONT> </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>Fund basics</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>9</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>&gt; </FONT>Sector/State allocations and
      credit quality breakdowns</FONT> </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>10</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>Statements of net assets</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>12</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>&gt; </FONT>Statements of operations</FONT>
    </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>25</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>Statements of changes in net assets</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>26</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>&gt; </FONT>Financial highlights</FONT> </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>27</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>Notes to financial statements</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>31</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>&gt; </FONT>Report of independent registered
      public accounting firm</FONT> </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>37</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>Other Fund information</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>38</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>&gt; </FONT>Board of trustees/directors and
      officers addendum</FONT> </TD>
    <TD noWrap align=right width="17%" bgColor=#c0c0c0><FONT face=serif size=2>44</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face=serif size=2>&gt;
      </FONT>About the organization</FONT> </TD>
    <TD noWrap align=right width="17%"><FONT face=serif size=2>47</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>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>Portfolio management review</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>April 8, 2008</FONT></P>
<P align=left><FONT face=serif size=2>The managers of Delaware closed-end
municipal bond funds provided the answers to the questions below as a review of
the funds&#146; activities for the fiscal year that ended March 31, 2008.</FONT></P>
<P align=left><B><FONT face=serif size=2>What were some of the major news events
that influenced the investment environment for municipal bonds during the fiscal
year ended March 31, 2008?</FONT></B></P>
<P align=left><FONT face=serif size=2>The fiscal year was eventful, with a
credit crisis triggered by difficulties in the mortgage markets. Investment
conditions within the municipal bond market as well as in the broader fixed
income markets were extremely perilous. We defined several distinct phases as we
looked back on the year. Each phase presented its unique challenges to bond
investors and affected the municipal markets to varying degrees. </FONT></P>
<P align=left><FONT face=serif size=2>During the early part of the fiscal year,
the municipal market was fairly steady. The fixed income markets were warned
early of things to come as news items highlighting the problems of hedge funds
invested in securities with exposure to subprime mortgages briefly shook the
taxable markets. </FONT></P>
<P align=left><FONT face=serif size=2>During the summer months, the first real
phase of the credit crisis hit and the municipal markets participated fully.
This represented a change from previous credit events, when the flight to
quality was led by the Treasury market and closely followed by the relatively
&#147;safe&#148; municipal bond asset class. This time, municipals experienced price
deterioration that looked more like those that generally take place within the
high yield and emerging markets bond sectors. We believe the difference was a
result of selling pressure by nontraditional buyers, whose buying activity
during the previous several years had helped the municipal market to frequently
outperform in the face of record and near-record new issue supply. </FONT></P>
<P align=left><FONT face=serif size=2>We believe these alternative investors
needed to deleverage in this tenuous market and accordingly sold what assets
they could. Compounding the problem, the dealer community&#146;s capital was
declining. As a result, members of the dealer
community pulled back their inventory positions and were less willing to provide
liquidity into the market. </FONT></P>
<P align=left><FONT face=serif size=2>What began as a liquidity issue, though,
evolved into a credit crisis in November. Concerns grew stronger regarding
credit ratings for monoline insurers, which underwrite insurance for much of the
debt that municipalities issue. In recent years, these insurance companies have
sought faster growth by insuring new and different types of investment vehicles,
including the structured investment vehicles that many believe to be at the root
of the credit crisis. As a result, several AAA-rated insurance providers were
warned during the calendar year that they might be required to increase their
capital levels to maintain top-tier ratings. </FONT></P>
<P align=left><FONT face=serif size=2>The fears surrounding insurer credit
ratings further amplified outflows from the municipal debt market. These fears
forced already wary municipal bond investors to re-evaluate credit ratings on
what many had considered to be safe investments.</FONT></P>
<P align=left><FONT face=serif size=2>In the first quarter of calendar 2008,
actual downgrades of some of the AAA-rated insurers triggered pricing pressure
on municipal bonds. It impacted both leveraged buyers of municipal bonds and a
funding vehicle within the municipal market called auction rate securities, or
ARS. The leveraged buyers, known as tender option bond programs (TOBs), were
squeezed as their hedges worked against them. </FONT></P>
<P align=left><FONT face=serif size=2>TOBs allow owners to borrow at a
short-term rate and reinvest the proceeds in higher-yielding, longer-term bonds.
These investors were long municipal bonds, the underperforming asset. This led
to margin calls and more selling of tax-exempt securities, and eventually to
more downward pressure on municipal prices.</FONT></P>
<P align=left><FONT face=serif size=2>Another casualty of the insurer downgrades
during the quarter was the tax-exempt ARS market. These bonds have long
maturities, but have rates that reset between 7 and 35 days based on an auction
process that matches potential </FONT></P>
<P align=left><FONT face=serif size=1>The views expressed are current as of the
date of this report and are subject to change. </FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><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>Portfolio management
review</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>buyers with sellers. Under normal market
conditions, a successful auction provides face value liquidity for any holders
wishing to exit the position. As the ratings of Financial Guaranty Insurance
Company (FGIC) and XL Capital Assurance were downgraded from AAA, buyers of
these securities became very cautious. At the same time, the dealer community,
facing liquidity constraints, was in no position to step in and fill the void.
Auctions started failing, forcing resets to contractual maximum rates, which
often were punitive from the issuer&#146;s perspective. Several issuers have
responded by converting their ARS into longer-term securities.</FONT></P>
<P align=left><FONT face=serif size=2>These forces culminated at the end of
February. The already constrained dealer community had shifted its focus
primarily to the auction rate market. The TOBs had massive sell lists of
intermediate and long-term bonds. Without strong dealer support, the municipal
market suffered. Long-term municipal yields rose for three straight days while
the Treasury market rallied.</FONT></P>
<P align=left><FONT face=serif size=2>New issue volume nationally set a record
in calendar 2007, although issuance slowed as the year progressed. Overall, a
record $427 billion in new tax-exempt municipal bonds were issued in 2007.
New-issue volume early in 2008 remains quiet, with the pace through the end of
March off 25% from the same period one year ago (source: Bond Buyer).
</FONT></P>
<P align=left><B><FONT face=serif size=2>How did the technical environment
change during the year?</FONT></B></P>
<P align=left><FONT face=serif size=2>The yield curve steepened significantly
during the year. The fiscal year began with the curve historically narrow &#151; at
58 basis points between 2- and 30-year maturity bonds (yields of 3.54% and
4.12%, respectively). The steepening of the curve occurred with each phase of
the liquidity crisis, and by the end of March 2008 the curve had widened to 267
basis points. </FONT></P>
<P align=left><FONT face=serif size=2>As might be expected given the credit
environment described earlier, municipal bonds traded more cheaply than Treasury
bonds as the year wore on. Municipal bonds started the year with 30-year yields
at 85% of those of long Treasury bonds. Municipal bonds normally trade with
</FONT><FONT face=serif size=2>lower yields than Treasury bonds due to their
favorable tax treatment. When the first phase of the credit crunch hit in July,
the municipal bond to Treasury yield ratio began to increase in July and jumped
higher with each subsequent credit event. </FONT></P>
<P align=left><FONT face=serif size=2>At the end of February 2008, the relative
yield ratios for municipals soared under the selling pressure from the TOBs. The
ratio of yields between 30-year municipal and Treasury bonds exploded from an
already historically cheap 103.4% to an unprecedented 116.3%. In March,
municipals recovered only modestly and ended the quarter extremely cheap
relative to Treasury bonds &#151; at 113.4%. To put these ratios in perspective,
this ratio has averaged 93% during the past 10 years and the previous high (with
available data going back to 1981) was 102.5%. (Source: Thomson.)</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Arizona Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>What conditions prevailed in the
Arizona economy?</FONT></B></P>
<P align=left><FONT face=serif size=2>Arizona&#146;s housing market has softened
significantly since March 2007, like that of much of the nation. Median home
prices in the Phoenix area had declined 15% year-over-year as of December 2007,
significantly more than the national median decline of 9% (source: Standard
&amp; Poor&#146;s). </FONT></P>
<P align=left><FONT face=serif size=2>Recent slowing in the rate of employment
reflects the impact of a weakened housing sector, which can also be seen in the
state&#146;s construction sectors. After two years of double-digit growth, employment
figures for calendar year 2007 show a 6.6% decline in construction jobs.
(Source: Moody&#146;s.) </FONT></P>
<P align=left><FONT face=serif size=2>According to U.S. Labor Department data,
Arizona unemployment rates, at 4% during the month of February 2008, remained
below national rates of 4.8%. Arizona&#146;s nonfarm payroll employment growth of
1.2% in 2007 was considerably weaker than the state&#146;s 5% growth in 2006 (source:
Moody&#146;s). </FONT></P>
<P align=left><FONT face=serif size=2>Recurring revenues for the state&#146;s fiscal
year ended June 30, 2007, as well as initial estimates through Dec. 31, 2008,
from sales and individual income tax collections, were lower than projected thus
far. The decline </FONT></P>
<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=2>in tax collections corresponds to a 5%
income tax cut granted for fiscal year July 1, 2007, through June 30, 2008. The
state also lost $200 million of ongoing property tax revenues last fiscal year
when it elected to eliminate the state equalization property tax for fiscal
years 2007 through 2009. </FONT></P>
<P align=left><FONT face=serif size=2>The governor&#146;s many proposals to bridge
the resulting budget gaps include a hiring freeze on all cabinet agencies,
budget reductions, and deferring capital outlay projects. The state of municipal
bond issuance in Arizona reflects the need to offset such budget woes through a
significant issuance increase of 61.4% in 2007, to total $8.8 billion (source:
Bond Buyer).</FONT></P>
<P align=left><B><FONT face=serif size=2>How did you position the
Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>We focused on balancing the Fund &#151; both to
remain true to our core philosophy of generating competitive tax-exempt income
and to strategically position the investment portfolio &#151; given our expectation
of a steeper yield curve and a tenuous credit environment. </FONT></P>
<P align=left><FONT face=serif size=2>During the year, we methodically adjusted
the Fund&#146;s positioning to mitigate losses and to seek yield, where possible. For
example, we reduced the Fund&#146;s exposure to insured bonds (from 45% to 38% as a
percentage of net assets, including the liquidation value of preferred stock) at
fiscal year end. On average, the Lehman Brothers Municipal Bond Index consisted
of 43% insured bonds during the fiscal year. (This percentage dropped in
February 2008 to 34%, as Lehman only considers the AAA-rated insurers within
their &#147;insured&#148; sub-index and during the month a couple of the insurers lost
their AAA rating.) </FONT></P>
<P align=left><FONT face=serif size=2>This underweight served the Fund well
given the panic that overtook many investors regarding the quality of insurance
that wraps municipal bond issues. As measured by the returns of the Lehman
indices, the Insured Municipal Index underperformed the broad Lehman Brothers
Municipal Bond Index for the 12 months ended March 31, 2008 (1.06% versus 1.90%,
respectively) (source: Lehman Brothers).</FONT></P>
<P align=left><FONT face=serif size=2>Given our expectations for a steeper yield
curve, we also trimmed the Fund&#146;s holdings on the long end (20-plus years) of
the yield curve in favor of a greater investment in bonds with 3- to 15-year
maturities &#151; what we refer to as the &#147;belly&#148; of the yield curve. We believe that
this change helped Fund performance during the year. Again, as gauged by the
Lehman Brothers Municipal Bond Index returns &#151; this time broken down by maturity
&#151; the belly outperformed the long end for the fiscal year. We also increased
(from 26% to 33% as a percentage of net assets, including the liquidation value
of preferred stock) the Fund&#146;s exposure to refunded bonds (also known as
pre-refunded bonds) during the year. Pre-refunded bonds were among the
better-performing bonds within the municipal market. They face minimal credit
risk because they are backed by the invested debt proceeds of a second bond
issue, which typically consist of U.S. Treasury securities.</FONT></P>
<P align=left><B><FONT face=serif size=2>What sectors or individual securities
were noteworthy for their effect on Fund performance? </FONT></B></P>
<P align=left><FONT face=serif size=2>The largest detractors to the Fund&#146;s
return were functions of credit and curve &#151; investments further out on the yield
curve and lower in quality. Within the Fund, bonds issued to finance education,
as well as hospitals and other healthcare projects, fit this mold,
underperforming other areas of the municipal bond market during the fiscal year.
For example, among Fund holdings of healthcare bonds, a University Medical
Center Corporation bond performed poorly. Rated Baa1 by Moody&#146;s and BBB+ by
S&amp;P, this revenue bond has a long final maturity of 2035.</FONT></P>
<P align=left><FONT face=serif size=2>On the positive side, relatively safe
investments such as pre-refunded bonds were among the better-performing bonds
within the municipal market. The two best-performing bonds were holdings that
had been pre-refunded by the issuer during the year. Bonds issued by Oro Valley
Municipal Property Corporation were among the examples of holdings whose
performance benefited from pre-refunding during the year. The Fund&#146;s position in
bonds issued by Scottsdale Industrial Development Authority for Scottsdale
Healthcare also added to the Fund&#146;s return. This bond was refinanced before the
year began.</FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><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>Portfolio management
review</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>What conditions prevailed in the
Colorado economy?</FONT></B></P>
<P align=left><FONT face=serif size=2>Colorado&#146;s economy continues to show
modest growth despite growing concern about the national economic picture.
However, recent economic data suggest that Colorado could experience a mild
slowdown. According to the Colorado Office of State Planning and Budgeting, the
unemployment rate was 3.8% in Colorado for calendar year 2007, the lowest
reading since 2000. Although Colorado&#146;s unemployment rate of 4.4% in the month
of February 2008 is below national level of 4.8% for the same month, this
subsequent rise in Colorado is evidence that the employment outlook has softened
since December (source: U.S. Department of Labor).</FONT></P>
<P align=left><FONT face=serif size=2>After increasing 8.3% in fiscal year July
1, 2006, through June 30, 2007, due to healthy increases in individual income
taxes, the state&#146;s gross general fund revenue forecasts are significantly lower
for the upcoming years. National and global economic influences will likely
continue to limit growth over the next year or two. Due to decreases associated
with individual income tax receipts along with the near-term negative impact
from the federal stimulus package, the forecast for state general fund revenues
for fiscal years 2007&#150;2008 fell $127.3 million. In spite of a weakening income
tax base that is reducing expectations, total sales tax collections have
remained relatively strong and are expected to increase 7.1% for the biennium.
(Source: Colorado Office of State Planning and Budgeting.)</FONT></P>
<P align=left><FONT face=serif size=2>Municipal bond issuance in Colorado
decreased 6.2% in 2007 to a total of almost $8.3 billion (source: The Bond
Buyer).</FONT></P>
<P align=left><B><FONT face=serif size=2>In light of this macroeconomic
environment, how did you position the Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>We focused on balancing the Fund &#151; both to
remain true to our core philosophy of generating competitive tax-exempt income
and to strategically position the investment portfolio &#151; given our expectation
of a steeper yield curve and a tenuous credit environment. </FONT></P>
<P align=left><FONT face=serif size=2>During the year, we methodically adjusted
the Fund&#146;s positioning to mitigate losses and to seek yield, where possible. For
example, we reduced the Fund&#146;s exposure to insured bonds (from 63% to 56% as a
percentage of net assets, including the liquidation value of preferred stock) at
fiscal year end. Recall that during the fiscal year, the Fund&#146;s mandate was
changed from an insured to a general Colorado fund. On average, the Lehman
Brothers Municipal Bond Index consisted of 43% insured bonds during the fiscal
year. (This percentage dropped in February 2008 to 34%, as Lehman only considers
the AAA-rated insurers within their &#147;insured&#148; sub-index and during the month a
couple of the insurers lost their AAA rating.)</FONT></P>
<P align=left><FONT face=serif size=2>Even at the reduced level, this overweight
would have had a negative influence on the Fund&#146;s returns given the panic that
overtook many investors regarding the quality of insurance that wraps municipal
bond issues. As measured by the returns of the Lehman indices, the Insured
Municipal Index underperformed the broad Lehman Brothers Municipal Bond Index
for the 12 months ended March 31, 2008 (1.06% versus 1.90%, respectively).
(Source: Lehman Brothers.)</FONT></P>
<P align=left><FONT face=serif size=2>Given our expectations for a steeper yield
curve, we also trimmed the Fund&#146;s holdings on the long end (20-plus years) of
the yield curve in favor of a greater investment in bonds with 2- to 15-year
maturities &#151; what we refer to as the &#147;belly&#148; of the yield curve. We believe that
this change helped Fund performance during the year, and we would expect it to
continue to help if the curve steepens further. Again, as gauged by the Lehman
Brothers Municipal Bond Index returns &#151; this time broken down by maturity &#151; the
belly outperformed the long end for the fiscal year. We also increased (from 32%
to 38.5% as a percentage of net assets, including the liquidation value of
preferred stock) the Fund&#146;s exposure to refunded bonds (also known as
pre-refunded bonds) during the year. Pre-refunded bonds were among the
better-performing bonds within the municipal market. They face minimal credit
risk because they are backed by the invested debt proceeds of a second bond
issue, which typically consist of U.S. Treasury securities.</FONT></P>
<P align=left><FONT face=serif size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>What sectors or individual securities
were noteworthy for their effect on Fund performance? </FONT></B></P>
<P align=left><FONT face=serif size=2>The largest detractors to the Fund&#146;s
return were functions of credit and curve &#151; investments further out on the yield
curve and lower in quality. Within the Fund, longer bonds insured by the
insurers that received downgrades provided the weakest performance during the
fiscal year. Representative of these was a Denver revenue bond issued for the
Convention Center. Due in 2035, the bond was issued with insurance by XL Capital
Assurance. During the first quarter of 2008, all three ratings agencies
downgraded the bonds from AAA. The insurer-strength ratings for XL Capital from
Moody&#146;s, S&amp;P, and Fitch were A3, A-, and A, respectively.</FONT></P>
<P align=left><FONT face=serif size=2>On the positive side, relatively safe
investments such as pre-refunded bonds were among the better-performing bonds
within the municipal market. Two of the best-performing bonds were holdings that
were pre-refunded by the issuer during the year. Bonds issued by Northwest
Parkway Public Highway Authority were among the examples of holdings where
performance benefited from pre-refunding during the year. The Fund&#146;s position in
revenue bonds issued by Aurora, Colo., also added to the Fund&#146;s return. These
bonds were refinanced before the year began.</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>What conditions prevailed in the
Minnesota economy?</FONT></B></P>
<P align=left><FONT face=serif size=2>In our opinion, Minnesota has a
fundamentally sound economy today. With a 30% share of local jobs, the service
sector is the largest employer in Minnesota, with major employers in healthcare
and business service companies. For the past two years the state has lagged the
nation in employment growth. Unemployment levels have typically been one to two
points below national averages. In recent months, the state has recorded levels
higher than the national average. (Source: Moody&#146;s and Standard &amp; Poor&#146;s.)</FONT></P>



<P align=left><FONT face=serif size=2>According to the Minnesota Department of Finance, tax revenues for fiscal 2007
were up 2.2% and the state&#146;s general fund ended fiscal 2007 with an increase
over 2006. </FONT></P>
<P align=left><FONT face=serif size=2>The enacted $34.5 billion 2008 and 2009
budget projects total general fund spending to increase by more than 9%.
Standard &amp; Poor&#146;s reports that a revision to the economic outlook resulted
in the projection of lower revenues and a structural imbalance for the current
and coming bienniums. State general fund revenues are now forecast to total
$32.5 billion, leaving a projected $935 million deficit for the current
biennium, with larger deficits predicted for the future. </FONT></P>
<P align=left><FONT face=serif size=2>Municipal bond issuance in Minnesota
decreased 0.2% in calendar 2007 to a total of almost $6.7 billion (source: The
Bond Buyer).</FONT></P>
<P align=left><B><FONT face=serif size=2>How did you position the
Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>We focused on balancing the Fund &#151; both to
remain true to our core philosophy of generating competitive tax-exempt income
and to strategically position the investment portfolio &#151; given our expectation
of a steeper yield curve and a tenuous credit environment.</FONT></P>
<P align=left><FONT face=serif size=2>During the year, we
monitored and methodically adjusted the Fund&#146;s positioning to mitigate losses
and to seek yield, where possible. For example, the Fund maintained about a 28%
(as a percentage of net assets, including the liquidation value of preferred
stock) exposure to insured bonds. On average, the Lehman Brothers Municipal Bond
Index consisted of 43% insured bonds during the fiscal year. (This percentage
dropped in February 2008 to 34%, as Lehman only considers the AAA-rated insurers
within their &#147;insured&#148; sub-index and during the month a couple of the insurers
lost their AAA rating.) </FONT></P>
<P align=left><FONT face=serif size=2>This underweight served the Fund well
given the panic that overtook many investors regarding the quality of insurance
that wraps municipal bond issues. As measured by the returns of the Lehman
indices, the Insured Municipal Index underperformed the broad Lehman Brothers
Municipal Bond Index for the 12 months ended March 31, 2008 (1.06% versus 1.90%,
respectively.) (Source: Lehman Brothers.) </FONT></P>
<P align=left><FONT face=serif size=2>Given our expectations for a steeper yield
curve, we trimmed the Fund&#146;s holdings on the long end (20-plus years) of the
yield curve in favor of a greater investment in bonds with 2- to 15-year
maturities &#151; what we refer to as </FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Portfolio management
review</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>the &#147;belly&#148; of the yield curve. We believe
that this change helped Fund performance during the year, and we would expect
it to continue to help if the curve steepens further. Again, as gauged by the
Lehman Brothers Municipal Bond Index returns &#151; this time broken down by maturity
&#151; the belly outperformed the long end for the fiscal year. We also increased
(from 24% to 26.5% as a percentage of net assets, including the liquidation
value of preferred stock) the Fund&#146;s exposure to refunded bonds (also known as
pre-refunded bonds) during the year. Pre-refunded bonds were among the
better-performing bonds within the municipal market. They face minimal credit
risk because they are backed by the invested debt proceeds of a second bond
issue, which typically consist of U.S. Treasury securities.</FONT></P>
<P align=left><B><FONT face=serif size=2>What sectors or individual securities
were noteworthy for their effect on Fund performance? </FONT></B></P>
<P align=left><FONT face=serif size=2>The largest detractors to the Fund&#146;s
return were functions of credit and curve &#151; investments further out the yield
curve and lower in quality. Within the Fund, bonds issued to finance education,
as well as hospitals and other healthcare projects, fit this mold,
underperforming other areas of the municipal bond market during the fiscal year.
Likewise, industrial development revenue (IDR) bonds, which are issued by a
government agency on behalf of a private sector company, detracted from the
Fund&#146;s returns largely for the same reasons. Among Fund holdings of healthcare
bonds, a revenue bond issued by the City of St. Paul, due in 2036, performed
poorly. Rated Baa1 by Moody&#146;s and BBB by S&amp;P, this long revenue bond was
issued to finance a not-for-profit integrated healthcare system.</FONT></P>
<P align=left><FONT face=serif size=2>On the positive side, relatively safe
investments such as pre-refunded bonds were among the better-performing bonds
within the municipal market. Three of the best-performing bonds were
pre-refunded by the issuer during the year. Bonds issued by the City of Duluth
for the Benedictine Health System were among the examples of holdings whose
performance benefited from pre-refunding during the year. The Fund&#146;s position in
electric revenue bonds issued by the City of Rochester also added to the Fund&#146;s
return. These bonds were re-financed before the year began.</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments National Municipal
Income Fund</FONT></B></P>
<P align=left><B><FONT face=serif size=2>How was the Fund positioned differently
during this fiscal year?</FONT></B></P>
<P align=left><FONT face=serif size=2>Effective Oct. 15, 2007, the name of the
Fund was changed from Florida Insured Municipal Income Fund to National
Municipal Income Fund, reflecting a changed investment strategy. The new
strategy eliminated 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. The Fund may, as a nonfundamental policy, (1) invest without
limitation in uninsured, investment grade municipal securities of states other
than Florida (including those rated below AAA) and (2) invest up to 20% of its
net assets in noninvestment grade municipal securities. As of March 31, 2008,
about 80% of the Fund&#146;s holdings remained in Florida bond issues.</FONT></P>
<P align=left><B><FONT face=serif size=2>Nationwide, what were a few highlights
of the municipal debt market?</FONT></B></P>
<P align=left><FONT face=serif size=2>Bond sales in the United States for 2007
increased to more than $427 billion, which is 10% more than the 2006 figure of
$388 million. This was record growth, yet the pace of sales slowed late in the
calendar year and into 2008. In the first quarter of 2008, new-issue volume was
off markedly from one year ago &#151; with the $80 billion coming to market
representing a 25% decline from the same period a year ago (source: The Bond
Buyer). Related to the overall slowing economic growth, unemployment across the
country moved higher to 5.1% in March 2008. Most significantly, the housing
crisis blamed on subprime mortgage woes had an extremely negative effect on the
country&#146;s overall economy, as described in the first section of this management
review beginning on page 1.</FONT></P>
<P align=left><B><FONT face=serif size=2>How did you position the
Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>We focused on balancing the Fund &#151; both to
remain true to our core philosophy of generating competitive tax-exempt income
and to strategically position the investment portfolio &#151; given our expectation
of a steeper yield curve and a tenuous credit environment. </FONT></P>
<P align=left><FONT face=serif size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>During the year, we methodically adjusted
the Fund&#146;s positioning to mitigate losses and to seek yield, where possible. For
example, we reduced the Fund&#146;s exposure to insured bonds (from 93% to 79% as a
percentage of net assets, including the liquidation value of preferred stock) at
fiscal year end. Recall that during the fiscal year, the Fund&#146;s mandate was
changed from an insured to a general market fund. On average, the Lehman
Brothers Municipal Bond Index consisted of 43% insured bonds during the fiscal
year. (This percentage dropped in February 2008 to 34%, as Lehman only considers
the AAA-rated insurers within their &#147;insured&#148; sub-index and during the month a
couple of the insurers lost their AAA rating.)</FONT></P>
<P align=left><FONT face=serif size=2>Even at the reduced level, this overweight
would have had a negative influence on the Fund&#146;s returns given the panic that
overtook investors regarding the quality of insurance that wraps municipal bond
issues. As measured by the returns of the Lehman indices, the Insured Municipal
Index underperformed the broad Lehman Brothers Municipal Bond Index for the 12
months ended March 31, 2008 (1.06% versus 1.90%, respectively). (Source: Lehman
Brohers.)</FONT></P>
<P align=left><FONT face=serif size=2>Given our expectations for a steeper yield
curve, we also trimmed the Fund&#146;s holdings on the long end (20-plus years) of
the yield curve in favor of a greater investment in bonds with 2- to 15-year
maturities &#151; what we refer to as the &#147;belly&#148; of the yield curve. Exposure to the
long end of the curve was reduced from 76% to 60% at fiscal year end. We believe
that this change helped Fund performance during the year, and we would expect it
to continue to help if the curve steepens further. Again, as gauged by the
Lehman Brothers Municipal Bond Index returns &#151; this time broken down by maturity
&#151; the belly outperformed the long end for the fiscal year.</FONT></P>
<P align=left><B><FONT face=serif size=2>What sectors of individual securities
were noteworthy for their effect on Fund performance? </FONT></B></P>
<P align=left><FONT face=serif size=2>The largest detractors to the Fund&#146;s
return were largely functions of curve &#151; investments further out on the yield
curve. Within the Fund, longer bonds insured by the insurers receiving
downgrades provided the weakest performance during the fiscal year.
Representative of these was a Miami-Dade revenue bond issued for the
international airport. Due in 2037, the bond was issued with insurance by
Financial Guaranty Insurance Company (FGIC). During the first quarter of 2008,
all three ratings agencies downgraded the bonds from AAA. As of the end of the
fiscal year, the insurer-strength ratings for FGIC from Moody&#146;s, S&amp;P, and
Fitch were Baa3, BB, and BBB, respectively. This bond is rated higher (A2, A-,
and A, respectively) based upon the underlying strength of the issue
itself.</FONT></P>
<P align=left><FONT face=serif size=2>On the positive side, bonds in the &#147;belly&#148;
of the curve and pre-refunded bonds were among the better-performing bonds.
Bonds that have been pre-refunded face minimal credit risk because they are
backed by the invested debt proceeds of a second bond issue, which typically
consist of U.S. Treasury securities. One such bond was a Florida Board of
Education bond originally due in 2021, pre-refunded to its first call date in
2010.</FONT></P>
<P align=right><FONT face=serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

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

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

  <TR>
    <TD width="100%"><B><FONT face=serif size=2>Delaware
      Investments<BR></FONT></B><B><FONT face=serif size=2>Arizona Municipal
      Income Fund, Inc.</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>As of March 31, 2008</FONT>
</TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund
      objective</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>The Fund seeks to provide current
      income exempt from both regular federal income tax and from Arizona
      personal income tax, consistent with preservation of capital.</FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Total Fund net
      assets</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>$41.3 million</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Number of
      holdings</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>61</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund start
      date</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>Feb. 26, 1993</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><B><FONT face=serif size=2>Delaware
      Investments<BR></FONT></B><B><FONT face=serif size=2>Colorado Municipal
      Income Fund, Inc.<BR></FONT></B><B><FONT face=serif size=2>(Formerly
      Delaware Investments Colorado Insured Municipal Income Fund,
      Inc.)</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>As of March 31, 2008</FONT>
</TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund
      objective</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>The Fund seeks to provide current
      income exempt from both regular federal income tax and Colorado state
      personal income tax, consistent with preservation of capital.</FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Total Fund net
      assets</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>$69.0 million</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Number of
      holdings</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>59</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund start
      date</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>July 29, 1993</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><B><FONT face=serif size=2>Delaware
      Investments<BR></FONT></B><B><FONT face=serif size=2>Minnesota Municipal
      Income Fund II, Inc.</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>As of March 31, 2008</FONT>
</TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund
      objective</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>The Fund seeks to provide current
      income exempt from both regular federal income tax and Minnesota state
      personal income tax, consistent with preservation of capital.</FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Total Fund net
      assets</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>$163.3 million</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Number of
      holdings</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>127</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund start
      date</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>Feb. 26, 1993</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><B><FONT face=serif size=2>Delaware
      Investments<BR></FONT></B><B><FONT face=serif size=2>National Municipal
      Income Fund <BR></FONT></B><B><FONT face=serif size=2>(Formerly Delaware
      Investments Florida Insured Municipal Income Fund)</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>As of March 31,
      2008</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund objective</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>The Fund seeks to
      provide current income exempt from regular federal income tax, consistent
      with preservation of capital.</FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Total Fund net assets</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>$32.4
      million</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Number of holdings</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>45</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fund start date</FONT></B> </TD></TR>
  <TR>
    <TD width="100%"><FONT face=serif size=2>Feb. 26,
      1993</FONT> </TD></TR></TABLE>
<P align=right><FONT face=serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Sector/State allocations and credit
quality breakdowns</FONT></P>
<P align=left><FONT face=serif size=2>As of March 31, 2008</FONT></P>
<P align=left><FONT face=serif size=2>Sector designations may be different than
the sector designations presented in other Fund materials.</FONT></P>
<P align=left><STRONG><FONT face=serif size=2>Delaware
Investments<BR></FONT><FONT face=serif size=2>Arizona Municipal Income Fund,
Inc.</FONT></STRONG></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Percentage</FONT><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><FONT face=serif size=2><FONT size=1>Sector</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=1>of Net Assets<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>157.49</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="97%"><FONT face=serif size=1>Education Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>16.52</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>8.67</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="97%"><FONT face=serif size=1>Escrowed to Maturity
      Bond</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.28</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>17.06</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="97%"><FONT face=serif size=1>Housing Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>2.14</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Lease
      Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.45</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="97%"><FONT face=serif size=1>Local General Obligation
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>21.70</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>45.86</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="97%"><FONT face=serif size=1>Special Tax Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>15.56</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>7.75</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>9.50</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>157.49</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><B><FONT face=serif size=1>Receivables and Other Assets Net of
      Liabilities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>3.05</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(60.54</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>Credit Quality Breakdown</FONT><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>57.70</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="97%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>23.28</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="97%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.72</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#ffffff><FONT face=serif size=1>BBB</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>13.30</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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><B><FONT face=serif size=1>%</FONT></B>
</TD></TR></TABLE><BR>
<P align=left><STRONG><FONT face=serif size=2>Delaware
Investments<BR></FONT></STRONG><STRONG><FONT face=serif size=2>Colorado
Municipal Income Fund, Inc.</FONT></STRONG></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Percentage</FONT><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2><FONT size=1>Sector</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>of Net Assets</FONT><FONT size=3>
      </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>155.05</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="96%"><FONT face=serif size=1>Education Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>28.66</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bond</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.40</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="96%"><FONT face=serif size=1>Health Care Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>5.36</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Lease
      Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>8.16</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="96%"><FONT face=serif size=1>Local General Obligation
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>22.77</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>60.15</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="96%"><FONT face=serif size=1>Special Tax Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>11.38</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>State
      General Obligation Bond</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.50</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="96%"><FONT face=serif size=1>Transportation Revenue
      Bond</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.43</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>12.24</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Short-Term Investment</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>1.36</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>156.41</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Receivables and Other Assets Net of
      Liabilities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>1.58</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(57.99</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>Credit Quality Breakdown</FONT><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>81.46</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="96%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>8.30</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>10.24</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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 face=serif size=2>Delaware
Investments<BR></FONT><FONT face=serif size=2>Minnesota Municipal Income Fund
II, Inc.</FONT></STRONG></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Percentage</FONT><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2><FONT size=1>Sector</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>of Net Assets</FONT><FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>160.05</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="96%"><FONT face=serif size=1>Corporate-Backed Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.36</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.67</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="96%"><FONT face=serif size=1>Electric Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>21.46</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>17.50</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="96%"><FONT face=serif size=1>Health Care Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>17.46</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>8.73</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="96%"><FONT face=serif size=1>Lease Revenue Bonds</FONT>
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>9.53</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Local
      General Obligation Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>20.05</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="96%"><FONT face=serif size=1>Pre-Refunded Bonds</FONT>
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>32.93</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.74</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="96%"><FONT face=serif size=1>State General Obligation
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>5.92</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bonds</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>7.70</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Short-Term
      Investment</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>0.29</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>160.34</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Liabilities Net of Receivables
      and Other Assets</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(2.17</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(58.17</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>Credit Quality Breakdown</FONT><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>53.94</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="96%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>14.09</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>17.94</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="96%" bgColor=#ffffff><FONT face=serif size=1>BBB</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>10.02</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>BB</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2.10</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="96%" bgColor=#ffffff><FONT face=serif size=1>B</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>0.36</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Non Rated</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.55</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B>
</TD></TR></TABLE><BR>
<P align=left><STRONG><FONT face=serif size=2>Delaware
Investments<BR></FONT><FONT face=serif size=2>National&nbsp;Municipal Income
Fund</FONT></STRONG></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Percentage</FONT><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2><FONT size=1>Sector</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>of Net Assets</FONT><FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>155.34</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="96%"><FONT face=serif size=1>Corporate-Backed Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>3.07</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bond</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.87</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="96%"><FONT face=serif size=1>Electric Revenue
      Bond</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>3.07</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>21.87</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="96%"><FONT face=serif size=1>Housing Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>16.12</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Lease
      Revenue Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>17.80</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="96%"><FONT face=serif size=1>Local General Obligation
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.65</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>11.74</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="96%"><FONT face=serif size=1>Special Tax Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>27.00</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>State
      General Obligation Bond</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.15</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="96%"><FONT face=serif size=1>Transportation Revenue
      Bonds</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>19.74</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>20.26</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Short-Term
      Investments</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>5.56</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>160.90</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Receivables and Other Assets
      Net of Liabilities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>0.89</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred
      Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(61.79</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> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><B><FONT face=serif size=1>Total Net Assets</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>100.00</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>State</FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2.01</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="96%" bgColor=#ffffff><FONT face=serif size=1>Florida</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>82.54</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>Iowa</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.96</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="96%" bgColor=#ffffff><FONT face=serif size=1>New
      York</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>4.96</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>Pennsylvania</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.77</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="96%" bgColor=#ffffff><FONT face=serif size=1>Puerto Rico</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>3.66</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>Texas</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.16</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=1>Virginia</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>0.94</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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><B><FONT face=serif size=1>%</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>Credit Quality Breakdown</FONT><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=1>(as a % of fixed income
      investments)</FONT><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>77.76</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="96%" bgColor=#ffffff><FONT face=serif size=1>AA</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>12.29</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="96%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>9.06</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=1>BBB</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>0.89</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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><B><FONT face=serif size=1>%</FONT></B>
</TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2>11</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>March 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=1>Amount</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=1>Value</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=4><B><FONT face=serif size=1>Municipal
      Bonds &#150; 157.49%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Education Revenue Bonds &#150;
      16.52%</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Arizona Board of Regents System</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Revenue (Arizona State University)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series 8-A</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      6/1/18</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;
      200,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;
      217,310</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      6/1/19</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>375,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>403,196</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona State University
      Certificates</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>of
      Participation (Research</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Infrastructure Project)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      9/1/30 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>990,640</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona Student Loan
      Acquisition</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue Refunding</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A-1 5.90% 5/1/24 (AMT)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,555,845</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Glendale Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue Refunding</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Midwestern University)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      5/15/31</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>350,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>329,413</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Northern Arizona University
      Certificates</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>of
      Participation (Northern Arizona</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>University Research Project)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      9/1/30 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>997,280</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Pima County Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue Refunding</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Tucson Country Day School Project)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      6/1/37</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>401,060</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>South Campus Group Student</FONT>
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Housing Revenue (Arizona State</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>University South Campus Project)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>5.625% 9/1/35 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,016,730</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>University of Puerto Rico
      Revenue</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series Q 5.00% 6/1/36</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>910,140</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,821,614</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Electric Revenue Bonds &#150;
      8.67%</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Salt River Project
      Agricultural</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Improvement &amp; Power District</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Electric System Revenue</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(Salt
      River Project)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.00% 1/1/16</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>550,500</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      1/1/31</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,765,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,762,476</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series B 5.00% 1/1/25</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,266,775</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>3,579,751</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bond &#150; 6.28%</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Puerto Rico Commonwealth</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Infrastructure Financing Authority</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.50% 10/1/40</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,594,675</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,594,675</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Health Care Revenue Bonds
      &#150; 17.06%</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Glendale Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Hospital Refunding</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Revenue (John C. Lincoln Health)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      12/1/42</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,280,355</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Maricopa County Industrial</FONT>
    </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Development Authority Revenue</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Catholic Healthcare West) Series A</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.25%
      7/1/32</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>400,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>386,920</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.50%
      7/1/26</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>430,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>435,513</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Show Low Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Hospital Revenue</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Navapache Regional</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Medical Center) Series A</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.50%
      12/1/17 (ACA)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,600,000</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,606,304</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>University Medical Center</FONT>
</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Hospital Revenue</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/33</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>883,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/35</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>438,710</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Yavapai County Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue (Yavapai</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Regional Medical Center)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.25% 8/1/21 (RADIAN)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,013,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>7,045,202</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 2.14%</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Phoenix Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Single Family</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Statewide Revenue</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.35% 6/1/20 (GNMA)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(FNMA) (FHLMC) (AMT)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>450,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>451,328</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series C 5.30% 4/1/20 (GNMA)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(FNMA) (FHLMC) (AMT)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>370,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>375,583</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Pima County Industrial
      Development</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Single Family Mortgage</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Revenue Series A-1</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>6.125% 11/1/33 (GNMA)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(FNMA) (FHLMC) (AMT)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>55,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>55,793</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>882,704</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Lease
      Revenue Bonds &#150; 6.45%</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona Game &amp; Fishing
      Department</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&amp;
      Commission Beneficial Interest</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Certificates (AGF Administration</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Building Project) 5.00% 7/1/26</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>640,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>618,394</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Coconino County Unified
      School</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>District #8 (Page Impact Aid</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Revenue Project of 2004)</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.00% 7/1/15 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,074,200</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Nogales Development
      Authority</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Municipal Facilities Revenue</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      6/1/30 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>473,060</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Prescott Valley Municipal
      Property</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      1/1/27 (FGIC)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>498,755</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,664,409</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Local
      General Obligation Bonds &#150; 21.70%</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Coconino &amp; Yavapai Counties
      Joint</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Unified School District #9</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Sedona Oak Creek Project 2007)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 4.25% 7/1/20 (FSA)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>900,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>905,535</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Flagstaff Aspen Place
      Sawmill</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Improvement District</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      1/1/32</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>385,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>375,564</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=Symbol>f</FONT>Gila
      County Unified School District</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>#10
      Improvement (Payson Step</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Coupon Project of 2006)</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 1.00% 7/1/27 (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>469,965</FONT>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>12<FONT size=+0></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=center width="3%"><FONT size=+0><FONT face=serif size=1>Principal</FONT> </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT size=+0><FONT face=serif size=1>Amount</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT size=+0><FONT face=serif size=1>Value</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=4><FONT size=+0><B><FONT face=serif size=1>Municipal
      Bonds </FONT></B><FONT face=serif size=1>(continued)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1><FONT size=1>Local General Obligation
      Bonds </FONT><FONT face=serif size=1>(continued)<FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Marana
      Tangerine Farm Road</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Improvement District Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>4.60%
      1/1/26</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; 893,530</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Maricopa County School
      District</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>#6
      (Washington Elementary)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Refunding Series A</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>5.375% 7/1/13 (FSA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>3,000,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>3,343,560</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(School Improvement Project of</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>2001)
      Series B 5.00% 7/1/17 (FSA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,000,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,103,050</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Maricopa
      County Unified School</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>District #41 (Gilbert School)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(School Improvement Projects</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>2005
      &amp; 2007) 4.125% 7/1/20</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>982,950</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Queen Creek Improvement District
      #1</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      1/1/32</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,000,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>888,040</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>8,962,194</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150;
      45.86%</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona
      School Facilities Board</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Certificates of Participation</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series B 5.25% 9/1/19-14 (FSA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,119,950</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona School Facilities Board
      Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(State School Improvement)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series 2001 5.00% 7/1/19-11</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>2,000,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>2,148,260</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(State School Trust) Series A</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.75%
      7/1/18-14 (AMBAC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>500,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>573,355</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona
      Transportation Board</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Highway Revenue 5.75% 7/1/18-09</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,350,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,466,700</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona Water Infrastructure
      Finance</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue (Water Quality)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.05% 10/1/20-11</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,500,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,620,885</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Oro Valley
      Municipal Property</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Excise Tax 5.00% 7/1/20-11 (FGIC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,083,320</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Phoenix Civic Improvement Excise
      Tax</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Senior Lien Municipal Courthouse</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Project) Series A 5.25% 7/1/24-09</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,000,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,053,290</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Puerto Rico
      Commonwealth</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Public Improvement Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.125% 7/1/31-11</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>250,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>269,500</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Puerto Rico Highway &amp;
      Transportation</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Transportation</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series D 5.00% 7/1/32-12 (FSA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>3,475,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>3,769,749</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series K 5.00% 7/1/40-15</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>500,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>555,235</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Scottsdale
      Industrial Development</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Hospital Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Scottsdale Healthcare)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.80%
      12/1/31-11</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,115,990</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Southern Arizona Capital
      Facilities</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Finance (University of Arizona</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Project) 5.00% 9/1/23-12 (MBIA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,150,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,251,005</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>University
      of Arizona Certificates</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>of
      Participation (University of</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Arizona Project) Series B</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>5.125% 6/1/22-12 (AMBAC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>500,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=+0></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>543,715</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Virgin Islands Public
      Finance</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Revenue (Gross</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Receipts Tax Loan Note) Series A</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>6.125% 10/1/29-10 (ACA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,250,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,366,913</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>18,937,867</FONT>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1>Special Tax
      Revenue Bonds &#150; 15.56%</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona
      Tourism &amp; Sports Authority</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(Multipurpose Stadium Facilities)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Series A 5.00% 7/1/31 (MBIA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>989,080</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona Transportation Board
      Excise</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Tax
      Revenue (Maricopa County)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/19</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>750,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>803,873</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Glendale
      Municipal Property Series A</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/33 (AMBAC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,974,259</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Peoria Municipal Development</FONT>
      </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Authority Sales Tax &amp; Excise</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Shared Revenue (Senior Lien)</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      1/1/18</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,085,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,174,556</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>San Luis
      Civic Improvement Municipal</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Facilities Excise Tax Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/38 (XLCA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>500,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>482,585</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>6,424,353</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Transportation Revenue Bonds &#150; 7.75%</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Arizona Transportation Broad
      Grant</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Anticipation Notes 5.00% 7/1/14</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>250,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>274,703</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Phoenix
      Civic Improvement Corporation</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Airport Revenue Series B</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.25%
      7/1/27 (FGIC) (AMT)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,000,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,903,299</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Puerto Rico Commonwealth
      Highway</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&amp;
      Transportation Authority</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Un-Refunded Balance Series D</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/32 (FSA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,025,000</FONT>
</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,022,069</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3,200,071</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1>Water &amp;
      Sewer Revenue Bonds &#150; 9.50%</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Phoenix
      Civic Improvement Wastewater</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Systems Revenue Junior Lien</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/19 (MBIA)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>850,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>911,056</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/24 (FGIC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,590,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,602,671</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00%
      7/1/26 (FGIC)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>750,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>755,363</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Scottsdale Water &amp; Sewer
      Revenue</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Refunding 5.00% 7/1/19</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>600,000</FONT> </FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>653,892</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3,922,982</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(cost $64,499,738)</FONT>
</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=1>65,035,822</FONT></B>
      </FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=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>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif size=1>Total Value of Securities &#150;
      157.49%</FONT></B> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1><FONT size=1>(cost $64,499,738)</FONT>
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>$&nbsp; 65,035,822</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG>Net
      of Liabilities &#150; 3.05%</STRONG></FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=1>1,258,151</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (60.54%)</FONT></B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><STRONG>(25,000,000</STRONG><FONT size=3>
      </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><STRONG><FONT size=1>)</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><B><FONT face=serif size=1>Net Assets Applicable to 2,982,200</FONT></B> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><STRONG>Shares Outstanding &#150; 100.00%</STRONG></FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=1>$&nbsp;
      41,293,973</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR>
    <TD width="97%" colSpan=2>&nbsp;</TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>($41,293,973
      / 2,982,200 Shares)</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT style="BORDER-BOTTOM: #000000 1pt solid" face=serif size=1>$13.85</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="97%" colSpan=2>&nbsp;</TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Components of Net Assets at March 31,
      2008:</FONT></B> </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1>Common
      stock, $0.01 par value, 200 million shares</FONT> </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>authorized to the Fund</FONT>
      </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>$&nbsp; 40,780,234</FONT>
      </FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Distributions in excess of net investment income</FONT>
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(15,481<FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1>Accumulated
      net realized loss on investments</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>(6,864<FONT size=3>
      </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="3%"><FONT size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net unrealized appreciation of investments</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>536,084</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face=serif size=1>Total net
      assets</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>$&nbsp; 41,293,973</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=Symbol size=1>f</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=serif size=1>Step coupon bond. Coupon increases
      periodically based on a predetermined schedule. Stated rate in effect at
      March 31, 2008.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><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></P></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>AMT &#151; Subject to Alternative Minimum Tax <BR>FGIC &#151;
Insured by the Financial Guaranty Insurance Company <BR>FHLMC &#151; Insured by the
Federal Home Loan Mortgage Corporation <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>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>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left><FONT face=serif size=2>March 31, 2008</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="4%">&nbsp;<FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="4%" ></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%">&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="4%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;<FONT face=serif size=1>Value</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds &#150;
      155.05%</FONT></B>&nbsp; </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="4%"  bgColor=#c0c0c0>&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="88%"><FONT face=serif size=1>Education Revenue Bonds &#150;
      28.66%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Boulder County Development Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Refunding (University
      Corporation</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>for Atmospheric
      Research)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 9/1/26
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$4,500,000</FONT> </TD>
    <TD noWrap align=right width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$ 4,515,210</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Colorado Educational &amp; Cultural</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Bromley Charter
      School Project)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Refunding 5.25%
      9/15/32 (XLCA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,005,490</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>3,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,925,930</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Littleton Charter
      School Project)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Refunding 4.375%
      1/15/36 (CIFG)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,200,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,049,676</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,486,200</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Colorado State Board of Governors</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Colorado
      University) Series B</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 3/1/35
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,800,000</FONT> </TD>
    <TD noWrap align=right width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,776,330</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>University of Colorado Enterprise</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,003,860</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>University of Northern Colorado</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Revenue
      Refunding</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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=right width="4%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,002,120</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>19,764,816</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bond &#150; 1.40%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Arkansas River Power Authority</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Revenue
      Improvement</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>963,970</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>963,970</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Health Care Revenue Bonds
      &#150; 5.36%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Colorado Health Facilities</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Refunding 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=right width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,121,339</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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=right width="4%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,575,385</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>3,696,724</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Lease
      Revenue Bonds &#150; 8.16%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Denver
      Convention Center Hotel</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Authority Revenue
      Refunding</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,788,260</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Glendale Certificates of Participation</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 12/1/25
      (XLCA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=right width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,945</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Puerto
      Rico Public Buildings Authority</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revenue (Guaranteed
      Government</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Facilities) Series
      M-2</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.50% 7/1/35
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>700,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>730,086</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Westminster Building Authority</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Certificates of
      Participation</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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=right width="4%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,611,462</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>5,630,753</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Local
      General Obligation Bonds &#150; 22.77%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Adams
      &amp; Arapahoe Counties Joint</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>School District #28J
      (Aurora)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%" ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&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%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,073,100</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>505,720</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Arapahoe County Water &amp;</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Wastewater Public
      Improvement</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>District Refunding Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>999,230</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Refunding 5.00% 12/1/33
      (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,982,720</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Centennial Downs Metropolitan</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,004,430</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver City &amp; County Justice
      System</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.25% 8/1/17</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="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,495,760</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Douglas County School District</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>#Re-1 (Douglas &amp;
      Elbert Counties)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,027,780</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&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=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,026,820</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Green Valley Ranch Metropolitan</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,033,190</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Sand Creek Metropolitan District</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>465,845</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Weld County School District #Re-4</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 12/1/18 (FSA)</FONT>
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,091,450</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>15,706,045</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 60.15%</FONT>
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,639,816</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Aurora Certificates of Participation</FONT>
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,155,280</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,453,712</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Educational &amp; Cultural</FONT>
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>4,000,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,335,920</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(University of Denver
      Project)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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%"><FONT face=serif size=1>3,200,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,462,624</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&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> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,684,725</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Development Authority
      Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,322,663</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver City &amp; County Excise</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tax Revenue
      (Colorado</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Convention Center
      Project)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.00% 9/1/20-11
      (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,500,000</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,738,350</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Authority Series A</FONT>
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&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="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,269,100</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>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Colorado Municipal Income Fund, Inc.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=center width="4%">&nbsp;<FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%">&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;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>Value</FONT> </TD>
    <TD noWrap align=center width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="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-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 noWrap align=left width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>&#167;Pre-Refunded Bonds </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>E-470 Public Highway Authority Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>5.75% 9/1/29-10
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$3,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;3,281,310</FONT> </TD>
    <TD noWrap align=right width="2%"  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>5.75% 9/1/35-10
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,700,000</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>1,859,409</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Eagle County Certificates of
      Participation</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>5.40% 12/1/18-09
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,064,270</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Garfield Pitkin &amp; Eagle County</FONT>
</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>School District #Re-1
      (Roaring</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>Fork County) Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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% 12/15/27-14
      (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>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,657,515</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Northwest Parkway Public</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Highway Authority Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>5.25% 6/15/41-11
      (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>4,150,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>4,505,820</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pueblo County (Library District
      Project)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>5.80% 11/1/19-09
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,395,000</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>1,477,570</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Electric Power Authority</FONT>
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Series RR 5.00% 7/1/35-15
      (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,110,470</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Highway &amp;
      Transportation</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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 Series K</FONT>
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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% 7/1/40-15</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>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>555,235</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Weld &amp; Adams Counties School
      District</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>#Re-3J 5.00% 12/15/24-14
      (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>830,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>917,158</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>41,490,947</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Special Tax Revenue Bonds
      &#150; 11.38%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Broomfield Sales &amp; Use Tax
      Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>Refunding &amp;
      Improvement Series A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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% 12/1/31
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>650,000</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>641,960</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Golden Sales &amp; Use Tax Revenue</FONT>
</TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Improvement Series
      B</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>5.10% 12/1/20 (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%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,026,130</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Gypsum Sales Tax &amp; General</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>Funding Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>5.25% 6/1/30 (Assured
      Gty)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,079,750</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Regional Transportation</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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 Sales Tax
      Revenue</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>(Fastracks Project) Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>4.375% 11/1/31
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,124,863</FONT> </TD>
    <TD noWrap align=right width="2%" ></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>4.50% 11/1/36 (FSA)</FONT>
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,739,000</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Westminster Special Purpose Sales</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>&amp; Use Tax Revenue Post
      Project</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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 D 5.00%12/1/22
      (FSA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,180,000</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 size=1>1,234,244</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>7,845,947</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>State
      General Obligation Bond &#150; 3.50%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Puerto Rico Commonwealth</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Refunding (Public
      Improvement)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Series A 5.50% 7/1/19
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,250,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,416,905</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,416,905</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Transportation Revenue
      Bond &#150; 1.43%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Denver City &amp; County Airport</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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 Series A</FONT>
</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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% 11/15/25
      (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>983,840</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>983,840</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Water
      &amp; Sewer Revenue Bonds &#150; 12.24%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Aurora Water Improvement</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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 First Lien Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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% 8/1/32
      (AMBAC)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;750,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>751,613</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" 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>&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="2%"  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 Authority
      Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>Un-Refunded Balance Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>5.80% 11/1/20
      (FGIC)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>780,000</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>813,774</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Water Resources &amp; Power</FONT>
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Development Authority
      Water</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>Resources Revenue (Parker
      Water</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>&amp; Sanitation District)
      Series D</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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>5.125% 9/1/34
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,501,155</FONT> </TD>
    <TD noWrap align=right width="2%" ></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>5.25% 9/1/43 (MBIA)</FONT>
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,008,660</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Lafayette Water Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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% 12/1/27
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,100,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,105,313</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Ute Water Conservancy District</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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 5.75% 6/15/20
      (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,155,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,263,504</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>8,444,019</FONT> </TD>
    <TD noWrap align=right width="2%"  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%">&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="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $105,000,280)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>106,943,966</FONT></B> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="98%" colSpan=5>&nbsp; </TD>
    <TD noWrap width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=Symbol size=1>&#183;</FONT><B><FONT face=serif size=1>Short-Term Investment &#150;
      1.36%</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 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Variable Rate Demand Note
      &#150; 1.36%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Colorado Health Facilities Authority</FONT>
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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 (Sisters Charity
      Health</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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>Systems) Series B 2.10%
      12/1/38</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>940,000</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 size=1>940,000</FONT> </TD>
    <TD noWrap align=right width="2%"  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%">&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="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(cost $940,000)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>940,000</FONT></B> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR>
    <TD noWrap width="98%" colSpan=5>&nbsp; </TD>
    <TD noWrap width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 156.41%</FONT></B> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%"  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 $105,940,280)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>107,883,966</FONT></B> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face=serif size=1>Receivables
      and Other Assets</FONT></B> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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;
      1.58%</FONT></B> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>1,089,134</FONT></B> </TD>
    <TD noWrap align=right width="2%" ></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; (57.99%)</FONT></B>
</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 size=1><FONT size=3>&nbsp;</FONT><STRONG>(40,000,000</STRONG></FONT></TD>
    <TD noWrap align=left width="2%" style="padding-bottom: 1pt" bgColor=#c0c0c0><STRONG><FONT size=1>)</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face=serif size=1>Net Assets
      Applicable to 4,837,100</FONT></B> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%" ></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> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"  colSpan=2><STRONG><FONT size=1>$&nbsp;
      68,973,100</FONT></STRONG> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR>
    <TD noWrap width="98%" colSpan=5>&nbsp; </TD>
    <TD noWrap width="2%" ></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>&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="2%"  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>($68,973,100 / 4,837,100 Shares)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"  bgColor=#c0c0c0><FONT size=1>$14.26</FONT>
    </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="96%"  colSpan=2>&nbsp;</TD>
    <TD align=left width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at March 31,
      2008</FONT></B>&nbsp; </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="3%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%"><FONT face=serif size=1>Common stock, $0.01 par
      value, 200 million shares</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>authorized to
      the Fund</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1>$67,238,110</FONT> </TD>
    <TD align=right width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed net investment income</FONT> </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>37,773</FONT> </TD>
    <TD align=right width="3%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%"><FONT face=serif size=1>Accumulated net realized
      loss on investments</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>(246,469</FONT></TD>
    <TD align=left width="3%" ><FONT size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1>Net
      unrealized appreciation of investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,943,686</FONT> </TD>
    <TD align=right width="3%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="92%"><FONT face=serif size=1>Total net assets</FONT>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%"><FONT face=serif size=1>$68,973,100</FONT> </TD>
    <TD align=right width="3%" ></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 4pt; TEXT-INDENT: -4pt" align=left width="100%"><FONT face=serif size=1>&#167;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 align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT>Variable rate security. The rate shown is the rate as
      of March 31, 2008.</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=1>Summary of
Abbreviations:</FONT></B><BR><FONT face=serif 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></P>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc.</FONT></B></P>
<P align=left><FONT face=serif size=2>March 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%">&nbsp; </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>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;
      160.05%</FONT></B>&nbsp; </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; 6.36%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Anoka County Solid Waste Disposal</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(National Rural Utility)
      Series A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>6.95% 12/1/08
      (AMT)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;
      &nbsp;155,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp; &nbsp;
      155,634</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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&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%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,273,785</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>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Cogeneration Revenue
      Series A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 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>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,183,422</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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Series A 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%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>903,224</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>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Revenue Refunding
      (International</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>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>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>868,760</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>10,384,825</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds &#150; 6.67%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Duluth
      Independent School District</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </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>#709 Revenue
      Certificates of</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Participation Series
      A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </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>4.25% 2/1/20
      (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%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,010,940</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minnesota State Higher Education</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Facilities Authority
      Revenue</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Augsburg College)
      Series 6-J1</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 5/1/28</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>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,398,555</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>(College of St.
      Benedict)</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Series 5-W</FONT>
</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 3/1/20</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,976,060</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>5.25% 3/1/24</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>293,499</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>(St. Catherine
      College) Series 5-N1</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.375%
      10/1/32</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>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,422,795</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>(St. Mary's
      University) Series 5-U</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>4.80% 10/1/23</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,400,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,319,290</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>(St. Thomas
      University) Series 5-Y</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 10/1/24</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>997,770</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>St.
      Cloud Housing &amp; Redevelopment</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&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%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>University
      Foundation Project)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </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;
      <FONT face=serif size=1>5.00% 5/1/23</FONT>
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,017,680</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>University of the Virgin Islands</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Series A 5.375%
      6/1/34</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>462,365</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>10,898,954</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds &#150; 21.46%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>Chaska
      Electric Revenue Refunding</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </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>(Generating Facilities)
      Series A</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </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% 10/1/25</FONT>
    </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>250,000</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>250,768</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minnesota State Municipal Power</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Agency Electric
      Revenue Series A</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 10/1/34</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,500,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,250,920</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>5.25% 10/1/19</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,610,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,672,806</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Southern
      Minnesota Municipal Power</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Agency Supply</FONT>
    </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>System
      Revenue</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>&amp;</FONT><SUP><FONT face=serif size=1>1</FONT></SUP><FONT face=serif size=1>5.25% 1/1/14 (AMBAC)</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1>14,000,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>15,227,310</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>&amp;</FONT><SUP><FONT face=serif size=1>2</FONT></SUP><FONT face=serif size=1>5.25% 1/1/15 (AMBAC)</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1>3,000,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>3,279,075</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&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 align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,641,570</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Western Minnesota Municipal Power</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Agency Supply
      Revenue Series A</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 1/1/30
      (MBIA)</FONT> </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,790,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,727,260</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=right width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%"><FONT face=serif size=1>35,049,709</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds &#150; 17.50%</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Dakota
      Washington Counties Housing</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>&amp; Redevelopment
      Authority</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Revenue (Bloomington
      Single</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Family Residential
      Mortgage)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>8.375% 9/1/21 (GNMA)
      (FHA)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(VA) (AMT)</FONT>
</TD>
    <TD align=right width="4%"><FONT face=serif size=1>8,055,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>11,307,448</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Southern Minnesota Municipal Power</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD 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 align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Series B</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.75% 1/1/11
      (FGIC)</FONT> </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>770,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>802,694</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Refunding 5.50%
      1/1/15 (AMBAC)</FONT> </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>390,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>414,917</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>St. Paul
      Housing &amp; Redevelopment</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Authority Sales Tax
      (Civic</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Center
      Project)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.55% 11/1/23</FONT>
    </TD>
    <TD align=right width="4%"><FONT face=serif size=1>2,300,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>2,421,831</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.55% 11/1/23
      (MBIA)</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1>4,200,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>4,422,474</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>University of Minnesota Hospital &amp;</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Clinics 6.75%
      12/1/16</FONT> </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,580,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,049,302</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>University of
      Minnesota Series A</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.50% 7/1/21</FONT>
    </TD>
    <TD align=right width="4%"><FONT face=serif size=1>4,000,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>4,391,480</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Western Minnesota Municipal Power</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Agency Supply
      Revenue Series A</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>6.625% 1/1/16</FONT>
    </TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,535,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,761,766</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=right width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="4%"><FONT face=serif size=1>28,571,912</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds &#150; 17.46%</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Bemidji Health
      Care Facilities First</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Mortgage
      Revenue</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(North Country
      Health Services)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 9/1/24
      (RADIAN)</FONT> </TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,485,030</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Glencoe Health Care Facilities</FONT> </TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD 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 align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD 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 align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,844,760</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Maple Grove
      Health Care</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Facilities
      Revenue</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(Maple Grove
      Hospital)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.25% 5/1/37</FONT>
    </TD>
    <TD align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,878,180</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>(North Memorial
      Health Care)</FONT> </TD>
    <TD align=left width="4%">&nbsp; </TD>
    <TD align=left width="1%" ></TD>
    <TD align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>5.00% 9/1/29</FONT>
    </TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,515,000</FONT> </TD>
    <TD align=right width="1%" ></TD>
    <TD align=right width="4%"><FONT face=serif size=1>1,439,477</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>


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

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT 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="91%" 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;&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;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>Health Care Revenue Bonds </FONT><FONT size=1>(continued)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      Minneapolis Health Care System</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (Fairview Health Services)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series D</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 11/15/30 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>$1,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>$&nbsp; 1,481,895</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 11/15/34 (AMBAC)<FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>3,250,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>3,188,835</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Minnesota Agricultural &amp; Economic</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Development Board Revenue Un-</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Refunded Balance (Fairview Health</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Care System) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.75% 11/15/26 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>100,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>102,121</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>6.375% 11/15/29</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>195,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>202,069</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>North Oaks Senior Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (Presbyterian Homes)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>6.25% 10/1/47</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,471,140</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Northfield Hospital Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.375% 11/1/31</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>750,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>687,675</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Rochester Health Care Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (Mayo Foundation)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series B 5.50% 11/15/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,365,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>4,416,770</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Shakopee Health Care Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (St. Francis Regional</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Medical Center) 5.25% 9/1/34</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,560,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,442,672</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>St. Paul Housing &amp; Redevelopment</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Authority Health Care</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Facilities Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(Allina Health System) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 11/15/18 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,380,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,511,566</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(HealthPartners Obligation Group</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Project) 5.25% 5/15/36</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,770,160</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(Regions Hospital Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.30% 5/15/28</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>932,470</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>St.
      Paul Housing &amp; Redevelopment</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Authority Revenue (Franciscan</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Health Project-Elderly)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.40% 11/20/42 (GNMA) (FHA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,700,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,695,599</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Winona Health Care Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue Refunding (Winona</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Health Obligation Group)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 7/1/23</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,010,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>969,307</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT size=1>28,519,726</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>Housing Revenue Bonds &#150;
      8.73%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Chanhassen Multifamily Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue Refunding (Heritage Park</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Apartments Project) 6.20% 7/1/30</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (FHA) (AMT)
      (HUD Section 8)</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,105,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,109,685</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Dakota County Housing &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Redevelopment Authority Single</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Family Mortgage Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.85% 10/1/30 (GNMA)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(FNMA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>11,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>11,006</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Harmony Multifamily Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (Zedakah Foundation</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Project) Series A 5.95% 9/1/20</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(HUD Section 8)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT size=1>921,160</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Minneapolis Multifamily</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Housing Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=4><FONT face=serif size=1><FONT face=Symbol><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#183;</FONT>(Gaar
      Scott Loft Project)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.95% 5/1/30 (AMT) (LOC &#150;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>U.S Bank N.A)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>940,000</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>961,526</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Olson Townhomes Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>6.00% 12/1/19 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>845,000</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>845,507</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Seward Towers Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 5/20/36 (GNMA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,898,640</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Sumner Housing Project) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.15% 2/20/45</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(GNMA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,575,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,205,381</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Minnesota State Housing Finance</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Agency Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Rental Housing)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series A 5.00% 2/1/35 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>910,680</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series D 5.95% 2/1/18 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>130,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>130,355</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Residential Housing)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series B-1 5.35% 1/1/33 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,770,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,690,456</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series I 5.15% 7/1/38 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>921,040</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Single Family Mortgage) Series J</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.90% 7/1/28 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>965,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>967,567</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Washington County Housing &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Redevelopment Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Refunding (Woodland</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Park Apartments Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>4.70% 10/1/32</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>686,168</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>14,259,171</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue
      Bonds &#150; 9.53%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Puerto Rico Public Buildings Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Revenue Un-Refunded Balance</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Guaranteed Government Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Bonds) Series D 5.25% 7/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>530,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>513,729</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>St. Paul Port Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lease Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Cedar Street Office</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Building Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.00% 12/1/22</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,385,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,470,788</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,800,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,868,976</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 3-12 5.125% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,010,950</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>(Robert Street Office</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Building Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 3-11 5.00% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,045,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,076,211</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Series 9 5.25% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,035,420</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Virginia Housing &amp; Redevelopment</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Authority Health Care Facility</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Lease Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.25% 10/1/25</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>680,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>663,286</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>5.375% 10/1/30</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>965,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>923,158</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>15,562,518</FONT> </TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Value</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><B><FONT face=serif 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;&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;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>Local General
      Obligation Bonds &#150; 20.05%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Dakota County Community</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Agency</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Governmental Housing Refunding</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Senior Housing Facilities) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 1/1/23</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,100,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$ &nbsp;1,128,413</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Farmington Independent School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #192</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 2/1/23 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,280,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,337,593</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B 5.00% 2/1/27 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,523,310</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Hennepin County Regional
      Railroad</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority 5.00% 12/1/26</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,516,239</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Hennepin County Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/18</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,300,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,378,407</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Lakeville Independent
      School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #194 Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.75% 2/1/22 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,032,680</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Metropolitan Council Minneapolis/</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>St. Paul Metropolitan Area Waste</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Water Treatment Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.375% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,408,440</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/21</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,102,640</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Minneapolis Refunding
      (Sports Arena</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Project) 5.125% 10/1/20</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>750,983</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis Special School District</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>#001 5.00% 2/1/19 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,175,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,229,003</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Moorhead Economic
      Development</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Tax Increment Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 2/1/25 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,030,110</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Moorhead Improvement Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/33 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,250,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,253,022</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Mounds View
      Independent</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>School District #621 Series A</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/23 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,020,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,071,510</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Princeton Independent School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District Refunding #477 Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/24 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,026,110</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Robbinsdale Independent
      School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #281 5.00% 2/1/21 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>516,215</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Washington County Housing &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Redevelopment Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 2/1/22 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,705,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,754,019</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 2/1/32 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,140,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,166,322</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Willmar (Rice Memorial
      Hospital</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Project) 5.00% 2/1/32 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,512,600</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>32,737,616</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 32.93%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Andover Economic Development</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Public Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Lease Revenue (Andover</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Community Center)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 2/1/24-14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>537,405</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.20% 2/1/29-14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,078,710</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Centennial Independent
      School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #012 Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/20-12 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;800,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;854,504</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Chaska Electric Revenue Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.00% 10/1/25-10</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,082,920</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Duluth Economic
      Development</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Health Care Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Benedictine Health</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>System-St. Mary's Hospital)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 2/15/33-14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,553,050</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Elk River Independent School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #728 Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/16-14 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,625,415</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Metropolitan Council
      Minneapolis/</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>St. Paul Metropolitan Area</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Waste Water Treatment Series C</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/22-11</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,059,660</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis Community</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Agency (Limited Tax</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Common Bond Fund)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series G-1 5.70% 12/1/19-11</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,100,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,195,700</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series G-3 5.45% 12/1/31-11</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,090,420</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Minneapolis Health
      Care</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>System Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Allina Health Systems) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 11/15/32-12</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,200,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,573,824</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Fairview Health Services) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.625% 5/15/32-12</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,750,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,051,043</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis/St. Paul Metropolitan</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Airports Commission Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.125% 1/1/25-09 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>900,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>930,528</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series C 5.25% 1/1/32-11 (FGIC)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6,433,140</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Minnesota Agricultural
      &amp; Economic</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Board Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Fairview Health Care System)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 6.375% 11/15/29-10</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,105,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>6,765,378</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Morris Independent School District</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>#769 5.00% 2/1/28-13 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,750,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>4,026,075</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Puerto Rico
      Commonwealth</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Highway &amp; Transportation</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue Series D</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 7/1/38-12</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,083,080</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Puerto Rico Commonwealth Public</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Revenue Series A</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/27-12</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,250,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,356,025</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Puerto Rico Public
      Buildings</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue (Guaranteed</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Government Facilities) Series D</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 7/1/27-12</FONT></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></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,577,001</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Rochester Electric Utility Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 12/1/30-10 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>600,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>643,218</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Southern Minnesota
      Municipal Power</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Agency Supply Revenue Refunding</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.75% 1/1/18-13</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,715,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,029,883</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
    <TD noWrap align=center width="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>&nbsp;<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;&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; &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 face=serif size=1>&#167;Pre-Refunded Bonds </FONT><FONT face=serif size=1>(continued)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; St. Louis Park Health Care
      Facilities</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Park Nicollet Health</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Services) Series B 5.25% 7/1/30-14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$1,250,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>$
      1,395,175</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>St. Michael Independent School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #885</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/22-12 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,136,260</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/24-12 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,125,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,201,646</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Waconia Health Care Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Ridgeview Medical</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Center Project) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.10% 1/1/19-10 (RADIAN)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,405,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,496,128</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%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>53,776,188</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; 5.74%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Hennepin County Sales Tax</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/15/24</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,315,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2,401,373</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis Art Center Facilities</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Walker Art Center</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Project) 5.125% 7/1/21</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,250,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>4,355,654</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Minneapolis Community</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Agency Supported</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Common Bond Fund Series 5</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.70% 12/1/27</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>375,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>375,668</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis Development Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Limited Tax Supported</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Common Bond Fund) Series1</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 12/1/24 (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,010,470</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Puerto Rico Commonwealth</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Infrastructure Financing Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Special Tax Revenue Series B</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/46</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>800,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>725,512</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Virgin Islands Public Finance Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Senior Lien Matching</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Fund Loan Notes) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/23</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>497,380</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%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>9,366,057</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>State General
      Obligation Bonds &#150; 5.92%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Minnesota State 5.00% 8/1/21</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>5,025,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>5,210,674</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Puerto Rico Commonwealth Public</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 7/1/15</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,100,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,164,075</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 7/1/17</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,100,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,171,258</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 5.50% 7/1/19 (MBIA)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,074,180</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Puerto Rico Government</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Bank Senior Notes</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B 5.00% 12/1/14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,048,170</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>9,668,357</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>Transportation Revenue Bonds &#150;
      7.70%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Minneapolis/St. Paul Metropolitan</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Airports Commission Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 1/1/22 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>3,044,070</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 1/1/28 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,120,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>2,119,830</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 1/1/16 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,058,850</FONT>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 1/1/35 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;1,970,820</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 1/1/24 (FGIC) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>975,850</FONT>
</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>St. Paul Housing &amp; Redevelopment</FONT></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>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Parking Revenue</FONT></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>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Block 19 Ramp Project) Series A</FONT></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>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.35% 8/1/29 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face=serif size=1>3,350,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>3,404,572</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>12,573,992</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT face=serif size=1>Total
      Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>(cost $256,826,772)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>261,369,025</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD 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><FONT face=Symbol size=1>&#183;</FONT><FONT face=serif size=1><STRONG>Short-Term Investment &#150; 0.29%</STRONG></FONT>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;&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;&nbsp; </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>Variable Rate Demand Note &#150;
      0.29%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>University of Minnesota Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>2.08% 1/1/34</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(SPA &#150; Landesbank Hessen)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>480,000</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>480,000</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Total Short-Term
      Investment</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(cost $480,000)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>480,000</FONT></B> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of
      Securities &#150; 160.34%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>(cost $257,306,772)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>261,849,025</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Liabilities Net of Receivables
      and</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif>Other Assets &#150; (2.17%)*</FONT></B></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>(3,544,171</FONT></B> </TD>
    <TD noWrap align=left width="3%"><FONT size=1><STRONG>)</STRONG></FONT><FONT size=3>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Liquidation
      Value of Preferred Stock &#150; (58.17%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>(95,000,000</FONT></B> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1><STRONG>)</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><B><FONT face=serif size=1>Net Assets Applicable to
      11,504,975 Shares</FONT></B>&nbsp; </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%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif>Outstanding &#150; 100.00%</FONT></B></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>$163,304,854</FONT></B> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD width="3%"></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>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>($163,304,854 / 11,504,975 Shares)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>$14.19</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Components of
      Net Assets at March 31, 2008:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Common stock, $0.01 par value,
      200 million shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      authorized to the Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>$158,750,422</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Distributions in
      excess of net investment income</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>(58,932</FONT>
</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Accumulated net realized gain on
      investments</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>71,111</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>Net unrealized
      appreciation of investments</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>4,542,253</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>Total net assets</FONT> </TD>
    <TD noWrap align=right 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 size=1>$163,304,854</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD align=left></TD>
    <TD align=left width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right><FONT size=1>&amp;<FONT face=serif><SUP>1</SUP></FONT></FONT></TD>
    <TD vAlign=bottom align=left width="99%" colSpan=5><FONT face=serif size=1>Security held in a trust in connection with the Inverse Floater
      security $7,000,000, 5.52%, 1/1/14.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="99%" colSpan=5><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right><FONT size=1>&amp;<FONT face=serif><SUP>2</SUP></FONT></FONT></TD>
    <TD vAlign=bottom align=left width="99%" colSpan=5><FONT face=serif size=1>Security held in a trust in connection with the Inverse Floater
      security $1,500,000, 5.52%, 1/1/15.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><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><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><FONT face=serif size=1>Variable rate security. The rate shown is the rate as of March 31,
      2008.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right><FONT size=1>*</FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=5><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=right><I><FONT face=serif color=#808080 size=2>(continues)&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>Statements of net
assets</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>For additional
      information on the Inverse Floater programs, see Note 7 in &#147;Notes to
      financial statements.&#148;<FONT size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1><STRONG>Summary
      of Abbreviations:<BR></STRONG>AMBAC &#151; Insured by the AMBAC Assurance
      Corporation<BR>AMT &#151; Subject to Alternative Minimum Tax<BR>FGIC &#151; Insured
      by the Financial Guaranty Insurance Company<BR>FHA &#151; Insured by the
      Federal Housing Administration<BR>FNMA &#151; Insured by Federal National
      Mortgage Association<BR>FSA &#151; Insured by Financial Security
      Assurance<BR>GNMA &#151; Insured by Government National Mortgage
      Association<BR>HUD &#151; Housing and Urban Development<BR>LOC &#151; Letter of
      Credit<BR>MBIA &#151; Insured by the Municipal Bond Insurance
      Association<BR>RADIAN &#151; Insured by Radian Asset Assurance<BR>SPA &#151;
      Stand-by Purchase Agreement<BR>VA &#151; Insured by the Veterans
      Administration</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%">
      <P><BR>&nbsp;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>See
      accompanying notes</FONT>&nbsp; </TD></TR></TABLE><BR>
<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>Delaware Investments National Municipal
Income Fund</FONT></B></P>
<P align=left><FONT face=serif size=2>March 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>Amount</FONT>
    </TD>
    <TD noWrap align=center width="1%"></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; 155.34%</FONT></B>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;&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;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Corporate-Backed
      Revenue Bonds &#150; 3.07%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake, Virginia Economic</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Authority Pollution</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Control (Virginia Electric &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Power Company Project) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>3.60% 2/1/32</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp; 500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp; 488,560</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Iowa Finance Authority Pollution</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Control Facilities Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding (Interstate Power)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/14 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>503,695</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>992,255</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Education
      Revenue Bond &#150; 3.87%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Florida Agriculture &amp;
      Mechanical</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>University Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Student Apartment Facility)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.625% 7/1/21 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,252,025</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,252,025</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bond &#150; 3.07%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>JEA Florida Electric Systems Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series 3-A 5.00% 10/1/34 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>992,740</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>992,740</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Health Care
      Revenue Bonds &#150; 21.87%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Albany, New York
      Industrial</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Agency Civic Facility</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (St. Peter's Hospital</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Project) Series A 5.25% 11/15/32</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>463,535</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Allegheny County, Pennsylvania</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Hospital Development Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (University of Pittsburgh</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Medical Center) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 9/1/14</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>528,905</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Escambia County, Florida
      Health</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Authority (VHA Program)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.95% 7/1/20 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>355,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>374,582</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Lee Memorial Health System Board</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>of Directors Refunding Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 4/1/20 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,019,880</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Miami-Dade County,
      Florida Public</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Revenue (Jackson</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Systems) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 6/1/35 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,467,180</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Orange County, Florida Health</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Authority Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Orlando Regional Healthcare)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 6.25% 10/1/18 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,252,300</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>South Broward Hospital
      District,</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Florida Revenue Refunding</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 5/1/35 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>972,060</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>7,078,442</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 16.12%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Broward County, Florida Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Finance Authority (St. Croix</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Apartments Project) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.45% 11/1/36 (FSA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>925,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>889,998</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Florida Housing Finance
      Agency</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Homeowner Mortgage) Series 2</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.90% 7/1/29 (MBIA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>355,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>363,871</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Leigh Meadows Apartments)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series N 6.30% 9/1/36 (AMBAC)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(AMT) (HUD Section 8)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,510,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,513,891</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Volusia County, Florida Multifamily</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Housing Finance Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(San Marco Apartments) Series A</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.60% 1/1/44 (FSA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,448,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,216,460</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Lease Revenue
      Bonds &#150; 17.80%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Broward County, Florida
      School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Board Certificates of Participation</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.25% 7/1/24 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,027,560</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Florida State Municipal Loan</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Council Revenue Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/35 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,979,460</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Orange County, Florida
      School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Board Certificates of Participation</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 8/1/27 (MBIA)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,252,813</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Palm Beach County, Florida School</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Board Certificates of Participation</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D 5.00% 8/1/28 (FSA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,501,050</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,760,883</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Local General
      Obligation Bonds &#150; 6.65%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Denver, Colorado City
      &amp; County</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Justice System 5.00% 8/1/23</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,045,950</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Harris County, Texas Flood Control</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District Refunding Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/18</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,107,220</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,153,170</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&#167;Pre-Refunded
      Bonds &#150; 11.74%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Florida State Board of
      Education</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Capital Outlay Public Education)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series C 6.00% 6/1/21-10 (FGIC)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,173,820</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Puerto Rico Commonwealth</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Highway &amp; Transportation</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue Series K</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/40-15</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>555,235</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Tampa, Florida Utility
      Tax</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.125% 10/1/19-09 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,071,680</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>3,800,735</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 27.00%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Flagler County, Florida Capital</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 10/1/35 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>986,760</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Florida State Department
      of</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Transportation (Right of Way)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/31 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,525,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,514,523</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Jacksonville, Florida Sales Tax</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Better Jacksonville)</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 10/1/30 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,500,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,489,980</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>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT color=#b2b2b2 size=6>Statements of net assets</FONT></P>
<P align=left><B><FONT color=#b2b2b2 size=2>Delaware Investments National
Municipal Income Fund</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </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=center 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;&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;&nbsp; </TD>
    <TD style="BORDER-TOP: #ffffff 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>Special Tax Revenue Bonds
      </FONT><FONT size=1>(continued)</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; Jacksonville, Florida
      Transportation</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      5.25% 10/1/29 (MBIA)</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>$2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>$
      2,015,880</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=Symbol size=1><FONT face="Times New Roman">&nbsp;&nbsp;</FONT>W</FONT><FONT size=1>Miami-Dade
      County, Florida Special</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Obligation (Capital Appreciation &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Income) Series B 5.00% 10/1/35</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,000,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>1,743,920</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Seminole County, Florida
      Sales</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Tax Revenue Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 10/1/31 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>987,750</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%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT size=1>8,738,813</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>State
      General Obligation Bond &#150; 4.15%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Puerto Rico Commonwealth</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Refunding (Public Improvement)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series A 5.50% 7/1/19 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>1,250,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT size=1>1,342,725</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>1,342,725</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>Transportation Revenue
      Bonds &#150; 19.74%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Florida Ports Financing
      Commission</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (State Transportation</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Trust Fund) 5.375% 6/1/27 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>(AMT)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>982,900</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>Miami-Dade County, Florida</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Aviation Revenue (Miami</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>International Airport) Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 10/1/37 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>2,250,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>2,162,834</FONT>
    </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Miami-Dade County,
      Florida</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Expressway Authority Toll Systems</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>5.00% 7/1/37 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>990,810</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series B 5.00% 7/1/33 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>977,480</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT size=1>North Texas Tollway Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Revenue (First Tier) Refunding</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series A 6.00% 1/1/19</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=1>500,000</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT size=1>545,835</FONT>
</TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Triborough, New York Bridge
      &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Tunnel Authority</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>Series A 5.00% 11/15/17</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1>325,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT size=1>357,991</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=Symbol><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#183;</FONT>Series
      B-3 5.00% 11/15/38</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>350,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>371,956</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%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>6,389,806</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>Water &amp; Sewer Revenue Bonds &#150; 20.26%</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Cape Coral, Florida Water &amp; Sewer</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 4.75% 10/1/31 (AMBAC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,000,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>960,320</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>JEA Florida Water &amp;
      Sewer Systems</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Sub-Second Crossover</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B 5.00% 10/1/25 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,014,400</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Riviera Beach, Florida Utility Special</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District Water &amp; Sewer Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 10/1/34 (FGIC)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,200,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,188,168</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Village Center
      Community</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development District, Florida Utility</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 5.00% 10/1/36 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>1,477,590</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Winter Haven, Florida Utility System</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 5.00% 10/1/30 (MBIA)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>1,915,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>1,918,562</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>6,559,040</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Total
      Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>(cost $50,999,148)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>50,277,094</FONT></B> </TD>
    <TD style="BORDER-TOP: #ffffff 1pt solid" 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><FONT face=Symbol size=1>&#183;</FONT><FONT face=serif size=1><STRONG>Short-Term Investments &#150;
      5.56%</STRONG></FONT>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;&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;&nbsp; </TD>
    <TD style="BORDER-TOP: #ffffff 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Variable Rate
      Demand Notes &#150; 5.56%</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>New York, New York Series
      H-1</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>1.00% 1/1/36</FONT></FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,400,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;1,400,000</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Philadelphia Authority for Industrial</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Newcourtland Elder Services</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Project) 1.70% 3/1/27</FONT></FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(LOC &#150; PNC Bank N.A)</FONT></FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>400,000</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>400,000</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(cost
      $1,800,000)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>1,800,000</FONT></B>
    </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 160.90%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(cost
      $52,799,148)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>52,077,094</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></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="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif>Net of Liabilities &#150; 0.89%</FONT></B></FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>288,399</FONT></B> </TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (61.79%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>(20,000,000</FONT></B> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="3%" bgColor=#c0c0c0><STRONG><FONT size=1>)</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=serif size=1>Net Assets
      Applicable to 2,422,200</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif>Shares Outstanding &#150; 100.00%</FONT></B></FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>$ 32,365,493</FONT></B> </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD align=left width="3%"></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>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>($32,365,493 / 2,422,200
      Shares)</FONT></FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>$13.36</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="96%" colSpan=5>&nbsp; </TD>
    <TD align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Components of Net Assets at March 31,
      2008:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Common
      stock, $0.01 par value, unlimited shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; authorized to the Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>$
      33,300,621</FONT> </TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Distributions in excess of net investment income</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>(12,384</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=1>Accumulated net
      realized loss on investments</FONT> </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>(200,690</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT size=1>)</FONT><FONT size=3>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized depreciation of investments</FONT> </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>(722,054</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>)</FONT><FONT size=3> </FONT></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%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>$ 32,365,493</FONT> </TD>
    <TD noWrap align=right width="3%"></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=Symbol size=1>W</FONT></TD>
    <TD vAlign=top align=left width="98%"><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 vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="98%"><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=left width="98%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face=serif size=1>Variable
      rate security. The rate shown is the rate as of March 31, 2008.</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD align=left width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%"><FONT face=serif size=1><STRONG>Summary of
      Abbreviations:<BR></STRONG>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>LOC &#151; Letter
      of Credit<BR>MBIA &#151; Insured by the Municipal Bond Insurance
      Association<BR>VHA &#151; Veterans Health
Administration</FONT></TD></TR></TABLE>&nbsp;<BR><FONT face=serif size=1><FONT size=3>&nbsp;<BR></FONT>See accompanying notes</FONT>
<P align=left><FONT face=serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>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>Year Ended March 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Income<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund
      II, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face=serif size=1>Investment Income:</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="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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Interest</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>3,156,753</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>5,262,819</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>13,045,737</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>2,619,389</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face=serif size=1>Expenses:</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="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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Management fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>270,581</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="1%"><FONT face=serif size=1>444,767</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="1%"><FONT face=serif size=1>1,049,245</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="1%"><FONT face=serif size=1>216,130</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Interest and related
      expenses</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>332,903</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="1%" 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="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Remarketing agent fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>63,542</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="1%"><FONT face=serif size=1>102,535</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="1%"><FONT face=serif size=1>241,458</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="1%"><FONT face=serif size=1>50,417</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Accounting and
      administration expenses</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>27,111</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>44,564</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>105,128</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>21,656</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Dividend disbursing and transfer agent fees and
      expenses</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>22,322</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="1%"><FONT face=serif size=1>30,056</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="1%"><FONT face=serif size=1>74,012</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="1%"><FONT face=serif size=1>31,962</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Audit and
      tax</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>19,825</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>21,230</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>25,644</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>19,423</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Reports and statements to shareholders</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>13,497</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="1%"><FONT face=serif size=1>35,240</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="1%"><FONT face=serif size=1>42,071</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="1%"><FONT face=serif size=1>20,000</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Rating agency
      fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>13,425</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>13,729</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>33,025</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>13,428</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Legal fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6,991</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="1%"><FONT face=serif size=1>11,770</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="1%"><FONT face=serif size=1>24,267</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="1%"><FONT face=serif size=1>8,448</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Taxes (other than taxes
      on income)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>6,000</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>9,218</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>13,499</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="1%" 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="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Pricing fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,926</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="1%"><FONT face=serif size=1>4,637</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="1%"><FONT face=serif size=1>6,737</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="1%"><FONT face=serif size=1>4,400</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Stock exchange
      fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>2,738</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4,396</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>10,661</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>2,206</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Directors&#146;/Trustees&#146; fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,126</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="1%"><FONT face=serif size=1>3,243</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="1%"><FONT face=serif size=1>7,935</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="1%"><FONT face=serif size=1>2,339</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Insurance
      fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,129</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,954</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4,635</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>886</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Consulting fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,102</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="1%"><FONT face=serif size=1>1,460</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="1%"><FONT face=serif size=1>3,014</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="1%"><FONT face=serif size=1>618</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Custodian
      fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,091</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,589</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>3,914</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,091</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Dues and services</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>597</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="1%"><FONT face=serif size=1>1,879</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="1%"><FONT face=serif size=1>1,868</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="1%"><FONT face=serif size=1>841</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Registration
      fees</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>360</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>360</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>360</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>360</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Directors&#146;/Trustees&#146; expenses</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>261</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>147</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>943</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>192</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>455,624</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>732,774</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,981,319</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>394,397</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Less expense paid indirectly</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(1,064</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(1,545</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(3,198</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(937</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Total operating
      expenses</FONT></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=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>454,560</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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>731,229</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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,978,121</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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>393,460</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><B><FONT face=serif size=1>Net
      Investment Income</FONT></B>&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="1%"><FONT face=serif size=1>2,702,193</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>4,531,590</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>11,067,616</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>2,225,929</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" 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="1%" 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="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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net realized gain (loss) on investments</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(28,897</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>258,749</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="1%"><FONT face=serif size=1>95,113</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="1%"><FONT face=serif size=1>(200,690</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net change in unrealized
      appreciation/depreciation of investments</FONT></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=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2,303,717</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3,201,151</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(7,753,436</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2,402,718</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(2,332,614</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(2,942,402</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(7,658,323</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(2,603,408</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" 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=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(999,630</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(1,516,756</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3,654,473</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(789,957</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><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="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(630,051</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>72,432</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(245,180</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(1,167,436</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp; </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>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Statements of changes in net
assets</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Arizona Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Colorado Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Income Fund, Inc.</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Year
      Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Year
      Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/07</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/07</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Net investment income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,702,193</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,779,422</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>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>4,531,590</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><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="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net realized gain (loss)
      on investments</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(28,897</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>258,749</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="1%" 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="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net change in unrealized appreciation/depreciation of
      investments</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(2,303,717</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>82,776</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="1%"><FONT face=serif size=1>(3,201,151</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><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="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Dividends on preferred
      stock</FONT></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=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(999,630</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> <FONT size=1></FONT></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="1%" bgColor=#c0c0c0><FONT face=serif size=1>(925,058</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(1,516,756</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(1,417,500</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net increase (decrease) in net assets resulting from
      operations</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(630,051</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>2,324,864</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>72,432</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>3,677,844</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net investment income</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(1,819,142</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(2,236,650</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(3,482,712</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><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="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net realized gain on
      investments</FONT></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=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(172,967</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(95,430</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(672,357</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(343,434</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&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="1%"><FONT face=serif size=1>(1,992,109</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(2,332,080</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(4,155,069</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(4,454,969</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2,622,160</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" 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> </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><FONT face=serif size=1>(4,082,637</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" 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=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Beginning of year</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>43,916,133</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>43,923,349</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>73,055,737</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>73,832,862</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>End of year</FONT></FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>41,293,973</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>43,916,133</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>68,973,100</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>73,055,737</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Undistributed
      (distributions in excess of) net investment income</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(15,481</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>37,773</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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=16>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Minnesota Municipal Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>National Municipal Income</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Fund
      II, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Year
      Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=7><FONT face=serif size=1>Year
      Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/07</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><FONT face=serif size=1>3/31/07</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net investment income</FONT></FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>11,067,616</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>11,084,468</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>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,225,929</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,325,692</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net realized gain (loss)
      on investments</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>95,113</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>159,043</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>(200,690</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>243,904</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net change in unrealized appreciation/depreciation of
      investments</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(7,753,436</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,367,602</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="1%"><FONT face=serif size=1>(2,402,718</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>79,273</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Dividends on preferred
      stock</FONT></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=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3,654,473</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3,434,732</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(789,957</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" 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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(733,838</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net increase (decrease) in net assets resulting from
      operations</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(245,180</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>10,176,381</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>(1,167,436</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>1,915,031</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net investment income</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(7,593,284</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(8,513,682</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(1,616,819</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(1,986,204</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net realized gain on
      investments</FONT></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=right width="1%" 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 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="1%" 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 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>106,577</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(164,710</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="85%">&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="1%"><FONT face=serif size=1>(7,593,284</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(8,513,682</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(1,723,396</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </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="1%"><FONT face=serif size=1>(2,150,914</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>(7,838,464</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1,662,699</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2,890,832</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" 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> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="1%" 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="1%" 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="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="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="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Beginning of year</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>171,143,318</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>169,480,619</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>35,256,325</FONT> </TD>
    <TD noWrap align=left width="1%">&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="1%"><FONT face=serif size=1>35,492,208</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>End of year</FONT></FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>163,304,854</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>171,143,318</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>32,365,493</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>35,256,325</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Undistributed
      (distributions in excess of) net investment income</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(58,932</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>93,893</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(12,384</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>71,820</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Financial highlights</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Arizona Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%" colSpan=14><FONT face=serif size=2>Year Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;3/31/08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/06</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/05</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/04</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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><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></TD>
    <TD noWrap align=right width="1%" 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></TD>
    <TD noWrap align=right width="1%" 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></TD>
    <TD noWrap align=right width="1%" 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></TD>
    <TD noWrap align=right width="1%" 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 width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>0.906</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>0.932</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>0.951</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>0.956</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>1.020</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.783</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="1%" 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="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>0.276</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Dividends on
      preferred stock from:</FONT> </TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Net investment income</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.312</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="1%" 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="1%" 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="1%" 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="1%" 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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net realized gain on investments</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.023</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.013</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.002</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.003</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.016</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.335</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.310</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> <FONT size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.234</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> <FONT size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.121</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.091</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Total from
      investment operations</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.212</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.782</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.540</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.503</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>1.205</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.610</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.750</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.860</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.960</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.960</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.058</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.032</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.020</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.043</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.155</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Total dividends
      and distributions</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.668</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.782</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.880</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(1.003</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(1.115</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$13.850</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="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$15.570</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$12.390</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="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$16.560</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><FONT face=serif size=1><SUP>1</SUP></FONT></B>&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="1%" 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="1%" 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="1%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Market
      value</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(11.86</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(2.58</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>9.74</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.78</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>14.64</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(1.08</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>5.26</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>3.31</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>3.34</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>7.86</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net assets
      applicable to common shares, end of period (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$41,294</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>$43,916</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>$43,923</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>$44,936</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>$46,429</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common
      shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.07</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.05</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.03</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.18</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.05</FONT><FONT size=1>%</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="85%"><FONT face=serif size=1>Ratio of net
      investment income to average net assets</FONT> </TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>applicable to common shares</FONT><FONT face=serif><SUP>2</SUP></FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.34</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.34</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.28</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.34</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.63</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>applicable to common
      shares net of dividends to preferred shares</FONT><FONT face=serif><SUP>3</SUP></FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>3.99</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.23</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.72</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>5.54</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>6.04</FONT><FONT size=1>%</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="85%"><FONT face=serif size=1>Portfolio
      turnover</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>18</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>17</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>8</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>30</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$25,000</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>$25,000</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>$25,000</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>$25,000</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>$25,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$132,588</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>$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="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$142,858</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Liquidation
      value per share of preferred shares</FONT><FONT face=serif size=1><SUP>4</SUP></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</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>$50,000</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>$50,000</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>$50,000</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>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>1 </SUP>Total investment return
      is calculated assuming a purchase of common stock on the opening of the
      first day and a sale on the closing of the last day of each period
      reported. Dividends and distributions, if any, are assumed for the
      purposes of this calculation to be reinvested at prices obtained under the
      Fund&#146;s dividend reinvestment plan. Generally, total investment return
      based on net asset value will be higher than total investment return based
      on market value in periods where there is an increase in the discount or a
      decrease in the premium of the market value to the net asset value from
      the beginning to the end of such periods. Conversely, total investment
      return based on net asset value will be lower than total investment return
      based on market value in periods where there is a decrease in the discount
      or an increase in the premium of the market value to the net asset value
      from the beginning to the end of such periods.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>2 </SUP>Ratios do not reflect
      the effect of dividend payments to preferred shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>3 </SUP>Ratio reflects total net
      investment income less dividends paid to preferred shareholders divided by
      average net assets applicable to common shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>4 </SUP>Excluding any
      accumulated but unpaid dividends.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Financial
highlights</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%" colSpan=14><FONT face=serif size=2>Year Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp; 3/31/08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/06</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/05</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3/31/04</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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><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><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%" 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 width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>0.937</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>0.985</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>1.018</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>1.019</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>1.043</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized and unrealized gain (loss) on investments</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.604</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="1%" 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="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>0.324</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Dividends on
      preferred stock from:</FONT> </TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; Net investment income</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.264</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="1%" 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="1%" 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></TD>
    <TD noWrap align=right width="1%" 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="1%" 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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Net realized gain on investments</FONT></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.050</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.019</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.006</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.003</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.013</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;<FONT size=1></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.314</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.293</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.219</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.090</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Total from
      investment operations</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.019</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.761</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.670</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>0.460</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>1.277</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.720</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.850</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.960</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.960</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.960</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.139</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.071</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)<FONT size=3>
</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Total dividends
      and distributions</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.859</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.921</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.990</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(0.990</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(1.087</FONT> </TD>
    <TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$14.260</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$16.110</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$16.960</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:</FONT></B><B><FONT face=serif size=1><SUP>1</SUP></FONT></B>&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="1%" 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="1%" 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="1%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Market
      value</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(0.14</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>(9.86</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>14.64</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>7.42</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>8.76</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset value</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(0.19</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.35</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>3.44</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>2.56</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>8.05</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Net assets
      applicable to common shares, end of period (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$68,973</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$73,056</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$73,833</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$75,364</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$77,903</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common
      shares</FONT><FONT face=serif size=1><SUP>2</SUP></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.03</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.01</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>0.95</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.03</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>1.01</FONT><FONT size=1>%</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="85%"><FONT face=serif size=1>Ratio of net
      investment income to average net assets</FONT> </TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>applicable to common shares</FONT><FONT face=serif><SUP>2</SUP></FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.37</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.49</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.51</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.51</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>6.54</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>applicable to common
      shares net of dividends to preferred shares</FONT><FONT face=serif><SUP>3</SUP></FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.23</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>4.56</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>5.11</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>5.69</FONT><FONT size=1>%</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>5.98</FONT><FONT size=1>%</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="85%"><FONT face=serif size=1>Portfolio
      turnover</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>16</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>11</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>12</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>5</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>13</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" 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="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>&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>&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>&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>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$40,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$40,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$40,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$40,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$40,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$136,216</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>$141,320</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="1%" 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><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%" 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>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$147,379</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=1>Liquidation
      value per share of preferred shares</FONT><FONT face=serif size=1><SUP>4</SUP></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>1 </SUP>Total investment return
      is calculated assuming a purchase of common stock on the opening of the
      first day and a sale on the closing of the last day of each period
      reported. Dividends and distributions, if any, are assumed for the
      purposes of this calculation to be reinvested at prices obtained under the
      Fund&#146;s dividend reinvestment plan. Generally, total investment return
      based on net asset value will be higher than total investment return based
      on market value in periods where there is an increase in the discount or a
      decrease in the premium of the market value to the net asset value from
      the beginning to the end of such periods. Conversely, total investment
      return based on net asset value will be lower than total investment return
      based on market value in periods where there is a decrease in the discount
      or an increase in the premium of the market value to the net asset value
      from the beginning to the end of such periods.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>2 </SUP>Ratios do not reflect
      the effect of dividend payments to preferred shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>3 </SUP>Ratio reflects total net
      investment income less dividends paid to preferred shareholders divided by
      average net assets applicable to common shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%"><FONT face=serif size=1><SUP>4 </SUP>Excluding any
      accumulated but unpaid dividends.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>28</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>&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="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=15><FONT face=serif size=2>Year Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></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%" colSpan=2><FONT face=serif size=2>3/31/08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/06</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/05</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/04</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.880</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.890</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.280</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.060</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>0.962</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>0.963</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>0.971</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.025</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.093</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.674</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.225</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.012</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="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.207</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Dividends on
      preferred stock from:</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.318</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.298</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.243</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.128</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.082</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Total dividends
      on preferred stock</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.318</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.298</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.243</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.128</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.082</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><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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.740</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.660</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.218</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less dividends to common shareholders from:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.660</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.740</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.900</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(1.050</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.998</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><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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.660</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.740</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.900</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(1.050</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.998</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.190</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.880</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.730</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.890</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.280</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$13.450</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.640</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.370</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.800</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:<SUP>1</SUP></FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Market
      value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(3.58%</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(5.13%</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>4.73%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>4.02%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>16.87%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.08%</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="2%" 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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>7.99%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Net assets
      applicable to common shares, end of period (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$163,305</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$171,143</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$169,481</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$107,958</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$110,828</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares<SUP>2,4</SUP></FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.20%</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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.93%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Ratio of net
      investment income to average net assets</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>applicable to common shares<SUP>2</SUP></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.61%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.52%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.45%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.85%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>7.23%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of dividends to
      preferred shares<SUP>3</SUP></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.43%</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="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.86%</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="2%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.69</FONT><FONT size=1>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Portfolio
      turnover</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>3%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>8%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>15%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>34%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$95,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$95,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$95,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$60,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$60,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$135,950</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$140,075</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$139,200</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$139,965</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$142,357</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=1>Liquidation
      value per share of preferred shares<SUP>5</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" >&nbsp;</TD></TR></TABLE><BR>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=middle width="99%"><FONT face=serif size=1><SUP>1</SUP> Total investment return
      is calculated assuming a purchase of common stock on the opening of the
      first day and a sale on the closing of the last day of each period
      reported. Dividends and distributions, if any, are assumed for the
      purposes of this calculation to be reinvested at prices obtained under the
      Fund&#146;s dividend reinvestment plan. Generally, total investment return
      based on net asset value will be higher than total investment return based
      on market value in periods where there is an increase in the discount or a
      decrease in the premium of the market value to the net asset value from
      the beginning to the end of such periods. Conversely, total investment
      return based on net asset value will be lower than total investment return
      based on market value in periods where there is a decrease in the discount
      or an increase in the premium of the market value to the net asset value
      from the beginning to the end of such periods.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the
      effect of dividend payments to preferred shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net
      investment income less dividends paid to preferred shareholders divided by
      average net assets applicable to common shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>4</SUP> The ratio of expenses to
      average net assets applicable to common shares includes interest and
      related expenses which include, but are not limited to, interest expense,
      remarketing fees, liquidity fees, and trustees&#146; fees in connection with
      the Fund&#146;s participation in inverse floater programs for the years ended
      March 31, 2008 and 2007. See Notes 1 and 7 in &#147;Notes to Financial
      Statements&#148;.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif 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=right><FONT face=serif color=#808080 size=2><FONT color=#c0c0c0><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif color=#000000 size=2>29</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Financial
highlights</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments National Municipal
Income Fund</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=15><FONT face=serif size=2>Y</FONT><FONT face=serif size=2>ear
      Ende</FONT><FONT face=serif size=2>d</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%">&nbsp;</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%" colSpan=2><FONT face=serif size=2>3/31/08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/06</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/05</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>3/31/04</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, beginning of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.560</FONT> </TD>
    <TD noWrap align=left 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.340</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.370</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>0.919</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>0.960</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.017</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.057</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>1.088</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(1.081</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>0.141</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.236</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.675</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.130</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Dividends on
      preferred stock from:</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=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;
      <FONT face=serif size=1>Net investment income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.311</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.285</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.202</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.114</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.082</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.015</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.018</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.055</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.009</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.005</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=1>Total dividends on preferred stock</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.326</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.303</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.257</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.123</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.087</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="79%"><FONT face=serif size=1>Total from
      investment operations</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.488</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>0.798</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>0.524</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>0.259</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>0.871</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Net investment
      income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(0.668</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(0.820</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(0.970</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(1.020</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(0.995</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=1>Net realized gain on investments</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.044</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.068</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.244</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.099</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(0.046</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="79%"><FONT face=serif size=1>Total dividends
      and distributions</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.712</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(0.888</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(1.214</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(1.119</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(1.041</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$13.360</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.560</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.650</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.340</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.200</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$11.950</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$14.530</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.050</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$15.050</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$16.650</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total investment return based on:<SUP>1</SUP></FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Market
      value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(13.11%</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(4.12%</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>14.75%</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(3.02%</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>18.04%</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" 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="2%" bgColor=#c0c0c0><FONT face=serif size=1>(3.05%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.27%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>2.76%</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="2%" 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="2%" 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></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Net assets
      applicable to common shares, end of period (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$32,365</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$35,256</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$35,492</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$37,166</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$39,244</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio of expenses to average net assets applicable to common
      shares<SUP>2</SUP></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.16%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.10%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.24%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>1.11%</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="79%"><FONT face=serif size=1>Ratio of net
      investment income to average net assets</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>applicable to common shares<SUP>2</SUP></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.54%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.58%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.70%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.75%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>6.70%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=1>applicable to common shares net of dividends to
      preferred shares<SUP>3</SUP></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.22%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.51%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.01%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.97%</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="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.16%</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="79%"><FONT face=serif size=1>Portfolio
      turnover</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>17%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>9%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>28%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>11%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>3%</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#ffffff><FONT face=serif size=1>Value of preferred shares outstanding (000 omitted)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>$20,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$130,914</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$138,141</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$138,731</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$142,915</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$148,110</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Liquidation
      value per share of preferred shares<SUP>4</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$50,000</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&nbsp;&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="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" >&nbsp;</TD></TR></TABLE><BR>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=middle width="99%"><FONT face=serif size=1><SUP>1</SUP> Total investment return
      is calculated assuming a purchase of common stock on the opening of the
      first day and a sale on the closing of the last day of each period
      reported. Dividends and distributions, if any, are assumed for the
      purposes of this calculation to be reinvested at prices obtained under the
      Fund&#146;s dividend reinvestment plan. Generally, total investment return
      based on net asset value will be higher than total investment return based
      on market value in periods where there is an increase in the discount or a
      decrease in the premium of the market value to the net asset value from
      the beginning to the end of such periods. Conversely, total investment
      return based on net asset value will be lower than total investment return
      based on market value in periods where there is a decrease in the discount
      or an increase in the premium of the market value to the net asset value
      from the beginning to the end of such periods.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>2</SUP> Ratios do not reflect the
      effect of dividend payments to preferred shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>3</SUP> Ratio reflects total net
      investment income less dividends paid to preferred shareholders divided by
      average net assets applicable to common shareholders.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top width="100%" colSpan=2><FONT face=serif size=1><SUP>4</SUP> Excluding any accumulated
      but unpaid dividends.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Notes to financial statements</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>March 31, 2008</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. (Arizona Municipal Fund); Delaware Investments Colorado
Municipal Income Fund, Inc. (Colorado Municipal Fund) (formerly Delaware
Investments Colorado Insured Municipal Income Fund) and Delaware Investments
Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are
organized as Minnesota corporations and Delaware Investments National Municipal
Income Fund, (National Municipal Fund) (formerly Delaware Investments Florida
Insured Municipal Income Fund) is organized as a Massachusetts Business Trust
(each referred to as a Fund and collectively as the Funds). Arizona Municipal
Fund, Colorado Municipal Fund, Minnesota Municipal Fund II and National
Municipal Fund are considered diversified closed-end management investment
companies 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, except National Municipal Income 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</FONT></B><FONT face=serif size=1> &#151; Long-term debt securities are valued by an independent
pricing service or broker 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.
Generally, 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</FONT></B><FONT face=serif size=1> &#151; The 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</FONT></B><FONT face=serif size=1> &#151; 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</FONT></B><FONT face=serif size=1> &#151; Interest and related expenses
include, but are not limited to, interest expense, remarketing fees, liquidity
fees, and trustees&#146; fees from the Minnesota Municipal Fund II&#146;s participation in
inverse floater programs where the Fund has transferred its own bonds to a trust
that issues floating rate securities with an aggregate principal amount equal to
the principal of the transferred bonds. In conveyance of the bond, the Fund
receives the inverse floating rate securities and cash from the trust. As a
result of certain rights retained by the Fund, the transfer of the bond is not
considered a sale, but rather a form of financing for accounting purposes
whereby the cash received is recorded as a liability and interest expense is
recorded based on the interest rate of the floating rate securities. Remarketing
fees, liquidity fees, and trustees&#146; fees expenses are recorded on the accrual
basis.</FONT></P>
<P align=left><FONT face=serif size=1>For the year ended March 31, 2008, 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 3.91%.</FONT></P>
<P align=left><B><FONT face=serif size=1>Other </FONT></B><FONT face=serif size=1>&#151; 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 </FONT></P>
<P align=right><FONT face=serif color=#808080 size=2><FONT color=#c0c0c0><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif color=#000000 size=2>31</FONT></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 color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>1. Significant Accounting Policies
(continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>order to satisfy certain distribution
requirements of the Tax Reform Act of 1986, the Funds may declare special
year-end dividend and capital gains distributions during November or December to
shareholders of record on a date in such month. Such distributions, if received
by shareholders by January 31, are deemed to have been paid by the Funds and
received by shareholders on the earlier of the date paid or December 31 of the
prior year.</FONT></P>
<P align=left><FONT face=serif size=1>The Funds receive earnings credits from
their custodian when positive cash balances are maintained, which are used to
offset custody fees. The expense paid under this arrangement is included in
custodian fees and on the statements of operations with the corresponding
expense offset shown as &#147;expense paid indirectly.&#148;</FONT></P>
<P align=left><B><FONT face=serif size=2>2. Investment Management,
Administration Agreements and Other Transactions with Affiliates</FONT></B></P>
<P align=left><FONT face=serif size=1>In accordance with the terms of its
respective investment management agreement, each Fund pays Delaware Management
Company (DMC), a series of Delaware Management Business Trust and the investment
manager, an annual fee of 0.40% which is calculated daily based on the average
weekly net assets of each Fund, excluding the liquidation value of the preferred
stock.</FONT></P>
<P align=left><FONT face=serif size=1>Effective October 1, 2007, Delaware
Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and
financial administration oversight services to the Funds. For these services,
the Funds pay DSC fees based on the aggregate daily net assets of the Delaware
Investments</FONT><SUP><FONT face=serif size=1>&#174;</FONT></SUP><FONT face=serif size=1> Family of Funds at the following annual rate: 0.005% of the first $30
billion; 0.0045% of the next $10 billion; 0.004% of the next $10 billion; and
0.0025% of aggregate average daily net assets in excess of $50 billion. The fees
payable to DSC under the service agreement described above are allocated among
all Funds in the Delaware Investments</FONT><SUP><FONT face=serif size=1>&#174;</FONT></SUP><FONT face=serif size=1> Family of Funds on a relative net
asset value basis. Prior to October 1, 2007, DSC provided fund accounting and
administration services to the Funds and received a fee at an annual rate of
0.04% of average daily net assets excluding the liquidation value of the
preferred stock. For the year ended March 31, 2008, the Funds were charged as
follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT face=serif size=1>Arizona</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;$15,303</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>&nbsp;&nbsp; $25,151</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp; $59,204</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp; $12,253</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="97%" colSpan=11>&nbsp;</TD>
    <TD width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=12><FONT face=serif size=1>At
      March 31, 2008, each Fund had liabilities payable to affiliates as
      follows:</FONT></TD></TR>
  <TR>
    <TD width="97%" colSpan=11>&nbsp;</TD>
    <TD width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT face=serif size=1>Arizona</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Investment management fee payable to DMC</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0><FONT face=serif size=1>$22,158</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>$36,387</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$86,162</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$17,469</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Accounting
      administration and other expenses</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%">&nbsp;&nbsp;&nbsp; &nbsp;<FONT face=serif size=1>payable to DSC</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;6,620</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>17,200</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>26,074</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>5,880</FONT> </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Other expenses payable to DMC and affiliates*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp; 1,576</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>4,747</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>3,793</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>4,540</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P style="PADDING-LEFT: 5pt; TEXT-INDENT: -5pt" align=left><FONT face=serif size=1>*DMC, as part of its administrative services, pays operating expenses on
behalf of each Fund and is reimbursed on a periodic basis. Such expenses include
items such as printing of shareholder reports, fees for audit, legal and tax
services, stock exchange fees, custodian fees and directors/trustees&#146;
fees.</FONT></P>
<P align=left><FONT face=serif size=1>As provided in the investment management
agreement, each Fund bears the cost of certain legal and tax services, including
internal legal and tax services provided to each Fund by DMC and/or its
affiliates&#146; employees. For the year ended March 31, 2008, each Fund was charged
for internal legal and tax services provided by DMC and/or its affiliates&#146;
employees as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Arizona</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Colorado</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>National</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="7%"><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=left 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="7%"><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="68%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0><FONT face=serif size=1>$2,539</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0><FONT size=1>$<FONT face=serif>4,238</FONT></FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0><FONT face=serif size=1>$9,981</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="7%" bgColor=#c0c0c0><FONT size=1>$<FONT face=serif>2,021</FONT></FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>Directors&#146;/Trustees&#146; fees include expenses
accrued by the Funds for each Director&#146;s/Trustee&#146;s retainer and per meeting
fees. Certain officers of DMC and DSC are officers and/or Directors/Trustees of
the Funds. These officers and Directors/Trustees are paid no compensation by the
Funds.</FONT></P>
<P align=left><FONT face=serif size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>3. Investments</FONT></B></P>
<P align=left><FONT face=serif size=1>For the year ended March 31, 2008, the
Funds made purchases and sales of investment securities other than short-term
investments as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3>&nbsp;<FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3>&nbsp;<FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3>&nbsp;<FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3>&nbsp;<FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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=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=3><FONT face=serif size=1>Fund II</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=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Purchases</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>12,576,979</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>18,076,709</FONT></FONT> </TD>
    <TD noWrap align=right 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 size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>15,397,004</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>9,025,440</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Sales</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>12,061,215</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="4%"><FONT face=serif size=1>16,698,015</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="4%"><FONT face=serif size=1>16,919,545</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="4%"><FONT face=serif size=1>9,443,444</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>At March 31, 2008, the cost of investments
and unrealized appreciation (depreciation) for federal income tax purposes for
each Fund were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Cost of investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>64,463,114</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>105,941,375</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>248,475,722</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>52,799,148</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Aggregate
      unrealized appreciation</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2,141,925</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3,970,314</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>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9,222,769</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>624,302</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(1,569,217</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="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(2,027,723</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="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(4,349,466</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="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(1,346,356</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="73%"><FONT face=serif size=1>Net unrealized
      appreciation (depreciation)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>572,708</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,942,591</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>4,873,303</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>(722,054</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>
  </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 years ended March 31, 2008 and 2007
was as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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=3><FONT face=serif size=1>Fund II</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=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Year Ended 3/31/08</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></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 noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Ordinary
      Income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>58,659</FONT>
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&#151;</FONT> </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>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>32,679</FONT>
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>60,768</FONT>
</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Tax-exempt income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,700,762</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>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4,758,605</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>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,215,078</FONT> </TD>
    <TD noWrap align=right 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="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,310,133</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Long-term
      capital gain</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>232,318</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>913,220</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right 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="4%"><FONT face=serif size=1>142,452</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,991,739</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,671,825</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,247,757</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,513,353</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=15>&nbsp;</TD>
    <TD width="1%"></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> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Ordinary
      income</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>15,433</FONT>
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;&#151;</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;&#151;</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&nbsp;&#151;</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Tax-exempt income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,106,771</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="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,436,875</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="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,948,414</FONT> </TD>
    <TD noWrap align=right 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="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,676,030</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Long-term
      capital gain</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>134,934</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>435,594</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right 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="4%"><FONT face=serif size=1>208,722</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>3,257,138</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5,872,469</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,948,414</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2,884,752</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<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>As of March 31, 2008, the 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="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Shares of beneficial interest</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>40,780,234</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>67,238,110</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>158,750,422</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>33,300,621</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Distributions
      payable</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(15,481</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(25,000</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(58,932</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(12,384</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed tax-exempt Income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>62,773</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="4%" 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="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Post-October
      losses</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(43,488</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(245,374</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(65,893</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(182,094</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Capital loss carryforward</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>&#151;</FONT> </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>&nbsp;</TD>
    <TD noWrap align=right width="4%" 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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(194,046</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(18,596</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Unrealized
      appreciation (depreciation) of investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>572,708</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>1,942,591</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>4,873,303</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=1>(722,054</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="73%" bgColor=#c0c0c0><FONT face=serif size=1>Net assets</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>41,293,973</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>68,973,100</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>163,304,854</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>32,365,493</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 and tax treatment of market discount on debt
instruments.</FONT></P>
<P align=left><FONT face=serif size=1>Post-October losses represent losses
realized on investment transactions from November 1, 2007 through March 31, 2008
that, in accordance with federal income tax regulations, the Funds have elected
to defer and treat as having arisen in the following fiscal year.</FONT></P>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>33</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 color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>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, capital loss carryforward expiration and tax treatment of
market discount on debt instruments. Results of operations and net assets were
not affected by these reclassifications. For the year ended March 31, 2008, the
Funds recorded the following reclassifications:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Paid-in capital</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(58,659</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp; &nbsp;&#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 size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(47,067</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>(60,768</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Undistributed
      net investment income</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>33,538</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>(769</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>27,316</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>60,407</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Accumulated net realized gain (loss)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>25,121</FONT> </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="4%" bgColor=#c0c0c0><FONT face=serif size=1>769</FONT> </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>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>19,751</FONT> </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="4%" bgColor=#c0c0c0><FONT face=serif size=1>361</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&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, 2008 will expire as
follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>2009</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>175,804<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>2010</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>8,416<FONT size=3>&nbsp;</FONT></FONT> </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>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>2013</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,826<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=1>2016</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>18,596<FONT size=3>&nbsp;</FONT></FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>194,046<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>18,596<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT>
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>For the year ended March 31, 2008, the
Minnesota Municipal Fund II utilized $161,006 of capital loss carryforwards and
$14,388 expired in 2008. </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 Municipal Fund and Minnesota
Municipal Fund II each have 200 million shares of $0.01 par value common shares
authorized. National Municipal Fund has been authorized to issue an unlimited
amount of $0.01 par value common shares. The Funds did not repurchase any shares
under the Share Repurchase Program during the year ended March 31, 2008. Shares
issuable under the Funds&#146; dividend reinvestment plan are purchased by the Funds&#146;
transfer agent, Mellon Investor Services, LLC, in the open market. </FONT></P>
<P align=left><FONT face=serif size=1>For the year ended March 31, 2008, 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 National Municipal Fund,
which has an unlimited amount of $0.01 par value preferred shared authorized.
The Arizona Municipal Fund and National Municipal Fund each currently have 250
Series A and 250 Series B preferred shares issued. Colorado Municipal Fund has
400 Series A and 400 Series B preferred shares issued, and Minnesota Municipal
Fund II has 600 Series A, 600 Series B, 400 Series C, and 300 Series D Preferred
Shares issued. The preferred shares of each Fund have a liquidation preference
of $50,000 per share plus an amount equal to accumulated but unpaid dividends.
</FONT></P>
<P align=left><FONT face=serif size=1>Dividends for the outstanding preferred
shares of each Fund are cumulative at a rate established at the initial public
offering and are reset based on the results of an auction. Prior to February 26,
2008, the dividends for outstanding preferred shares were reset every 28 days.
</FONT></P>
<P align=left><FONT face=serif size=1>Dividend rates (adjusted for any capital
gain distributions) ranged during the year ended March 31, 2008 as
follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>Low</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face=serif size=1>High</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Arizona Municipal Fund</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;3.23</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;5.25</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" colSpan=2><FONT face=serif size=1>Colorado Municipal Fund</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3.10</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>to</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5.25</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Minnesota Municipal Fund II</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.04</FONT> </TD>
    <TD noWrap align=left width="3%" 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><FONT face=serif size=1>to</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>5.50</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" colSpan=2><FONT face=serif size=1>National Municipal Fund</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3.23</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>to</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5.15</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>Citigroup Global Markets, Inc., and
Merrill Lynch Pierce, Fenner &amp; Smith Inc. (Colorado 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.
</FONT></P>
<P align=left><FONT face=serif size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>6. Capital Stock
(continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>The holders of preferred shares have
voting rights equal to the holders of common shares (one vote per share) and
will vote together with holders of common shares as a single class. However,
holders of preferred shares are also entitled to elect two of each Fund&#146;s
Directors. In addition, the 1940 Act requires that along with approval by
shareholders that might otherwise be required, the approval of the holders of a
majority of any outstanding preferred shares, voting separately as a class would
be required to (a) adopt any plan of reorganization that would adversely affect
the preferred shares, and (b) take any action requiring a vote of security
holders pursuant to Section 13(a) of the 1940 Act, including, among other
things, changes in each of the Fund&#146;s subclassification as a closed-end
investment company or (c) changes in their fundamental investment
restrictions.</FONT></P>
<P align=left><B><FONT face=serif size=2>7. Inverse Floaters </FONT></B></P>
<P align=left><FONT face=serif size=1>The Funds may participate in inverse
floater programs where a fund transfers its own bonds to a trust that issues
floating rate securities and inverse floating rate securities (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 a Fund
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 and
national economic conditions, as applicable, and differing levels of supply and
demand for municipal bonds. Many municipalities insure repayment for their
obligations. A real or perceived decline in creditworthiness of a bond insurer
can have an adverse impact on the value of insured bonds held in the Funds. At
March 31, 2008, the percentages of each Fund&#146;s net assets, including liquidation
value of preferred stock, insured by bond insurers are as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="25%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>38</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="97%"><FONT face=serif size=1>Colorado
      Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>56</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=1>Minnesota Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>28</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="97%"><FONT face=serif size=1>National
      Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>79</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>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. </FONT></P>
<P align=left><FONT face=serif size=1>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=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>35</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 color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>8. Credit and Market Risk
(continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>Each Fund may invest up to 15% of its net
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. Securities eligible for resale
pursuant to Rule 144A, which are determined to be liquid, are not subject to the
Funds 15% limit on investments in illiquid securities. As of March 31, 2008,
there were no Rule 144A securities and no securities have been determined to be
illiquid under the Funds&#146; Liquidity Procedures.</FONT></P>
<P align=left><B><FONT face=serif size=2>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=left><B><FONT face=serif size=2>10. Tax Information
(Unaudited)</FONT></B></P>
<P align=left><FONT face=serif size=1>The information set forth below is for the
Funds&#146; fiscal year as required by federal income tax laws. Shareholders,
however, must report distributions on a calendar year basis for income tax
purposes, which may include distributions for portions of two fiscal years of a
fund. Accordingly, the information needed by shareholders for income tax
purposes will be sent to them in January of each year. Please consult your tax
advisor for proper treatment of this information.</FONT></P>
<P align=left><FONT face=serif size=1>For the fiscal year ended March 31, 2008,
each Fund designates distributions paid during the year 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="7%" colSpan=2><FONT face=serif size=1>(A)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(B)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(C)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Long-Term</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Tax-</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Ordinary</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Capital Gains</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Exempt</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Total</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Distributions</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Distributions</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Distributions</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>Distributions</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(Tax Basis)</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(Tax Basis)</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(Tax Basis)</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face=serif size=1>(Tax Basis)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>90</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2</FONT> </TD>
    <TD noWrap align=left width="3%" 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="4%" bgColor=#c0c0c0><FONT face=serif size=1>100</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=1>Colorado
      Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>16</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>100</FONT> </TD>
    <TD noWrap align=left width="3%"><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>Minnesota Municipal Fund II</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>100</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=1>National
      Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>92</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>2</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>100</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=1>%</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>(A), (B) and (C) are based on a percentage
of each Fund&#146;s total distributions.</FONT></P>
<P align=left><B><FONT face=serif size=2>11. Preferred Shares </FONT></B></P>
<P align=left><FONT face=serif size=1>Beginning in February 2008, remarketings
of each Fund&#146;s shares failed. A remarketing fails when the remarketing agent is
unable to set a dividend rate that will clear the market of all the shares that
current holders wish to sell in a remarketing. A failed remarketing means that
the current holders retain their preferred shares until the next periodic
remarketing (for the Funds, periodic remarketings are typically 28 days but are
generally 7 days when a remarketing fails), and the dividend rate for the next
dividend period is automatically set to the maximum dividend rate established by
each Fund&#146;s governing instruments. Each Fund&#146;s preferred shares maximum rate is
calculated as 110% of the higher applicable AA composite commercial paper rate
and the taxable equivalent of the short-term municipal bond rate.</FONT></P>
<P align=left><FONT face=serif size=1>These developments generally do not affect
the management or investment policies of the Funds. However, one implication of
these failed remarketings for common shareholders is that the Funds&#146; cost of
leverage may be higher than it otherwise would have been had the remarketing
continued to be successful. If this is the case, the Funds&#146; future common share
earnings may be lower than they otherwise would have been.</FONT></P>
<P align=left><FONT face=serif size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Report of independent<BR>registered public
accounting firm</FONT></P>
<P align=left><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=serif size=2>The Shareholders and Board of
Directors/Trustees of Delaware Investments Arizona Municipal Income Fund,
Inc.<BR></FONT><FONT face=serif size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.<BR></FONT><FONT face=serif size=2>Delaware Investments
Minnesota Municipal Income Fund II, Inc. <BR></FONT><FONT face=serif size=2>Delaware Investments National Municipal Income Fund </FONT></P>
<P align=left><FONT face=serif size=2>We have audited the accompanying
statements of net assets of Delaware Investments Arizona Municipal Income Fund,
Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware
Investments Minnesota Municipal Income Fund II, Inc., and Delaware Investments
National Municipal Income Fund (the &#147;Funds&#148;) as of March 31, 2008, and the
related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Funds&#146; management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.</FONT></P>
<P align=left><FONT face=serif size=2>We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. We were not engaged to perform an audit of the
Funds&#146; internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are </FONT><FONT face=serif size=2>appropriate
in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds&#146; internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2008, by correspondence with the custodian and
brokers, or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.</FONT></P>
<P align=left><FONT face=serif size=2>In our opinion, the financial statements
and financial highlights referred to above present fairly, in all material
respects, the financial position of each of the respective Funds at March 31,
2008, the results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended, and their
financial highlights for each of the five years in the period then ended, in
conformity with U.S. generally accepted accounting principles.</FONT></P>
<P align=right><IMG src="gelcloseend_ncsr4x9x1.jpg" border=0> </P>
<P align=left><FONT face=serif size=2>Philadelphia, Pennsylvania<BR>May 19,
2008</FONT></P>
<P align=right><FONT face=serif size=2>37</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>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>Fund management</FONT></B></P>
<P align=left><FONT face=serif size=2>Joseph R. Baxter<BR></FONT><FONT face=serif size=2>Senior Vice President, Head of Municipal Bond<BR></FONT><FONT face=serif size=2>Department, Senior Portfolio Manager</FONT></P>
<P align=left><FONT face=serif size=2>Joseph R. Baxter is the head of the
municipal bond department and is responsible for setting the department&#146;s
investment strategy. He is also a co-portfolio manager of the firm&#146;s municipal
bond funds and several client accounts. Before joining Delaware Investments in
1999, he held investment positions with First Union, most recently as a
municipal portfolio manager with the Evergreen Funds. Baxter received a
bachelor&#146;s degree in finance and marketing from La Salle University. </FONT></P>
<P align=left><FONT face=serif size=2>Robert F. Collins, CFA<BR></FONT><FONT face=serif size=2>Senior Vice President, Senior Portfolio Manager</FONT></P>
<P align=left><FONT face=serif size=2>Robert F. Collins is a member of the
firm&#146;s municipal fixed income portfolio management team with primary
responsibility for portfolio construction and strategic asset allocation. He is
a co-portfolio manager of several of the firm&#146;s municipal bond funds and client
accounts. Prior to joining Delaware Investments in 2004, he spent five years as
a co-manager of the municipal portfolio management group within PNC Advisors,
where he oversaw the tax-exempt investments of high net worth and institutional
accounts. Before that, he headed the municipal fixed income team at Wilmington
Trust, where he managed funds and high net worth accounts. Collins earned a
bachelor&#146;s degree in economics from Ursinus College, and he is also a former
president of The Financial Analysts of Wilmington, Delaware.</FONT></P>
<P align=left><FONT face=serif size=2>Stephen J. Czepiel<BR></FONT><FONT face=serif size=2>Senior Vice President, Portfolio Manager</FONT></P>
<P align=left><FONT face=serif size=2>Stephen J. Czepiel is a member of the
firm&#146;s municipal fixed income portfolio management team with primary
responsibility for portfolio construction and strategic asset allocation. He is
a co-portfolio manager of the firm&#146;s municipal bond funds and client accounts.
He joined Delaware Investments in July 2004 as a senior bond trader. Previously,
he was vice president at both Mesirow Financial and Loop Capital Markets. He
began his career in the securities industry in 1982 as a municipal bond trader
at Kidder Peabody and now has more than 20 years of experience in the municipal
securities industry. Czepiel earned his bachelor&#146;s degree in finance and
economics from Duquesne University.</FONT></P>
<P align=left><FONT face=serif size=2>Denise A. Franchetti, CFA<BR></FONT><FONT face=serif size=2>Vice President, Portfolio Manager, Senior Research
Analyst</FONT></P>
<P align=left><FONT face=serif size=2>Denise A. Franchetti is a senior research
analyst for the municipal bond department. Currently, she is responsible for
following the airports/airlines, education, hotels, leases, turnpike/toll, and
transportation sectors for the group. In 2003, she was also named as portfolio
manager on several of the tax-exempt funds in addition to her research duties.
Prior to joining Delaware Investments in 1997, she was a fixed income trader at
Provident Mutual Life Insurance and an investment analyst at General Accident
Insurance. Franchetti received her bachelor&#146;s degree and an MBA from La Salle
University, and she is a member of the CFA Society of Philadelphia.</FONT></P>
<P align=left><FONT face=serif size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

<P align=left><B><FONT face=serif size=2>Recent Developments Regarding Bond
Insurance Companies</FONT></B></P>
<P align=left><FONT face=serif size=1>Starting in January 2008, Standard and
Poor&#146;s, Moody&#146;s Investors Service and Fitch Ratings began to take negative
actions against a number of the municipal bond insurers. These actions included
actual rating downgrades, assigning negative outlooks, and/or placing the
insurer financial strength rating on credit watch for possible downgrade.
Through early April 2008, five (AMBAC, FGIC, CGIC, MBIA and XLCA) of the seven
first tier monoline insurers have been downgraded by one or more of the rating
agencies. A real or perceived decline in creditworthiness of a bond insurer can
have an adverse impact on the value of insured bonds held in the
Funds.</FONT></P>
<P align=left><B><FONT face=serif size=2>Recent Developments Regarding Preferred
Share Remarketings</FONT></B></P>
<P align=left><FONT face=serif size=1>Beginning in February 2008, remarketings
of each Fund&#146;s shares failed. A remarketing fails when the remarketing agent is
unable to set a dividend rate that will clear the market of all the shares that
current holders wish to sell in a remarketing. A failed remarketing means that
the current holders retain their preferred shares until the next periodic
remarketing (for the Funds, periodic remarketings are typically 28 days but are
generally 7 days when a remarketing fails), and the dividend rate for the next
dividend period is automatically set to the maximum dividend rate established by
each Fund&#146;s governing instruments. The preferred shares maximum rate is
calculated as 110% of the higher applicable AA composite commercial paper rate
and the taxable equivalent of the short-term municipal bond rate.</FONT></P>
<P align=left><FONT face=serif size=1>These developments generally do not affect
the management or investment policies of the Funds. However, one implication of
these failed remarketings for common shareholders is that the Funds&#146; cost of
leverage may be higher than it otherwise would have been had the remarketing
continued to be successful. If this is the case, the Funds&#146; future common share
earnings may be lower than they otherwise would have been.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments is vigorously
exploring viable methods to restore liquidity to preferred shareholders while
carefully weighing the potential benefits and consequences of any action on both
preferred and common shareholders. We continue to consult with the Funds&#146;
distribution partners, banking firms, and applicable regulatory authorities,
including the SEC, as part of our efforts to address this matter.</FONT></P>
<P align=left><FONT face=serif size=1>For current, up-to-date information,
please visit the Delaware Investments Closed End Fund Market Update at:
http://www.delawareinvestments.com/share/web_uploads/retail/closed_end/auc_rate.pdf</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. </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=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Other Fund information
(unaudited)</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><STRONG><FONT color=#b2b2b2 size=2></FONT></STRONG>&nbsp;</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=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
Colorado Insured Municipal Income Fund, Inc. (renamed Delaware Investments
Colorado Municipal Income Fund, Inc.)</FONT></B></P>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. is considered &#147;diversified&#148; as defined in the 1940 Act, which
means that it must invest in a larger number of issuers than a non-diversified
mutual fund. Because the Fund is diversified, adverse effects on any single Fund
investment may affect a smaller portion of its overall assets and subject the
Fund to fewer risks and lesser volatility than a non-diversified
portfolio.</FONT></P>
<P align=left><FONT face=serif size=1>On November 16, 2007, shareholders of
Delaware Investments Colorado Insured Municipal Income Fund, Inc., renamed
Delaware Investments Colorado Municipal Income Fund, Inc., (ASE: VCF) (the
&#147;Colorado Fund&#148;) approved the proposal to change certain fundamental investment
policies of the Colorado Fund at the Colorado Fund&#146;s reconvened annual
shareholders meeting. These changes were effective on Wednesday, January 2,
2008. </FONT></P>
<P align=left><FONT face=serif size=1>Shareholders of the Colorado Fund approved
a proposal to eliminate a fundamental investment policy requiring the Colorado
Fund to invest 80% of its net assets in insured, AAA-rated municipal bonds
issued by the State of Colorado. The approval of this change enables the
Colorado Fund to, as a non-fundamental policy, (1) invest without limitation in
un-insured, investment grade municipal securities issued by the state of
Colorado (including those rated below AAA) and (2) invest up to 20% of its net
assets in non-investment grade municipal securities. Consistent with its new
investment strategy, the Colorado Fund has changed its name to the Delaware
Investments Colorado Municipal Income Fund, Inc. </FONT></P>
<P align=left><FONT face=serif size=1>In addition, the Colorado Fund&#146;s
non-fundamental investment policy was changed to permit the Colorado Fund to
invest without limitation in uninsured, investment grade Colorado municipal
securities (those rated BBB and above or unrated but judged to be of comparable
quality by the Colorado Fund&#146;s investment adviser). The Colorado 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 Colorado 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
Colorado 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><FONT face=serif size=2>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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 Colorado 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
Colorado Fund&#146;s investment needs. This will expose the Colorado Fund to greater
industry and security risk. However, the elimination of the Colorado Fund&#146;s
fundamental policy requiring it to invest primarily in insured securities may
cause the Colorado Fund to 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>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 Colorado 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 Colorado Fund invests more of its
assets in insured municipal securities or in securities that are more highly
rated, the Colorado Fund may be subject to less credit risk. There is no
assurance, however, that an insurance company will meet its obligations with
respect to the insured securities. DMC recognizes that both eliminating the
Colorado Fund&#146;s mandated investment policy concerning insured securities and
increasing the Colorado 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
Colorado Fund are adding value to the portfolio. The team responsible for
managing the Colorado 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 Colorado 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 Colorado Fund is affected by changes in interest rates.
When interest rates rise, the value of bonds in the Colorado 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 the Colorado
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>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=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=serif size=2>41</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 color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><STRONG><FONT color=#b2b2b2 size=2></FONT></STRONG>&nbsp;</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.
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, the
elimination of the Fund&#146;s fundamental policy requiring it to invest primarily in
insured securities may cause the Fund to 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> 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 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 the Fund in
order to take advantage of DMC&#146;s market outlook, especially on a longer-term
basis.</FONT></P>
<P align=left><FONT face=serif size=2>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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
Colorado Municipal Income Fund, Inc. (formerly Delaware Investments Colorado
Insured Municipal Income Fund, Inc.) (the &#147;Fund&#148;) voted on the following
proposal at its reconvened annual meeting of shareholders on November 16, 2007
(the &#147;Annual Meeting&#148;). The description of the proposal and number of shares
voted are as follows: </FONT></P>
<P align=left><FONT face=serif size=1>1. To eliminate a fundamental investment
policy requiring the Fund to invest primarily in insured Colorado municipal
securities rated AAA.</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="65%" colSpan=7>&nbsp;<FONT face=serif size=1>Com</FONT><FONT face=serif size=1>mon </FONT><FONT face=serif size=1>Shareholders</FONT>&nbsp;</TD>
    <TD align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="33%" colSpan=5><FONT face=serif size=1>Pr</FONT><FONT face=serif size=1>eferred
      Shareholde</FONT><FONT face=serif size=1>rs</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="15%"><FONT face=serif size=1>Affirmative</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="16%"><FONT face=serif size=1>Against</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="15%"><FONT face=serif size=1>Abstained</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="16%"><FONT face=serif size=1>Broker Non-votes</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="11%"><FONT face=serif size=1>Affirmative</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=1>Against</FONT>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face=serif size=1>Abstained</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>2,552,136</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=center width="16%" bgColor=#c0c0c0><FONT face=serif size=1>551,574</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>88,144</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=center width="16%" bgColor=#c0c0c0><FONT face=serif size=1>630,938</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="11%" bgColor=#c0c0c0><FONT face=serif size=1>311</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>120</FONT>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>0</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=left><B><FONT face=serif size=2>Dividend Reinvestment
Plan</FONT></B></P>
<P align=left><FONT face=serif size=1>Each Fund offers an automatic dividend
reinvestment program (&#147;Plan&#148;). Under the current policies of Arizona Municipal
Income Fund, Minnesota Municipal Income Fund II, and National Municipal Income
Fund (formerly Florida Insured Municipal Income Fund) all distributions of net
investment income and capital gains to common shareholders are automatically
reinvested in additional shares unless shareholders elect to receive all
dividends and other distributions in cash paid by check mailed directly to
shareholders by the dividend plan agent. Under the current policies of Colorado
Municipal Income Fund (formerly 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
(&#147;Mellon&#148;) of their desire to participate in the dividend reinvestment program.
Shareholders who hold their shares through a bank, broker or other nominee
should request the bank, broker or nominee to participate in the Plan on their
behalf. This can be done as long as the bank, broker or nominee provides a
dividend reinvestment service for the Funds. If the bank, broker or nominee does
not provide this service, such shareholders must have their shares taken out of
&#147;street&#148; or nominee name and re-registered in their own name in order to
participate in the Plan.</FONT></P>
<P align=left><FONT face=serif size=1>Mellon will apply all cash dividends,
capital gains and other distributions (collectively, &#147;Distributions&#148;) on each
Fund&#146;s shares of common stock which become payable to each Plan participant to
the purchase of outstanding shares of each Fund&#146;s common stock for such
participant. These purchases may be made on a securities exchange or in the
over-the-counter market, and may be subject to such terms of price, delivery and
related matters to which Mellon may agree. The Funds will not issue new shares
in connection with the Plan.</FONT></P>
<P align=left><FONT face=serif size=1>Distributions reinvested for participants
are subject to income taxes just as if they had been paid directly to the
shareholder in cash. Participants will receive a year-end statement showing
distributions reinvested, and any brokerage commissions paid on such
participant&#146;s behalf.</FONT></P>
<P align=left><FONT face=serif size=1>Shareholders holding shares of a Fund in
their own names who wish to terminate their participation in the Plan may do so
by sending written instruction to Mellon so that Mellon receives such
instructions at least 10 days prior to the Distribution record date.
Shareholders with shares held in account by a bank, broker or other nominee
should contact such bank, broker or other nominee to determine the procedure for
withdrawal from the Plan.</FONT></P>
<P align=left><FONT face=serif size=1>If written instructions are not received
by Mellon at least 10 days prior to the record date for a particular
Distribution, that Distribution may be reinvested at the sole discretion of
Mellon. After a shareholder&#146;s instructions to terminate participation in the
Plan become effective, Distributions will be paid to shareholders in cash. Upon
termination, a shareholder may elect to receive either stock or cash for all the
full shares in the account. If cash is elected, Mellon will sell such shares at
the then current market value and then send the net proceeds to the shareholder,
after deducting brokerage commissions and related expenses. Any fractional
shares at the time of termination will be paid in cash at the current market
price, less brokerage commissions and related expenses, if any. Shareholders may
at any time request a full or partial withdrawal of shares from the Plan,
without terminating participation in the Plan. When shares outside of the Plan
are liquidated, Distributions on shares held under the Plan will continue to be
reinvested unless Mellon is notified of the shareholder&#146;s withdrawal from the
Plan.</FONT></P>
<P align=left><FONT face=serif size=1>An investor holding shares that
participate in the Plan in a brokerage account may not be able to transfer the
shares to another broker and continue to participate in the Plan. Please contact
your broker/dealer for additional details.</FONT></P>
<P align=left><FONT face=serif size=1>Mellon will charge participants their
proportional share of brokerage commissions on market purchases. Participants
may obtain a certificate or certificates for all or part of the full shares
credited to their accounts at any time by making a request in writing to Mellon.
A fee may be charged to the participant for each certificate issuance.
</FONT></P>
<P align=left><FONT face=serif size=1>If you have any questions and shares are
registered in &#147;street&#148; name, contact the broker/dealer holding the shares or
your financial advisor. If you have any questions and shares are registered in
your name, contact Mellon at 800 851-9677.</FONT></P>
<P align=right><FONT face=serif size=2>43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Board of trustees/directors <BR>and
officers addendum </FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware
Investments</FONT></B><B><SUP><FONT face=serif size=2>&#174;</FONT></SUP></B><B><FONT face=serif size=2> Family of Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>A fund is governed by a Board of
Trustees/Directors (&#147;Trustees&#148;), which has oversight responsibility for the
management of a fund&#146;s business affairs. Trustees establish procedures and
oversee and review the performance of the investment manager and others who
perform services for the fund. The independent fund trustees, in particular, are
advocates for shareholder interests. Each trustee has served in that capacity
since he or she was elected to or appointed to the Board of Trustees, and will
continue to serve until his or her retirement or the election of a new trustee
in his or her place. The following is a list of the Trustees and Officers with
certain background and related information.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=2>Number
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=2>Portfolios in
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=2>Name,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=2>Complex
      Overseen</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Directorships</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=2>Address,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Position(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=2>Length
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=2>Principal
      Occupation(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=2>by
      Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Held
      by</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face=serif size=2>and Birth Date</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=2>Held with Fund(s)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Time Served</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%"><FONT face=serif size=2>During Past 5 Years</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%"><FONT face=serif size=2>or Officer</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp;<FONT face=serif size=2>Trustee or
    Officer</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp;<B><FONT face=serif color=#404040 size=1>Interested
      Trustees</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><STRONG><FONT face=serif size=1>Patrick P. Coyne</FONT><SUP><FONT face=serif size=1>1</FONT></SUP></STRONG>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Chairman,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Chairman and
      Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Patrick P.
      Coyne has served in</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>President,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>since August
      16, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>various
      executive capacities</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Kaydon
      Corp.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Chief
      Executive</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>at different
      times at</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Officer,
      and</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>President
      and</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Delaware
      Investments.</FONT><SUP><FONT face=serif size=1>2</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Board of
      Governors</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Chief
      Executive Officer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT size=1>Member &#151;
      Investment</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>April
      1963</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>since August
      1, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Company Institute
      (ICI)</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>(2007&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Member of
      Investment</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Committee &#151;
      Cradle</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>of Liberty Council,
      BSA</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>(November</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2007&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Finance
      Committee</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Member &#151; St.
      John</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Vianney
      Roman</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Catholic
      Church</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>(2007&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp;<B><FONT face=serif color=#404040 size=1>Independent
      Trustees</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1><STRONG>Thomas
      L. Bennett</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Private
      Investor &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>March
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>(March
      2004&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Bryn
      Mawr</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Bank Corp.
      (BMTC)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Investment
      Manager &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>(April
      2007&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Morgan Stanley
      &amp; Co.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>October
      1947</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>(January
      1984&#150;March 2004)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Chairman
      of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Investment
      Committee</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>&#151; The
      Haverford</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT size=1>School
      (2002&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Chairman
      of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT size=1>Investment
      Committee</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>&#151;
      Pennsylvania</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Academy of Fine
      Arts</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>(2007&#150;Present)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Trustee
      (2004&#150;Present)</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Investment
      Committee</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Member
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Pennsylvania</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Horticultural
      Society</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>(February</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>2006&#150;Present)</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>44</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=2>Number
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=2>Portfolios in
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=2>Name,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=2>Complex
      Overseen</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Directorships</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=2>Address,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=2>Position(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=2>Length
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=2>Principal
      Occupation(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=2>by
      Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Held
      by</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face=serif size=2>and Birth Date</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face=serif size=2>Held with Fund(s)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%"><FONT face=serif size=2>Time Served</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%"><FONT face=serif size=2>During Past 5 Years</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><FONT face=serif size=2>or Officer</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=2>Trustee or Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" colSpan=2>&nbsp;<B><FONT face=serif color=#404040 size=1>Independent
      Trustees </FONT></B><FONT face=serif color=#404040 size=1>(continued)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="27%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>John
      A. Fry</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>President
      &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>January
      2001</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Franklin &amp;
      Marshall College</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Community
      Health</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(June
      2002&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Systems</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Executive Vice
      President &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>May
      1960</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>University of
      Pennsylvania</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Allied
      Barton</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%"><FONT face=serif size=1>(April 1995&#150;June 2002)</FONT>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>Security Holdings</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>Anthony D. Knerr</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Founder and
      Managing Director &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>April
      1990</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Anthony Knerr
      &amp; Associates</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(Strategic
      Consulting)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(1990&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%"><FONT face=serif size=1>December 1938</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>Lucinda S. Landreth</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Chief
      Investment Officer &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>March
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Assurant,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(Insurance)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(2002&#150;2004)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="16%" >&nbsp; </TD>
    <TD noWrap align=center width="17%" ></TD>
    <TD noWrap align=center width="13%" ></TD>
    <TD noWrap align=center width="27%" ></TD>
    <TD noWrap align=center width="12%" ></TD>
    <TD noWrap align=center width="14%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%"><FONT face=serif size=1>June 1947</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>Ann R.
      Leven</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Consultant
      &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director and
      Audit</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>October
      1989</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>ARL
      Associates</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Committee
      Chair &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(Financial
      Planning)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Systemax,
      Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(1983&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="16%" >&nbsp; </TD>
    <TD noWrap align=center width="17%" ></TD>
    <TD noWrap align=center width="13%" ></TD>
    <TD noWrap align=center width="27%" ></TD>
    <TD noWrap align=center width="12%" ></TD>
    <TD noWrap align=center width="14%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%"><FONT face=serif size=1>November 1940</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>Thomas
      F. Madison</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>President and
      Chief</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>May
      1997</FONT><SUP><FONT face=serif size=1>3</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Executive
      Officer &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>CenterPoint
      Energy</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>MLM Partners,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(Small
      Business Investing</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director and
      Audit</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>and
      Consulting)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Committee
      Chair &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>February
      1936</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(January
      1993&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Digital River,
      Inc.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="16%" ></TD>
    <TD noWrap align=center width="17%" ></TD>
    <TD noWrap align=center width="13%" ></TD>
    <TD noWrap align=center width="27%" ></TD>
    <TD noWrap align=center width="12%" ></TD>
    <TD noWrap align=center width="14%" >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%"></TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT size=1>Director and Chair
      of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Audit
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Compensation</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Committees
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Rimage
      Corporation</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="16%" ></TD>
    <TD noWrap align=center width="17%" ></TD>
    <TD noWrap align=center width="13%" ></TD>
    <TD noWrap align=center width="27%" ></TD>
    <TD noWrap align=center width="12%" ></TD>
    <TD noWrap align=center width="14%" >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Director and Chair
      of</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Compensation
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Governance
      &amp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Nominating</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%">&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Committees
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp;<FONT size=1>Valmont Industries, Inc.</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1><STRONG>Janet
      L. Yeomans</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Vice President
      and Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%"><FONT face=serif size=1>April
      1999</FONT>&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(January
      2006&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT size=1>Vice President &#151; Mergers
      &amp; Acquisitions</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp;</TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(January
      2003&#150;January 2006), and</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Vice
      President</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>July
      1948</FONT>&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>(July
      1995&#150;January 2003)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>3M
      Corporation</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="16%" ></TD>
    <TD noWrap align=center width="17%" ></TD>
    <TD noWrap align=center width="13%" ></TD>
    <TD noWrap align=center width="27%" >&nbsp; </TD>
    <TD noWrap align=center width="12%" ></TD>
    <TD noWrap align=center width="14%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>Ms. Yeomans
      has held</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="17%">&nbsp; </TD>
    <TD noWrap align=center width="13%">&nbsp; </TD>
    <TD noWrap align=center width="27%"><FONT face=serif size=1>various
      management positions</FONT>&nbsp; </TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="27%"><FONT face=serif size=1>at 3M Corporation since
      1983.</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </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>45</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Number
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Portfolios in
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Name,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Complex
      Overseen</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Directorships</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>Address,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=2>Position(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=2>Length
      of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=2>Principal
      Occupation(s)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=2>by
      Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT face=serif size=2>Held
      by</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=2>and Birth Date</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face=serif size=2>Held with Fund(s)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face=serif size=2>Time Served</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%"><FONT face=serif size=2>During Past 5 Years</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=2>or Officer</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face=serif size=2>Trustee or Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" colSpan=2><B><FONT face=serif color=#404040 size=1>&nbsp;Independent
      Trustees </FONT></B><FONT face=serif color=#404040 size=1>(continued)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1><STRONG>J.
      Richard Zecher</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Trustee</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Founder
      &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director and
      Audit</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>March
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Investor
      Analytics</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"></TD>
    <TD noWrap align=center width="14%"><FONT size=1>Committee Member
      &#151;</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>(Risk
      Management)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Investor
      Analytics</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>(May
      1999&#150;Present)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Director and
      Audit</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>July
      1940</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Founder
      &#151;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"></TD>
    <TD noWrap align=center width="14%">&nbsp;<FONT size=1>Committee Member
      &#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Sutton Asset
      Management</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Oxigene,
      Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>(Hedge
      Fund)</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%"><FONT face=serif size=1>(September 1996&#150;Present)</FONT>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%"><B><FONT face=serif color=#404040 size=1>&nbsp;Officers</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1><STRONG>David
      F. Connor</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Vice
      President,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Vice President
      since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>David F.
      Connor has served as</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Deputy
      General</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>September
      2000</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Vice President
      and Deputy</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Counsel, and
      Secretary</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>and
      Secretary</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>General
      Counsel of</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Delaware
      Investments</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>October
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>since
      2000.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>December 1963</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1><STRONG>Daniel
      V. Geatens</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Vice
      President</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Daniel V.
      Geatens has served</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>and
      Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>in various
      capacities at</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>October 25,
      2007</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>different
      times at</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%">&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Delaware
      Investments.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=center width="14%" >&nbsp;</TD>
    <TD noWrap align=center width="18%" ></TD>
    <TD noWrap align=center width="16%" ></TD>
    <TD noWrap align=center width="23%" ></TD>
    <TD noWrap align=center width="14%" ></TD>
    <TD noWrap align=center width="14%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>October 1972</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1><STRONG>David
      P. O&#146;Connor</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Senior&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Senior Vice
      President,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>David P.
      O&#146;Connor has served in</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Vice
      President,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>General
      Counsel, and</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>various
      executive and legal</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>General
      Counsel,</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Chief Legal
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>capacities at
      different times</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>and
      Chief</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>at Delaware
      Investments.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Legal
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>October
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>February 1966</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1><STRONG>Richard Salus</STRONG></FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Senior</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Chief
      Financial</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Richard Salus
      has served in</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>None</FONT><SUP><FONT face=serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>2005 Market
      Street</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Vice
      President</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>Officer
      since</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>various
      executive capacities</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>Philadelphia,
      PA</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>and</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%"><FONT face=serif size=1>November
      2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>at different
      times at</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%"><FONT face=serif size=1>19103</FONT>&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Chief
      Financial</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%"><FONT face=serif size=1>Delaware
      Investments.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="18%"><FONT face=serif size=1>Officer</FONT>&nbsp; </TD>
    <TD noWrap align=center width="16%">&nbsp; </TD>
    <TD noWrap align=center width="23%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%"><FONT face=serif size=1>October 1963</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="18%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="23%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=center width="14%">&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><SUP><FONT face=serif size=1>1 </FONT></SUP><FONT face=serif size=1>Patrick P. Coyne is
considered to be an &#147;Interested Trustee&#148; because he is an executive officer of
the Fund&#146;s(s&#146;) investment advisor.</FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><SUP><FONT face=serif size=1>2 </FONT></SUP><FONT face=serif size=1>Delaware Investments is
the marketing name for Delaware Management Holdings, Inc. and its subsidiaries,
including the Fund&#146;s(s&#146;) investment advisor, principal underwriter, and its
transfer agent.</FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><SUP><FONT face=serif size=1>3</FONT></SUP><FONT face=serif size=1> In 1997, several funds
managed by Voyageur Fund Managers, Inc. (the &#147;Voyageur Funds&#148;) were incorporated
into the Delaware Investments Family of Funds. Mr. Madison served as a director
of the Voyageur Funds from 1993 until 1997.</FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><SUP><FONT face=serif size=1>4 </FONT></SUP><FONT face=serif size=1>David F. Connor, Daniel
V. Geatens, David P. O&#146;Connor, and Richard Salus serve in similar capacities for
the six portfolios of the Optimum Fund Trust, which have the same investment
advisor.</FONT></DIV>
<P align=left><FONT face=serif size=2>46</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 annual report is for the information
of Delaware Investments Closed-End Municipal Bond Funds shareholders. 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.<BR>&nbsp;&nbsp; </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="31%">
      <P align=left><FONT color=#c0c0c0><B>Board of trustees</B></FONT></P>
      <P align=left><B><FONT face=serif size=2>Patrick P.
      Coyne<BR></FONT></B><FONT face=serif size=2>Chairman, President, <BR>and
      Chief Executive Officer<BR></FONT><FONT face=serif size=2>Delaware
      Investments<SUP><FONT face=serif size=2>&#174;</FONT></SUP></FONT><FONT face=serif size=2> Family of Funds <BR>Philadelphia, PA </FONT></P>
      <P align=left><B><FONT face=serif size=2>Thomas L.
      Bennett<BR></FONT></B><FONT face=serif size=2>Private Investor
      <BR>Rosemont, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>John A. Fry<BR></FONT></B><FONT face=serif size=2>President<BR></FONT><FONT face=serif size=2>Franklin
      &amp; Marshall College <BR>Lancaster, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>Anthony D. Knerr
      <BR></FONT></B><FONT face=serif size=2>Founder and Managing Director
      <BR>Anthony Knerr &amp; Associates <BR>New York, NY</FONT></P>
      <P align=left><B><FONT face=serif size=2>Lucinda S.
      Landreth<BR></FONT></B><FONT face=serif size=2>Former Chief Investment
      Officer <BR>Assurant, Inc.<BR></FONT><FONT face=serif size=2>Philadelphia,
      PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>Ann R. Leven <BR></FONT></B><FONT face=serif size=2>Consultant <BR>ARL Associates <BR>New York,
NY</FONT></P>
      <P align=left><B><FONT face=serif size=2>Thomas F.
      Madison<BR></FONT></B><FONT face=serif size=2>President and Chief
      Executive Officer <BR>MLM Partners, Inc.<BR></FONT><FONT face=serif size=2>Minneapolis, MN</FONT></P>
      <P align=left><B><FONT face=serif size=2>Janet L.
      Yeomans<BR></FONT></B><FONT face=serif size=2>Vice President and Treasurer
      <BR>3M Corporation <BR>St. Paul, MN</FONT></P>
      <P align=left><B><FONT face=serif size=2>J. Richard
      Zecher<BR></FONT></B><FONT face=serif size=2>Founder<BR></FONT><FONT face=serif size=2>Investor Analytics <BR></FONT><FONT face=serif size=2>Scottsdale, AZ</FONT></P></TD>
    <TD vAlign=top width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="32%"><B><FONT color=#c0c0c0><B>Affiliated
      officers</B></FONT></B>
      <P align=left><B><FONT face=serif size=2>David F.
      Connor<BR></FONT></B><FONT face=serif size=2>Vice President, Deputy
      General Counsel, <BR>and Secretary <BR>Delaware Investments Family of
      Funds <BR>Philadelphia, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>Daniel V.
      Geatens<BR></FONT></B><FONT face=serif size=2>Vice President and
      Treasurer<BR></FONT><FONT face=serif size=2>Delaware Investments Family of
      Funds <BR>Philadelphia, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>David P.
      O&#146;Connor<BR></FONT></B><FONT face=serif size=2>Senior Vice President,
      General Counsel, <BR>and Chief Legal Officer <BR>Delaware Investments
      Family of Funds <BR>Philadelphia, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>Richard Salus<BR></FONT></B><FONT face=serif size=2>Senior Vice President and <BR>Chief Financial
      Officer<BR></FONT><FONT face=serif size=2>Delaware Investments Family of
      Funds <BR>Philadelphia, PA</FONT></P>
      <P align=left><FONT face=serif size=1>Each Fund files its complete
      schedule of portfolio holdings with the Securities and Exchange Commission
      for the first and third quarters of each fiscal year on Form N-Q. Each
      Fund&#146;s 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 width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="32%">
      <P align=left><FONT color=#c0c0c0><B>Contact information</B></FONT></P>
      <P align=left><B><FONT face=serif size=2>Investment
      manager<BR></FONT></B><FONT face=serif size=2>Delaware Management Company
      <BR>Philadelphia, PA</FONT></P>
      <P align=left><B><FONT face=serif size=2>Principal office of the
      Funds<BR></FONT></B><FONT face=serif size=2>2005 Market
      Street<BR></FONT><FONT face=serif size=2>Philadelphia, PA
      19103-7057</FONT></P>
      <P align=left><B><FONT face=serif size=2>Independent registered public
      <BR>accounting firm<BR></FONT></B><FONT face=serif size=2>Ernst &amp;
      Young LLP <BR>2001 Market Street <BR>Philadelphia, PA 19103</FONT></P>
      <P align=left><B><FONT face=serif size=2>Registrar and stock transfer
      <BR>agent<BR></FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>For securities dealers <BR>and
      financial institutions <BR>representatives<BR></FONT></B><FONT face=serif size=2>800 362-7500</FONT></P>
      <P align=left><B><FONT face=serif size=2>Web site <BR></FONT></B><FONT face=serif size=2>www.delawareinvestments.com</FONT></P>
      <P align=left><I><FONT face=serif size=2>Delaware Investments is the
      marketing <BR>name of Delaware Management Holdings, <BR>Inc. and its
      subsidiaries.</FONT></I></P>
      <P align=left><B><FONT face=serif size=2>Number of recordholders as
      of<BR></FONT></B><FONT face=serif size=2>March 31, 2008:</FONT></P>
      <DIV style="FLOAT: left"><FONT face=serif size=2>Arizona Municipal Income
      Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>Colorado Municipal<BR>Income Fund
      <BR>Minnesota Municipal Income<BR>Fund II <BR>National Municipal Income
      Fund</FONT></DIV>
      <DIV style="FLOAT: left"><FONT face=serif size=2>&nbsp;&nbsp;66<BR>&nbsp;<BR>143<BR>&nbsp;<BR>652<BR>123</FONT></DIV></TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2>47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>


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

  <TR>
    <TD width="50%"><IMG src="gelcloseend_ncsr5x10x1.jpg" border=0></TD>
    <TD align=right width="50%"></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><BR>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT face=serif size=1>(3090)</FONT>&nbsp; </TD>
    <TD align=right width="49%"><FONT face=serif size=1>Printed in the
      USA</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT face=serif size=1>AR-CEMUNI [3/08] CGI
      5/08</FONT>&nbsp; </TD>
    <TD align=right width="49%"><FONT face=serif size=1>MF-08-04-346 PO
      12940</FONT>&nbsp; </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;&nbsp;<FONT face=serif size=2>The
registrant has adopted a code of ethics that applies to the registrant&#146;s
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. A
copy of the registrant&#146;s Code of Business Ethics has been posted on Delaware
Investments&#146; internet website at www.delawareinvestments.com. Any
amendments to the Code of Business Ethics, and information on any waiver from
its provisions granted by the registrant, will also be posted on this website
within five business days of such amendment or waiver and will remain on the
website for at least 12 months. </FONT></P>
<P align=left><FONT face=serif size=2>Item 3. Audit Committee Financial Expert
</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
registrant&#146;s Board of Trustees/Directors has determined that each member of the
registrant&#146;s Audit Committee is an audit committee financial expert, as defined
below. For purposes of this item, an &#147;audit committee financial expert&#148; is a
person who has the following attributes: </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a. An understanding of generally
accepted accounting principles and financial statements; </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>b. The ability to assess the general
application of such principles in connection with the accounting for estimates,
accruals, and reserves; </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>c. Experience preparing, auditing,
analyzing, or evaluating financial statements that present a breadth and level
of complexity of accounting issues that are generally comparable to the breadth
and complexity of issues that can reasonably be expected to be raised by the
registrant&#146;s financial statements, or experience actively supervising one or
more persons engaged in such activities; </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>d. An understanding of internal
controls and procedures for financial reporting; and</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>e. An understanding of audit
committee functions. </FONT></P>
<P align=left><FONT face=serif size=2>An &#147;audit committee financial expert&#148;
shall have acquired such attributes through: </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a. Education and experience as a
principal financial officer, principal accounting officer, controller, public
accountant, or auditor or experience in one or more positions that involve the
performance of similar functions; </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>b. Experience actively supervising a
principal financial officer, principal accounting officer, controller, public
accountant, auditor, or person performing similar functions; </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>c. Experience overseeing or
assessing the performance of companies or public accountants with respect to the
preparation, auditing, or evaluation of financial statements; or </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>d. Other relevant experience.
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The registrant&#146;s Board of
Trustees/Directors has also determined that each member of the registrant&#146;s
Audit Committee is independent. In order to be &#147;independent&#148; for purposes of
this item, the Audit Committee member may not: (i) other than in his or her
capacity as a member of the Board of Trustees/Directors or any committee
thereof, accept directly or indirectly any consulting, advisory or other
compensatory fee from the issuer; or (ii) be an &#147;interested person&#148; of the
registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The names of the audit committee
financial experts on the registrant&#146;s Audit Committee are set forth below:
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Thomas L.
Bennett&nbsp;<SUP>1</SUP></FONT><FONT face=serif size=2>&nbsp;<BR><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Thomas F. Madison&nbsp;<BR><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Janet L.
Yeomans&nbsp;<SUP>1</SUP></FONT><FONT face=serif size=2><SUP>&nbsp;<BR></SUP><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=serif size=1></FONT><FONT face=serif size=2>J. Richard Zecher </FONT></P>
<P align=left><FONT face=serif size=2>Item 4. Principal Accountant Fees and
Services</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a) </FONT><U><FONT face=serif size=2>Audit fees</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for services provided to the registrant by its independent
auditors for the audit of the registrant&#146;s annual financial statements and for
services normally provided by the independent auditors in connection with
statutory and regulatory filings or engagements were $10,400 for the fiscal year
ended March 31, 2008. </FONT></P>
<P align=left><FONT face=serif size=2>____________________</FONT></P>
<P align=left><FONT face=serif size=2><SUP>1</SUP>&nbsp;The instructions to Form
N-CSR require disclosure on the relevant experience of persons who qualify as
audit committee financial experts based on &#147;other relevant experience.&#148; The
Board of Trustees/Directors has determined that Mr. Bennett qualifies as an
audit committee financial expert by virtue of his education, Chartered Financial
Analyst designation, and his experience as a credit analyst, portfolio manager
and the manager of other credit analysts and portfolio managers. The Board of
</FONT><FONT face=serif size=2>Trustees/Directors has determined that Ms.
Yeomans qualifies as an audit committee financial expert by virtue of her
education and experience as the Treasurer of a large global corporation.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for services provided to the registrant by its independent
auditors for the audit of the registrant&#146;s annual financial statements and for
services normally provided by the independent auditors in connection with
statutory and regulatory filings or engagements were $10,100 for the fiscal year
ended March 31, 2007. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b) </FONT><U><FONT face=serif size=2>Audit-related fees</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for services
relating to the performance of the audit of the registrant&#146;s financial
statements and not reported under paragraph (a) of this Item were $6,868 for the
fiscal year ended March 31, 2008. The percentage of these fees relating to
services approved by the registrant&#146;s Audit Committee pursuant to the
</FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2>
exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X was 0%. These audit-related services were as follows: issuance of agreed upon procedures report with respect to the preferred stock rating agency report.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for services
relating to the performance of the audit of the financial statements of the
registrant&#146;s investment adviser and other service providers under common control
with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March
31, 2008.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for services
relating to the performance of the audit of the registrant&#146;s financial
statements and not reported under paragraph (a) of this Item were $6,868 for the
fiscal year ended March 31, 2007. The percentage of these fees relating to
services approved by the registrant&#146;s Audit Committee pursuant to the
</FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2>
exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X was 0%. These audit-related services were as follows: issuance of agreed upon procedures report with respect to the preferred stock rating agency report.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for services
relating to the performance of the audit of the financial statements of the
registrant&#146;s investment adviser and other service providers under common control
with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrant&#146;s fiscal year ended March
31, 2007.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c) </FONT><U><FONT face=serif size=2>Tax fees</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for tax-related
services provided to the registrant were $2,150 for the fiscal year ended March
31, 2008. The percentage of these fees relating to services approved by the
registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax return and review of annual excise distribution calculation.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for tax-related
services provided to the registrant&#146;s investment adviser and other service
providers under common control with the adviser and that relate directly to the
operations or financial reporting of the registrant were $0 for the registrant&#146;s
fiscal year ended March 31, 2008. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for tax-related
services provided to the registrant were $1,800 for the fiscal year ended March
31, 2007. The percentage of these fees relating to services approved by the
registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face=serif size=2>de</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>minimis</FONT></U><FONT face=serif size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax return and
review of annual excise distribution calculation. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the registrant&#146;s independent auditors for tax-related
services provided to the registrant&#146;s adviser and other service providers under
common control with the adviser and that relate directly to the operations or
financial reporting of the registrant were $0 for the registrant&#146;s fiscal year
ended March 31, 2007.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(d) </FONT><U><FONT face=serif size=2>All other fees</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services provided by the independent auditors to
the registrant other than those set forth in paragraphs (a), (b) and (c) of this
Item were $0 for the fiscal year ended March 31, 2008.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services other than those set forth in paragraphs
(b) and (c) of this Item provided by the registrant&#146;s independent auditors to
the registrant&#146;s adviser and other service providers under common control with
the adviser and that relate directly to the operations or financial reporting of
the registrant were $0 for the registrant&#146;s fiscal year ended March 31,
2008.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services provided by the independent auditors to
the registrant other than those set forth in paragraphs (a), (b) and (c) of this
Item were $0 for the fiscal year ended March 31, 2007.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services other than those set forth in paragraphs
(b) and (c) of this Item provided by the registrant&#146;s independent auditors to
the registrant&#146;s adviser and other service providers under common control with
the adviser and that relate directly to the operations or financial reporting of
the registrant were $0 for the registrant&#146;s fiscal year ended March 31,
2007.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e) The
registrant&#146;s Audit Committee has established pre-approval policies and
procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the
&#147;Pre-Approval Policy&#148;) with respect to services provided by the registrant&#146;s
independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee
has pre-approved the services set forth in the table below with respect to the
registrant up to the specified fee limits. Certain fee limits are based on
aggregate fees to the registrant and other registrants within the Delaware
Investments Family of Funds. </FONT></P>
<TABLE style="PADDING-LEFT: 5pt; PADDING-BOTTOM: 2pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=2>Service</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="26%" bgColor=#c0c0c0><B><FONT face=serif size=2>Range of Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><B><FONT face=serif size=2>Audit
      Services</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Statutory audits or financial
      audits for new Funds</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT face=serif size=2>up to $25,000 per
    Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Services associated with SEC
      registration statements (e.g., Form N-1A, Form N-14, etc.), periodic
      reports and other documents filed with the SEC or other documents issued
      in connection with securities offerings (e.g., comfort letters for
      closed-end Fund offerings, consents), and assistance in responding to SEC
      comment letters</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="26%"><FONT size=2>up to
      $10,000 per Fund</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Consultations by Fund
      management as to the accounting or disclosure treatment of transactions or
      events and/or the actual or potential impact of final or proposed rules,
      standards or interpretations by the SEC, FASB, or other regulatory or
      standard-setting bodies (Note: Under SEC rules, some consultations may be
      considered &#147;audit-related services&#148; rather than &#147;audit
services&#148;)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="26%"><FONT size=2>up to
      $25,000 in the aggregate</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2><STRONG>Audit-Related
      Services</STRONG></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Consultations by Fund
      management as to the accounting or disclosure treatment of transactions or
      events and /or the actual or potential impact of final or proposed rules,
      standards or interpretations by the SEC, FASB, or other regulatory or
      standard-setting bodies (Note: Under SEC rules, some consultations may be
      considered &#147;audit services&#148; rather than &#147;audit-related
services&#148;)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="26%"><FONT size=2>up to
      $25,000 in the aggregate</FONT>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="73%"><STRONG><FONT size=2>Tax Services</FONT></STRONG>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>U.S. federal, state and local
      and international tax planning and advice (e.g., consulting on statutory,
      regulatory or administrative developments, evaluation of Funds&#146; tax
      compliance function, etc.)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=middle align=left width="26%"><FONT size=2>up to
      $25,000 in the aggregate</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>U.S. federal, state and local
      tax compliance (e.g., excise distribution reviews, etc.)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2>up to $5,000 per
      Fund</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Review of federal, state,
      local and international income, franchise and other tax returns</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2>up to
      $5,000 per Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Under the
Pre-Approval Policy, the Audit Committee has also pre-approved the services set
forth in the table below with respect to the registrant&#146;s investment adviser and
other entities controlling, controlled by or under common control with the
investment adviser that provide ongoing services to the registrant (the &#147;Control
Affiliates&#148;) up to the specified fee limit. This fee limit is based on aggregate
fees to the investment adviser and its Control Affiliates. </FONT></P>
<TABLE style="PADDING-LEFT: 5pt; PADDING-BOTTOM: 2pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=2>Service</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="26%" bgColor=#c0c0c0><B><FONT face=serif size=2>Range of Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><B><FONT face=serif size=2>Non-Audit
      Services</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="73%"><FONT face=serif size=2>Services associated with
      periodic reports and other documents filed with the SEC and assistance in
      responding to SEC comment letters</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT face=serif size=2>up to $10,000 in the
      aggregate</FONT></TD></TR></TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Pre-Approval Policy
requires the registrant&#146;s independent auditors to report to the Audit Committee
at each of its regular meetings regarding all services initiated since the last
such report was rendered, including those services authorized by the
Pre-Approval Policy. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(f) Not applicable. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(g) The
aggregate non-audit fees billed by the registrant&#146;s independent auditors for
services rendered to the registrant and to its investment adviser and other
service providers under common control with the adviser were $263,380 and
$248,076 for the registrant&#146;s fiscal years ended March 31, 2008 and March 31,
2007, respectively.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(h) In
connection with its selection of the independent auditors, the registrant&#146;s
Audit Committee has considered the independent auditors&#146; provision of non-audit
services to the registrant&#146;s investment adviser and other service providers
under common control with the adviser that were not required to be pre-approved
pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has
determined that the independent auditors&#146; provision of these services is
compatible with maintaining the auditors&#146; independence. </FONT></P>

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

<P align=left><FONT face=serif size=2>Item 5. Audit Committee of Listed
Registrants </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The registrant has a
separately-designated standing Audit Committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the
registrant&#146;s Audit Committee are Thomas L. Bennett, Thomas F. Madison, Janet L.
Yeomans and J. Richard Zecher. </FONT></P>
<P align=left><FONT face=serif size=2>Item 6. Investments </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a) 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><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b) Divestment of securities in
accordance with Section 13(c) of the Investment Company Act of 1940. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not applicable. </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;&nbsp;</FONT>The registrant has formally
delegated to its investment adviser(s) (the &#147;Adviser&#148;) the ability to make all
proxy voting decisions in relation to portfolio securities held by the
registrant. If and when proxies need to be voted on behalf of the registrant,
the Adviser will vote such proxies pursuant to its Proxy Voting Policies and
Procedures (the &#147;Procedures&#148;). The Adviser has established a Proxy Voting
Committee (the &#147;Committee&#148;) which is responsible for overseeing the Adviser&#146;s
proxy voting process for the registrant. One of the main responsibilities of the
Committee is to review and approve the Procedures to ensure that the Procedures
are designed to allow the Adviser to vote proxies in a manner consistent with
the goal of voting in the best interests of the registrant.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In order to facilitate the actual
process of voting proxies, the Adviser has contracted with Institutional
Shareholder Services (&#147;ISS&#148;) to analyze proxy statements on behalf of the
registrant and other Adviser clients and vote proxies generally in accordance
with the Procedures. The Committee is responsible for overseeing ISS&#146;s proxy
voting activities. If a proxy has been voted for the registrant, ISS will create
a record of the vote. By no later than August 31 of each year, information (if
any) regarding how the registrant voted proxies relating to portfolio securities
during the most recently disclosed 12-month period ended June 30 is available
without charge (i) through the registrant&#146;s website at
http://www.delawareinvestments.com; and (ii) on the Commission&#146;s website at
http://www.sec.gov. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Procedures contain a general
guideline that recommendations of company management on an issue (particularly
routine issues) should be given a fair amount of weight in determining how proxy
issues should be voted. However, the Adviser will normally vote against
management&#146;s position when it runs counter to its specific Proxy Voting
Guidelines (the &#147;Guidelines&#148;), and the Adviser will also vote against
management&#146;s recommendation when it believes that such position is not in the
best interests of the registrant.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As stated above, the Procedures also
list specific Guidelines on how to vote proxies on behalf of the registrant.
Some examples of the Guidelines are as follows: (i) generally vote for
shareholder proposals asking that a majority or more of directors be
independent; (ii) generally vote against proposals to require a supermajority
shareholder vote; (iii) votes on mergers and acquisitions should be considered
on a case-by-case basis, determining whether the transaction enhances
shareholder value; (iv) generally vote against proposals to create a new class
of common stock with superior voting rights; (v) generally vote re-incorporation
proposals on a case-by-case basis; (vi) votes with respect to equity-based
compensation plans are generally determined on a case-by-case basis; and (vii)
generally vote for proposals requesting reports on the level of greenhouse gas
emissions from a company&#146;s operations and products. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Because the registrant has delegated
proxy voting to the Adviser, the registrant is not expected to encounter any
conflict of interest issues regarding proxy voting and therefore does not have
procedures regarding this matter. However, the Adviser does have a section in
its Procedures that addresses the possibility of conflicts of interest. Most
proxies which the Adviser receives on behalf of the registrant are voted by ISS
in accordance with the Procedures. Because almost all registrant proxies are
voted by ISS pursuant to the pre-determined Procedures, it normally will not be
necessary for the Adviser to make an actual determination of how to vote a
particular proxy, thereby largely eliminating conflicts of interest for the
Adviser during the proxy voting process. In the very limited instances where the
Adviser is considering voting a proxy contrary to ISS&#146;s recommendation, the
Committee will first assess the issue to see if there is any possible conflict
of interest involving the Adviser or affiliated persons of the Adviser. If a
member of the Committee has actual knowledge of a conflict of interest, the
Committee will normally use another independent third party to do additional
research on the particular proxy issue in order to make a recommendation to the
Committee on how to vote the proxy in the best interests of the registrant. The
Committee will then review the proxy voting materials and recommendation
provided by ISS and the independent third party to determine how to vote the
issue in a manner which the Committee believes is consistent with the Procedures
and in the best interests of the registrant.</FONT></P>
<P align=left><FONT face=serif size=2>Item 8. Portfolio Managers of Closed-End
Management Investment Companies</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="100%" bgColor=#c0c0c0><B><FONT face=serif>DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND,
      INC.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="100%" bgColor=#c0c0c0><B><FONT face=serif>PORTFOLIO
      MANAGERS</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Other Accounts Managed
</STRONG></FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following chart lists certain information about types of other accounts for
which the portfolio managers are primarily responsible as of March 31, 2008. Any
accounts managed in a personal capacity appear under &#147;Others Accounts&#148; along
with the other accounts managed on a </FONT><FONT face=serif size=2>professional
basis. The personal account information is current as of the most recent
calendar quarter end for which account statements are available. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="PADDING-LEFT: 5pt; PADDING-BOTTOM: 2pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" noWrap align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" noWrap align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" noWrap align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>Total
      Assets</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>in Accounts with</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>No. of Accounts with</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>Performance-</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>No. of</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><U><FONT face=serif size=2>Total
      Assets</FONT></U></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>Performance-</FONT></B><B><U><FONT face=serif size=2>Based</FONT></U></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=2>Based</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><U><FONT face=serif size=2>Accounts</FONT></U></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><U><FONT face=serif size=2>in Accounts
      Fee</FONT></U></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><U><FONT face=serif size=2>Fees</FONT></U></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><U><FONT face=serif size=2>Fee</FONT></U></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%" bgColor=#c0c0c0><B><FONT face=serif size=2>Joseph R. Baxter</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Registered</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>19</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$4.2 billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Companies</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other pooled</FONT>
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment
      Vehicles</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other
      Accounts</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>28</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$1.3
      billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%" bgColor=#c0c0c0><B><FONT face=serif size=2>Robert F. Collins</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Registered</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>19</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$4.2 billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Companies</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other pooled</FONT>
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment
      Vehicles</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other
      Accounts</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>29</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$1.3
      billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%" bgColor=#c0c0c0><B><FONT face=serif size=2>Stephen J. Czepiel</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Registered</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>19</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$4.2 billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Companies</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other pooled</FONT>
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment
      Vehicles</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other
      Accounts</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>27</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$1.3
      billion</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%" bgColor=#c0c0c0><B><FONT face=serif size=2>Denise Franchetti</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Registered</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2> 4 </FONT>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2> $305.9 million </FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Companies</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other pooled</FONT>
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Investment
      Vehicles</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face=serif size=2>Other
      Accounts</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2> 2 </FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2> $0 </FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>0</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face=serif size=2>$0</FONT>
  </TD></TR></TABLE>
<BR>
<P align=left><B><FONT face=serif size=2>DESCRIPTION OF MATERIAL CONFLICTS OF
INTEREST </FONT></B></P>
<P align=left><FONT face=serif size=2>Individual portfolio managers may perform
investment management services for other funds or accounts similar to those
provided to the Funds and the investment action for such other fund or account
and the Funds may differ. For example, an account or fund may be selling a
security, while another account or Fund may be purchasing or holding the same
security. As a result, transactions executed for one fund or account may
adversely affect the value of securities held by another fund, account or Fund.
Additionally, the management of multiple other funds or accounts and the Funds
may give rise to potential conflicts of interest, as a portfolio manager must
allocate time and effort to multiple funds or accounts and the Funds. A
portfolio manager may discover an investment opportunity that may be suitable
for more than one account or fund. The investment opportunity may be limited,
however, so that all funds or accounts for which the investment would be
suitable may not be able to participate. The Manager has adopted procedures
designed to allocate investments fairly across multiple funds or accounts. A portfolio manager&#146;s management of personal accounts also may
present certain conflicts of interest. While Delaware&#146;s code of ethics is
designed to address these potential conflicts, there is no guarantee that it
will do so.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><B><FONT face=serif size=2>COMPENSATION STRUCTURE </FONT></B></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each portfolio&#146;s manager&#146;s
compensation consists of the following</FONT><B><FONT face=serif size=2>:
</FONT></B></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>BASE SALARY &#150; Each named portfolio
manager receives a fixed base salary. Salaries are determined by a comparison to
industry data prepared by third parties to ensure that portfolio manager
salaries are in line with salaries paid at peer investment advisory firms.
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>BONUS --</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Due to transitioning of
responsibilities of our fixed income managers over the past year, some of the
managers&#146; bonuses may have been guaranteed for the past year. It is anticipated
that going forward an objective component will be added to the bonus for each
manager that is reflective of account performance relative to an appropriate
peer group or database. The following paragraph describes the structure of the
non-guaranteed bonus. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each portfolio manager is eligible
to receive an annual cash bonus, which is based on quantitative and qualitative
factors. There is one pool for bonus payments for the fixed income department.
The amount of the pool for bonus payments is determined by assets managed
(including investment companies, insurance product-related accounts and other
separate accounts), management fees and related expenses (including fund waiver
expenses) for registered investment companies, pooled vehicles, and managed
separate accounts. Generally, 60%-75% of the bonus is quantitatively determined.
For more senior portfolio managers, a higher percentage of the bonus is
quantitatively determined. For investment companies, each manager is compensated
according the Fund&#146;s Lipper or Morningstar peer group percentile ranking on a
one-year, three-year, and five-year basis, with longer-term performance more
heavily weighted. For managed separate accounts the portfolio managers are
compensated according to the composite percentile ranking against the Frank
Russell and Callan Associates databases (or similar sources of relative
performance data) on a one-year, three-year, and five-year basis, with longer
term performance more heavily weighted. There is no objective award for a fund
that falls below the 50<SUP>th</SUP></FONT><FONT face=serif size=2> percentile,
but incentives reach maximum potential at the 25<SUP>th</SUP></FONT><FONT face=serif size=2>-30<SUP>th</SUP></FONT><FONT face=serif size=2> percentile.
There is a sliding scale for investment companies that are ranked above the
50<SUP>th</SUP></FONT><FONT face=serif size=2> percentile. The remaining 25%-40%
portion of the bonus is discretionary as determined by Delaware Investments and
takes into account subjective factors. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For new and recently transitioned
portfolio managers, the compensation may be weighted more heavily towards a
portfolio manager&#146;s actual contribution and ability to influence performance,
rather than longer-term performance. Management intends to move the compensation
structure towards longer-term performance for these portfolio managers over
time. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>DEFERRED COMPENSATION &#150; Each named
portfolio manager is eligible to participate in the Lincoln National Corporation
Executive Deferred Compensation Plan, which is available to all employees whose
income exceeds a designated threshold. The Plan is a non-qualified unfunded
deferred compensation plan that permits participating employees to defer the
receipt of a portion of their cash compensation. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>STOCK OPTION INCENTIVE PLAN/EQUITY
COMPENSATION PLAN - Portfolio managers may be awarded options, stock
appreciation rights, restricted stock awards and restricted stock units relating
to the underlying shares of common stock of Delaware Investments U.S., Inc.
pursuant to the terms the Amended and Restated Delaware Investments U.S., Inc.
Incentive Compensation Plan. In addition, certain managers may be awarded
restricted stock units, or &#147;performance shares,&#148; in Lincoln National
Corporation. Delaware Investments U.S., Inc., is an indirect subsidiary of
Delaware Management Holdings, Inc. Delaware Management Holdings, Inc., is in
turn an indirect, wholly-owned subsidiary of Lincoln National
Corporation.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Amended and Restated Delaware
Investments U.S., Inc. Incentive Compensation Plan was established in 2001 in
order to provide certain employees of the Manager with a more direct means of
participating in the growth of the Manager. Under the terms of the plan, stock
options typically vest in 25% increments on a four-year schedule and expire ten
years after issuance. Subject to the terms of the plan, restricted stock units
typically vest in 25% increments on a four-year schedule, and shares of common
stock underlying the restricted stock awards will be issued after vesting.
Awards are granted under the plan from time to time by the investment manager in
its full discretion. Awards may be based in part on seniority. The fair market
value of the shares of Delaware Investments U.S., Inc., is normally determined
as of each March 31, June 30, September 30 and December 31. Shares issued upon
the exercise of such options or vesting of restricted stock units must be held
for six months and one day, after which time the shareholder may put them back
to the issuer or the shares may be called back from the shareholder from time to
time, as the case may be. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Portfolio managers who do not
participate in the Delaware Investments U.S., Inc. Stock Option Plan are
eligible to participate in Lincoln&#146;s Long-Term Incentive Plan, which is designed
to provide a long-term incentive to officers of Lincoln. Under the plan, a
specified number of performance shares are allocated to each unit and are
awarded to participants in the discretion of their managers in accordance with
recommended targets related to the number of employees in a unit that may
receive an award and the number of shares to be awarded. The performance shares
have a three year vesting schedule and, at the end of the three years, the
actual number of shares distributed to those who received awards may be equal
to, greater than or less than the amount of the award based on Lincoln&#146;s
achievement of certain performance goals relative to a predetermined peer group.
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>OTHER COMPENSATION - Portfolio
managers may also participate in benefit plans and programs available generally
to all employees.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>OWNERSHIP OF
SECURITIES</U></FONT><FONT face=serif size=2>&nbsp;<BR><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=serif size=2>As of
March 31, 2008, the Fund&#146;s portfolio managers did not own any shares of the
Fund. </FONT></P>
<P align=left><FONT face=serif size=2>____________________</FONT></P>
<P align=left><SUP><FONT face=serif size=2>1&nbsp;</FONT></SUP><FONT face=serif size=2>Includes Fund shares beneficially owned by portfolio manager and
immediate family members sharing the same household. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=left><FONT face=serif><FONT face=serif size=2>Item 9. Purchases of
Equity Securities by Closed-End Management Investment Companies and Affiliated
Purchasers</FONT></FONT></P>
<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>
<P align=left><FONT face=serif><FONT face=serif size=2>Item 10. Submission of
Matters to a Vote of Security Holders </FONT></FONT></P>
<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>
<P align=left><FONT face=serif><FONT face=serif size=2>Item 11. Controls and
Procedures</FONT></FONT></P>
<P align=left><FONT face=serif><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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></FONT></P>
<P align=left><FONT face=serif><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 fourth fiscal quarter) that have
materially affected, or are reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting.</FONT></FONT></P>

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

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

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>(1) Code of
      Ethics</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT size=2>Not applicable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=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></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Written solicitations
      to purchase securities pursuant to Rule 23c-1 under the Securities
      Exchange Act of 1934.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Not
    applicable.</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif><FONT face=serif size=2>(b) Certifications
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith
as Exhibit 99.906CERT.</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=center><B><FONT face=serif size=2>SIGNATURES </FONT></B></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf, by the
undersigned, thereunto duly authorized. </FONT></P>
<P align=left><B><FONT face=serif size=2>Name of Registrant</FONT></B><FONT face=serif size=2>: Delaware Investments National Municipal Income Fund</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="15%" 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: Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="15%" 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: Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <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: Richard Salus</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Financial
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp;
    </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align=center><B><FONT face=serif size=2>EXHIBIT 99.CERT </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>CERTIFICATION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=left><FONT face=serif size=2>I, Patrick P. Coyne, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2> 1. </FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2> I have
      reviewed this report on Form N-CSR/A of Delaware Investments National
      Municipal Income Fund; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The
      registrant&#146;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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The
      registrant&#146;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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif 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 vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif 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><BR>
<TABLE cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <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: Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: 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 size=2> </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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2> I have
      reviewed this report on Form N-CSR/A of Delaware Investments National
      Municipal Income Fund; </FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The
      registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(c)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(d)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>The
      registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(a)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif 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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif 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><BR>
<TABLE cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%"><FONT face=serif size=2>RICHARD
      SALUS</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>By: Richard Salus</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief 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>7
<FILENAME>exhibit99_906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<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/A to be filed with the Securities and Exchange
Commission (the &#147;Report&#148;), each of the undersigned officers of the registrant
does hereby certify, to the best of such officer&#146;s knowledge, that: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><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></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD></TD>
    <TD width="100%"><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></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2> Date: August 8, 2008 </FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <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: Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <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: Richard Salus</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Title: Chief Financial
      Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
<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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</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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